MCK 2025 Annual Report
ANNUAL REPORT
MILLENNIUM & COPTHORNE
HOTELS NEW ZEALAND LTD
2025
Cover Image: Millennium Hotel Queenstown, Suite Room
Inside Cover Image: The updated exterior of
Copthorne Hotel Palmerston North – completed in mid-2025
MILLENNIUM & COPTHORNE HOTELS NEW ZEALAND LIMITED ANNUAL REPORT 2025 | 3
2021*2022202320242025
Revenue$164.8m$144.2m$145.7m$176.2m$186.7m
Profit Before Tax$64.6m$44.8m$37.5m $47.1m$33.0m
Profit After Tax & NCI $40.0m $21.7m$21.6m$2.8m$20.2m
Total Assets $680.8m $709.2m$746.8m$762.3m$800.5m
Group Equity $514.2m $531.0m$547.9m$547.9m$567.2m
Net Asset Backing Per Share
($ per share) on cost basis
$3.25$3.35$3.46$3.46$3.58
Net Asset Backing
Per Share ($ per share)
on market value basis
$5.04$4.99$5.84$5.39$5.24
Market Value of NZ
Development Properties
$334.1m$342.7m$349.9m$357.8m$344.6m
Market Value of
Australian Development
and Hotel Propertiesª
$61.7m$54.9m$146.6mª$134.9mª$122.6mª
Market Value of NZ
Investment Properties
$25.5m$62.6m$62.7m$65.1m$70.0m
Market Value of NZ
Hotel Properties
$567.6m$534.4m$574.4m$512.2m$575.7m
FIVE YEAR TREND STATEMENT
CONTENTSCALENDAR
Colin Sim
Chairman
Stuart Harrison
Managing Director
Market Values are based on unaudited external valuations and internal management valuations.
“a” = Restated to reflect MCK’s 50% ownership of Sofitel Brisbane Central.
*During 2021, the Group changed its accounting policy relating to the measurement of land and buildings from revaluation to historical cost.
Annual Report Issued 27 March 2026
Annual Shareholder Meeting 26 May 2026
Half Year End 30 June 2026
Full year End 31 December 2026
FY25 At A Glance 4
From the Chair and Managing Director 5
New Zealand Leadership Team 6 – 7
People 8
A Fresh Look at Millennium Hotel Queenstown 9
Club Lounge Luxury at Millennium Hotel Rotorua 10
The Mayfair – Now Part Of The Leng’s 11
Collection Of Hotels
Board Of Directors 12 – 13
Hotel Ownership 14
Millennium Hotels and Resorts 15
in New Zealand
My Millennium 16
Save The Kiwi Partnership 17
Sustainability Reporting 18 – 24
Financial Statements FIN1 – FIN30
Auditor’s Report FIN31 – FIN35
Corporate Governance CG1 – CG5
Outline of Material Risks CG7 – CG8
Regulatory Disclosures REG1 – REG5
and Statutory Information
4 | MILLENNIUM & COPTHORNE HOTELS NEW ZEALAND LIMITED ANNUAL REPORT 2025
FY25 AT A GLANCE
Revenue at 5-year high as Hotels momentum continues, balancing property cycle lows
• Revenue $186.7m, up 6% yoy, driven by continuing momentum in the Hotels business
• Operating profit $30.6m, down 28% yoy, as cyclical property headwinds continue to impact on CDI,
MCK’s 65% owned subsidiary
• Profit after tax $24.8m, up 182% yoy (2024 included a $25.8m one off, non-cash deferred tax adjustment)
• Profit after tax of $20.2m attributable to MCK shareholders
• Strong balance sheet with cash and short terms deposits of $24.2m. Total Assets increased 5% to $800.5m
• Fair market value of hotel and properties assessed at $1.1b. Net asset backing per share on market value
basis assessed as $5.24 per share
• Fully imputed dividend declared of 3 cents per share, payable on 15 May 2026
Signature Dish Competition
To celebrate 30 years of hospitality excellence, we invited our chefs from across the country to create a Signature Dish that
captures the essence of their region. Guests can now experience a signature dish at all hotels who took part in the competition.
With the competition grouped into four areas, the winning dishes of each area are:
Tip Top of the North: Copthorne Hotel & Resort Bay of Islands – Northland Native Beef Duo
Middle Feast: Millennium Hotel New Plymouth – Lamb A Toru (Lamb Three Ways)
Cook Strait: Copthorne Hotel Oriental Bay Wellington – Beef Wellington
Deep South Dish: Kingsgate Hotel Te Anau – Venison Ragout with Plum Salad
MILLENNIUM & COPTHORNE HOTELS NEW ZEALAND LIMITED ANNUAL REPORT 2025 | 5
FROM THE CHAIR AND
THE MANAGING DIRECTOR
MCK’s chairman, Colin Sim, said: “This was another set of strong
results from our key Hotels business, validating our execution to
date and signalling the transition from the Revive to Thrive phase
of our hotels’ strategy. We have continued to grow the value of our
portfolio, through both our long-term refurbishment plan as well
as disciplined investment to expand our footprint. The purchase of
the Mayfair Hotel in Christchurch in January 2025 was an important
strategic acquisition and, along with the Sofitel Brisbane Central,
has performed above expectations. CDI continues to be impacted
by the subdued New Zealand housing market.”
MCK’s Hotels business continued to make gains in revenue and
profit in 2025, with a significant year on year uplift in results despite
a very challenging winter season. Hotel revenue grew by 19.5% yoy
to $130.9 m, with increasing demand from international travellers
and an emerging recovery in the corporate and domestic markets.
The result was underpinned by more rooms becoming available as
various refurbishment work was completed, including key projects
at Millennium Hotel Queenstown, Millennium Hotel Rotorua and
Copthorne Hotel & Resort Bay of Islands. Seismic strengthening
works will commence at Copthorne Hotel Wellington Oriental Bay
later in 2026.
The purchase of The Mayfair Hotel in Christchurch in January 2025
also provided a boost to MCK’s revenues and profit for FY25. The
Mayfair has shown very positive occupancy throughout the year
and is soon to join the exclusive Leng’s Collection of luxury hotels
within the Millennium & Copthorne group.
The Sofitel Brisbane continued the strong and consistent
demand pattern seen in the previous year as Brisbane cements
its reputation for sporting and cultural events ahead of the 2027
Rugby World Cup and 2032 Summer Olympic Games. The 50% joint
venture provided an after-tax profit contributions of $2.64m.
Sales of the Zenith Apartments in Sydney are continuing, with
16 apartment sales in 2025 boosting Australia revenues. The six
remaining apartments are expected to be sold during 2026 and
this will be the last contribution from this property to MCK’s
revenues and profit.
CDL Investments New Zealand Limited (CDI) – MCK’s majority-
owned subsidiary – reported a challenging year for the residential
property sector, with market confidence remaining constrained
despite easing inflation and mortgage interest rates. CDI has
stated that they are cautiously optimistic and anticipate that any
recovery in residential demand in New Zealand would be gradual
and influenced by the broader economic environment.
CDI has signalled that its focus would be on disciplined capital
management and ensuring they are well positioned to respond to a
more confident market when more positive conditions return. CDI
has declared a fully imputed dividend of 1 cent per share for FY25.
Financial Performance
For the FY25 year, MCK delivered its highest revenue result in five
years, with a 6% yoy increase to $186.7m.
Operating profit decreased 28% yoy to $30.6m, as a result of the
lower contribution being made from CDI, offset in part by increased
Hotel revenue and a disciplined focus on cost management.
Profit before tax was down 30% yoy to $33.0m. Profit after tax
attributable to MCK shareholders was $20.2m (2024: $2.8m). The
2024 figure included a $25.8m one off, non-cash deferred tax
adjustment.
The company continues to maintain a strong balance sheet.
MCK’s cash position as at 31 December 2025 was $24.2m (2024:
$41.3m). Bank debt was $20m (2024: $3m) at year end, reflecting
drawdowns to settle the Mayfair Hotel and to fund refurbishment
and other property projects. Total book value of assets increased
to $800.5m (2024: $762.3m), with the fair market value of hotel
and properties assessed at $1.1b as at 31 December 2025, implying
a net market asset value of $5.24 per share. An impairment loss
relating to Copthorne Hotel Palmerston North of $3.8 million
was recognised during the year. There was no impairment loss
recognised in respect of Copthorne Hotel Wellington Oriental Bay.
MCK has declared a fully imputed dividend of 3 cents per share
payable on 15 May 2026.
2026 Outlook
MCK’s Hotels business is expected to continue its current
upward trajectory, supported by positive demand trends and
with inventory at key properties back to almost 100% availability
following the completion of refurbishment works.
MCK’s Managing Director, Stuart Harrison, noted the positive
performance from the Hotels business at the start of the year.
“2026 has started strongly and if the current demand patterns
continue into the year, this should be reflected in improved metrics
at half year. Our customers are enthused and wanting to stay at
our hotels across the country and we are looking at building on
this positivity.
“We are continually looking to create new opportunities and
experiences for visitors and have seen the benefits provided
by large concerts and events which have attracted a significant
number of overseas participants into New Zealand. These have
helped stimulate regional economies and we believe that there
is now more enthusiasm to bring more of these events to New
Zealand with the assistance of central and local government
support”, he said.
Chairman Colin Sim said: “The long-term drivers for our business
are positive but our optimism is tempered with some caution. On
the positive side, international visitor numbers to New Zealand
continue to rise and we have seen a strengthening of both the
domestic and corporate markets. MCK has the core product and
people in place and we are focused on securing business across
all market segments and regions as the tourism market rebounds.
“That said, as we signalled in our 2025 interim results
announcements, our reasons for remaining cautious still come
from continued uncertainty at home and abroad. The property
market recovery in New Zealand is now likely to be more gradual
than anticipated and domestic inflationary pressures also remain
slightly higher than expected. Globally, geopolitical risks persist
and continue to affect global tourism patterns. MCK is not immune
from these factors.
“We are confident that 2026 will be a profitable one for MCK, but
the extent of our success may be affected by some factors which
we are unable to control”.
Colin Sim
Chairman
Stuart Harrison
Managing Director
6 | MILLENNIUM & COPTHORNE HOTELS NEW ZEALAND LIMITED ANNUAL REPORT 2025
NEW ZEALAND
LEADERSHIP TEAM
STUART HARRISON
Managing Director
Stuart Harrison has nearly three decades of financial
reporting and senior management experience within
the utilities, hospitality and property industries and was
appointed as Millennium Hotels and Resorts’ Managing
Director in July 2022. Stuart was previously Millennium
Hotels and Resorts’ Vice President Finance between 2000
and 2008.
In a range of Chief Financial Officer roles for real estate
investment trusts and managers with portfolios with over
$1 billion of assets, he oversaw financial and management
reporting, treasury management and tax compliance within
both New Zealand and Australia and has also overseen
significant equity raising, debt facility renewals and strategic
acquisitions.
Stuart holds a Bachelor of Commerce and Chartered
Accountants Australia and NZ qualifications. He was elected
to the Board at the 2023 Annual Meeting of shareholders.
MELANIE BEATTIE
Vice President Sales & Partnerships
Melanie Beattie joined Millennium Hotels and Resorts
as Vice President of Sales and Partnerships in January
2025. Her role is focused, on leading the company’s sales,
partnerships, and revenue strategies, working alongside
colleagues and industry leaders to drive impactful outcomes
in this dynamic sector.
Before joining Millennium Hotels and Resorts, Melanie was
Head of Distribution at Fidelity Life Assurance Company
Limited.
Melanie holds a Bachelor of Commerce at Auckland
University majoring in Commercial Law.
Left to right: Louise Borton, Hani Daher, Melanie Beattie, Stuart Harrison, Lisa Maclean, Nathan Kruger, Anand Rambhai, Takeshi Ito.
MILLENNIUM & COPTHORNE HOTELS NEW ZEALAND LIMITED ANNUAL REPORT 2025 | 7
LOUISE BORTON
Director of Property
Louise joined Millennium Hotels and Resorts as Director of
Property in December 2023. Her role’s purpose is to ensure
the company’s property portfolio is best positioned to
maximise customer experience and financial returns.
With over 25 years’ experience in the commercial property
industry she has a wealth of experience in managing
nationwide property portfolios, lease negotiations, buying
and selling properties and developing new premises. Having
started her career in London and qualifying initially as a
commercial valuer, after relocating to New Zealand she
focused on commercial property asset management for a
range of listed entities, syndicated and private owners. In
more recent years she has held in-house property roles
for major occupiers including Fletcher Building and Carters
Building Supplies.
HANI DAHER
Vice President Operations
Hani was appointed in November 2025 and brings over
20 years of international hospitality leadership experience
across Australia, the Pacific, the Middle East, and Africa.
Prior to joining MCK, he was Area Manager with Travel +
Leisure Co., overseeing their portfolio of 14 hotels and
resorts across Victoria, South Australia, and Tasmania and
was also Area General Manager for North Queensland.
During his career, Hani has held key roles with leading global
brands across diverse markets including Fiji, Vanuatu, Congo,
Jordan, Dubai and Qatar, where he consistently delivered
operational transformation and strong commercial results.
His leadership has been recognised through industry
awards, including finalist for Australian General Manager
of the Year (2022–2024) and recipient of the Australian
Timeshare Holiday Ownership Council GM of the Year Award
(2022–2023).
TAKESHI ITO
Vice President Legal & Company Secretary
Takeshi rejoined Millennium Hotels and Resorts in 2018
after a short time away, having also worked for the company
between 2004 and 2016.
Takeshi began his legal career in private practice in family,
criminal and insolvency law and over the past twenty
five years has accumulated wide-ranging experience in
commercial law, dispute resolution, intellectual property,
employment law, and corporate governance.
He graduated from the University of Auckland with Arts and
Law degrees and is admitted to practice in New Zealand as
a Barrister and Solicitor. He is also a Fellow of the Chartered
Governance Institute and Governance New Zealand and a
current Member of the Institute of Directors.
NATHAN KRUGER
Director of Digital & Technology and Communications
Nathan joined Millennium Hotels & Resorts in March
2023 to lead the optimisation of the company’s digital and
technology infrastructure to deliver secure, agile systems
and processes to support excellence and growth.
Having always been in IT, the first half of his career was in
very technical roles in engineering, project management
and IT architecture which gave him a solid foundation
before moving into leading enterprise technology and
risk environments in large organisations such as Downer.
Nathan has a strong commitment to collaboration and
communication, which has been key to the successful
delivery of digital and technology improvements for the
company.
LISA MACLEAN
Director of Human Resources
Lisa joined Millennium Hotels and Resorts in March 2023 as
Director of Human Resources, with a focus on rebuilding and
growing the people practices and processes in the business
to position Millennium Hotels and Resorts as a great place to
work and employer of choice.
With more than 20 years of Human Resources experience
predominantly within the wider building and construction
industry. Lisa has a proven track record in leading people,
payroll, health, safety and wellbeing functions which support
growth and transformation whilst enabling achievement of
business profitability and results. Her service oriented and
highly collaborative style, has enabled Lisa and her team to
deliver a number of significant projects which are improving
the quality and engagement of employees.
ANAND RAMBHAI
Vice President Finance
Anand started in the role of Vice President Finance for
Millennium Hotels and Resorts in June 2024.
He is an experienced finance leader having held senior
financial roles across a broad range of well-known
businesses in New Zealand and the UK including Macquarrie
Bank, Sony, Crane Group and British Telecom. Skilled in
strategy, capital markets, investor relations, treasury, and
financial management, Anand has proven ability to engage
stakeholders, optimise capital management, and enhance
long-term shareholder value.
Anand holds a Bachelor of Commerce degree and is a
chartered accountant with Chartered Accountants Australia
and NZ.
8 | MILLENNIUM & COPTHORNE HOTELS NEW ZEALAND LIMITED ANNUAL REPORT 2025
Our people strategy continues to focus on attracting
talent, building capability, strengthening leadership, and
reinforcing a consistent culture across the business. During
the year, MCK embedded its values across all core people
processes, including recruitment, onboarding, learning
and performance management, to reinforce expected
behaviours and support aligned decision making across all
roles and locations.
A Human Resources Information System (HRMS) and
Learning Management System (LMS) were implemented
to provide greater consistency, efficiency, and visibility
across people processes. This has enabled automated
onboarding workflows, electronic policy acknowledgement,
and more reliable people data to support operational and
compliance requirements. In parallel, a structured learning
and development curriculum was introduced, with a strong
emphasis on frontline leadership development, practical on
the job skills coaching, and capability uplift in key operational
roles critical to service delivery.
Recruitment processes were further strengthened and
centralised to improve talent pipeline management and
ensure a consistent candidate experience across the
Group. Together, these initiatives have supported improved
workforce stability and capability while positioning the
business for future growth. Digital performance planning
tools have also been developed and will be rolled out in 2026,
enabling clearer goal setting, values based performance
discussions, and more consistent performance management
practices across all teams.
OUR
VALUES
Our values are the behaviours and
actions that are brought to life by our
people. They help us build a strong
foundation about what we expect from
ourselves and others, to make this your
best time and place – right here, right
now.
GENUINELY CARE
We show genuine care and create delight
for our guests and each other, every day.
GO FURTHER
We aim high, taking pride in everything we
do and creating success for everyone.
TRULY CONNECTED
We’re a diverse team, we keep it honest
and open, and when we’re meaningfully
connected, we’re simply unbeatable.
ENERGY ON
It’s about good energy, the sort that
inspires everyone around us and
pushes us to be better and better.
PEOPLE
20242025
––Veterans (80+ years)
7% 6% Baby Boomers (61–79 years)
22%18%Generation X (44–59 years)
42%39%Millennials (29–44 years)
29%37%Generation Z (<29 years)
AGE
2024
2025
20242025
0.2%0.2%Non Gender Specific
45%43%Male
55%57%Female
GENDER BREAKDOWN
2024
2025
20242025
9%8%>10 Years
6%6%5–10 Years
32% 28% 2-5 Years
26%17%1–2 Years
27%41%<1 Year
TENURE
2025
2024
MILLENNIUM & COPTHORNE HOTELS NEW ZEALAND LIMITED ANNUAL REPORT 2025 | 9
A FRESH LOOK AT MILLENNIUM
HOTEL QUEENSTOWN
Suite Room
Superior RoomExterior
BathroomCourtyard
When your Queenstown escape calls for extra space and added comfort, our new suites at Millennium Hotel Queenstown
deliver. Take a closer look at the suite life – spacious, stylish, and designed for you. Settle in, stretch out and enjoy the best of
alpine living at Millennium Queenstown – the perfect base for your Queenstown adventures, lakeside calm, and everything
in between.
10 | MILLENNIUM & COPTHORNE HOTELS NEW ZEALAND LIMITED ANNUAL REPORT 2025
CLUB LOUNGE LUXURY AT
MILLENNIUM HOTEL ROTORUA
Club Room Lakeview
Millennium Hotel Rotorua has debuted its exclusive redesigned club lounge and rooms, marking the completion of its two-
year, multimillion-dollar refurbishment. All 228 rooms and suites, corridors and alcoves, have been fully remodelled in what
has been the hotel’s largest upgrade in nearly 20 years. The final stage included a complete makeover of the Club Lounge,
which has reopened for the first time since 2020. Club floor rooms and deluxe spa guests can access the exclusive Club
Lounge space, enjoying continental breakfast, daily refreshments and hosted evening drinks with chef’s tastes seven days
a week.
Club Room LakeviewClub Room Lakeview
Club Lounge
MILLENNIUM & COPTHORNE HOTELS NEW ZEALAND LIMITED ANNUAL REPORT 2025 | 11
THE MAYFAIR –
NOW PART OF THE LENG’S
COLLECTION OF HOTELS
Bursting with contemporary charm, The Mayfair is a modern, boutique hotel serving elegance, luxury and intrigue. A stay
at Mayfair isn’t just a check in, it’s a vibe. Centrally located on vibrant Victoria Street and on the doorstep of the city’s finest
hospitality, best attractions and unique experiences. A short stroll away from iconic Hagley Park, epic shopping and delicious
eats. Come on in, stay a while, depart delighted.
Mayfair Deluxe Suite
Mayfair Suite
ExteriorReception
12 | MILLENNIUM & COPTHORNE HOTELS NEW ZEALAND LIMITED ANNUAL REPORT 2025
BOARD OF DIRECTORS
Mr. Sim is the executive chairman of the East Quarter Group of companies
in Australia. The East Quarter Group is involved in the development,
investment and management of residential, commercial and industrial
projects across New South Wales. Mr. Sim has strong analytical skills and
extensive experience in property development/investment and business in
Australia. He studied Mechanical Engineering in London and has lived in
Sydney, Australia for over 40 years.
Mr. Sim was appointed to the Board in July 2017 and was re-elected to the
Board at the 2024 Annual Meeting of shareholders.
COLIN SIM
Chairman & Independent Director
Member of the Audit Committee
Stuart Harrison has nearly three decades of financial reporting and senior
management experience within the utilities, hospitality and property
industries and was appointed as MCK’s Managing Director in July 2022.
As Chief Financial Officer for real estate investment trusts and managers
with portfolios with over $1 billion of assets, he oversaw their financial and
management reporting, treasury management and tax compliance within
both New Zealand and Australia and has also overseen significant equity
raising, debt facility renewals and strategic acquisitions. Stuart was MCK’s
Vice President Finance between 2000 and 2008.
Stuart holds a Bachelor of Commerce and Chartered Accountants Australia
and NZ qualifications. He was elected to the Board at the 2023 Annual
Meeting of shareholders.
STUART HARRISON
Managing Director
Mr. Kwek is currently the Group Chief Operating Officer of City Developments
Limited (“CDL”) having previously been CDL’s Group Chief Strategy Officer.
Mr. Kwek joined CDL in 2009, covering Business Development for overseas
projects before being appointed as Head of Corporate Development.
He was appointed as Chief Strategy Officer in 2014 and was additionally
appointed Head, Asset Management in April 2016. Prior to joining CDL, he
was with the Hong Leong Group of companies in Singapore specialising in
corporate finance roles since 2006.
He is also Executive Director of Millennium & Copthorne Hotels Limited,
previously listed on the London Stock Exchange as Millennium & Copthorne
Hotels plc. He holds a Bachelor of Engineering in Electrical and Electronics
Engineering from Imperial College of Science, Technology and Medicine and
a Master of Philosophy in Finance from Judge Business School, Cambridge
University.
Mr. Kwek was appointed to the Board in 2020 and was last re-elected to the
Board at the 2023 annual meeting of shareholders.
EIK SHENG KWEK
Non-Executive Director
MILLENNIUM & COPTHORNE HOTELS NEW ZEALAND LIMITED ANNUAL REPORT 2025 | 13
Mr. Hangchi is currently Senior Vice President, Hong Leong Management
Services Pte. Limited. He has global transactional experience across many
of the Hong Leong Group’s entities including listings and public offerings,
mergers and acquisitions as well as capital markets issuances and banking
facilities. Mr. Hangchi has been called to the English and Singaporean bars
and holds an honours degree in Accountancy and Law from the University
of Southampton.
Mr. Hangchi was appointed to the Board in 2016 and was last re-elected to
the Board at the 2024 annual meeting of shareholders.
KEVIN HANGCHI
Non-Executive Director
Mr. McKenzie is a Barrister and Solicitor with over thirty years experience
in corporate and commercial law and is a former Partner and Consultant
to Bell Gully, a leading New Zealand law firm. He is currently a member
of the New Zealand Law Society Disciplinary Tribunal. Mr. McKenzie is a
member of the New Zealand Law Society and the Queensland Law Society,
Australia and holds a Bachelor of Laws degree from Victoria University,
Wellington and a Master of Laws degree from Warwick University, England.
Mr. McKenzie was a Director of CDL Investments New Zealand Limited from
2005 to 2006.
Mr. McKenzie was appointed to the Board in 2006 and was last re-elected to
the Board at the 2025 annual meeting of shareholders.
GRAHAM MCKENZIE
Independent Director,
Member of the Audit Committee
Leslie Preston was appointed to the Board in February 2021. Ms. Preston
founded Bachcare Holiday Homes (“Bachcare”) in 2003 and was CEO and
a director until 2020. Under her leadership Bachcare grew to become
the leading full-service holiday home rental management company in
New Zealand and was named one of The World’s Top 20 Vacation Rental
Companies in 2019.
Ms. Preston hails from New York and has worked for KPMG Peat Marwick
and Bankers Trust in the United States and for Boston Consulting Group and
BellSouth/Vodafone in New Zealand. Her senior management experience
has included roles in marketing, customer and corporate operations as well
as business strategy. She holds an MBA from Stanford University Graduate
School of Business and a BA (Cum Laude) from Franklin and Marshall
College, Pennsylvania.
Ms. Preston was appointed in 2021 and was re-elected to the Board at the
2024 annual meeting of shareholders.
LESLIE PRESTON
Independent Director,
Chair of the Audit Committee
MILLENNIUM &
COPTHORNE HOTELS
NEW ZEALAND LIMITED
OWNED
Millennium Hotel New Plymouth
Waterfront
Millennium Hotel Rotorua
M Social Auckland
Copthorne Hotel & Resort Bay
of Islands (49%)
Copthorne Hotel & Resort
Queenstown Lakefront
Copthorne Hotel Greymouth
Kingsgate Hotel Te Anau
The Mayfair
Sofitel Brisbane Central (50%)
QUANTUM LIMITED
OWNED
Millennium Hotel Queenstown
Copthorne Hotel Auckland City
Copthorne Hotel Rotorua
Copthorne Hotel Palmerston North
Copthorne Hotel Wellington Oriental Bay
Copthorne Hotel & Apartments
Queenstown Lakeview
Kingsgate Hotel Dunedin
FRANCHISED
Millennium Hotel & Resort
Manuels Taupo
Copthorne Hotel & Resort Solway
Park Wairarapa
MANAGED
Grand Millennium Auckland
Kingsgate Hotel Autolodge Paihia
HOSPITALITY
SERVICES LIMITED
Copthorne Hotel and Resort Bay of Islands
HOTEL OWNERSHIP
PAIHIA
BAY OF
ISLANDS
AUCKLAND
ROTORUA
TAUPO
NEW PLYMOUTH
PALMERSTON NORTH
WAIRARAPA
WELLINGTON
GREYMOUTH
QUEENSTOWN
DUNEDIN
TE ANAU
CHRISTCHURCH
GRAND MILLENNIUM HOTEL
MILLENNIUM HOTELS
COPTHORNE HOTELS
KINGSGATE HOTELS
M SOCIAL HOTEL
THE MAYFAIR
14 | MILLENNIUM & COPTHORNE HOTELS NEW ZEALAND LIMITED ANNUAL REPORT 2025
MILLENNIUM & COPTHORNE HOTELS NEW ZEALAND LIMITED ANNUAL REPORT 2025 | 15
MILLENNIUM HOTELS AND
RESORTS IN NEW ZEALAND
Copthorne Hotel & Resort Bay of Islands
Tau Henare Drive, Paihia
P +64 9 402 7411 F +64 9 402 8200
copthorne.bayofislands@millenniumhotels.co.nz
Copthorne Hotel Auckland City
150 Anzac Avenue, Auckland
P +64 9 379 8509 F +64 9 379 8582
copthorne.aucklandcity@millenniumhotels.co.nz
Copthorne Hotel Rotorua
Fenton Street, Rotorua
P +64 7 348 0199 F +64 7 346 1973
copthorne.rotorua@millenniumhotels.co.nz
Copthorne Hotel Palmerston North
110 Fitzherbert Avenue, Palmerston North
P +64 6 356 8059 F +64 6 356 8604
copthorne.palmerston@millenniumhotels.co.nz
Copthorne Hotel & Resort
Solway Park Wairarapa
High Street, South Masterton
P +64 6 370 0500 F +64 6 370 0501
reservations@solway.co.nz
Copthorne Hotel Wellington Oriental Bay
100 Oriental Parade, Wellington
P +64 4 385 0279 F +64 4 384 5324
copthorne.orientalbay@millenniumhotels.co.nz
Copthorne Hotel Greymouth
32 Mawhera Quay, Greymouth
P +64 3 768 5085 F +64 3 768 5844
copthorne.greymouth@millenniumhotels.co.nz
Copthorne Hotel & Resort
Queenstown Lakefront
Cnr Adelaide Street and Frankton Road, Queenstown
P +64 3 450 0260 F +64 3 442 7472
copthorne.lakefront@millenniumhotels.co.nz
Copthorne Hotel & Apartments Queenstown Lakeview
88 Frankton Road, Queenstown
P +64 3 442 7950 F +64 3 442 8066
copthorne.lakeview@millenniumhotels.co.nz
Kingsgate Hotel Autolodge Paihia
Marsden Road, Paihia
P +64 9 402 7416 F +64 9 402 8348
kingsgate.paihia@millenniumhotels.co.nz
Kingsgate Hotel Te Anau
20 Lakefront Drive, Te Anau
P +64 3 249 7421 F +64 3 249 8037
kingsgate.teanau@millenniumhotels.co.nz
Kingsgate Hotel Dunedin
10 Smith Street, Dunedin
P +64 3 477 6784 F +64 3 474 0115
kingsgate.dunedin@millenniumhotels.co.nz
Grand Millennium Auckland
71 Mayoral Drive, Auckland
P +64 9 366 3000
grandmillennium.auckland@millenniumhotels.co.nz
Millennium Hotel Rotorua
Cnr Eruera & Hinemaru Streets, Rotorua
P +64 7 347 1234 F +64 7 348 1234
millennium.rotorua@millenniumhotels.co.nz
Millennium Hotel New Plymouth Waterfront
1 Egmont St, New Plymouth
P +64 6 769 5301 F +64 6 769 5302
millennium.newplymouth@millenniumhotels.co.nz
Millennium Hotel & Resort Manuels Taupo
243 Lake Terrace, Taupo
P +64 7 378 5110 F +64 7 378 5341
millennium.taupo@millenniumhotels.co.nz
Millennium Hotel Queenstown
Cnr Frankton Road & Stanley Street, Queenstown
P +64 3 450 0150 F +64 3 441 8889
millennium.queenstown@millenniumhotels.co.nz
COMFORTABLEPREMIUM
M Social Auckland
196 - 200 Quay Street, Auckland
P +64 9 377 0349
msocial.auckland@millenniumhotels.com
LIFESTYLE
The Mayfair
155 Victoria Street, Christchurch
P +64 3 595 6335
info@themayfair.co.nz
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2025 Calendar Year
39,790 Meals Donated
Donations now available
in the
mall
In 2025 Millennium Hotels and Resorts New Zealand entered into a third partnership term with Save the
Kiwi. This unique collaboration gives the opportunity for hotel guests to donate a ‘kiwi meal’ and support
Save the Kiwi’s kiwi crèche in Napier.
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 in the form of a ‘kiwi meal’.
Millennium Hotels and Resorts New Zealand gifted the name ‘MaCK’ to a kiwi chick that hatched on
2 February 2025 at the Kiwi Burrow, before moving to the Napier Kiwi Crèche.
SAVE THE KIWI PARTNERSHIP
Opt into the initiative by using the Save
the Kiwi door hanger on a multi-night stay.
MILLENNIUM & COPTHORNE HOTELS NEW ZEALAND LIMITED ANNUAL REPORT 2025 | 17
18 | MILLENNIUM & COPTHORNE HOTELS NEW ZEALAND LIMITED ANNUAL REPORT 2025
SUSTAINABILITY
PERFORMANCE & IMPACT
This summary is an overview of Millennium and Copthorne
Hotels New Zealand Limited’s (MCK) strategic direction in
relation to sustainability; our highlights over the past year;
our climate impacts and our audited FY25 Greenhouse Gas
Inventory results.
We recognise the importance of taking action to be more
sustainable, optimising our hotel operations; reducing our
climate risk and emissions; and reporting our progress. In
2025 we established processes and practices to progress
our sustainability journey, with a focus on improving
environmental outcomes.
Climate-Related Financial Disclosures
MCK previously reported under the Aotearoa New
Zealand Climate Standards, in our FY23 Annual Report
and published a separate FY24 Climate Statement, in
accordance with climate-related disclosure regulations.
In 2025, the Government announced changes to the climate-
related disclosure reporting regime with amendments to
legislation to take effect in 2026. This change will result in
MCK no longer being a climate reporting entity under the
Financial Sector (Climate-related Disclosures and Other
Matters) Amendment Act 2021. MCK has therefore elected
not to publish a FY25 Climate Statement, relying on FMA
‘no action’ relief.
Additional reporting can be found at the MCK Investor
Centre website: https://mckhotels.co.nz/investors
We aim to enable our guests to enjoy a
memorable stay while making sustainable
choices, we are committed to delivering
sustainable outcomes and reducing our
environmental footprint.
Sustainability and Climate–Related Governance
MCK’s board has oversight of Sustainability, encompassing
environment, social and governance (ESG) aspects. This
includes oversight of our sustainability framework and
reporting progress on our sustainability and climate-
related goals. The Board of MCK is committed to introducing
and integrating sustainability across key aspects of its
business and advancing sustainability efforts overall.
In 2025, we did not receive any fines or penalties
associated with non-compliance with any laws relating
to the environment, human rights violations, labour
standards, anti-bribery or taxation. In addition to
regulatory compliance, good governance encompasses
a strong sense of values and a desire to do what is right
for our stakeholders including our guests, suppliers,
colleagues, regulators and the communities in which we
operate. We strive to conduct our business in an ethical
and responsible manner.
The Board has ultimate responsibility for overseeing
the management of risks, including assessment of
climate-related risks and opportunities; distinct from
Management’s role in assessing, managing and reporting
these. MCK’s senior management team have day-to-day
oversight of climate-related risks, opportunities and
initiatives that drive our climate mitigation and adaptation.
Management also review and advise the Board on ESG
opportunities, emerging sustainability and climate
issues and the implementation of MCK’s sustainability
framework, policies and initiatives.
MCK’s Sustainability Steering Group conducts
assessments, prepares reports and introduces initiatives
to mitigate emissions and reduce climate risks. Led by the
Sustainability Manager, this group provides the senior
management team with support to embed sustainability
across the business and monitor and assess MCK’s
activities which contribute to our impact on the climate.
Hotel teams are responsible for overall performance of
MCK’s hotel operations – including managing energy,
waste, water and other impacts on our environment.
Our facilities and engineering staff play a crucial role in
optimising hotel operations, with improvements being
enabled by reliable utility data. Hotel General Managers
are supported by the Sustainability Manager and our
Sustainability Champions network to assist staff to identify
and address local initiatives to improve sustainability at
each property.
Strategic Direction and Sustainability Initiatives
MCK has had a high-level environmental policy in place
since 2008 and a new Sustainability Framework will be
embedded across the business in coming years. Our
progress to date is found in the Sustainability Highlights
section.
MCK is part of a global company and network of hotels
that places an emphasis on supporting positive local
environmental outcomes. In 2025 MCK participated in the
global M&C Sustainability Team to advance the group’s
action on sustainable practices and decarbonisation.
Electric vehicle chargers are
available at many of our hotels
MILLENNIUM & COPTHORNE HOTELS NEW ZEALAND LIMITED ANNUAL REPORT 2025 | 19
1. https://sdgs.un.org/goals
2. Hotel operations can also contribute to SDGs 6: Clean water and sanitation and 7: Affordable and clean energy, through reducing water and energy consumption/
increasing renewable electricity use.
The Millennium Green Path framework is used to support our hotels and focus on our key impact areas.
MCK has adopted the United Nations Sustainable Development Goals (SDGs)
1
to support the delivery of our sustainability
priorities. The SDGs that our business can contribute to the most
2
include:
Minimising Environmental
Impact of Operations
Supporting
Communities
Guest Education
& Engagement
Responsible
Sourcing
MCK SUPPORTING INITIATIVES
We foster a diverse workforce consisting of a range of
nationalities, ethnicities and ages across our hotels.
Our MCK values create a safe, inclusive and productive
workplace. Induction, training, sustainability champions
network and local activities support staff wellbeing and
ensure staff are engaged.
MCK SUPPORTING INITIATIVES
Assessment of our climate risks, opportunities and impacts
will lead to more resilient hotel assets.
Take urgent action to combat
climate change and its impacts.
MCK SUPPORTING INITIATIVES
Planning for future hotel development, responsible
investment, site accessibility, supporting local cultural and
community projects and protecting local environments.
Promote sustained, inclusive and
sustainable economic growth, full
and productive employment and
decent work for all.
Make cities inclusive safe
resilient and sustainable.
MCK SUPPORTING INITIATIVES
Hotel recycling systems are in place as well as a focus on
reducing single-use plastics. Most hotels divert food waste,
where collections are available. Our hotels provide options
for guests to reduce the impact of their stay or hosted
events. We have a focus on increasing hotel performance,
energy efficiency and improving outcomes for nature.
Ensure sustainable consumption and
production patterns – reduce waste,
promote resource efficiency, and
encourage sustainable practices.
20 | MILLENNIUM & COPTHORNE HOTELS NEW ZEALAND LIMITED ANNUAL REPORT 2025
Accreditation
MCK has 12 hotels within the NZ group that have achieved
Qualmark accreditation – meeting their Sustainable Tourism
Business criteria. Qualmark is officially recognised by the
Global Sustainable Tourism Council
3
, so our NZ hotels with
the Qualmark rating meet global sustainability standards.
In 2025, 11 NZ hotels were re-accredited with Silver Status,
with Grand Millennium Auckland achieving Gold Status for
the first time.
Save The Kiwi Partnership
Millennium Hotels and Resorts
New Zealand completed its
second partnership year with
official charity of choice, Save
the Kiwi. In 2025 MCK donated
39,790 kiwi ‘meals’ towards Save the
Kiwi charity’s Kiwi Creche in Napier,
New Zealand.
4
Donations towards the charity are
obtained when a guest opts out of
having their hotel room serviced
during a multi-night stay. This
creates a unique opportunity for
guests to donate ‘meal’ to feed
kiwi as part of the Save the Kiwi
programme, while also contributing
to our hotels’ water and energy
conservation efforts.
Improving Outcomes For Nature
In 2025 we undertook a hotel-level stock take of nature-
related initiatives to contribute to City Developments
Limited’s (Singapore) voluntary FY25 nature-related
disclosures. Initiatives in scope included water conservation;
local ecosystems protection & restoration; waste & pollution
prevention; & environmental community-based activities.
Our hotels contribute to outcomes that protect nature in
a number of ways – with all NZ hotels having more than
one initiative underway, including the following types of
activities:
• water efficient fittings
• supporting local suppliers, i.e. for food & beverage
• using plant-based cleaners
• native plant landscaping
• elimination of single-use shampoo/conditioner/handwash
amenities
• EV charging for guests
• in-room and event recycling
• food waste collections
• donating beds, curtains and linen etc
• repairing and refurbishing furniture
• supporting a range of local charities that protect the local
environment and native species
3. https://www.gstc.org/gstc-criteria/
4. Save the Kiwi is a nation-wide leading conservation charity dedicated to preserving New Zealand’s endangered national bird, including rearing chicks which are
later released into the wild to boost declining numbers.
All our hotels provide bulk amenities for guests, to reduce single-use plastics.
MILLENNIUM & COPTHORNE HOTELS NEW ZEALAND LIMITED ANNUAL REPORT 2025 | 21
5. 72% of hotels with no risk to flooding, coastal inundation, coastal erosion, landslides or sea level rise (17 hotels and one landholding).
6. In addition project waste – furniture and construction waste from hotel refurbishments was diverted to reuse and recycling.
7. Not including project waste, which was measured for the first time in 2025.
2025 Sustainability Highlights
We’ve continued to make progress with our hotel sustainability initiatives in 2025. The summary below outlines some of our
environmental achievements for the year.
Diverted
31%
of our hotel waste
from landfill including
recycling, food
scraps and e-waste.
6
Undertook a stocktake
of nature-related
hotel initiatives.
A leadership Sustainability
Squad carried out an
energy efficient lighting
feasibility project to
demonstrate cost savings.
Improved business travel
processes and reporting;
and understanding of staff
commuting emissions.
Trialled plant-based
cleaning products
at our hotels.
Measured and
reported our third
annual company-wide
carbon footprint.
Achieved Toitū
Carbon Reduce
certification for our
GHG inventory.
Reduced waste
sent to landfill by
19%.
7
Established our first
company-wide network
of Hotel Sustainability
Champions.
39,790
‘kiwi meals’ donated
from guests choosing to
opt out of room servicing.
Implemented new processes
to assess and reduce our
refrigerant gases liability.
Assessed our suppliers
to prioritise working
with those with the
largest emissions impact.
Improved GHG
inventory reporting –
additional indirect scope 3
emissions reported,
including franchised hotels
and investment property.
Completed portfolio
Climate Change
risk assessment –
overall portfolio rated
low risk
for climate impacts.
5
Staff engagement
in NZ Recycling
Week activities and
tree planting.
12 Qualmark accredited
hotels delivering on
sustainable business criteria
and our first hotel achieving
gold status.
Formalised
reporting on hotel
single-use plastics.
3 hotels commenced
new food collections –
now 77% of our hotels
are diverting organic
waste from landfill
105,486kgs this year.
19%
22 | MILLENNIUM & COPTHORNE HOTELS NEW ZEALAND LIMITED ANNUAL REPORT 2025
Our Response to Climate Change
MCK’s broad approach to assessing and acting on climate-
related impacts across operations is to identify and manage
climate risk by addressing both:
• the impact on MCK from the physical and transitional
impacts caused by climate change, and
• the impact by MCK our GHG emissions and other actions
we take that contribute to climate change and other
environmental issues
Assessing Climate Change Risks and Opportunities
This year we completed work on a portfolio-wide assessment
of our hotel assets (including owned and managed hotels)
exposure to physical climate risk, as well as further assessing
and rating our business transitional climate risks and
opportunities. This has enabled a better understanding of
property exposure to climate change and will support us in
our transition planning efforts. We also developed a climate
risk register, used to support our annual internal climate
impact assessment.
We assessed our current climate-related impacts in FY25
against risk and opportunity criteria across seven key aspects
of the business including business model; supply/value
chain; products and services; access to capital; adaptation
and mitigation activities; acquisitions or divestments; and
investment in research and development. This year our
assessment included the impact of extreme weather events
and changes to climate-related regulations. We identified
no material physical or transition climate impacts as a result
of environmental, operational, social, legal, regulatory,
reputational activities occurring this year. Consequently,
MCK has not been subject to any material climate-related
financial impacts in FY25.
8
Measuring and Reducing Emissions
We are committed to measuring and looking at ways to
reduce our carbon footprint.
Millennium & Copthorne Hotels New Zealand Limited (MCK)
and its subsidiaries (either wholly or majority owned) are
included in our organisational Greenhouse gas reporting
boundary (unless deemed de minimis). In 2025 this included
direct operational emissions from 17 owned and managed
hotels within MCK’s portfolio, CDL Investments New Zealand
Limited
9
and MCK’s support offices. In addition, in 2025 for the
first time we measured and reported new emission sources
including staff commuting; subsidiary (CDI) downstream
leased properties; franchised hotels; investment property
and project waste from hotel refurbishment and site
demolition.
MCK applies an operational control approach to our
organisational boundary and GHG inventory. In FY25 an
update was made to our 2023 baseline and FY24 inventory
to account for changes to the organisational boundary. This
was undertaken voluntarily according to best practice to
account for the acquisition of the Mayfair Hotel in 2025. This
ensures MCK’s GHG Inventory remains relevant, complete,
consistent, transparent and accurate in line with the GHG
Protocol.
In 2025 we improved our inventory measurement and
reporting, with methodology changes and the additional
measurement of our indirect scope 3 sources of emissions.
Currently MCK is not purchasing carbon credits, renewable
electricity certificates or off-setting our emissions in other
ways, but will explore options in the future.
Our scope 1 & 2 emissions increased in 2025. However,
the primary reason for our significant increase in total
emissions is as a result of the inclusion of new indirect
(scope 3) emission sources, aligned with our global reporting
requirements to City Developments Limited (Singapore). We
intend to continue to measure and incorporate additional
scope 3 sources of emissions into our inventory. Additional
scope 3 indirect emission sources reported in 2025 are not
included in our 2023 base year or prior reporting years and
so are not directly comparable. We may restate a separate
scope 3 base year once a more comprehensive footprint has
been measured in future years.
Our largest sources of emissions within our control are hotel
gas and electricity use, waste to landfill and business travel.
2025 hotel occupancy levels increased by 9% since base year;
and as we’d expect hotel energy consumption increased
by a similar rate. Of note hotel electricity use increased at
a higher rate than our gas consumption. The total hotel
waste disposed of to landfill continues a downward trend.
This year’s inventory shows an increase in scope 1 and
2 emissions of 6% from last year and 14% from our FY23
base year, largely mirroring higher hotel occupancy. As a
significant portion of our emissions profile is energy related,
an increased 2025 NZ electricity emissions factor (due to
higher, more intensive use of fossil fuels (coal and diesel)
in NZ for electricity generation, driven by low hydro inflow)
has also contributed to an increase in our emissions this
year. However, we are beginning to see a small decrease
in emissions intensity trend over time, as assessed to Toitū
mandatory boundary emissions, expressed as tonnes of
emissions per million dollars (gross operating revenue).
8. More information on MCK’s climate risks and opportunities can be found at: https://mckhotels.co.nz/investors
9. CDL Investments New Zealand Ltd is majority owned by Millennium & Copthorne Hotels New Zealand Ltd.
10. https://ghgprotocol.org/sites/default/files/standards/ghg-protocol-revised.pdf This includes: The Greenhouse Gas Protocol: A Corporate Accounting and Reporting
Standard (revised edition); the Greenhouse Gas Protocol: GHG Protocol Scope 2 Guidance: An amendment to the GHG Protocol Corporate Standard; and the
Greenhouse Gas Protocol: Corporate Value Chain (Scope 3) Accounting and Reporting Standard.
11. As certified by Toitū, restated from the FY23 base year inventory of 5,730tCO
2
e, accounting for a 2025 hotel acquisition.
12. As certified by Toitū, restated from FY24 inventory of 6,115tCO
2
e, accounting for a 2025 hotel acquisition.
13. Additional scope 3 indirect emission sources reported in 2025 are not included in prior years’ reporting so are not directly comparable.
14. Market-based emissions from imported energy (excluding T&D losses) are calculated as 2,042tCO
2
e (compared with 1,391tCO
2
e in 2023), nominally the same
as location-based as no Renewable Energy Certificates have been purchased.
15. MCK has elected to disclose FY25 scope 3 emissions in some categories, as required by the Toitū programme, where quantifiable data is available.
* Not reported prior to 2025.
16. Rounding applied.
17. Toitū mandatory boundary includes material emission sources in scope 1 & 2 and scope 3, including business travel, freight, waste generated in
operations disposed to landfill, and fuel and energy-related T&D losses.
18. Updated for FY23 based on the 2023 baseline recalculation undertaken in 2025.
19. Updated for FY24 based on the 2024 inventory adjustment undertaken in 2025.
20. Uses available hotel rooms per year, includes emissions from hotel owned and managed portfolio only, excludes CDL Investments New Zealand Ltd,
franchise hotels and investment property.
MILLENNIUM & COPTHORNE HOTELS NEW ZEALAND LIMITED ANNUAL REPORT 2025 | 23
Millennium and Copthorne NZ Ltd Greenhouse Gas Emissions
For the reporting period 1 January 2025 to 31 December 2025 our emissions have been measured and the greenhouse gas
emission inventory (GHG inventory) prepared in accordance with the GHG Protocol Corporate Accounting and Reporting
Standard
10
and ISO 14064-1:2018 standard. The following table shows our FY25 results in comparison to our FY23 base year
and FY24 previous reporting year.
TOTAL 2025 EMISSIONS = 10,129tCO
2
e
35%
3,564tCO
2
e
19%
1,942tCO
2
e
46%
4,623tCO
2
e
Scope 1
• Mobile combustion
• Fugitive emissions
• Stationary combustion
Scope 2
• Imported electricity
(location-based)
Scope 3
• Purchased goods and services
• Fuel and energy-related
activities
• Waste generated in
operations
• Business travel
• Franchised hotels
• Investment property
• Downstream leased assets
• Staff commuting
GHG Sub
Category
ISO
Category
Emissions
Source
Description
FY23
restated
11
tCO
2
e
FY24
restated
12
tCO
2
e
FY25
tCO
2
e
13
Scope 1: Direct emissions3,4253,7683,564
1Mobile combustion Company leased vehicle fuel8012459
1Fugitive emissionsEst. losses from refrigerants247245246
1Stationary
combustion
Hotel natural gas 1,8641,9791,775
Hotel LPG1,2341,4201,484
Scope 2: Indirect emissions from purchased electricity1,3991,424 1,942
2Imported electricity
(location-based)
14
Electricity consumption from
hotels and support office
1,3991,4241,942
Total scope 1 & 2 emissions4,8245,1935,506
Scope 3: Indirect emissions from value chain
15
1,0591,094 4,623
C14Purchased goods
and services
Potable water supply (only)71013
C34Fuel and energy-
related activities
Transmission and distribution
losses from purchased electricity
and natural gas
213178204
C5
4Waste generated
in operations
Landfilled office and hotel solid waste546599 485
Recycling processed (cardboard, paper,
mixed plastics, cans and glass)
132 123 145
Composted food scraps
and garden waste
81019
Waste recovered, not landfilled
(project waste)
**15
C63Business travel Non-company owned vehicle transport
(air travel, rental vehicles and taxi)
153174149
C73Employee commuting**889
C135Leased assetsSubsidiary CDL**68
C145Franchise hotels**227
C155Investments (Sofitel)**2,409
Total emissions
16
5,8836,28710,129
Toitū mandatory boundary emissions
17
5,7316,1446,345
Emissions Intensity:
By operating revenue (total gross tCO
2
e/$millions)44.62
18
39.65
19
59.94
Per hotel room
20
(total gross tCO
2
e/room)2.82
18
2.92
19
4.86
By operating revenue (Toitū mandatory boundary tCO
2
e/$millions)43.5038.7437.54
Per hotel room (Toitū mandatory boundary tCO
2
e/$millions)2.77 2.87 3.07
24 | MILLENNIUM & COPTHORNE HOTELS NEW ZEALAND LIMITED ANNUAL REPORT 2025
Supporting information on emissions calculation methods,
estimations, exclusions, sources of emissions factors and
data quality, sources and controls will be published in our
full GHG inventory: https://mckhotels.co.nz/investors
Emissions from NZ hotels contribute to the group emissions
footprint. In 2019, Millennium & Copthorne Hotels Limited
21
set a Science-Based Target to reduce the Group’s carbon
emission by 27% by 2030, from a 2017 base year. Formal
emission reduction targets have not yet been set for New
Zealand. Goals and KPIs for energy use (electricity and gas),
waste reduction/recycling and water consumption at NZ
hotels and office premises are under development.
In 2025, MCK achieved Toitū Envirocare Carbon Reduce
certification
22
for our greenhouse gas inventory for the third
year. In 2025 we recertified our 2023 base year, updated our
2024 GHG inventory and received certification for our FY25
GHG inventory. This independent audit plays a significant
role in MCK’s understanding of our emissions profile and
informs the steps we’ll take to reduce our impact.
Toitū Carbon Reduce certified organisation: Millennium &
Copthorne Hotels New Zealand Limited. Toitū carbon reduce
certified means measuring emissions to ISO 14064-1:2018 and
Toitū requirements; and managing and reducing against Toitū
requirements.
Staff from Copthorne Auckland City and M Social hotels plant stream banks at Mataia, Kaipara Harbour to restore Kiwi habitat in collaboration
with Save the Kiwi.
21. Global hotel company which owns, manages and operates over 130 properties across 80 destinations.
22. Toitū Envirocare is a wholly-owned subsidiary of Manaaki Whenua – Landcare Research, a government-owned Crown Research Institute. Developed for
New Zealand business needs, they comprise of a team of scientists and business experts who have come together to protect the ecological and economic
future, with over 800 clients worldwide.
MILLENNIUM & COPTHORNE HOTELS NEW ZEALAND LIMITED ANNUAL REPORT 2025 | 25
Financial Statements – Contents
Consolidated Income Statement FIN 1
Consolidated Statement of Comprehensive Income FIN 1
Consolidated Statement of Changes in Equity FIN 2 – 3
Consolidated Statement of Financial Position FIN 4
Consolidated Statement of Cash Flows FIN 5 – 6
Notes to the Financial Statements FIN 7 – 31
Auditor’s Report FIN 32 – 36
Corporate Governance
Corporate Governance Statement CG 1 – 5
Outline of Material Risks CG 7 – 8
Regulatory Disclosures and
Statutory Information – Contents
Regulatory Disclosures and Statutory Information REG 1 – 5
Lobby at The Mayfair.
FIN 1 | MILLENNIUM & COPTHORNE HOTELS NEW ZEALAND LIMITED ANNUAL REPORT 2025
The accompanying notes form part of, and should be read in conjunction with, these financial statements.
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To
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Balan
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anuary
2025
3
8
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9
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20,2
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Tr ans
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:
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D O wne
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pa
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-
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No
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li ng
int eres
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-
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(4,619)
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men
tary
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-
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-
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6
7,
2
46
1
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773
6
8
5
,
0
1
9
Millennium & Copthorne Hotels New Zealand Limited
Consolidated Income State ment
For the year ended 31 December 2025
Group
Group
D
OLLARS IN THOUSANDS Note 2025 2024
684,901 458,031 eunever letoH
820,4 093,4 emocni latneR
076,26 984,15 selas ytreporP
R
evenue 186,733 176,184
)823,87( )508,78( 01,3 selas fo tsoC
G
ross profit 98,928 97,856
Administration expenses 2,3 (33,734) (29,795)
)006,52( )965,43( 3,2 sesnepxe gnitarepo rehtO
O
perating profit 30,625 42,461
743,5 571,3 4 emocni ecnaniF
)532,2( )393,3( 4 stsoc ecnaniF
N
et finance income (218) 3,112
805,1 936,2 22 xat fo ten ,erutnev tnioj fo tiforp fo erahS
Profit before income tax 33,046 47,081
)392,83( )052,8( 5 esnepxe xat emocnI
P
rofit for the year 24,796 8,788
A
ttributable to:
267,2 812,02 tnerap eht fo srenwO
Non-controlling inte re sts 4,578 6,026
Profit for the year 24,796 8,788
Basic and dil uted earnings per share ( cent s) 8 12.78 1.75
Consolidated State ment of Comprehensive Income
For the year ended 31 December 2025
Group
Group
D
OLLARS IN THOUSANDS 2025 2024
P
rofit for the year 24,796 8,788
Other comprehensive income
I
tems that are or may be reclassified to profit or loss
010,4 stnemevom noitalsnart egnahcxe ngieroF
2, 226
T
otal comprehensive income for the year 28,806 11,014
T
otal comprehensive income for the year attributable to:
889,4 822,42 tnerap eht fo srenwO
Non-controlling inte re sts 4,578 6,026
Total comprehensive income for the year 28,806 11,014
MILLENNIUM & COPTHORNE HOTELS NEW ZEALAND LIMITED ANNUAL REPORT 2025 | FIN 2
The accompanying notes form part of, and should be read in conjunction with, these financial statements.
M
i
l
l
e
n
n
i
u
m
&
C
o
p
t
h
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n
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H
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s
N
e
w
Z
e
a
l
a
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d
L
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m
i
t
e
d
Consolida
ted Sta
temen
t of
Changes
in Equity
F
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r
t
h
e
y
e
a
r
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n
d
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d
3
1
D
e
c
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m
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2
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G
r
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A
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T
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E
q
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Balan
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2025
3
8
3
,
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6
6
1
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2
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6
1
6
3
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(
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Tr ans
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:
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pa
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t
-
-
(4,747)
-
(4,747)
-
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ont
rol
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int eres
ts
-
-
-
-
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(4,619)
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tary
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-
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-
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-
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-
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824
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r
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5
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1
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8
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7
5
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(
2
6
)
5
6
7
,
2
4
6
1
1
7
,
7
7
3
6
8
5
,
0
1
9
Millennium & Copthorne Hotels New Zealand Limited
Consolidated Income State ment
For the year ended 31 December 2025
Group
Group
D
OLLARS IN THOUSANDS Note 2025 2024
684,901 458,031 eunever letoH
820,4 093,4 emocni latneR
076,26 984,15 selas ytreporP
R
evenue 186,733 176,184
)823,87( )508,78( 01,3 selas fo tsoC
G
ross profit 98,928 97,856
Administration expenses 2,3 (33,734) (29,795)
)006,52( )965,43( 3,2 sesnepxe gnitarepo rehtO
O
perating profit 30,625 42,461
743,5 571,3 4 emocni ecnaniF
)532,2( )393,3( 4 stsoc ecnaniF
Ne
t finance income (218) 3,112
805,1 936,2 22 xat fo ten ,erutnev tnioj fo tiforp fo erahS
Profit before income tax 33,046 47,081
)392,83( )052,8( 5 esnepxe xat emocnI
P
rofit for the year 24,796 8,788
At
tributable to:
267,2 812,02 tnerap eht fo srenwO
Non-controlling inte re sts 4,578 6,026
Profit for the year 24,796 8,788
Basic and dil uted earnings per share ( cent s) 8 12.78 1.75
Consolidated State ment of Comprehensive Income
For the year ended 31 December 2025
Group
Group
D
OLLARS IN THOUSANDS 2025 2024
P
rofit for the year 24,796 8,788
Other comprehensive income
It
ems that are or may be reclassified to profit or loss
010,4 stnemevom noitalsnart egnahcxe ngieroF
2, 226
T
o
tal comprehensive income for the year 28,806 11,014
To
tal comprehensive income for the year attributable to:
889,4 822,42 tnerap eht fo srenwO
Non-controlling inte re sts 4,578 6,026
Total comprehensive income for the year 28,806 11,014
FIN 3 | MILLENNIUM & COPTHORNE HOTELS NEW ZEALAND LIMITED ANNUAL REPORT 2025
The accompanying notes form part of, and should be read in conjunction with, these financial statements.
M
i
l
l
e
n
n
i
u
m
&
C
o
p
t
h
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H
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s
N
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Consolida
ted Sta
temen
t of
Changes
in Equity
F
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r
t
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e
y
e
a
r
e
n
d
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d
3
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c
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2
0
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G
r
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N
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s
t
s
T
o
t
a
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E
q
u
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y
Balan
ce
at 1 J
anuary
2024
3
8
3
,
2
6
6
(
9
8
0
)
1
6
5
,
6
5
6
(
2
6
)
5
4
7
,
9
1
6
1
1
4
,
5
3
6
6
6
2
,
4
5
2
Mov
em
en
t in
ex
cha
nge
tr an
sl at ion
res
er ve
-
2,226
-
-
2,226
-
2, 226
6
2
2
,
2
-
6
2
2
,
2
-
-
6
2
2
,
2
-
e
m
o
c
n
i
e
v
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s
n
e
h
e
r
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t
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a
t
o
T
8
8
7
,
8
6
2
0
,
6
2
6
7
,
2
-
2
6
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2
-
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r
a
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f
t
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r
P
Tot
al c om
pr ehe
ns
iv e inc
om
e for the
y ear
-
2, 226
2,762
-
4,9
88
6, 026
11
,014
Tr ans
ac
tion
s wi th o
wner
s, r ec
or ded
dir
ec
tly in equity
:
:
o
t
d
i
a
p
s
d
n
e
d
i
v
i
D
O wne
rs of
the
pa
ren
t
-
-
(4,747)
-
(4,747)
-
(4,747)
No
n-c
ont
rol
li ng
int eres
ts
-
-
-
-
-
(4,537)
(4,537)
Supp
lem
en
tary
div
ide
nds
-
-
(94)
-
(94)
-
(94)
For
ei gn
inv
es
tm
ent
tax
c redi
ts
-
-
94
-
94
-
94
Mov
em
en
t in
non-
con
tr ol li ng
i nt eres
ts
wi th out
a cha
nge
in c on
trol
-
-
(242
)
-
(242
)
965
723
B
a
l
a
n
c
e
a
t
3
1
D
e
c
e
m
b
e
r
2
0
2
4
3
8
3
,
2
6
6
1
,
2
4
6
1
6
3
,
4
2
9
(
2
6
)
5
4
7
,
9
1
5
1
1
6
,
9
9
0
6
6
4
,
9
0
5
Millennium & Copthorne Hotels New Zealand Limited
Consolidated State ment of Financial Position
As at 31 December 2025
Group
Group
D
OLLARS IN THOUSANDS Note 2025 2024
S
HAREHOLDERS’ EQUITY
Issued capital 7 383,240 383,2 40
Reser ves 184,0 06 164,675
E
q
uity attributable to owners of the parent 567,246 547,915
Non-controlling inte re sts 117,7 73 116,990
TOTAL EQUITY 685,019 664,905
R
epresented by:
NO
N CURRENT ASSETS
Propert y, plant and equipment 9 321,711 283,4 30
Development propertie s 10 257,8 54 228,634
Investment properties 11 35,525 36,301
Investment in as sociates 2 2
Investment in joint ventur e 22 51,209 46,554
Total non-current assets 666,301 594,921
C
URRENT ASSETS
Cash and cash equivalents 12 20,361 39,726
Short term bank deposits 3,872 1, 571
Tr ade and oth er recei vables 13 22,212 23,497
Advances to related p arties 20 64,821 65,326
Inventori es 1, 045 1,771
Development propertie s 10 21,851 35,454
Total current assets 134,162 167,345
T
o
tal assets 800,463 762,266
NO
N CURRENT LIABILITIES
Lease liability 21 26,483 26,726
Deferred tax 15 32,331 32,718
Interest-bear ing lo ans and borrowings 14, 26 20,000 3,000
Total non-current liabilities 78,814 62,444
C
URRENT LIABILITIES
Tr ade and oth er payables 16 33,502 30,524
Tr ade payables due to relate d parties 20 789 1,767
Lease liability 21 444 370
Income tax p ayable 1,895 2,256
T
o
tal current liabilities 36,630 34,917
Total liabilities 115,444 97,361
N
ET AS
SETS 685,019 664,905
For and on behalf of the board
LS PRESTON, DIRECTOR, SNB HARRISON, MANAGING DIRECTOR,
2
4 February 2026 24 February 2026
MMiilllleennnni iuumm && CCooppt thhoor rnnee HHo ot teel lss NNeeww ZZeeaal laanndd LLi immiitteedd
The accompanying notes form part of, and should be read in conjunction with, these financial statements.
FIN 4
Consolidated Statement of Financial Position
AAss aatt 3311 DDe ecceemmbbeerr 22002244
GGrroouupp GGrroouupp
DDOOLLLLAARRSS IINN TTHHOOUUSSAANNDDSS NNo ot tee 22002244 22002233
SSHHAARREEHHOOLLDDEERRSS’ ’ EEQQUUI ITTYY
Issued capital 7 383,240 383,240
Reserves 164,675 164,676
EEq quuiittyy aattttrri ibbuuttaabbllee ttoo oowwn neerrss ooff tthhee ppaarreenntt 554477,,991155 554477,,991166
Non-controlling interests 116,990 114,536
TTOOT TAAL L EEQQUUI ITTYY 666644,,990055 666622,,445522
RRe epprreesseenntteedd bbyy::
NNOONN CCUURRRREENNTT AASSSSEETTSS
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
TToottaall nnoonn--ccuurrrreenntt aasssseettss 559944,,992211 556600,,005511
CCUURRRREENNT T AASSSSEETTSS
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
TToottaall ccuurrrreenntt aasssseettss 116677,,334455 118866,,773399
TToottaall aasssseettss 776622,,226666 774466,,779900
NNOONN CCUURRRREENNTT LLIIAABBI ILLIITTIIEESS
Lease liability 22 26,726 27,111
Deferred tax 15 32,718 7,001
Interest-bearing loans and borrowings 14, 26 3,000 -
TToottaall nnoonn--ccuurrrreenntt lliiaabbiilliittiieess 6622,,444444 3344,,111122
CCUURRRREENNT T LLIIAABBI ILLIITTIIEESS
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
TToottaall ccuurrrreenntt lliiaabbiilliittiieess 3344,,991177 5500,,222266
TToottaall lliiaabbiilliittiieess 9977,,336611 8844,,333388
NNEETT AASSSSEETTSS 666644,,990055 666622,,445522
FFoorr aanndd oonn bbeehhaallff ooff tthhee bbooaarrdd
LLSS PPRREESSTTOONN,, DDI IRREECCTTOORR,, SSNNBB HHAARRRRIISSOONN, , MMAANNAAGGIINNGG DDI IRREECCT TOORR, ,
2244 FFeebbrruuaarryy 220022552244 FFeebbrruuaarryy 22002255
Millennium & Copthorne Hotels New Zealand Limited
Consolidated State ment of Financial Position
As at 31 December 2025
Group
Group
D
OLLARS IN THOUSANDS Note 2025 2024
S
HAREHOLDERS’ EQUITY
Issued capital 7 383,240 383,2 40
Reser ves 184,0 06 164,675
E
q
uity attributable to owners of the parent 567,246 547,915
Non-controlling inte re sts 117,7 73 116,990
TOTAL EQUITY 685,019 664,905
R
epresented by:
NO
N CURRENT ASSETS
Propert y, plant and equipment 9 321,711 283,4 30
Development propertie s 10 257,8 54 228,634
Investment properties 11 35,525 36,301
Investment in as sociates 2 2
Investment in joint ventur e 22 51,209 46,554
Total non-current assets 666,301 594,921
C
URRENT ASSETS
Cash and cash equivalents 12 20,361 39,726
Short term bank deposits 3,872 1, 571
Tr ade and oth er recei vables 13 22,212 23,497
Advances to related p arties 20 64,821 65,326
Inventori es 1, 045 1,771
Development propertie s 10 21,851 35,454
Total current assets 134,162 167,345
T
o
tal assets 800,463 762,266
NO
N CURRENT LIABILITIES
Lease liability 21 26,483 26,726
Deferred tax 15 32,331 32,718
Interest-bear ing lo ans and borrowings 14, 26 20,000 3,000
Total non-current liabilities 78,814 62,444
C
URRENT LIABILITIES
Tr ade and oth er payables 16 33,502 30,524
Tr ade payables due to relate d parties 20 789 1,767
Lease liability 21 444 370
Income tax p ayable 1,895 2,256
T
o
tal current liabilities 36,630 34,917
Total liabilities 115,444 97,361
N
ET AS
SETS 685,019 664,905
For and on behalf of the board
LS PRESTON, DIRECTOR, SNB HARRISON, MANAGING DIRECTOR,
2
4 February 2026 24 February 2026
MILLENNIUM & COPTHORNE HOTELS NEW ZEALAND LIMITED ANNUAL REPORT 2025 | FIN 4
The accompanying notes form part of, and should be read in conjunction with, these financial statements.
Mille
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-
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Millennium & Copthorne Hotels New Zealand Limited
Consolidated State ment of Financial Position
As at 31 December 2025
Group
Group
DOLLARS IN THOUSANDS Note 2025 2024
S
HAREHOLDERS’ EQUITY
Issued capital 7 383,240 383,2 40
Reser ves 184,0 06 164,675
E
quity attributable to owners of the parent 567,246 547,915
Non-controlling inte re sts 117,7 73 116,990
TOTAL EQUITY 685,019 664,905
R
epresented by:
N
ON CURRENT ASSETS
Propert y, plant and equipment 9 321,711 283,4 30
Development propertie s 10 257,8 54 228,634
Investment properties 11 35,525 36,301
Investment in as sociates 2 2
Investment in joint ventur e 22 51,209 46,554
Total non-current assets 666,301 594,921
C
URRENT ASSETS
Cash and cash equivalents 12 20,361 39,726
Short term bank deposits 3,872 1, 571
Tr ade and oth er recei vables 13 22,212 23,497
Advances to related p arties 20 64,821 65,326
Inventori es 1, 045 1,771
Development propertie s 10 21,851 35,454
Total current assets 134,162 167,345
T
otal assets 800,463 762,266
N
ON CURRENT LIABILITIES
Lease liability 21 26,483 26,726
Deferred tax 15 32,331 32,718
Interest-bear ing lo ans and borrowings 14, 26 20,000 3,000
Total non-current liabilities 78,814 62,444
C
URRENT LIABILITIES
Tr ade and oth er payables 16 33,502 30,524
Tr ade payables due to relate d parties 20 789 1,767
Lease liability 21 444 370
Income tax p ayable 1,895 2,256
T
otal current liabilities 36,630 34,917
Total liabilities 115,444 97,361
N
ET ASSETS 685,019 664,905
For and on behalf of the board
LS PRESTON, DIRECTOR, SNB HARRISON, MANAGING DIRECTOR,
2
4 February 2026 24 February 2026
MMiilllleennnni iuumm && CCooppt thhoor rnnee HHo ot teel lss NNeeww ZZeeaal laanndd LLi immiitteedd
The accompanying notes form part of, and should be read in conjunction with, these financial statements.
FIN 4
Consolidated Statement of Financial Position
AAss aatt 3311 DDe ecceemmbbeerr 22002244
GGrroouupp GGrroouupp
DDOOLLLLAARRSS IINN TTHHOOUUSSAANNDDSS NNo ot tee 22002244 22002233
SSHHAARREEHHOOLLDDEERRSS’ ’ EEQQUUI ITTYY
Issued capital 7 383,240 383,240
Reserves 164,675 164,676
EEq quuiittyy aattttrri ibbuuttaabbllee ttoo oowwn neerrss ooff tthhee ppaarreenntt 554477,,991155 554477,,991166
Non-controlling interests 116,990 114,536
TTOOT TAAL L EEQQUUI ITTYY 666644,,990055 666622,,445522
RRe epprreesseenntteedd bbyy::
NNOONN CCUURRRREENNTT AASSSSEETTSS
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
TToottaall nnoonn--ccuurrrreenntt aasssseettss 559944,,992211 556600,,005511
CCUURRRREENNT T AASSSSEETTSS
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
TToottaall ccuurrrreenntt aasssseettss 116677,,334455 118866,,773399
TToottaall aasssseettss 776622,,226666 774466,,779900
NNOONN CCUURRRREENNTT LLIIAABBI ILLIITTIIEESS
Lease liability 22 26,726 27,111
Deferred tax 15 32,718 7,001
Interest-bearing loans and borrowings 14, 26 3,000 -
TToottaall nnoonn--ccuurrrreenntt lliiaabbiilliittiieess 6622,,444444 3344,,111122
CCUURRRREENNT T LLIIAABBI ILLIITTIIEESS
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
TToottaall ccuurrrreenntt lliiaabbiilliittiieess 3344,,991177 5500,,222266
TToottaall lliiaabbiilliittiieess 9977,,336611 8844,,333388
NNEETT AASSSSEETTSS 666644,,990055 666622,,445522
FFoorr aanndd oonn bbeehhaallff ooff tthhee bbooaarrdd
LLSS PPRREESSTTOONN,, DDI IRREECCTTOORR,, SSNNBB HHAARRRRIISSOONN, , MMAANNAAGGIINNGG DDI IRREECCT TOORR, ,
2244 FFeebbrruuaarryy 220022552244 FFeebbrruuaarryy 22002255
MMiilllleennnni iuumm && CCooppt thhoor rnnee HHo ot teel lss NNeeww ZZeeaal laanndd LLi immiitteedd
The accompanying notes form part of, and should be read in conjunction with, these financial statements.
FIN 4
Consolidated Statement of Financial Position
AAss aatt 3311 DDe ecceemmbbeerr 22002244
GGrroouupp GGrroouupp
DDOOLLLLAARRSS IINN TTHHOOUUSSAANNDDSS NNo ot tee 22002244 22002233
SSHHAARREEHHOOLLDDEERRSS’ ’ EEQQUUI ITTYY
Issued capital 7 383,240 383,240
Reserves 164,675 164,676
EEq quuiittyy aattttrri ibbuuttaabbllee ttoo oowwn neerrss ooff tthhee ppaarreenntt 554477,,991155 554477,,991166
Non-controlling interests 116,990 114,536
TTOOT TAAL L EEQQUUI ITTYY 666644,,990055 666622,,445522
RRe epprreesseenntteedd bbyy::
NNOONN CCUURRRREENNTT AASSSSEETTSS
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
TToottaall nnoonn--ccuurrrreenntt aasssseettss 559944,,992211 556600,,005511
CCUURRRREENNT T AASSSSEETTSS
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
TToottaall ccuurrrreenntt aasssseettss 116677,,334455 118866,,773399
TToottaall aasssseettss 776622,,226666 774466,,779900
NNOONN CCUURRRREENNTT LLIIAABBI ILLIITTIIEESS
Lease liability 22 26,726 27,111
Deferred tax 15 32,718 7,001
Interest-bearing loans and borrowings 14, 26 3,000 -
TToottaall nnoonn--ccuurrrreenntt lliiaabbiilliittiieess 6622,,444444 3344,,111122
CCUURRRREENNT T LLIIAABBI ILLIITTIIEESS
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
TToottaall ccuurrrreenntt lliiaabbiilliittiieess 3344,,991177 5500,,222266
TToottaall lliiaabbiilliittiieess 9977,,336611 8844,,333388
NNEETT AASSSSEETTSS 666644,,990055 666622,,445522
FFoorr aanndd oonn bbeehhaallff ooff tthhee bbooaarrdd
LLSS PPRREESSTTOONN,, DDI IRREECCTTOORR,, SSNNBB HHAARRRRIISSOONN, , MMAANNAAGGIINNGG DDI IRREECCT TOORR, ,
2244 FFeebbrruuaarryy 220022552244 FFeebbrruuaarryy 22002255
Millennium & Copthorne Hotels New Zealand Limited
Consolidated State ment of Financial Position
As at 31 December 2025
Group
Group
D
OLLARS IN THOUSANDS Note 2025 2024
S
HAREHOLDERS’ EQUITY
Issued capital 7 383,240 383,2 40
Reser ves 184,0 06 164,675
E
q
uity attributable to owners of the parent 567,246 547,915
Non-controlling inte re sts 117,7 73 116,990
TOTAL EQUITY 685,019 664,905
R
epresented by:
NO
N CURRENT ASSETS
Propert y, plant and equipment 9 321,711 283,4 30
Development propertie s 10 257,8 54 228,634
Investment properties 11 35,525 36,301
Investment in as sociates 2 2
Investment in joint ventur e 22 51,209 46,554
Total non-current assets 666,301 594,921
C
URRENT ASSETS
Cash and cash equivalents 12 20,361 39,726
Short term bank deposits 3,872 1, 571
Tr ade and oth er recei vables 13 22,212 23,497
Advances to related p arties 20 64,821 65,326
Inventori es 1, 045 1,771
Development propertie s 10 21,851 35,454
Total current assets 134,162 167,345
T
o
tal assets 800,463 762,266
NO
N CURRENT LIABILITIES
Lease liability 21 26,483 26,726
Deferred tax 15 32,331 32,718
Interest-bear ing lo ans and borrowings 14, 26 20,000 3,000
Total non-current liabilities 78,814 62,444
C
URRENT LIABILITIES
Tr ade and oth er payables 16 33,502 30,524
Tr ade payables due to relate d parties 20 789 1,767
Lease liability 21 444 370
Income tax p ayable 1,895 2,256
T
o
tal current liabilities 36,630 34,917
Total liabilities 115,444 97,361
N
ET AS
SETS 685,019 664,905
For and on behalf of the board
LS PRESTON, DIRECTOR, SNB HARRISON, MANAGING DIRECTOR,
2
4 February 2026 24 February 2026
FIN 5 | MILLENNIUM & COPTHORNE HOTELS NEW ZEALAND LIMITED ANNUAL REPORT 2025
The accompanying notes form part of, and should be read in conjunction with, these financial statements.
Millennium & Copthorne Hotels New Zealand Limited
Consolidated State ment of Cash Flo ws
F
or the year ended 31 December 2025
Group Group
DOLLARS IN THOUSANDS N
ote
2
025
2024
SEITIVITCA GNITAREPO MORF SWOLF HSAC
C
ash was provided from:
Receipts fr om customer s 188,015 172,358
691,5 288,1 deviecer tseretnI
C
ash was applied to:
seeyolpme dna sreilppus ot stnemyaP
(138,790) (126,2 44)
)027,32( )118,41( 1 dnal tnempoleved fo sesahcruP
)571( )224,1( diap tseretnI
)837,31( )631,9( diap xat emocnI
N
et cash inflow from operating activities 25,738 13,677
CASH FLOWS FROM I NVESTING ACTIVITIES
Cash was (applied to)/provided from:
03 04 tnempiuqe dna tnalp ,ytreporp fo elas eht morf sdeecorP
)844,82( )252,25( 9 tnempiuqe dna tnalp ,ytreporp fo sesahcruP
)710,1( )535( 11 ytreporp tnemtsevni fo sesahcruP
- 103,2 02 erutnev tnioj morf tnemyapeR
405,26 )103,2( stisoped knab mret trohs ni stnemtseviD
N
et cash (outflow)/inflow from investing activities (52,747) 33,069
SEITIVITCA GNICNANIF MORF SWOLF HSAC
C
ash was (applied to)/provided from:
)869,8( 000,71 41 sgniworrob fo )tnemyapeR(/nwodwarD
)471,2( )203,2( )c(12 stnemyap esaeL
Di vidends paid to shareholder s of Mill ennium & Copthorne Hotels
)747,4( )747,4( 7 dtL dnalaeZ weN
)735,4( )916,4( sredloherahs gnillortnoc-non ot diap sdnediviD
Net cash inflow/(outflow) from financing activities 5,332 (20,426)
N
et increase/(decrease) in cash and cash equivalents (21,677) 26,320
652,11 627,93 stnelaviuqe hsac dna hsac gninepo ddA
051,2 213,2 tnemtsujda etar egnahcxE
C
losing cash and cash equivalents 21 20,361 39,726
Millennium & Copthorne Hotels New Zealand Limited
Consolidated State ment of Cash Flo ws – continued
For the year ended 31 December 2025
Group Group
DOLLARS IN THOUSANDS Note 2025 2024
RECONCILI ATIO N OF NET PROFIT FOR THE YEAR TO CASH FLOWS
FROM OPERATING ACTIVITIES
P
rofit for the year
24,796 8, 788
Ad
justed for non-cash items:
Share of pr ofit from j oint venture
(2,639) (1,508)
Loss/(Gain) on sal e of property, plant and equipment
2
30 (1)
Deprecia tion of property, plant and equipment and inve stment property
9, 11
9,656 7, 751
Deprecia tion of Right-Of-Use asset s
9
901 895
Impairment l oss of pr operty, pl ant and equipment
9
3,789 -
Unreal ised forei gn exchange l osses
(1,208) (659)
Interest expense
3,304 2, 017
Income tax e xpens e
5
8,250 38,293
46,879 55,576
Ad
justments for movements in working capital:
Decrease/ (I ncrease) in tra de & other recei vables
1,285 (3,106)
Decrease/ (Increase) in inventor ies
726 (131)
(Increase) i n development pr operties
(15,421) (19,618)
(Decrease)/ Increase in tr ade & other payables
2,975 (1,770)
(Decrease) in rel ated parti es
(148) (3,361)
C
ash generated from operations
36,296 27,589
Interest paid
(1,422) (175)
Income tax p aid
(9,136) (13,738)
C
ash inflows from operating activi ties
25,738 13,677
R
econciliation of movement of liabilities to cash flows arising from
f
inancing activities
External borrowings as a t 1 January
3,000 11,968
Proceeds fr om borrowings
17,000
3,000
Repayment of te rm lo ans
- (11,968)
Financing cash flows
17,000 (8,968)
External borrowings as at 31 December
20,000 3,000
MILLENNIUM & COPTHORNE HOTELS NEW ZEALAND LIMITED ANNUAL REPORT 2025 | FIN 6
The accompanying notes form part of, and should be read in conjunction with, these financial statements.
Millennium & Copthorne Hotels New Zealand Limited
Consolidated State ment of Cash Flo ws
Fo
r the year ended 31 December 2025
Group Group
DOLLARS IN THOUSANDS No
te
2
025
2024
SEITIVITCA GNITAREPO MORF SWOLF HSAC
C
ash was provi ded from:
Receipts fr om customer s 188,015 172,358
691,5 288,1 deviecer tseretnI
C
ash was applied to:
seeyolpme dna sreilppus ot stnemyaP
(138,790) (126,2 44)
)027,32( )118,41( 1 dnal tnempoleved fo sesahcruP
)571( )224,1( diap tseretnI
)837,31( )631,9( diap xat emocnI
Ne
t cash inflow from operating activities 25,738 13,677
CASH FLOWS FROM I NVESTING ACTIVITIES
Cash was (applied to)/provi ded from:
03 04 tnempiuqe dna tnalp ,ytreporp fo elas eht morf sdeecorP
)844,82( )252,25( 9 tnempiuqe dna tnalp ,ytreporp fo sesahcruP
)710,1( )535( 11 ytreporp tnemtsevni fo sesahcruP
- 103,2 02 erutnev tnioj morf tnemyapeR
405,26 )103,2( stisoped knab mret trohs ni stnemtseviD
Ne
t cash (outflow)/inflow from investing activities (52,747) 33,069
SEITIVITCA GNICNANIF MORF SWOLF HSAC
C
ash was (applied to)/provi ded from:
)869,8( 000,71 41 sgniworrob fo )tnemyapeR(/nwodwarD
)471,2( )203,2( )c(12 stnemyap esaeL
Di vidends paid to shareholder s of Mill ennium & Copthorne Hotels
)747,4( )747,4( 7 dtL dnalaeZ weN
)735,4( )916,4( sredloherahs gnillortnoc-non ot diap sdnediviD
Net cash inflow/(outflow) from financing activities 5,332 (20,426)
N
e
t increase/(decrease) in cash and cash equivalents (21,677) 26,320
652,11 627,93 stnelaviuqe hsac dna hsac gninepo ddA
051,2 213,2 tnemtsujda etar egnahcxE
C
losing cash and cash equivalents 21 20,361 39,726
Millennium & Copthorne Hotels New Zealand Limited
Consolidated State ment of Cash Flo ws – continued
For the year ended 31 December 2025
Group Group
DOLLARS IN THOUSANDS Note 2025 2024
RECONCILI ATIO N OF NET PROFIT FOR THE YEAR TO CASH FLOWS
FROM OPERATING ACTIVITIES
P
rofit for the year
24,796 8, 788
A
djusted for non-cash items:
Share of pr ofit from j oint venture
(2,639) (1,508)
Loss/(Gain) on sal e of property, plant and equipment
2
30 (1)
Deprecia tion of property, plant and equipment and inve stment property
9, 11
9,656 7, 751
Deprecia tion of Right-Of-Use asset s
9
901 895
Impairment l oss of pr operty, pl ant and equipment
9
3,789 -
Unreal ised forei gn exchange l osses
(1,208) (659)
Interest expense
3,304 2, 017
Income tax e xpens e
5
8,250 38,293
46,879 55,576
A
djustments for movements in working capital:
Decrease/ (I ncrease) in tra de & other recei vables
1,285 (3,106)
Decrease/ (Increase) in inventor ies
726 (131)
(Increase) i n development pr operties
(15,421) (19,618)
(Decrease)/ Increase in tr ade & other payables
2,975 (1,770)
(Decrease) in rel ated parti es
(148) (3,361)
C
ash generated from operations
36,296 27,589
Interest paid
(1,422) (175)
Income tax p aid
(9,136) (13,738)
C
ash inflows from operating activities
25,738 13,677
R
econciliation of movement of liabilities to cash flows arising from
f
inancing activities
External borrowings as a t 1 January
3,000 11,968
Proceeds fr om borrowings
17,000
3,000
Repayment of te rm lo ans
- (11,968)
Financing cash flows
17,000 (8,968)
External borrowings as at 31 December
20,000 3,000
FIN 7 | MILLENNIUM & COPTHORNE HOTELS NEW ZEALAND LIMITED ANNUAL REPORT 2025
The accompanying notes form part of, and should be read in conjunction with, these financial statements.
Millennium & Copthorne Hotels New Zealand Limited
Notes to t he Consol idate d Financial Statements f or the yea r ended 31 December 2025
Significant accounting policies - continued
(f) Revenue
Revenue fro m sale of g oods and se rvi ces in th e ordinary c ourse of business is recognised when t he Group sati sfie s a performance
obligation by transfe rri ng contro l of a pro mi sed good or servi ce to the cust omer. The amount of re venue re cognised is the amount
of the transact ion pri ce allocated to the satis fie d performance obli gat ion.
Revenue represents amounts derived f rom:
• The owners hip, management and opera tion of hote ls: revenue fro m sale of goods is recognised at th e point control is
tra
nsferre d t o t he c ustomer (poin t of sale) and for services p ro vided, over t he p eriod t he service is pr ovided.
• Income fr om pr operty rental: recognised on an accr uals basis, straight line over the lease period. Lease incentives
granted are re cognised as an integral part of the t otal rental in come.
• Income from development propert y sales: recognised when the customer obt ains control (w hen th e tit le is tr ansfe rre d)
of the property and is able to di
rect and obtain the benefits fro m the property. The Group gr ants settlement te rms of up
to 12 months on certain secti ons as part of th e Sale and Purc hase agre ement for unconditi onal sales. In some in stances,
the acquir ers ar e permitte d access to the residential secti ons for building activ iti es prior to settlement. However, the
acquirer does not o bta in substantially a ll of t he re maini ng b enefits of the a sset unt il f inal settl ement of t he la nd a nd title
has p assed.
(g) Pillar 2
The Gro up has adopted the International T ax Reform – P illar Two Model Rules – A mendments t o NZ IAS 12 a ppro ved by t he New
Zealand External Reporting Board fr om the issuance date of 10 August 2023. The amendments provide a tempora ry mandato ry
exception fr om deferred ta x accounting and require new dis cl osures in the annual financial st atements in relation to th e
implementation of th e Pillar Two Model Rules published by the Organis ation for Econom
ic Co- operation and Development. The
Group has applie d the exception with immediat e effect. The mandator y exception appli es re tro spectiv ely. The group has a
presence in jurisdictions that have enacte d or substa ntively enacted legislation in relati on to the Pillar Two model rules. The
ult imate parent of th e gr oup also being capt ured under the said rule in th eir country of operation. Refe r to income tax note 5 fo r
detaile d d iscussion.
(
h) Significant judgements and estimates
Management discussed wi th the Audit Committe e the development, selection and disclosure of the Gro up’s critical account ing
polic ie s and estimates and the appl ication of these policies and estimates. Certain cri tical accounti ng judgements in applying the
Group’s a ccounting p olici es a re described b elow.
D
evelopment property
The Gro up is exposed to a risk of i mpairment to devel opment properties should the carrying value exceed the net realis able value
due to market fl uctu ations in the value of development pr opert ie s. However, there is no indication of impairment as th e net
realisable v alue d eter mined by a n in dependent regis te red valuer exceeds t he c arrying v alue of development p roperti es.
The valuer adopts the Sales Compari son Approach to determin e ra tes per hectare/per sq
uare met re for block land holdings in
addit ion to recent sectio n sales to derive the gross realis ation values. The net re alisable values are determined fro m gr oss
realisation v alues after deducti ng appropriate selli ng c osts.
For re sidential land under development or is due to commence development in the short term, th e valu er adopts the Residual
Subdivis ion Approach. This approach considers th e gro ss realisation values of the secti ons less costs a
ssociated wi th
development including GST, sales commissi ons, legal fe es, civ il and devel opment cost s in clu ding Council cont ributions,
professi onal fe es, and contingency allo wances. In addition, holding costs ar e deducte d for the estimated timing of development
and s ell down perio ds.
In both val uatio n approaches, th e valuer makes assumptions relatin g to section pric es, sell down periods, consumer confidence,
unemployment rates, inte re st r
ates, and exte rnal economic facto rs. These assumptions are sensitive to economic facto rs such a s
net migration, Off icial Cash R ate set b y t he Reserve Bank, i nflation, resident ial market activity , and business confidence.
I
n
vestment property
The Group is also exposed to a risk of impairment to investment properties should the carry ing value exceed the recoverable
amount due to market fluctu at ions in the value of in vestment propert ie s. However, th ere is no in dication of impairment as the
re coverable amount deter mined by an independent registe red valuer exceeds th e carr yin g val ue of investment propert ie s (see
Note 9). In determining th e re coverable amount, the valuer adopte
d primar ily the income capita lis ation approach with dis counted
cash fl ow and depre cia ted replacement cost approaches used to corrobora te. The income capitalisation approach assessed
market rent for each asset is capita lis ed in perpet uity fr om the valuati on date at an appr opriate capitalis ation ra te. The adopted
capitalisation r ate refl ects t he nature, location, and tenancy profi le of t he pro perty togeth er wi th c urrent market investment cr ite ri a
as evidenc
ed by recent sal es. The recover able amount is sensitive to movements in the adopted capitalisation ra te and the mark et
rent.
P
roperty, plant, and equipment
The Group determines whether tangible fixed assets are impair ed when indicators of impairments exist or based on th e annual
impairment assessment. The annual assessment require s an estimate of the re coverable value of the cash generating units to
which the tangible fix ed assets ar e all ocated, which is predominantly at the individual hotel sit e level. The recoverable amounts of
the Group’s c ash g enerat ing units or individual assets a re based o n fair val ue
less cost of d isposal o r value in u se d ete rmined by
an independent valuer. The valuation methods used require the independent appr aiser to make a number of assumptions including
estimating the fu ture cash flows expecte d to ar ise fr om the ca sh-generat ing units, suitable discount, capitalisation and square
mete r rates, as well a s v alue per room, t o determine the recoverable v al ue.
Millennium & Copthorne Hotels New Zealand Limited
Notes to t he Consol idate d Financial Statements f or the yea r ended 31 December 2025
Significant accounting policies
Millennium & Copthorne Hotels New Zealand Limited is a c ompany d omiciled in New Zeal and registered under the Companie s Act 1993 and
lis ted on the New Zealand Sto ck Exchange. Mi ll ennium & Copthorne Hotels New Zealand Limited (the “C ompany”) is a Financial Markets
Conduct Reporting Entit y in terms of the Financial Marke ts Conduct Act 2013 and the Financial Reporting Act 2013. T he financia l statements
of the Company for the year ended 31 December 2025 compri se the Company and it s subsidia ri es (together re ferred t o as
the “Group”). The
registered offi ce is lo cated at Level 7, 23 Customs St reet East, Auckland, New Z ealand.
The principal activ itie s of the Gro up are ownership and operation of hotels in New Zealand; development and sale of re sidential land in New
Zeal and; in vestment properties co mpri sing commercial warehousing and retail shops in New Zealand; and development and sale of re sidential
units in Austral ia .
(a) Statement of compliance
The financial sta tements have been prepared in accordance wi th New Zeal and Genera lly Accepted Accounting Practi ce (N Z GAAP).
They comply wi th New Zealand equivalents to International Fi nancial Reporting St andards (N Z IFRSs) as appropriate fo r Ti er 1
pro fit-ori ented entities. The financial s ta tements al so c omply with International Financia l Reporting Sta ndard s (IFRSs).
The financial statements were authori sed for i ssuance on 24 F ebruary 2026.
(
b) Basis of preparation
The financial statements are presented in th e Company’s funct ional curr ency of New Zealand Dollars , rounded to the nearest
thousand, unles s otherwise indicated. They are prepared on the his to ri cal cost basis exc ept where IF RS requiri ng fair value to be
used and on a going concern basis.
The preparation of financial state ments in conformity wi th NZ IFRSs requires management to make judgments, estimate s and
assumptions th at af fect th e applic ation of the Group’s pol ic ies
and re ported amounts of as sets and li abilit ies, in come and expenses.
Estimates and underlying assumptions are reviewed on an ongoing basis. Revi sions to a ccounting esti mates are recognised in th e
period in whic h the estimate is revised and in any f uture period affect ed.
In particula r, informatio n about significant areas of est imatio n uncert ainty and cri tic al judgments in applying accounting poli cies th at
have th e most signi ficant eff ect on the amount re cognised in th e financial state ment
s are described in Note 21 – Acc ounting
Estimates and Judgements.
(
c) New standard and interpretations issued but not yet adopted
The accounting policie s have been applied consistently to all periods pre sented in the consolidated fin ancial statements. The Group
adopted all new and amended sta ndards that became effe cti ve during the re porting peri od, specifically FRS- 44 New Zealand
Additional Dis closure s of Fees for Audit Firms' Servi ces and Amendment to NZ IA S 1 Non-current Liabil ities wi th Covenants. The
accounting pol icies a re now included within t he rele vant notes t o the consoli dated financial s tate ments.
A
number of amended standards are eff ective for annual peri ods beginning aft er 1 January 2026 and earlier applic ation is permitted.
The Group has not early adopted any new or amended st andards in preparing the consolidated financial s ta tement s.
The Group is currently finalising its assessment of the financial reporting impacts arising fro m these fo rthcoming changes, in cludi ng
the signi ficant new pre sentation and disclosure requirements introduced by NZ IFRS 18 Presenta tion and Dis closure in Fin
ancial
St ate ments, which becomes effectiv e for periods beginning on or after 1 January 2027. These standards are not expected to have
a material fi nancial impact on th e Group; however, th ey may re sul t in changes to the pre sentation and dis closure s wi thi n the
consoli dated financial s tate ments as the Group appli es the revised require ments.
•
Amendments to NZ I FRS 9 a nd N Z IFRS 7 Clas sification and Measure ment o f Financia l I nst ru ments.
• Annual Impro vements to NZ IFRS Accounting St andard
s – Volume 1 1.
• NZ IFRS 18 Presentation and Disc losure in F inancial S tatements .
• IF RS 19 Subsidia ri es without Publi c A ccountabil ity: Disclosures.
• Amendments to NZ IFRS 10 and NZ IAS 28 Sale or Contri bution of Assets between an Invest or and its Associate or Join t
Venture
(
d) Foreign currency
F
oreign currency transactions
Transactions in foreign curr encies are t ranslated at t he fo re ign exchange rate ruli ng at the date of the tra nsaction. Monetary assets
and li abil ities denominated in foreign currencies at t he balance date are tr anslated to New Zealand doll ars at t he fore ign ex change
ra te ruling at that d ate. Fore ign exchange diffe rences a ri sing on translation are recognised in the income statement. Non-monetary
assets and liabilities that are measured in te rms of his tori cal cost in a foreign currency are translate d using
th e ex change ra te at the
date of the transaction. Non-monetary assets and li abilit ies denominated in fo re ign currencies that are stated at fair value are
translated to New Zealand dolla rs at fo re ign exchange rate s ruli ng at the dates t he fai r value was determined.
(
e) Insurance proceeds
Compensatio n fro m thi rd parties fo r items of property, plant and equipment that were damaged, impaired, los t or giv en up is in cluded
in the pro fit or lo ss when the compensation becomes virtuall y certa in . Any subsequent purchase or construction of repla cement
assets are s eparate e conomic events and are a ccounted for separately .
MILLENNIUM & COPTHORNE HOTELS NEW ZEALAND LIMITED ANNUAL REPORT 2025 | FIN 8
The accompanying notes form part of, and should be read in conjunction with, these financial statements.
Millennium & Copthorne Hotels New Zealand Limited
Notes to t he Consol idate d Financial Statements f or the yea r ended 31 December 2025
Significant accounting policies - continued
(f) Revenue
Revenue fro m sale of g oods and se rvi ces in th e ordinary c ourse of business is recognised when t he Group sati sfie s a performance
obligation by transfe rri ng contro l of a pro mi sed good or servi ce to the cust omer. The amount of re venue re cognised is the amount
of the transact ion pri ce allocated to the satis fie d performance obli gat ion.
Revenue represents amounts derived f rom:
• The owners hip, management and opera tion of hote ls: revenue fro m sale of goods is recognised at th e point control is
tra
nsferre d t o t he c ustomer (poin t of sale) and for services p ro vided, over t he p eriod t he service is pr ovided.
• Income fr om pr operty rental: recognised on an accr uals basis, straight line over the lease period. Lease incentives
granted are re cognised as an integral part of the t otal rental in come.
• Income from development propert y sales: recognised when the customer obt ains control (w hen th e tit le is tr ansfe rre d)
of the property and is able to di
rect and obtain the benefits fro m the property. The Group gr ants settlement te rms of up
to 12 months on certain secti ons as part of th e Sale and Purc hase agre ement for unconditi onal sales. In some in stances,
the acquir ers ar e permitte d access to the residential secti ons for building activ iti es prior to settlement. However, the
acquirer does not o bta in substantially a ll of t he re maini ng b enefits of the a sset unt il f inal settl ement of t he la nd a nd title
has p assed.
(g) Pillar 2
The Gro up has adopted the International T ax Reform – P illar Two Model Rules – A mendments t o NZ IAS 12 a ppro ved by t he New
Zealand External Reporting Board fr om the issuance date of 10 August 2023. The amendments provide a tempora ry mandato ry
exception fr om deferred ta x accounting and require new dis cl osures in the annual financial st atements in relation to th e
implementation of th e Pillar Two Model Rules published by the Organis ation for Econom
ic Co- operation and Development. The
Group has applie d the exception with immediat e effect. The mandator y exception appli es re tro spectiv ely. The group has a
presence in jurisdictions that have enacte d or substa ntively enacted legislation in relati on to the Pillar Two model rules. The
ult imate parent of th e gr oup also being capt ured under the said rule in th eir country of operation. Refe r to income tax note 5 fo r
detaile d d iscussion.
(
h) Significant judgements and estimates
Management discussed wi th the Audit Committe e the development, selection and disclosure of the Gro up’s critical account ing
polic ie s and estimates and the appl ication of these policies and estimates. Certain cri tical accounti ng judgements in applying the
Group’s a ccounting p olici es a re described b elow.
D
evelopment property
The Gro up is exposed to a risk of i mpairment to devel opment properties should the carrying value exceed the net realis able value
due to market fl uctu ations in the value of development pr opert ie s. However, there is no indication of impairment as th e net
realisable v alue d eter mined by a n in dependent regis te red valuer exceeds t he c arrying v alue of development p roperti es.
The valuer adopts the Sales Compari son Approach to determin e ra tes per hectare/per sq
uare met re for block land holdings in
addit ion to recent sectio n sales to derive the gross realis ation values. The net re alisable values are determined fro m gr oss
realisation v alues after deducti ng appropriate selli ng c osts.
For re sidential land under development or is due to commence development in the short term, th e valu er adopts the Residual
Subdivis ion Approach. This approach considers th e gro ss realisation values of the secti ons less costs a
ssociated wi th
development including GST, sales commissi ons, legal fe es, civ il and devel opment cost s in clu ding Council cont ributions,
professi onal fe es, and contingency allo wances. In addition, holding costs ar e deducte d for the estimated timing of development
and s ell down perio ds.
In both val uatio n approaches, th e valuer makes assumptions relatin g to section pric es, sell down periods, consumer confidence,
unemployment rates, inte re st r
ates, and exte rnal economic facto rs. These assumptions are sensitive to economic facto rs such a s
net migration, Off icial Cash R ate set b y t he Reserve Bank, i nflation, resident ial market activity , and business confidence.
I
nvestment property
The Group is also exposed to a risk of impairment to investment properties should the carry ing value exceed the recoverable
amount due to market fluctu at ions in the value of in vestment propert ie s. However, th ere is no in dication of impairment as the
re coverable amount deter mined by an independent registe red valuer exceeds th e carr yin g val ue of investment propert ie s (see
Note 9). In determining th e re coverable amount, the valuer adopte
d primar ily the income capita lis ation approach with dis counted
cash fl ow and depre cia ted replacement cost approaches used to corrobora te. The income capitalisation approach assessed
market rent for each asset is capita lis ed in perpet uity fr om the valuati on date at an appr opriate capitalis ation ra te. The adopted
capitalisation r ate refl ects t he nature, location, and tenancy profi le of t he pro perty togeth er wi th c urrent market investment cr ite ri a
as evidenc
ed by recent sal es. The recover able amount is sensitive to movements in the adopted capitalisation ra te and the mark et
rent.
P
roperty, plant, and equipment
The Group determines whether tangible fixed assets are impair ed when indicators of impairments exist or based on th e annual
impairment assessment. The annual assessment require s an estimate of the re coverable value of the cash generating units to
which the tangible fix ed assets ar e all ocated, which is predominantly at the individual hotel sit e level. The recoverable amounts of
the Group’s c ash g enerat ing units or individual assets a re based o n fair val ue
less cost of d isposal o r value in u se d ete rmined by
an independent valuer. The valuation methods used require the independent appr aiser to make a number of assumptions including
estimating the fu ture cash flows expecte d to ar ise fr om the ca sh-generat ing units, suitable discount, capitalisation and square
mete r rates, as well a s v alue per room, t o determine the recoverable v al ue.
Millennium & Copthorne Hotels New Zealand Limited
Notes to t he Consol idate d Financial Statements f or the yea r ended 31 December 2025
Significant accounting policies
Millennium & Copthorne Hotels New Zealand Limited is a c ompany d omiciled in New Zeal and registered under the Companie s Act 1993 and
lis ted on the New Zealand Sto ck Exchange. Mi ll ennium & Copthorne Hotels New Zealand Limited (the “C ompany”) is a Financial Markets
Conduct Reporting Entit y in terms of the Financial Marke ts Conduct Act 2013 and the Financial Reporting Act 2013. T he financia l statements
of the Company for the year ended 31 December 2025 compri se the Company and it s subsidia ri es (together re ferred t o a
s
the “Group”). The
registered offi ce is lo cated at Level 7, 23 Customs St reet East, Auckland, New Z ealand.
The principal activ itie s of the Gro up are ownership and operation of hotels in New Zealand; development and sale of re sidential land in New
Zeal and; in vestment properties co mpri sing commercial warehousing and retail shops in New Zealand; and development and sale of re sidential
units in Austral ia .
(a) Statement of compliance
The financial sta tements have been prepared in accordance wi th New Zeal and Genera lly Accepted Accounting Practi ce (N Z GAAP).
They comply wi th New Zealand equivalents to International Fi nancial Reporting St andards (N Z IFRSs) as appropriate fo r Ti er 1
pro fit-ori ented entities. The financial s ta tements al so c omply with International Financia l Reporting Sta ndard s (IFRSs).
The financial statements were authori sed for i ssuance on 24 F ebruary 2026.
(
b) Basis of preparation
The financial statements are presented in th e Company’s funct ional curr ency of New Zealand Dollars , rounded to the nearest
thousand, unles s otherwise indicated. They are prepared on the his to ri cal cost basis exc ept where IF RS requiri ng fair value to be
used and on a going concern basis.
The preparation of financial state ments in conformity wi th NZ IFRSs requires management to make judgments, estimate s and
assumptions th at af fect th e applic ation of the Group’s pol ic ies
and re ported amounts of as sets and li abilit ies, in come and expenses.
Estimates and underlying assumptions are reviewed on an ongoing basis. Revi sions to a ccounting esti mates are recognised in th e
period in whic h the estimate is revised and in any f uture period affect ed.
In particula r, informatio n about significant areas of est imatio n uncert ainty and cri tic al judgments in applying accounting poli cies th at
have th e most signi ficant eff ect on the amount re cognised in th e financial state ment
s are described in Note 21 – Acc ounting
Estimates and Judgements.
(
c) New standard and interpretations issued but not yet adopted
The accounting policie s have been applied consistently to all periods pre sented in the consolidated fin ancial statements. The Group
adopted all new and amended sta ndards that became effe cti ve during the re porting peri od, specifically FRS- 44 New Zealand
Additional Dis closure s of Fees for Audit Firms' Servi ces and Amendment to NZ IA S 1 Non-current Liabil ities wi th Covenants. The
accounting pol icies a re now included within t he rele vant notes t o the consoli dated financial s tate ments.
A
number of amended standards are eff ective for annual peri ods beginning aft er 1 January 2026 and earlier applic ation is permitted.
The Group has not early adopted any new or amended st andards in preparing the consolidated financial s ta tement s.
The Group is currently finalising its assessment of the financial reporting impacts arising fro m these fo rthcoming changes, in cludi ng
the signi ficant new pre sentation and disclosure requirements introduced by NZ IFRS 18 Presenta tion and Dis closure in Fin
ancial
St ate ments, which becomes effectiv e for periods beginning on or after 1 January 2027. These standards are not expected to have
a material fi nancial impact on th e Group; however, th ey may re sul t in changes to the pre sentation and dis closure s wi thi n the
consoli dated financial s tate ments as the Group appli es the revised require ments.
•
Amendments to NZ I FRS 9 a nd N Z IFRS 7 Clas sification and Measure ment o f Financia l I nst ru ments.
• Annual Impro vements to NZ IFRS Accounting St andard
s – Volume 1 1.
• NZ IFRS 18 Presentation and Disc losure in F inancial S tatements .
• IF RS 19 Subsidia ri es without Publi c A ccountabil ity: Disclosures.
• Amendments to NZ IFRS 10 and NZ IAS 28 Sale or Contri bution of Assets between an Invest or and its Associate or Join t
Venture
(
d) Foreign currency
F
o
reign currency transactions
Transactions in foreign curr encies are t ranslated at t he fo re ign exchange rate ruli ng at the date of the tra nsaction. Monetary assets
and li abil ities denominated in foreign currencies at t he balance date are tr anslated to New Zealand doll ars at t he fore ign ex change
ra te ruling at that d ate. Fore ign exchange diffe rences a ri sing on translation are recognised in the income statement. Non-monetary
assets and liabilities that are measured in te rms of his tori cal cost in a foreign currency are translate d using
th e ex change ra te at the
date of the transaction. Non-monetary assets and li abilit ies denominated in fo re ign currencies that are stated at fair value are
translated to New Zealand dolla rs at fo re ign exchange rate s ruli ng at the dates t he fai r value was determined.
(
e) Insurance proceeds
Compensatio n fro m thi rd parties fo r items of property, plant and equipment that were damaged, impaired, los t or giv en up is in cluded
in the pro fit or lo ss when the compensation becomes virtuall y certa in . Any subsequent purchase or construction of repla cement
assets are s eparate e conomic events and are a ccounted for separately .
FIN 9 | MILLENNIUM & COPTHORNE HOTELS NEW ZEALAND LIMITED ANNUAL REPORT 2025
The accompanying notes form part of, and should be read in conjunction with, these financial statements.
Millennium & Copthorne Hotels New Zealand Limited
Notes to t he Consol idate d Financial Statements f or the yea r ended 31 December 2025
Index
1.
Segment r eporting
2.
Adminis tr ation and other operating expenses
3. Personnel expenses
4. Net fi nance in come
5. In come tax expense
6. Imputati on credi ts
7. Capi tal and reserves
8. Earnings p er s hare
9. Property, pl ant and equipment
10. Develo pment proper ti es
11. In vestment properties
12. Cash and cash equi valents
13. Tr ade and oth er receiv ables
14. In terest-bearing loans and borrowin gs
15. Deferred ta x assets and l ia bili ti es
16. Tr ade and oth er payables
17. Fi nancia l instr uments
18. Capi tal and land devel opment c ommit ments
19. Related parties
20. Group entit ies
21. esaeL
22. In vestment in jo int ventur e
23. Non-controll in g interests (“NCI” )
24.
stneve tneuqesbuS
Millennium & Copthorne Hotels New Zealand Limited
Notes to t he Consol idate d Financial Statements f or the yea r ended 31 December 2025
1. Segment reporting
O
perating segments
The Group c onsiste d of t he following main o pera ting s egments:
• Hote l operations, c ompri sing i ncome f rom t he ownership a nd management of hotels.
•Resi dential land development, c omprising the development and s ale o f re sident ial land sections.
•Resi dential and commer ci al property development, compris ing the development and sale of re sidentia l
apartments.
•Investment pr operty, compris ing rental income fro m the ownership and leasing of reta il shops
and in dustr ial
warehouses.
The Group h as n o major customer repre senting g reater t han 1 0% of t he Group’s t ota l re venue.
(a ) Operating S egments
Hotel Operations
R
esidential Land
D
evelopment Investment Property
R
esidential Property
D
evelopment Group
Dollars in t housands
2025 2024 2025 2024 2025 2024 2025 2024 2025 2024
External revenue
130,854 109,486 34,989 46,313 3,147 2,746 17,743 17,611 186,733
176,184
Earnings b efo re i nter est, tax,
depreciation & amortisation 22,111 17,356 12,493 22,255 3,140 2,731 7,229 8,765 44,973 51,107
Fi nance i ncome 1,281 2,180 407 2,381 - - 1,487 786 3,175
5,347
Fi nance expense
(3 ,386) (2 ,224) (8) (9 ) - - (1) (2) (3 ,395)
(2 ,235)
Depreciati on and amortis ation
(9 ,076) (7 ,183) (7) (8 ) (554) (550) (17) (10) (9, 654)
(7 ,751)
Depreciati on of Right-of-use
assets
(856) (846) (3 7) (39) - - (10) (10) (903)
(895)
Impairment loss of PP&E
(3 ,789) - - - - - - - (3 ,789)
-
Share of p ro fit of J oi nt venture 2,639 1,508 - - - - - - 2,639 1,508
Profit b efo re in come t ax
8,924 10,791 12,848 24,580 2,5 86 2 ,181 8,688 9,529 33,046
47,081
Income t ax expense (1 ,588) (2 4,5 47) (3 ,644) (6 ,852) (724) (4 ,528) (2 ,294) (2 ,366) (8 ,250) (38,293)
Profit a fter income t ax 7,336 (13,756) 9,204 17,728 1,862 (2 ,347) 6,394 7,163 24,796 8,788
Cash & cash equivalents a nd
short term b ank d eposits 3,808 2,599 13,924 33,287 - - 6,502 5,411 24,234 41,297
Investment in associa tes
- - 2 2 - - - - 2
2
Investment in j oi nt ventu re
51,209 46,555 - - - - - - 51,209
46,555
Other segment assets 400,543 364,960 282,174 259,032 35,525 36,301 6,776 14,119 725,018 674,412
Total assets
455,560 414,114 296,100 292,321 35,525 36,301 13,278 19,530 800,463
762,266
Segment liabilit ies (74,525) (58,256) (5 ,068) (2 ,362) - - (1, 626) (1 ,769) (81,219) (62,387)
Tax l ia bili ti es (26,312) (27,720) (884) (2 ,229) (4 ,495) (4 ,379) (2 ,534) (646) (34,225) (34,974)
Total liabiliti es
(100,837) (8 5,9 76) (5 ,952) (4 ,591) (4 ,495) (4 ,379) (4 ,160) (2 ,415) (115,444)
(97,361)
Property, plant a nd equipment
expenditur e
52,226 27,830 25 2
- -
1 616 52,252
28,448
Investment property
expenditur e
- - - - 535
1,017 - - 535 1,017
Resi dential land development
expenditur e
- - 26,424 22,458
- -
- - 26,424
22,458
Purchase of l and for
re sidential l and development
- - 14,811 23,720 - - - - 14,8 11
23,720
MILLENNIUM & COPTHORNE HOTELS NEW ZEALAND LIMITED ANNUAL REPORT 2025 | FIN 10
The accompanying notes form part of, and should be read in conjunction with, these financial statements.
Millennium & Copthorne Hotels New Zealand Limited
Notes to t he Consol idate d Financial Statements f or the yea r ended 31 December 2025
Index
1.
Segment r eporting
2.
Adminis tr ation and other operating expenses
3. Personnel expenses
4. Net fi nance in come
5. In come tax expense
6. Imputati on credi ts
7. Capi tal and reserves
8. Earnings p er s hare
9. Property, pl ant and equipment
10. Develo pment proper ti es
11. In vestment properties
12. Cash and cash equi valents
13. Tr ade and oth er receiv ables
14. In terest-bearing loans and borrowin gs
15. Deferred ta x assets and l ia bili ti es
16. Tr ade and oth er payables
17. Fi nancia l instr uments
18. Capi tal and land devel opment c ommit ments
19. Related parties
20. Group entit ies
21. esaeL
22. In vestment in jo int ventur e
23. Non-controll in g interests (“NCI” )
24.
stneve tneuqesbuS
Millennium & Copthorne Hotels New Zealand Limited
Notes to t he Consol idate d Financial Statements f or the yea r ended 31 December 2025
1. Segment reporting
O
perating segments
The Group c onsiste d of t he following main o pera ting s egments:
• Hote l operations, c ompri sing i ncome f rom t he ownership a nd management of hotels.
•Resi dential land development, c omprising the development and s ale o f re sident ial land sections.
•Resi dential and commer ci al property development, compris ing the development and sale of re sidentia l
apartments.
•Investment pr operty, compris ing rental income fro m the ownership and leasing of reta il shops
and in dustr ial
warehouses.
The Group h as n o major customer repre senting g reater t han 1 0% of t he Group’s t ota l re venue.
(a ) Operating S egments
Hotel Operations
R
esidential Land
D
evelopment Investment Property
R
esidential Property
D
evelopment Group
Dollars in t housands
2025 2024 2025 2024 2025 2024 2025 2024 2025 2024
External revenue
130,854 109,486 34,989 46,313 3,147 2,746 17,743 17,611 186,733
176,184
Earnings b efo re i nter est, tax,
depreciation & amortisation 22,111 17,356 12,493 22,255 3,140 2,731 7,229 8,765 44,973 51,107
Fi nance i ncome 1,281 2,180 407 2,381 - - 1,487 786 3,175 5,347
Fi nance expense
(3 ,386) (2 ,224) (8) (9 ) - - (1) (2) (3 ,395)
(2 ,235)
Depreciati on and amortis ation
(9 ,076) (7 ,183) (7) (8 ) (554) (550) (17) (10) (9, 654)
(7 ,751)
Depreciati on of Right-of-use
assets
(856) (846) (3 7) (39) - - (10) (10) (903)
(895)
Impairment loss of PP&E
(3 ,789) - - - - - - - (3 ,789)
-
Share of p ro fit of J oi nt venture 2,639 1,508 - - - - - - 2,639 1,508
Profit b efo re in come t ax
8,924 10,791 12,848 24,580 2,5 86 2 ,181 8,688 9,529 33,046
47,081
Income t ax expense (1 ,588) (2 4,5 47) (3 ,644) (6 ,852) (724) (4 ,528) (2 ,294) (2 ,366) (8 ,250) (38,293)
Profit a fter income t ax 7,336 (13,756) 9,204 17,728 1,862 (2 ,347) 6,394 7,163 24,796 8,788
Cash & cash equivalents a nd
short term b ank d eposits 3,808 2,599 13,924 33,287 - - 6,502 5,411 24,234 41,297
Investment in associa tes
- - 2 2 - - - - 2
2
Investment in j oi nt ventu re
51,209 46,555 - - - - - - 51,209
46,555
Other segment assets 400,543 364,960 282,174 259,032 35,525 36,301 6,776 14,119 725,018 674,412
Total assets
455,560 414,114 296,100 292,321 35,525 36,301 13,278 19,530 800,463
762,266
Segment liabilit ies (74,525) (58,256) (5 ,068) (2 ,362) - - (1, 626) (1 ,769) (81,219) (62,387)
Tax l ia bili ti es (26,312) (27,720) (884) (2 ,229) (4 ,495) (4 ,379) (2 ,534) (646) (34,225) (34,974)
Total liabiliti es
(100,837) (8 5,9 76) (5 ,952) (4 ,591) (4 ,495) (4 ,379) (4 ,160) (2 ,415) (115,444)
(97,361)
Property, plant a nd equipment
expenditur e
52,226 27,830 25 2
- -
1 616 52,252
28,448
Investment property
expenditur e
- - - - 535
1,017 - - 535 1,017
Resi dential land development
expenditur e
- - 26,424 22,458
- -
- - 26,424
22,458
Purchase of l and for
re sidential l and development
- - 14,811 23,720 - - - - 14,8 11
23,720
FIN 11 | MILLENNIUM & COPTHORNE HOTELS NEW ZEALAND LIMITED ANNUAL REPORT 2025
The accompanying notes form part of, and should be read in conjunction with, these financial statements.
Millennium & Copthorne Hotels New Zealand Limited
Notes to t he Consol idate d Financial Statements f or the yea r ended 31 December 2025
1. Segment reporting - continued
(
b) Geographical areas
The Group o pera tes in t he f ol lowing main g eographical a reas:
• New Zealand.
• Australia.
Segment re venue is b ased on t he g eographical l ocatio n o f t he a sset.
N
ew Zealand Australia Group
Dollars In T housands
2025 2024 2025 2024 2025 2024
481,671 337,681 116,71 347,71 375,851 099,861 eunever lanretxE
Earnings b efo re i nter est, tax, depreciatio n &
701,15 179,44 747,8 511,5 063,24 658,93 noitasitroma
743,5 571,3 669,1 535,2 183,3 046 emocni ecnaniF
)532,2( )393,3( )2( )1( )332,2( )293,3( esnepxe ecnaniF
Depreciati on and amortis ation (9 ,638) (7 ,741) (17) (10) (9 ,655) (7 ,751)
Depreciati on of Right-Of- Use A ssets (892) (8 85) (10) (1 0) (902) (895)
- )987,3( - - - )987,3( E&PP fo ssol tnemriapmI
805,1 936,2 805,1 936,2 - - erutnev tnioj fo tiforp fo erahS
180,74 640,33 991,21 162,01 288,43 587,22 xat emocni erofeb tiforP
Income t ax ( expense) /c redit (5 ,962) (3 5,9 31) (2 ,288) (2 ,362) (8 ,250) (3 8,2 93)
887,8 697,42 738,9 379,7 )940,1( 328,61 xat emocni retfa tiforP
Cash & cash equi vale nts and short-term
bank deposits 792,14 432,42 114,5 205,6 688,53 237,71
Investment in associa tes 2 2 - - 2 2
555,64 902,15 555,64 902,15 - - erutnev tnioj ni tnemtsevnI
103,63 525,53 - - 103,63 525,53 seitreporp tnemtsevnI
111,836 394,986 178,77 658,07 042,065 736,816 stessa tnemgeS
662,267 364,008 738,921 765,821 924,236 698,176 stessa latoT
)783,26( )812,18( )967,1( )626,1( )816,06( )295,97( seitilibail tnemgeS
)479,43( )622,43( )646( )435,2( )823,43( )296,13( seitilibail xaT
)163,79( )444,511( )514,2( )061,4( )649,49( )482,111( seitilibail latoT
Mate ri al additions to segment assets :
Property, plant a nd equipment e xpenditur e 52,251 27,832 1 616 52,252 28,448
Invest ment p roperty expenditu re 535 1,017 - - 535 1,017
Purchase of l and for re sid ential land
027,32 118,41 - - 027,32 118,41 tnempoleved
An opera ting s egment is a d istinguishable component of the Gro up:
• that is engaged in business activ ities f ro m which it earns r evenues a nd in curs expenses;
• whose opera ting results ar e regularl y reviewed by the Group’s chief operating decision maker to make decisions on
re source a llocation t o the s egment and assess its performance; and
• for which discrete financial inf ormati on is a vailable.
Segment info rmation is presente d in respect of th e Group’s repo
rting segments. Opera ting segments are th e pr imary basis of
segment reportin g. The Group has determined that its chief operat ing decision maker is th e Board of Dir ecto rs on th e basis th at it
is t his g roup which det ermines the allocation of resourc es t o s egments and assess es t heir p erformance.
Segment re sults i nclude it ems directly a ttributable to a s egment as well as those t hat can be al locate d o n a re asonable b asis.
Segment c apita l expendit ure is t
he total cost incurre d d uring t he period t o a cquire segment a ssets t hat are expecte d t o b e used f or
more t han one per iod.
Resi dential land development expenditure 26,424 24,236 - - 26,424 24,236
Millennium & Copthorne Hotels New Zealand Limited
Notes to t he Consol idate d Financial Statements f or the yea r ended 31 December 2025
2
. Administration and other operating expenses
G
roup
Dollars In T housands
Note 2025 2024
646,8 755,01 11 ,9 noitaicerpeD
mrif tidua morf deviecer secivres rof derrucni seeF
Audit fees
436 475
raey roirp ot gnitaler seef tidua epocs fo tuO
- 22
24 34 ecnailpmoC xaT
2 12 yrosivdA xaT
911 12 ecnarussa gnitroper saG esuoH neerG
7 - serudecorp nopu deergA
293 854 91 seef ’srotceriD
227 477 sesnepxe latneR
stbed dab rof noisivorP
52 36 ffo nettirw stbeD
)211( )26( noisivorp tbed luftbuod ni tnemevoM
1 03 tnempiuqe dna tnalp ,ytreporp fo lasopsid no )niag( /ssol teN
3
. Personnel expenses
G
roup
Dollars In T housands
2025 2024
750,94 629,45 seiralas dna segaW
400,2 940,2 stifeneb dna sesnepxe detaler eeyolpmE
796 238 snalp noitubirtnoc denifed ot snoitubirtnoC
03 28 evael ecivres-gnol rof ytilibail ni esaercnI
5
7,889 51,788
Em
ployee long-term servi ce benefits
The Group’s net obli gation in re sp ect of long-term service benefit s, is th e amount of future benefit that emplo yees have earned in
re turn for their service in the cu rrent and pri or periods. The obligation is calc ulated using th ei r expected remuneratio n and an
assessment of the likelihood that t he liabilit y wi ll arise.
4
. Ne
t finance i ncome
R
ecognised in the income statement
Group
Dollars In T housands
2025 2024
674,4 978,1 emocni tseretnI
178 692,1 niag egnahcxe ngieroF
Fi nance i ncome
3,175 5,347
)220,2( )403,3( esnepxe tseretnI
)212( )98( ssol egnahcxe ngieroF
)432,2( )393,3( stsoc ecnaniF
Ne
t finance (costs)/i ncome recognised in the income statement (218) 3,112
Fin
ance income and expenses
Fi nance income compri ses in terest income on funds invested, divi dend income and fo re ign curr ency gai ns that are re cognised in
pro fit or lo ss. Interest in come is re cognised as it accrues, using the eff ective intere st meth od. Di vidend income is recognised in the
income state ment on the date the entity’ s ri ght to re ceive payments is establis hed whi ch in th e case of quoted securi tie s is th e ex-
div idend date.
Fi nance expenses co mpri se in terest pay
able on borr owings calculated using the effective interest ra te method, interest costs on le ase
liability and fore ign exchange lo ss es t hat a re recognised in t he income statement.
MILLENNIUM & COPTHORNE HOTELS NEW ZEALAND LIMITED ANNUAL REPORT 2025 | FIN 12
The accompanying notes form part of, and should be read in conjunction with, these financial statements.
Millennium & Copthorne Hotels New Zealand Limited
Notes to t he Consol idate d Financial Statements f or the yea r ended 31 December 2025
1. Segment reporting - continued
(
b) Geographical areas
The Group o pera tes in t he f ol lowing main g eographical a reas:
• New Zealand.
• Australia.
Segment re venue is b ased on t he g eographical l ocatio n o f t he a sset.
N
e
w Zealand Australia Group
Dollars In T housands
2025 2024 2025 2024 2025 2024
481,671 337,681 116,71 347,71 375,851 099,861 eunever lanretxE
Earnings b efo re i nter est, tax, depreciatio n &
701,15 179,44 747,8 511,5 063,24 658,93 noitasitroma
743,5 571,3 669,1 535,2 183,3 046 emocni ecnaniF
)532,2( )393,3( )2( )1( )332,2( )293,3( esnepxe ecnaniF
Depreciati on and amortis ation (9 ,638) (7 ,741) (17) (10) (9 ,655) (7 ,751)
Depreciati on of Right-Of- Use A ssets (892) (8 85) (10) (1 0) (902) (895)
- )987,3( - - -
)987,3( E&PP fo ssol tnemriapmI
805,1 936,2 805,1 936,2 - - erutnev tnioj fo tiforp fo erahS
180,74 640,33 991,21 162,01 288,43 587,22 xat emocni erofeb tiforP
Income t ax ( expense) /c redit (5 ,962) (3 5,9 31) (2 ,288) (2 ,362) (8 ,250) (3 8,2 93)
887,8 697,42 738,9 379,7 )940,1( 328,61 xat emocni retfa tiforP
Cash & cash equi vale nts and short-term
bank deposits 792,14 432,42 114,5 205,6 688,53 237,71
Investment in associa tes
2 2 - - 2 2
555,64 902,15 555,64 902,15 - - erutnev tnioj ni tnemtsevnI
103,63 525,53 - - 103,63 525,53 seitreporp tnemtsevnI
111,836 394,986 178,77 658,07 042,065 736,816 stessa tnemgeS
662,267 364,008 738,921 765,821 924,236 698,176 stessa latoT
)783,26( )812,18( )967,1( )626,1( )816,06( )295,97( seitilibail tnemgeS
)479,43( )622,43( )646( )435,2( )823,43( )296,13( seitilibail xaT
)163,7
9( )444,511( )514,2( )061,4( )649,49( )482,111( seitilibail latoT
Mate ri al additions to segment assets :
Property, plant a nd equipment e xpenditur e 52,251 27,832 1 616 52,252 28,448
Invest ment p roperty expenditu re 535 1,017 - - 535 1,017
Purchase of l and for re sid ential land
027,32 118,41 - - 027,32 118,41 tnempoleved
An opera ting s egment is a d istinguishable component of the Gro up:
• that is engaged in business activ ities f ro m which it earns r evenues a nd in curs expenses;
• whose opera ting results ar e regularl y reviewed by the Group’s chief operating decision maker to make decisions on
re source a llocation t o the s egment and assess its performance; and
• for which
discrete financial inf ormati on is a vailable.
Segment info rmation is presente d in respect of th e Group’s repo
rting segments. Opera ting segments are th e pr imary basis of
segment reportin g. The Group has determined that its chief operat ing decision maker is th e Board of Dir ecto rs on th e basis th at it
is t his g roup which det ermines the allocation of resourc es t o s egments and assess es t heir p erformance.
Segment re sults i nclude it ems direc
tly a ttributable to a s egment as well as those t hat can be al locate d o n a re asonable b asis.
Segment c apita l expendit ure is t
he total cost incurre d d uring t he period t o a cquire segment a ssets t hat are expecte d t o b e used f or
more t han one per iod.
Resi dential land development expenditure 26,424 24,236 - - 26,424 24,236
Millennium & Copthorne Hotels New Zealand Limited
Notes to t he Consol idate d Financial Statements f or the yea r ended 31 December 2025
2
. Administration and other operating expenses
G
roup
Dollars In T housands
Note 2025 2024
646,8 755,01 11 ,9 noitaicerpeD
mrif tidua morf deviecer secivres rof derrucni seeF
Audit fees 436 475
raey roirp ot gnitaler seef tidua epocs fo tuO - 22
24 34 ecnailpmoC xaT
2 12 yrosivdA xaT
911 12 ecnarussa gnitroper saG esuoH neerG
7 - serudecorp nopu deergA
293 854 91 seef ’srotceriD
227 477 sesnepxe latneR
stbed dab rof noisivorP
52 36 ffo nettirw stbeD
)211( )26( noisivorp tbed luftbuod ni tnemevoM
1 03 tnempiuqe dna tnalp ,ytreporp fo lasopsid no )niag( /ssol teN
3
. Personnel expenses
G
roup
Dollars In T housands
2025 2024
750,94 629,45 seiralas dna segaW
400,2 940,2 stifeneb dna sesnepxe detaler eeyolpmE
796 238 snalp noitubirtnoc denifed ot snoitubirtnoC
03 28 evael ecivres-gnol rof ytilibail ni esaercnI
57,889 51,788
E
mployee long-term service benefits
The Group’s net obli gation in re sp ect of long-term service benefit s, is th e amount of future benefit that emplo yees have earned in
re turn for their service in the cu rrent and pri or periods. The obligation is calc ulated using th ei r expected remuneratio n and an
assessment of the likelihood that t he liabilit y wi ll arise.
4
. Net finance income
R
ecognised in the income statement
Group
Dollars In T housands
2025 2024
674,4 978,1 emocni tseretnI
178 692,1 niag egnahcxe ngieroF
Fi nance i ncome
3,175 5,347
)220,2( )403,3( esnepxe tseretnI
)212( )98( ssol egnahcxe ngieroF
)432,2( )393,3( stsoc ecnaniF
Net finance (costs)/income recognised in the income statement (218) 3,112
F
inance income and expenses
Fi nance income compri ses in terest income on funds invested, divi dend income and fo re ign curr ency gai ns that are re cognised in
pro fit or lo ss. Interest in come is re cognised as it accrues, using the eff ective intere st meth od. Di vidend income is recognised in the
income state ment on the date the entity’ s ri ght to re ceive payments is establis hed whi ch in th e case of quoted securi tie s is th e ex-
div idend date.
Fi nance expenses co mpri se in terest pay
able on borr owings calculated using the effective interest ra te method, interest costs on le ase
liability and fore ign exchange lo ss es t hat a re recognised in t he income statement.
FIN 13 | MILLENNIUM & COPTHORNE HOTELS NEW ZEALAND LIMITED ANNUAL REPORT 2025
The accompanying notes form part of, and should be read in conjunction with, these financial statements.
Millennium & Copthorne Hotels New Zealand Limited
Notes to t he Consol idate d Financial Statements f or the yea r ended 31 December 2025
4
. Net finance income - continued
R
ecognised in other comprehensive income
Group
Dollars In T housands
2025 2024
622,2 010,4 stnemevom noitalsnart egnahcxe ngieroF
E
xchange translation of financial statements of foreign operations
The as sets and liabilities of fore ign operations are t ranslated to New Zeal and doll ars at fore ign exchange ra tes ru li ng at the balance
date. The re venues and expenses of fore ign opera tio ns are tra nslated to New Zeal and doll ars at ra tes approximatin g the foreign
exchange rates ruli ng at the dates of t he t ransactions. Fore ign exchange differences arising on re-translation are recognised dire ct ly
as a separate co mponent of equity. When a foreign operation is disposed of, in part
or in full, the rel evant amount in the exchange
re serve is r eleased into the income s ta tement .
5
. Income tax expense
R
ecognised in the income statement
G
roup
Dollars In T housands
2025 2024
Current tax expense
028,21 379,8 raey tnerruC
)922( )503( sraey roirp rof stnemtsujdA
195,21 866,8
Deferred tax expense
)85( )814( ecnereffid yraropmet fo lasrever dna noitanigirO
067,52 - noitaicerped gnidliub fo tnemtaert ni segnahC
207,52 )814(
Total income tax expense in the income statement 8,250 38,293
R
econciliation of tax expense
Group
Dollars In T housands
2025 2024
180,74 640,33 xat emocni erofeb tiforP
381,31 352,9 )%82 :4202( %82 fo etar xat ynapmoc eht ta xat emocnI
:rof detsujdA
73 09 sesnepxe elbitcuded-noN
981 602 )evoba %82 morf tnereffid fi( ecnereffid etar xaT
)746( )499( emocni tpmexe xaT
067,52 - sgnidliub laicremmoc dna lairtsudni rof noitaicerped xat fo ytilibitcuded fo lavomeR
)922( )503( sraey roirp ni dedivorp - rednU/)revO(
Total income tax expense
8
,250 38,293
%72 %52 )tcapmi noitaicerped xat no segnahc eno-ffo gnidulcxe( etar xat evitceffE
Income tax on the pr ofit or loss fo r the year compr ises cu rrent and defe rr ed tax. In come ta x is recognised in th e income statement
except to th e exte nt th at it relates to items recognised dire ct ly in other comprehensive income or equity, in which case it is recognised
in other comprehensive income or equity.
Current t ax is t he e xpecte d t ax payable on the taxable in come f or the year, using tax ra tes enacte d o r substantively e nacted at t he
balance d
ate, and any adjustment to t ax payable in respect of pre vious y ears.
Defe rre d tax is recognised in re spect of the te mporary diff erences between the carry ing amounts of assets and liabilit ies for fi nancial
reporti ng purposes and the amounts used for ta xation purposes. The fo llowing temporary diffe rences a re not p rovided for: goodwil l
not deductible for tax purposes; the initial re cognit ion of assets or liabilit ies that neither aff ect accounting n
or taxable pr ofit; and
diff er ences relat ing to in vestments in subsid iaries to the extent that they wil l pr obably not rever se in the for eseeable future. The
amount of d ef erred tax p ro vided is based on the expected manner of realis ation or settl ement of the carr yin g a mount of assets and
liabil ities, usin g t ax ra tes e nacte d or substa ntively e nacted at the balance d ate.
MILLENNIUM & COPTHORNE HOTELS NEW ZEALAND LIMITED ANNUAL REPORT 2025 | FIN 14
The accompanying notes form part of, and should be read in conjunction with, these financial statements.
Millennium & Copthorne Hotels New Zealand Limited
Notes to t he Consol idate d Financial Statements f or the yea r ended 31 December 2025
4. Ne
t finance i ncome - continued
R
ecognised in other comprehensive i ncome
Group
Dollars In T housands
2025 2024
622,2 010,4 stnemevom noitalsnart egnahcxe ngieroF
Exc
hange translation of financial statements of foreign operations
The as sets and liabilities of fore ign operations are t ranslated to New Zeal and doll ars at fore ign exchange ra tes ru li ng at the balance
date. The re venues and expenses of fore ign opera tio ns are tra nslated to New Zeal and doll ars at ra tes approximatin g the foreign
exchange rates ruli ng at the dates of t he t ransactions. Fore ign exchange differences arising on re-translation are recognised dire ct ly
as a separate co mponent of equity. When a foreign operation is disposed of, in part
or in full, the rel evant amount in the exchange
re serve is r eleased into the income s ta tement .
5
. Income tax expense
R
ecognised in the income statement
G
roup
Dollars In T housands
2025 2024
C
urrent tax expense
028,21 379,8 raey tnerruC
)922( )503( sraey roirp rof stnemtsujdA
195,21 866,8
Deferred tax expense
)85( )814( ecnereffid yraropmet fo lasrever dna noitanigirO
067,52 - noitaicerped gnidliub fo tnemtaert ni segnahC
207,52 )814(
To
tal i ncome tax expense i n the income statement 8,250 38,293
R
econciliation of tax expense
Group
Dollars In T housands
2025 2024
180,74 640,33 xat emocni erofeb tiforP
381,31 352,9 )%82 :4202( %82 fo etar xat ynapmoc eht ta xat emocnI
:rof detsujdA
73 09 sesnepxe elbitcuded-noN
981 602 )evoba %82 morf tnereffid fi( ecnereffid etar xaT
)746( )499( emocni tpmexe xaT
067,52 - sgnidliub laicremmoc dna lairtsudni rof noitaicerped xat fo ytilibitcuded fo lavomeR
)922( )503( sraey roirp ni dedivorp - rednU/)revO(
To
tal i ncome tax expense
8
,250 38,293
%72 %52 )tcapmi noitaicerped xat no segnahc eno-ffo gnidulcxe( etar xat evitceffE
Income tax on the pr ofit or loss fo r the year compr ises cu rrent and defe rr ed tax. In come ta x is recognised in th e income statement
except to th e exte nt th at it relates to items recognised dire ct ly in other comprehensive income or equity, in which case it is recognised
in other comprehensive income or equity.
Current t ax is t he e xpecte d t ax payable on the
taxable in come f or the year, using tax ra tes enacte d o r substantively e nacted at t he
balance d
ate, and any adjustment to t ax payable in respect of pre vious y ears.
Defe rre d tax is recognised in re spect of the te mporary diff erences between the carry ing amounts of assets and liabilit ies for fi nancial
reporti ng purposes and the amounts used for ta xation purposes. The fo llowing temporary diffe rences a re not p rovided for: goodwil l
not deductible for
tax purposes; the initial re cognit ion of assets or liabilit ies that neither aff ect accounting n
or taxable pr ofit; and
diff er ences relat ing to in vestments in subsid iaries to the extent that they wil l pr obably not rever se in the for eseeable future. The
amount of d ef erred tax p ro vided is based on the expected manner of realis ation or settl ement of the carr yin g a mount of assets and
liabil ities, usin g t ax ra tes e nacte d or substa ntively e nac
ted at the balance d ate.
Millennium & Copthorne Hotels New Zealand Limited
Notes to t he Consol idate d Financial Statements f or the yea r ended 31 December 2025
5
. Income tax expense - continued
A deferred t ax asset is r ecognised only t o the extent that it i s probable that futu re t axable pro fits w ill b e availa ble against which the
asset can be utilised. Defer re d ta x assets are reduced to the exte nt that it is no longer pr obable that the related ta x benefit will be
realised.
Defe rre d ta x assets and deferr ed tax liabilit ie s are off set only if the Group has a le gally enforc eable rig ht to set off current tax assets
against curr ent tax li abilit ies; the
Group intends to settl e net; and the deferred tax assets and the defe rr ed ta x liabilit ie s rel ate to
income t axes l evied by the s ame t axati on authority .
Removal of tax depreciation on commercial and industrial buildings
From th e 2020/21 tax year , the Group has been depre ci at ing its commerc ial and industr ial build ings on a 2% di min ishing value
basis , f oll owing the reinstatement of tax depreciation for buildings with a useful life of 50 y ears or more as part of the g overnment' s
COVI D-19: Economic R esponse Package.
Ef fectiv e f rom 1 A pril 2 024, the tax d eprecia tion r ate re vert ed to 0%, impacting t he t ax value of buildings h eld fro m the 2024/25 tax
year onwards. The Group recognis es
deferred tax on temporary differences at the tax ra tes expecte d to apply when th ese
diff er ences re vers e, usin g th e tax ra tes enacte d or substa ntivel y enacted at the balance sheet date. The change in tax legislati on
effe ctiv e fr om 1 April 2024 eliminates the ta x base of commerc ial and industr ial buildings, th ereby creating a temporary diffe rence
that leads to a deferred tax li ability. This liabili ty is re cognised unless the in itial recogn
iti on exempti on (I RE) under NZ IA S 12 appli es,
which preclu des th e recognition of deferred tax on initial recognition of an asset or li ability in a tr ansaction th at is not a business
combination a nd at the t ime of the transacti on affects n eit her accounti ng nor t axable prof it and is a non c ash item.
D
eferred Tax on Buildings
The impac t of t he removal o f t ax depre ciation on c ommercial and in dustri al build ings, which reduced the t ax base to nil c re ating a
signi ficant t axable temporary di fference f or al l t he Group’s hotel assets and commercial build ings, c lassified as either Property,
Plant a nd Equipment o r i nvestment properties, irr espective o f their date of acquisitio n. The recognition of this t emporary di fference
as a deferred tax l ia bi li ty d epends on whether the build ings were acquired through business c ombination and whether the initial
r
ecognition exception (IRE) i n NZ IAS 12 was previously applied.
The change in tax legislation effe ctive fro m 1 Apri l 2 024 eliminates th e t ax base fo r t hese a ssets, thereby creating a temporary
diff erence that leads t o a deferr ed tax l iability (DTL). As part of recognising t he DTL, a one-off t ax expense of $25.8m was
re cognised within the year ended 31 December 2024.
P
illar 2
The Group operates i n multiple ju ri sdictions, s ome of which have e nacted or substanti vely enacted ta x l egislation to i mple ment th e
Pilla r Two Model Rules from a date c ommencing on or aft er 1 January 2024. Based on the asse ssment c arri ed out, management
concluded that t here i s n o current tax impact in the Group’s financial s ta tement s for the year ended 31 December 2025. The Group
has appl ied a temporary mandatory e xception fro m deferr ed tax accounting in r espect of t he Pillar Two Model Rules and will
account f or any top-up tax l
iabil ities a ri sing from the a ppli catio n of the rules a s a c urrent ta x when it is i ncurred. Under t he Pillar Two
Model Rules, the Group will be r equired to pay a top-up tax if the e ffe cti ve t ax rate per j urisdictio n (calculated using t he prescribed
approach) is below the 15% mini mum rate.
The group continues t o monitor and evaluate the domestic implementation of the Pilla r Two r ules in t he juri sdic tions in which it
operates. The group's potential e xposure t o Pillar Two t axes, based on legi slation that is enacte d or substanti vely en
acte d, is not
expected to b e materi al.
6
. Imputation credits
The KIN Hold ings Group has A$16.64 mill ion (2024: A$16.13 milli on) franking credits a vailable as a t 31 December 2025.
G
roup
Dollars In T housands
2025 2024
153,041 137,441 sdoirep gnitroper tneuqesbus ni esu rof elbaliava stiderc noitatupmI
FIN 15 | MILLENNIUM & COPTHORNE HOTELS NEW ZEALAND LIMITED ANNUAL REPORT 2025
The accompanying notes form part of, and should be read in conjunction with, these financial statements.
Millennium & Copthorne Hotels New Zealand Limited
Notes to t he Consol idate d Financial Statements f or the yea r ended 31 December 2025
7
. Capital and reserves
S
hare capital
Group Group
2025 2025 2024 2024
Shares $000’s Shares $000’s
Ordinary s hares i ssued 1 J anuary
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 s hares 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 re purc hased and held as treasury st ock 1
)62( )745,99( )62( )745,99( yraunaJ
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 2025, the authorised share capital consisted of 105,578,290 ord inary shares (2024: 105,578,290 ord inary shares)
wi th no par value and 52,739,543 redeemable pre ference share s (2024: 52,739,543 redeemable preference shares) wi th no par
value.
The non-voting redeemable pre ference share s rank equally with ord inary shares with re spect to all distributions made by th e
Company (in cluding without limitation, to dividend payments ) except for any di stributions made in th e context of
a li qui dation of the
Company. The Company reserves the right to the redemption of these prefe rence shares as well as any dis tri butions re lating to these
shares and makes no guarantee that these pre ference shares wi ll be redeemed or that dividends will be paid in respect of these
pre ference s hares.
Repurchase of share capital
When share capita l re cognis ed as equity is re pur chased, the amount of the considerat ion paid, including directl y att ributed costs ,
is re cognised as a change in equity. Repurchased shares are classified as treasury stock and presented as a deduction fro m total
equity .
Exchange reserve
The ex change re se rv e c ompri ses t he fo re ign exchange diffe rences arising fro m the translation of the financia l st ate ments of foreign
operations.
D
ividends
The follo wi ng dividends were declared and pai d duri ng the year ended 31 December:
Company
Dollars In T housands
2025 2024
Ordinary Dividend – 3.0 cents p er qualify ing share (2024: 3.0 c ents ) 4,747 4,747
Supplementary Dividend – 0.0053 cents per quali fying share (2024: 0.053 cents ) 29 94
4,776 4,841
Af ter 31 December 2025, the followi ng di vidends were decla red by the di re ctors. The div idends have not been provided for and there
are no in come tax consequences.
Dollars In T housands
Company
Ordinary Dividend – 3.0 cents p er qualify ing share (2024: 3.0 c ents ) 4,747
Supplementary Dividend – 0.0053 cents per quali fying share (2024: 0.0053 cents) 29
Total Dividends 4,776
D
ividends and tax
Di vidends a re recognised as a liabili ty in t he period in whic h they are declared. Additional income t axe s that arise from the
dis tri bution of dividends are re cognised a t t he s ame t ime a s t he liability t o pay t he r el ate d d ividend.
8
. Earnings per share
B
asic earnings per share
The calc ulation of basic earn ings per share at 31 December 2025 was based on the pro fit attri butable to ord inary and redeemable
pre ference shareholders of $20,218,000 (2024: $2,762,000) and weighted average number of shares out standing during the year
ended 31 December 2025 of 158,218,286 (2024: 1 58,218,286), calcu lated as follo ws:
Millennium & Copthorne Hotels New Zealand Limited
Notes to t he Consol idate d Financial Statements f or the yea r ended 31 December 2025
8
. Earnings per share – continued
P
rofit attributable to shareholders
Group
Dollars In T housands
2025 2024
Profit for the year 24,796 8,788
Profit att ributable t o non-controlling i nterests (4,578) (6 ,026)
Profit att ributable t o s hareholders 20,218 2,762
We
ighted average number of shares
Group
2025 2024
Weighted average number of shares (o rdi nary and redeemable pre fe rence shares) 158,317,833 158,317,833
Ef fe ct o f own s hares held (ord inary share s) (99,547) (99,547)
Weighted average number of s har es f or earnings per share calcula tion 158,218,286 158,218,286
Diluted earnings per share
The calc ulation of d il uted earn ings per share i s the same a s basic e arn ings per share.
Group
2025 2024
Basic and Dilu ted Earnings per share (c ents per share) 12.78 1.75
9
. Property, plant and equipment
G
roup
Dollars In T housands
Fr
eehold
La
nd Buildings
P
lant,
Equipment,
Fi xtures &
Fit
tings
Mo
tor
Ve
hicles
Wo
rk
In
P
rogress
R
ight Of
U
se Asset Total
C
ost
Balance at 1 January 2024 46,661 221,865 112, 614 76 8,039 28,823 418,078
725,82 97 038,72 - 2 616 - snoitisiuqcA
)581( )36( - - )701( )51( - slasopsiD
Transfe rs between c ategori es - 13,603 4,886 - (18,489) - -
Movements i n for eign exchange - - 15 - - - 15
B
alance at 31 December 2024 46,661 236,069 117,410 76 17,380 28,839 446,435
Balance at 1 January 2025 46,661 236,069 117, 410 76 17,380 28,839 446,435
045,25 882 253,02 - 000,4 008,42 001,3 snoitisiuqcA
)694,1( )571( - )01( )953( )259( - slasopsiD
Transfe rs between c ategori es 3,836 20,876 7,818 16 (32,546) - -
Movements i n for eign exchange - - 20 - - 2 22
B
alance at 31 December 2025 53,597 280,793 128,889 82 5,186 28,954 497,501
D
epreciation and impairment losses
Balance at 1 January 2024 - (55,624) (9 7,2 34) (76) - (2, 093) (155,027)
Depreciati on c harge for the year - (3 ,735) (3, 466) - - (895) (8 ,096)
521 23 - - 39 - - slasopsiD
Movements i n for eign exchange - - (7) - - - (7)
B
alance at 31 December 2024 - (59,359) (100,614) (76) - (2,956) (163,005)
Balance at 1 January 2025 - (59,359) (100,614) (76) - (2, 956) (163,005)
Depreciati on c harge for the year - (5 ,097) (4, 004) (1) - (9 01) (10,003)
)987,3( - - - - )987,3( tnemriapmI
610,1 141 - 01 972 685 - slasopsiD
Movements i n for eign exchange - - (7) - - (2) (9)
B
alance at 31 December 2025 - (67,659) (104,346) (67) - (3,718) (175,790)
C
arrying amounts
At 1 J anuary 2 024 46
,661 166,241 15,380 - 8,039 26,730 263,051
At
31 December 2024 46,661 176,710 16,796 - 17,380 25,883 283,430
At
31 December 2025 53,597 213,134 24,543 15 5,186 25,236 321,711
MILLENNIUM & COPTHORNE HOTELS NEW ZEALAND LIMITED ANNUAL REPORT 2025 | FIN 16
The accompanying notes form part of, and should be read in conjunction with, these financial statements.
Millennium & Copthorne Hotels New Zealand Limited
Notes to t he Consol idate d Financial Statements f or the yea r ended 31 December 2025
7. C
apital and reserves
S
hare capital
Group Group
2025 2025 2024 2024
Shares $000’s Shares $000’s
Ordinary s hares i ssued 1 J anuary
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 s hares 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 re purc hased and held as treasury st ock 1
)62( )745,99( )62( )745,99( yraunaJ
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 2025, the authorised share capital consisted of 105,578,290 ord inary shares (2024: 105,578,290 ord inary shares)
wi th no par value and 52,739,543 redeemable pre ference share s (2024: 52,739,543 redeemable preference shares) wi th no par
value.
The non-voting redeemable pre ference share s rank equally with ord inary shares with re spect to all distributions made by th e
Company (in cluding without limitation, to dividend payments ) except for any di stributions made in th e context of
a li qui dation of the
Company. The Company reserves the right to the redemption of these prefe rence shares as well as any dis tri butions re lating to these
shares and makes no guarantee that these pre ference shares wi ll be redeemed or that dividends will be paid in respect of these
pre ference s hares.
Repurchase of share capital
When share capita l re cognis ed as equity is re pur chased, the amount of the considerat ion paid, including directl y att ributed costs ,
is re cognised as a change in equity. Repurchased shares are classified as treasury stock and presented as a deduction fro m total
equity .
Exchange reserve
The ex change re se rv e c ompri ses t he fo re ign exchange diffe rences arising fro m the translation of the financia l st ate ments of foreign
operations.
D
ividends
The follo wi ng dividends were declared and pai d duri ng the year ended 31 December:
Company
Dollars In T housands
2025 2024
Ordinary Dividend – 3.0 cents p er qualify ing share (2024: 3.0 c ents ) 4,747 4,747
Supplementary Dividend – 0.0053 cents per quali fying share (2024: 0.053 cents ) 29 94
4,776 4,841
Af ter 31 December 2025, the followi ng di vidends were decla red by the di re ctors. The div idends have not been provided for and there
are no in come tax consequences.
Dollars In T housands
Company
Ordinary Dividend – 3.0 cents p er qualify ing share (2024: 3.0 c ents ) 4,747
Supplementary Dividend – 0.0053 cents per quali fying share (2024: 0.0053 cents) 29
Total Dividends 4,776
D
ivi dends and tax
Di vidends a re recognised as a liabili ty in t he period in whic h they are declared. Additional income t axe s that arise from the
dis tri bution of dividends are re cognised a t t he s ame t ime a s t he liability t o pay t he r el ate d d ividend.
8
. Earnings per share
B
asic earnings per share
The calc ulation of basic earn ings per share at 31 December 2025 was based on the pro fit attri butable to ord inary and redeemable
pre ference shareholders of $20,218,000 (2024: $2,762,000) and weighted average number of shares out standing during the year
ended 31 December 2025 of 158,218,286 (2024: 1 58,218,286), calcu lated as follo ws:
Millennium & Copthorne Hotels New Zealand Limited
Notes to t he Consol idate d Financial Statements f or the yea r ended 31 December 2025
8
. Earnings per share – continued
P
rofit attributable to shareholders
Group
Dollars In T housands
2025 2024
Profit for the year 24,796 8,788
Profit att ributable t o non-controlling i nterests (4,578) (6 ,026)
Profit att ributable t o s hareholders 20,218 2,762
W
eighted average number of shares
Group
2025 2024
Weighted average number of shares (o rdi nary and redeemable pre fe rence shares) 158,317,833 158,317,833
Ef fe ct o f own s hares held (ord inary share s) (99,547) (99,547)
Weighted average number of s har es f or earnings per share calcula tion 158,218,286 158,218,286
Diluted earnings per share
The calc ulation of d il uted earn ings per share i s the same a s basic e arn ings per share.
Group
2025 2024
Basic and Dilu ted Earnings per share (c ents per share) 12.78 1.75
9
. Property, plant and equipment
G
roup
Dollars In T housands
F
reehold
L
and Buildings
P
lant,
Equipment,
Fixtures &
F
ittings
M
otor
V
ehicles
W
ork
I
n
P
rogress
R
ight Of
U
se Asset Total
Cost
Balance at 1 January 2024 46,661 221,865 112, 614 76 8,039 28,823 418,078
725,82 97 038,72 - 2 616 - snoitisiuqcA
)581( )36( - - )701( )51( - slasopsiD
Transfe rs between c ategori es - 13,603 4,886 - (18,489) - -
Movements i n for eign exchange - - 15 - - - 15
Balance at 31 December 2024 46,661 236,069 117,410 76 17,380 28,839 446,435
Balance at 1 January 2025 46,661 236,069 117, 410 76 17,380 28,839 446,435
045,25 882 253,02 - 000,4 008,42 001,3 snoitisiuqcA
)694,1( )571( - )01( )953( )259( - slasopsiD
Transfe rs between c ategori es 3,836 20,876 7,818 16 (32,546) - -
Movements i n for eign exchange - - 20 - - 2 22
Balance at 31 December 2025 53,597 280,793 128,889 82 5,186 28,954 497,501
Depreciation and impairment losses
Balance at 1 January 2024 - (55,624) (9 7,2 34) (76) - (2, 093) (155,027)
Depreciati on c harge for the year - (3 ,735) (3, 466) - - (895) (8 ,096)
521 23 - - 39 - - slasopsiD
Movements i n for eign exchange - - (7) - - - (7)
Balance at 31 December 2024 - (59,359) (100,614) (76) - (2,956) (163,005)
Balance at 1 January 2025 - (59,359) (100,614) (76) - (2, 956) (163,005)
Depreciati on c harge for the year - (5 ,097) (4, 004) (1) - (9 01) (10,003)
)987,3( - - - - )987,3( tnemriapmI
610,1 141 - 01 972 685 - slasopsiD
Movements i n for eign exchange - - (7) - - (2) (9)
Balance at 31 December 2025 - (67,659) (104,346) (67) - (3,718) (175,790)
Carrying amounts
At 1 J anuary 2 024 46,661 166,241 15,380 - 8,039 26,730 263,051
At 31 December 2024 46,661 176,710 16,796 - 17,380 25,883 283,430
At 31 December 2025 53,597 213,134 24,543 15 5,186 25,236 321,711
FIN 17 | MILLENNIUM & COPTHORNE HOTELS NEW ZEALAND LIMITED ANNUAL REPORT 2025
The accompanying notes form part of, and should be read in conjunction with, these financial statements.
Millennium & Copthorne Hotels New Zealand Limited
Notes to t he Consol idate d Financial Statements f or the yea r ended 31 December 2025
9
. Property, plant and equipment - continued
I
nitial recording
It ems of property, plant and equipment are initiall y stated at cost. The cost of purc hased property, plant and equipment is the value
of the consideration giv en to acquire the ass ets and the value of other directly att ri butable costs, which have been incurr ed in bri nging
the assets to the location and conditio n necess ary for their intended service. Where parts of an item of pro perty, pla nt and equipment
have different u seful lives, they are a ccounted f or as separate items of pr
operty, plant and equip ment.
Capital expenditure on maj or projects is recorded separa tel y withi n property, plant and equi pment as capital work i n progress. Once
the project is co mple te the balance is transf err ed to th e appropriate property, plant and equip ment categories. Capital work in progress
is not depreciated.
S
ubsequent measurement
Property, plant and equipment is subsequently measured at cost le ss accumulated depreciation and impairment lo ss es. The Group
re cognises the cost of replacing part of such an ite m of property, plant and equipment when that cost is incurred if it is probable t hat
the future economic benefits embodied within the item will flow to th e Group and the co st of the item can be measured re li ably . All
other costs are recognised in the income st atement a s an expense as i ncurr ed.
I
mpairment
Impairment assessment approach
The Group assesses impairment of non-financial assets at each reporting date when there are indicators of impai rment. If an
impairment in di cator exists, the re coverable amount is estimate d at th e cash generating unit (“CGU”) or individual asset level. A CGU
is the s mall es t ass et group that genera tes c ash inflows from c ontinui ng use t hat are independent of oth er as sets or cash generating
units. Management has determined that each hote l property co nsti tutes a separate cash-generating
unit (C GU) fo r impairment testing
purposes. Where spare land is held under a separate legal title and does not contribute to the hotel’s operating ca sh in flows, it is
assessed separatel y. Otherw is e, the CGU compri ses the hotel’s property, plant and equipment re corded fo r that site . The re coverable
amount of assets or CGU is th e gr eater of th ei r fair value less dis posal costs and their value in use. An impairment los s is re cognised
in the income statement whenever the carrying amoun
t
of an asset or CGU exceeds i ts e sti mated r ecoverable amount.
Market capitalis atio n is lower th an the net asse ts indicating potential impairment. In re sponse management used judgement to identify
impairment in di cators at th e CGU or individual material asset level including using thresholds to identify hotels wi th smalle r headroom
based on prior valuations, and the hotels performance being belo w expectation among other f actors.
Recognition of impairment loss
An impairment lo ss of $3.8 mill ion was re cognised during the year (2024: ni l). This impai rment rel ates to hotel PP&E assets whose
carr ying amounts exceeded their recoverable amounts using the valuation methodologie s lis ted in the ta bl e below. The impairment
is re cognised wi thi n “Adminis tration and Other Opera ting Expenses – Depreciation and Impairment” in the consoli dated income
sta tement. The impairment was allocated to the aff ected CGUs on a pro -rata basis acro ss buil dings,
pl
ant & equipment and re lated
PP&E categori es in accordance with NZ IAS 36.
Determination of recoverable amount
The re coverable amounts of the Group’s CGUs or indiv idual assets are based on fai r value le ss cost of dis posal or va lu e in use
determined by an independent valuer. In 2025 the recoverable amount of the CGU was determined by independent appraiser Colliers
and in 2024 both Colli ers and Bower Valuations Li mited were used.
The valuation methods used require the independent apprais er to make a number of assumptions includi ng esti mating the future
cash flows expec
t
ed to ari se from the cash-generating units, su itable discount, capitalis ation and square meter ra te s, as well as value
per room, t o determine t he recoverabl e value.
Valuation methodologies u sed are explai ned below:
Income c apitalisation method
Capitalis ation methodology c onverts short term earn ings derived fro m a property into value.
The central pre mi se of this approach is that the adopted capitalisation ra te is derived from
the yield s indi cated by sale s of similar property investments. The yield s derived from
comparable sale s evidence are purported to re fle ct any expect atio ns of future gro wth in
income a nd capi tal v al ue.
Di scounted ca sh f low method The di scounted cash flow analysis (D CF) is based on the concept that an investment value is
the ti me adj us ted value of future ca shflows whi ch can be obtained from an asset. This
requires explicit assumptions to be made regarding prospective income and expenses,
includi ng occu panc y and average daily rate, as wel l as timing and duration of cash flo ws over
the holding period. A fi ve (5) year horizon wi th a terminal value has been adopted by Colliers
and Bower Valuations Limited to r eflect the sustainabl e earnings p ro file of the asset.
Sales comparison approach Fair value is determined by applying positive and negative adj ustments to re cently transacted
assets of a similar nature
The property valuations require the use of judgements specific to the properties, as well as consideration of pre vaili ng market
conditions. As at 31 December 2025, the hotel property market and broader economy continued to experi ence uncertain ty in fluenced
by hig h in terest ra tes earlie r in th e year, inflationary pressure s, and geopol itical te nsions, alongside slower global gro wth and a
subdued domestic economy. Although monetary policy easing and impro ving in ternational visitor arr ivals
have pro vided some
optimism, ri sks re main. Significant assumptions used in the valuation are inherently subjective. Key est imates and judgements are
influenced by these uncertaintie s. At the valuation date, t here remains a limited number of recent h otel sale s transactions, whic h
Millennium & Copthorne Hotels New Zealand Limited
Notes to t he Consol idate d Financial Statements f or the yea r ended 31 December 2025
9
. Property, plant and equipment – continued
incre ases t he uncertain ty a round valuatio n conclusions. A diff erence in t he key a ssumptio ns , when aggregated, could result in a
signi ficant c hange to t he va luation of a property.
The assu mptio ns and judgements appli ed in th e estimation of the rec overable amounts of all CGUs corre spond to Level 3 category
of NZ IFRS 13 fair value hie ra rchy. The key unobservable inputs that required significant esti mation and judgements are pre sented
below:
K
e
y valuation
in
put
R
ange of valuation input value Measurement of sensitivity on
va
luation
2
025 2024
In
crease in the
input
D
ecrease in the
input
Occupancy rate 58% - 81% 59% - 83% Hi gher Lower
Average dail y
ra te
$180 - $223 $185 - $214 Hi gher Lower
Rev PAR* $125 - $176 $121 - $177 Hi gher Lower
Di scount rate 10% - 12% 10% - 12% Lower Hi gher
Capitaliz ation rate 8% - 10% 9% - 11% Lower Hi gher
SQM rate $439 $449 Lower Hi gher
* Revenue per Available Room – a hospitality metri c combini ng avera ge room rate and occupancy ra te.
CGUs sensitive to impairment
Two h otel assets were considered sensitive to impai rment:
• The re cove rable amount of one of t he hotel assets was determined on a highest and best use, bein g fair value of the land
less demolition costs using compara tive land sa le s data. The fair value of this hotel asset exceeded it s ca rr ying value by
$1.4 mill ion and is considered to be s ensitiv e to impairment f ro m a reasonably possible change in s quare metre rate.
• The re co verable amount of one hotel asset with a car
ryin g value of $5.1 milli on was clo se to it s re cove rable amount. Any
material c hange in key a ssumptions (listed in t he above t able) would t herefore result in an impairment.
Conclusion
Management and the dire ctors belie ve that the key assumptio ns used, and estimate s made, represent th e most realis ti c assessment
of each CGU.
D
epreciation
Land is not depreciated. Depreciation on other assets is calcula ted using the straight-li ne method to all oca te their co st to th ei r re sidual
values o ver their estimated usefu l li ves, a s follo ws:
• Build ing core 50 years or lease term if shorter
• Build ing surfaces and fin is hes 30 years or lease term if shorter
• Plant a nd machinery 15 - 20 y ears
• Furn iture a nd equi pment 10 years
• Soft furnishings 5 - 7 years
• Computer equipment 5 y ears
• Motor vehicle s 4 years
No re sidual values are ascr
ibed to buil ding surfaces and finis hes. Residual values as cri bed to buil ding core depend on the nature,
locatio n and t enure o f each property. Depreciabl e valu es as cri bed to bui ld ing core range between 10% to 24% of the build ing core.
D
isposal or retirement
Gains or lo sses arising from th e disposal or re tirement of property, pl ant and equipment are determined as the difference between
the actual net di sposal pro ceeds and the carrying amount of the asset and are recognised in the income statement on the date of
re tirement o r dis posal.
R
ight of use assets
The accounting pol ic y f or ri ght o f u se a sset is dis closed in Note 21.
P
ledged assets
A total of three (2024: three) hotel properties with a total book v al ue of $90.89 mill ion (2024: $ 83.25 milli on) are p ledged t o t he bank
as securi ty a gain st the l oan facilit y di sclosed in Note 1 4.
MILLENNIUM & COPTHORNE HOTELS NEW ZEALAND LIMITED ANNUAL REPORT 2025 | FIN 18
The accompanying notes form part of, and should be read in conjunction with, these financial statements.
Millennium & Copthorne Hotels New Zealand Limited
Notes to t he Consol idate d Financial Statements f or the yea r ended 31 December 2025
9
. Property, plant and equipment - continued
I
n
itial recording
It ems of property, plant and equipment are initiall y stated at cost. The cost of purc hased property, plant and equipment is the value
of the consideration giv en to acquire the ass ets and the value of other directly att ri butable costs, which have been incurr ed in bri nging
the assets to the location and conditio n necess ary for their intended service. Where parts of an item of pro perty, pla nt and equipment
have different u seful lives, they are a ccounted f or as separate items of pr
operty, plant and equip ment.
Capital expenditure on maj or projects is recorded separa tel y withi n property, plant and equi pment as capital work i n progress. Once
the project is co mple te the balance is transf err ed to th e appropriate property, plant and equip ment categories. Capital work in progress
is not depreciated.
S
ubsequent measurement
Property, plant and equipment is subsequently measured at cost le ss accumulated depreciation and impairment lo ss es. The Group
re cognises the cost of replacing part of such an ite m of property, plant and equipment when that cost is incurred if it is probable t hat
the future economic benefits embodied within the item will flow to th e Group and the co st of the item can be measured re li ably . All
other costs are recognised in the income st atement a s an expense as i ncurr ed.
I
m
pairment
Impairment assessment approach
The Group assesses impairment of non-financial assets at each reporting date when there are indicators of impai rment. If an
impairment in di cator exists, the re coverable amount is estimate d at th e cash generating unit (“CGU”) or individual asset level. A CGU
is the s mall es t ass et group that genera tes c ash inflows from c ontinui ng use t hat are independent of oth er as sets or cash generating
units. Management has determined that each hote l property co nsti tutes a separate cash-generating
unit (C GU) fo r impairment testing
purposes. Where spare land is held under a separate legal title and does not contribute to the hotel’s operating ca sh in flows, it is
assessed separatel y. Otherw is e, the CGU compri ses the hotel’s property, plant and equipment re corded fo r that site . The re coverable
amount of assets or CGU is th e gr eater of th ei r fair value less dis posal costs and their value in use. An impairment los s is re cognised
in the income statement whenever the carrying amount
of an asset or CGU exceeds i ts e sti mated r ecoverable amount.
Market capitalis atio n is lower th an the net asse ts indicating potential impairment. In re sponse management used judgement to identify
impairment in di cators at th e CGU or individual material asset level including using thresholds to identify hotels wi th smalle r headroom
based on prior valuations, and the hotels performance being belo w expectation among other f actors.
Recognition of impairment loss
An impairment lo ss of $3.8 mill ion was re cognised during the year (2024: ni l). This impai rment rel ates to hotel PP&E assets whose
carr ying amounts exceeded their recoverable amounts using the valuation methodologie s lis ted in the ta bl e below. The impairment
is re cognised wi thi n “Adminis tration and Other Opera ting Expenses – Depreciation and Impairment” in the consoli dated income
sta tement. The impairment was allocated to the aff ected CGUs on a pro -rata basis acro ss buil dings, pl
ant & equipment and re lated
PP&E categori es in accordance with NZ IAS 36.
Determination of recoverable amount
The re coverable amounts of the Group’s CGUs or indiv idual assets are based on fai r value le ss cost of dis posal or va lu e in use
determined by an independent valuer. In 2025 the recoverable amount of the CGU was determined by independent appraiser Colliers
and in 2024 both Colli ers and Bower Valuations Li mited were used.
The valuation methods used require the independent apprais er to make a number of assumptions includi ng esti mating the future
cash flows expect
ed to ari se from the cash-generating units, su itable discount, capitalis ation and square meter ra te s, as well as value
per room, t o determine t he recoverabl e value.
Valuation methodologies u sed are explai ned below:
Income c apitalisation method
Capitalis ation methodology c onverts short term earn ings derived fro m a property into value.
The central pre mi se of this approach is that the adopted capitalisation ra te is derived from
the yield s indi cated by sale s of similar property investments. The yield s derived from
comparable sale s evidence are purported to re fle ct any expect atio ns of future gro wth in
income a nd capi tal v al ue.
Di scounted ca sh f low method The di scounted cash flow analysis (D CF) is based on the concept that an investment value is
the ti me adj us ted value of future ca shflows whi ch can be obtained from an asset. This
requires explicit assumptions to be made regarding prospective income and expenses,
includi ng occu panc y and average daily rate, as wel l as timing and duration of cash flo ws over
the holding period. A fi ve (5) year horizon wi th a terminal value has been adopted by Colliers
and Bower Valuations Limited to r eflect the sustainabl e earnings p ro file of the asset.
Sales comparison approach Fair value is determined by applying positive and negative adj ustments to re cently transacted
assets of a similar nature
The property valuations require the use of judgements specific to the properties, as well as consideration of pre vaili ng market
conditions. As at 31 December 2025, the hotel property market and broader economy continued to experi ence uncertain ty in fluenced
by hig h in terest ra tes earlie r in th e year, inflationary pressure s, and geopol itical te nsions, alongside slower global gro wth and a
subdued domestic economy. Although monetary policy easing and impro ving in te
rnational visitor arr ivals
have pro vided some
optimism, ri sks re main. Significant assumptions used in the valuation are inherently subjective. Key est imates and judgements are
influenced by these uncertaintie s. At the valuation date, t here remains a limited number of recent h otel sale s transactions, whic h
Millennium & Copthorne Hotels New Zealand Limited
Notes to t he Consol idate d Financial Statements f or the yea r ended 31 December 2025
9
. Property, plant and equipment – continued
incre ases t he uncertain ty a round valuatio n conclusions. A diff erence in t he key a ssumptio ns , when aggregated, could result in a
signi ficant c hange to t he va luation of a property.
The assu mptio ns and judgements appli ed in th e estimation of the rec overable amounts of all CGUs corre spond to Level 3 category
of NZ IFRS 13 fair value hie ra rchy. The key unobservable inputs that required significant esti mation and judgements are pre sented
below:
K
ey valuation
i
nput
R
ange of valuation input value Measurement of sensitivity on
v
aluation
2025 2024
I
ncrease in the
input
D
ecrease in the
input
Occupancy rate
58% - 81% 59% - 83% Hi gher Lower
Average dail y
ra te
$180 - $223 $185 - $214 Hi gher Lower
Rev PAR*
$125 - $176 $121 - $177 Hi gher Lower
Di scount rate
10% - 12% 10% - 12% Lower Hi gher
Capitaliz ation rate
8% - 10% 9% - 11% Lower Hi gher
SQM rate
$439 $449 Lower Hi gher
* Revenue per Available Room – a hospitality metri c combini ng avera ge room rate and occupancy ra te.
CGUs sensitive to impairment
Two h otel assets were considered sensitive to impai rment:
• The re cove rable amount of one of t he hotel assets was determined on a highest and best use, bein g fair value of the land
less demolition costs using compara tive land sa le s data. The fair value of this hotel asset exceeded it s ca rr ying value by
$1.4 mill ion and is considered to be s ensitiv e to impairment f ro m a reasonably possible change in s quare metre rate.
• The re co verable amount of one hotel asset with a
car
ryin g value of $5.1 milli on was clo se to it s re cove rable amount. Any
material c hange in key a ssumptions (listed in t he above t able) would t herefore result in an impairment.
Conclusion
Management and the dire ctors belie ve that the key assumptio ns used, and estimate s made, represent th e most realis ti c assessment
of each CGU.
D
epreciation
Land is not depreciated. Depreciation on other assets is calcula ted using the straight-li ne method to all oca te their co st to th ei r re sidual
values o ver their estimated usefu l li ves, a s follo ws:
• Build ing core 50 years or lease term if shorter
• Build ing surfaces and fin is hes 30 years or lease term if shorter
• Plant a nd machinery 15 - 20 y ears
• Furn iture a nd equi pment 10 years
• Soft furnishings 5 - 7 years
• Computer equipment 5 y ears
• Motor vehicle s 4 years
No re sidual values are ascr
ibed to buil ding surfaces and finis hes. Residual values as cri bed to buil ding core depend on the nature,
locatio n and t enure o f each property. Depreciabl e valu es as cri bed to bui ld ing core range between 10% to 24% of the build ing core.
D
isposal or retirement
Gains or lo sses arising from th e disposal or re tirement of property, pl ant and equipment are determined as the difference between
the actual net di sposal pro ceeds and the carrying amount of the asset and are recognised in the income statement on the date of
re tirement o r dis posal.
R
ight of use assets
The accounting pol ic y f or ri ght o f u se a sset is dis closed in Note 21.
P
ledged assets
A total of three (2024: three) hotel properties with a total book v al ue of $90.89 mill ion (2024: $ 83.25 milli on) are p ledged t o t he bank
as securi ty a gain st the l oan facilit y di sclosed in Note 1 4.
FIN 19 | MILLENNIUM & COPTHORNE HOTELS NEW ZEALAND LIMITED ANNUAL REPORT 2025
The accompanying notes form part of, and should be read in conjunction with, these financial statements.
Millennium & Copthorne Hotels New Zealand Limited
Notes to t he Consol idate d Financial Statements f or the yea r ended 31 December 2025
9
. Property, plant and equipment – continued
C
limate-related disclosure
The Group continues to assess th e impact of cli mate change on its business and its tangib le asse ts. Climate change poses significant
ri sks and challenges for th e land development industry (r esidential and commercial), as it affe cts the physical, operatio nal, and
fin ancial aspec ts of land development. Extreme weather events, such as floods, storms, heatwaves, and droughts, can damage
existing infrastructure , disrupt the supply chain, reduce the abilit y to conduct and comple te
works, and increase th e insurance and
development and acquisition costs. Whil e property developers and landowners are increasingl y cognisant of the cli mate -related
impacts on their properties, the investment community have yet to pric e in the cli mate-related impacts on asset values. This means
that th e current market value of re sidential and commercial land may not re fle ct th e potentia l lo sses or gains associated wi th their
exposure to climate ri sks or their adoption
of sustainabil ity measure s, decarbonisation initiativ es, and sound environmental
stewardship. While valuers have made no expli cit adju stments to the re co verable amount of the selected properties in re spect of
climate change matt ers , it is anti cipated that climate change may have a greater in fluence on valuations in the fu ture as in vestment
markets pl ace a greater emphasis on cli mate change and a property's environmental re sili ence and credentials . Known climate ri sks
are refle c
ted in the adopted capi talisation and discount rates.
The acqui sitio n of the Mayfair Hotel Chri stc hurch was comple ted on 22 J anuary 2 025. This was a freehold a cqui sition of the e xistin g
hotel located a t 155 Victo ri a Street, Chri stchurch. The company a cquired the follo wi ng assets f or a total consideration of $31.9m.
( a ) Freehold land and buil di ngs f rom Centro Roydvale Limited
( b ) Furn iture , fit tin gs & plant and busines s as a going concern of the Mayfair Hotel fr om Mayfair Luxury Hote ls Lim
ited
The acqui sitio n was a cco unted f or as an a cquisition of a sse ts.
1
0. Development properties
Group
Dollars In T housands
2025 2024
544,152 474,572 dnal tnempoleveD
346,21 132,4 tnempoleved laitnediseR
880,462 507,972
)454,53( )158,12( raey eno nihtiw elttes ot detcepxe sseL
257,854 228,634
472,91 502,71 selas fo tsoc ni desingocer dnal tnempoleveD
183,7 239,8 selas fo tsoc ni desingocer tnempoleved laitnediseR
Development properties are recognised and measure d in accordance wi th NZ IAS 2 Inventories. They are carr ie d at th e lo wer of cost
and net realis able value. Cost in cludes the co st of acqui sitio n, development, and holdi ng costs such as in terest. In terest and other
holding costs incurred after completion of development are expensed as in curr ed. All holdi ng cost s are wri tt en off through pro fit or
loss in the year in curr ed wi th the exception of interest holding
co sts which are capitalis ed during th e period when activ e development
is t aking place. No i nterest (2024: nil ) has been c apitalis ed duri ng the year.
Residential development a t balance d ate consists o f the r esidential development known as Z enith Residences i n Sydney, Aust ral ia .
The Group’s inventory of develo pment property is re viewed at each balance date to ensure its carrying amount is recorded at th e lower
of it s cost and net realisable valu e. The net realis able value of th e de
velopment property is the es timated sell ing pri ce in the ord in ary
course of business less the estimated costs of completion and costs necessary to make the sale. The determination of net realis able
value of invento ry involves est imates ta king in to consideration pre vaili ng market conditions, current pri ces and expected date of
commencement and completion of the pro je ct, the estimated future selling pri ce, cost to comple te pro jects and selli ng cost s. The
Group’s
assessment for th e re porti ng period did not identify any instances where th e carr ying amount of development property
exceeded it s n et r ealisable v alue, and accord ingly, no impairment lo ss has been recognised.
1
1. Investment properties
G
roup
Dollars In T housands
Freehold Land Buildings
W
ork In
P
rogress Total
Cost
573,73 - 617,63 956 4202 yraunaJ 1 ta ecnalaB
- - - - seirogetac neewteb srefsnarT
710,1 710,1 - - snoitiddA
Balance at 31 December 2024 659 36,716 1,017 38,392
293,83 710,1 617,63 956 5202 yraunaJ 1 ta ecnalaB
- )811( 811 - seirogetac neewteb srefsnarT
)757( )757( - - stessa rehto ot yfissalceR
535 535 - - snoitiddA
Balance at 31 December 2025 659 36,834 677 38,170
Millennium & Copthorne Hotels New Zealand Limited
Notes to t he Consol idate d Financial Statements f or the yea r ended 31 December 2025
Invest ment properties are stated at co st le ss accumula ted depreciation and accumulated impai rment lo ss es. Cost in cludes
expenditure th at is dire ctly att ributable to the acqui sition of the in vestment properties. Costs of self-constru cted investment properties
include costs of materi als and dir ect labour, any other costs directly attr ibutable to bri nging the investment properties to
a
wor king
condition for th ei r in tended use and capitalised borrowing costs. Gains and loss es on disposal of invest ment properties (calcula ted
as t he diff erence between the net pro ceeds from disposal and t he c arry ing amounts of the invest ment properties) are recognised in
the profit and loss.
Land is n ot depre ciat ed. Depreciat ion on the investment p ropert ies is c omputed by a sset classes u sin g t he straight -line method t o
allocate t heir cost to t heir re sidual v alues over t heir estimate d use
f
ul lives, as follo ws:
• Building c ore 50 years
• Building s urfaces and finishes 30 years
• Building s ervices 20 – 30 years
No re sidual values are ascribed to buil ding surfaces and finis hes. Residual values as cri bed to buil ding core depend on the nature,
locatio n and t enure o f each property. Depreciabl e valu es of 10% a re ascribed to build ing core .
Invest ment properties consist of commerci al warehousing at Wiri in Auckland, re ta il shops at Pres tons Park in Chri stc hurc h, and
re tail
shops at St onebrook in Rolle ston which are f ully operational. The fair value of investment properties h eld at 3 1 December 2025 was
determined by an independent re gistered valuer, DM Koomen SPI NZ of Exte nsor Advisory Li mited as $69.9 milli on (2024: $65.1
milli on).
The fai r value measure ment was categorised as Level 3 (h ighest of the fai r value hie ra rchy) based on the inputs to the valuation
methodology use d i.e. pri mari ly the income capitalisation approach with discounted ca sh flow
and depreciated replacement cost
approaches u sed t o corroborate.
Investment propert ie s are propert ie s held either to earn rent al in come or capital appre ciation or fo r both, but not fo r sale in the
ordinary c ourse of business, use i n t he p roduction o r supply o f goods and serv ices, or for admin istr ati ve purposes.
I
m
pairment
Annual reviews of the carrying amounts of investment properti es ar e undertaken fo r indic ators of impairment. Where indicators of
impairment were id entified, the recoverable amounts were estimated based on exte rnal valuatio ns undertaken. The cash generatin g
units (CGU) are i ndivi dual propert ies. The recoverable amounts of the investment properti es, being the higher of th e fair val ue le ss
costs to sell and value-in-use, were determined using the
fa ir value less costs to sell basis and were estimated using the income
capitalisation a pproach, discounte d cash f lo w a nd c omparative sales methodologies.
During the year , management did not identify a ny i nvestment p roperties t hat experienced a c arry in g v al ue less than it’ s net
realisable v alue. Average market capitalisation ra tes a ppropria te t o the propert ies ra nge f ro m 4.50% t o 6 .88% (2 024: 4 .50% t o
7.25%). Average market r ent per square metre rat es a ppropria t
e t o the propert ie s range f rom $275 to $476 (2024: $263 t o $450).
There is no impairment e xpense recognis ed in t he period (2 024: n o impairment).
O
perating l ease
The Gro up leases out its investment property. The Group has classified these leases as operating leases, because th ey do not
transfer substa ntially all of t he r is ks and rewards incidental to t he ownership of t he assets.
Rental i ncome recognised by the Group d uring 2 025 was $ 3.1 mill ion ( 2024: $2.7 milli on).
The fol lowing table sets out a maturity analysis of lease payments, showin g th e undiscounted lease payments to be received after
the reporti ng
date:
Group
Dollars In T housands
2025 2024
Within 1 year 3,336 2,745
More than 1 year but within 2 y ear s 3,377 2,793
More than 2 years but within 3 years 3,339 2,835
More than 3 years but within 4 years 2,359 2,784
More than 4 years but within 5 years 814 1,947
Af ter 5 y ear s 787 708
14,012 13,812
11. Investment properties – continued
Dollars In T housands
Freehold Land Buildings
Wo
rk In
P
rogress Total
C
arrying amounts
D
epreciation
145,1 - 145,1 - 4202 yraunaJ 1 ta ecnalaB
055 - 055 - raey eht rof egrahc noitaicerpeD
B
alance at 31 December 2024 - 2,091 - 2,091
190,2 - 190,2 - 5202 yraunaJ 1 ta ecnalaB
455 - 455 - raey eht rof egrahc noitaicerpeD
B
alance at 31 December 2025 - 2,645 - 2,645
At
1 January 2025 659 34,625 1,017 36,301
At
31 December 2025 659 34,189 677 35,525
MILLENNIUM & COPTHORNE HOTELS NEW ZEALAND LIMITED ANNUAL REPORT 2025 | FIN 20
The accompanying notes form part of, and should be read in conjunction with, these financial statements.
Millennium & Copthorne Hotels New Zealand Limited
Notes to t he Consol idate d Financial Statements f or the yea r ended 31 December 2025
9
. Property, plant and equipment – continued
C
limate-related disclosure
The Group continues to assess th e impact of cli mate change on its business and its tangib le asse ts. Climate change poses significant
ri sks and challenges for th e land development industry (r esidential and commercial), as it affe cts the physical, operatio nal, and
fin ancial aspec ts of land development. Extreme weather events, such as floods, storms, heatwaves, and droughts, can damage
existing infrastructure , disrupt the supply chain, reduce the abilit y to conduct and comple te
works, and increase th e insurance and
development and acquisition costs. Whil e property developers and landowners are increasingl y cognisant of the cli mate -related
impacts on their properties, the investment community have yet to pric e in the cli mate-related impacts on asset values. This means
that th e current market value of re sidential and commercial land may not re fle ct th e potentia l lo sses or gains associated wi th their
exposure to climate ri sks or their adoption
of sustainabil ity measure s, decarbonisation initiativ es, and sound environmental
stewardship. While valuers have made no expli cit adju stments to the re co verable amount of the selected properties in re spect of
climate change matt ers , it is anti cipated that climate change may have a greater in fluence on valuations in the fu ture as in vestment
markets pl ace a greater emphasis on cli mate change and a property's environmental re sili ence and credentials . Known climate ri sks
are refle c
ted in the adopted capi talisation and discount rates.
The acqui sitio n of the Mayfair Hotel Chri stc hurch was comple ted on 22 J anuary 2 025. This was a freehold a cqui sition of the e xistin g
hotel located a t 155 Victo ri a Street, Chri stchurch. The company a cquired the follo wi ng assets f or a total consideration of $31.9m.
( a ) Freehold land and buil di ngs f rom Centro Roydvale Limited
( b ) Furn iture , fit tin gs & plant and busines s as a going concern of the Mayfair Hotel fr om Mayfair Luxury Hote ls Lim
ited
The acqui sitio n was a cco unted f or as an a cquisition of a sse ts.
1
0. Development properties
Group
Dollars In T housands
2025 2024
544,152 474,572 dnal tnempoleveD
346,21 132,4 tnempoleved laitnediseR
880,462 507,972
)454,53( )158,12( raey eno nihtiw elttes ot detcepxe sseL
2
57,854 228,634
472,91 502,71 selas fo tsoc ni desingocer dnal tnempoleveD
183,7 239,8 selas fo tsoc ni desingocer tnempoleved laitnediseR
Development properties are recognised and measure d in accordance wi th NZ IAS 2 Inventories. They are carr ie d at th e lo wer of cost
and net realis able value. Cost in cludes the co st of acqui sitio n, development, and holdi ng costs such as in terest. In terest and other
holding costs incurred after completion of developme
nt are expensed as in curr ed. All holdi ng cost s are wri tt en off through pro fit or
loss in the year in curr ed wi th the exception of interest holding
co sts which are capitalis ed during th e period when activ e development
is t aking place. No i nterest (2024: nil ) has been c apitalis ed duri ng the year.
Residential development a t balance d ate consists o f the r esidential development known as Z enith Residences i n Sydney, Aust ral ia .
The Group’s inventory of develo pment property is re viewed at each
balance date to ensure its carrying amount is recorded at th e lower
of it s cost and net realisable valu e. The net realis able value of th e de
velopment property is the es timated sell ing pri ce in the ord in ary
course of business less the estimated costs of completion and costs necessary to make the sale. The determination of net realis able
value of invento ry involves est imates ta king in to consideration pre vaili ng market conditions, current pri ces and expected
date of
commencement and completion of the pro je ct, the estimated future selling pri ce, cost to comple te pro jects and selli ng cost s. The
Group’s
assessment for th e re porti ng period did not identify any instances where th e carr ying amount of development property
exceeded it s n et r ealisable v alue, and accord ingly, no impairment lo ss has been recognised.
1
1. Investment properties
G
roup
Dollars In T housands
Freehold Land Buildings
Wo
rk In
P
rogress Total
C
ost
573,73 - 617,63 956 4202 yraunaJ 1 ta ecnalaB
- - - - seirogetac neewteb srefsnarT
710,1 710,1 - - snoitiddA
B
alance at 31 December 2024 659 36,716 1,017 38,392
293,83 710,1 617,63 956 5202 yraunaJ 1 ta ecnalaB
- )811( 811 - seirogetac neewteb srefsnarT
)757( )757( - - stessa rehto ot yfissalceR
535 535 - - snoitiddA
B
alance at 31 December 2025 659 36,834 677 38,170
Millennium & Copthorne Hotels New Zealand Limited
Notes to t he Consol idate d Financial Statements f or the yea r ended 31 December 2025
Invest ment properties are stated at co st le ss accumula ted depreciation and accumulated impai rment lo ss es. Cost in cludes
expenditure th at is dire ctly att ributable to the acqui sition of the in vestment properties. Costs of self-constru cted investment properties
include costs of materi als and dir ect labour, any other costs directly attr ibutable to bri nging the investment properties to a
wor king
condition for th ei r in tended use and capitalised borrowing costs. Gains and loss es on disposal of invest ment properties (calcula ted
as t he diff erence between the net pro ceeds from disposal and t he c arry ing amounts of the invest ment properties) are recognised in
the profit and loss.
Land is n ot depre ciat ed. Depreciat ion on the investment p ropert ies is c omputed by a sset classes u sin g t he straight -line method t o
allocate t heir cost to t heir re sidual v alues over t heir estimate d usef
ul lives, as follo ws:
• Building c ore 50 years
• Building s urfaces and finishes 30 years
• Building s ervices 20 – 30 years
No re sidual values are ascribed to buil ding surfaces and finis hes. Residual values as cri bed to buil ding core depend on the nature,
locatio n and t enure o f each property. Depreciabl e valu es of 10% a re ascribed to build ing core .
Invest ment properties consist of commerci al warehousing at Wiri in Auckland, re ta il shops at Pres tons Park in Chri stc hurc h, and
re tail
shops at St onebrook in Rolle ston which are f ully operational. The fair value of investment properties h eld at 3 1 December 2025 was
determined by an independent re gistered valuer, DM Koomen SPI NZ of Exte nsor Advisory Li mited as $69.9 milli on (2024: $65.1
milli on).
The fai r value measure ment was categorised as Level 3 (h ighest of the fai r value hie ra rchy) based on the inputs to the valuation
methodology use d i.e. pri mari ly the income capitalisation approach with discounted ca sh flow
and depreciated replacement cost
approaches u sed t o corroborate.
Investment propert ie s are propert ie s held either to earn rent al in come or capital appre ciation or fo r both, but not fo r sale in the
ordinary c ourse of business, use i n t he p roduction o r supply o f goods and serv ices, or for admin istr ati ve purposes.
I
mpairment
Annual reviews of the carrying amounts of investment properti es ar e undertaken fo r indic ators of impairment. Where indicators of
impairment were id entified, the recoverable amounts were estimated based on exte rnal valuatio ns undertaken. The cash generatin g
units (CGU) are i ndivi dual propert ies. The recoverable amounts of the investment properti es, being the higher of th e fair val ue le ss
costs to sell and value-in-use, were determined using the
fa ir value less costs to sell basis and were estimated using the income
capitalisation a pproach, discounte d cash f lo w a nd c omparative sales methodologies.
During the year , management did not identify a ny i nvestment p roperties t hat experienced a c arry in g v al ue less than it’ s net
realisable v alue. Average market capitalisation ra tes a ppropria te t o the propert ies ra nge f ro m 4.50% t o 6 .88% (2 024: 4 .50% t o
7.25%). Average market r ent per square metre rat es a ppropria t
e t o the propert ie s range f rom $275 to $476 (2024: $263 t o $450).
There is no impairment e xpense recognis ed in t he period (2 024: n o impairment).
O
perating lease
The Gro up leases out its investment property. The Group has classified these leases as operating leases, because th ey do not
transfer substa ntially all of t he r is ks and rewards incidental to t he ownership of t he assets.
Rental i ncome recognised by the Group d uring 2 025 was $ 3.1 mill ion ( 2024: $2.7 milli on).
The fol lowing table sets out a maturity analysis of lease payments, showin g th e undiscounted lease payments to be received after
the reporti ng
date:
Group
Dollars In T housands
2025 2024
Within 1 year 3,336 2,745
More than 1 year but within 2 y ear s 3,377 2,793
More than 2 years but within 3 years 3,339 2,835
More than 3 years but within 4 years 2,359 2,784
More than 4 years but within 5 years 814 1,947
Af ter 5 y ear s 787 708
14,012 13,812
11. Investment properties – continued
Dollars In T housands
Freehold Land Buildings
W
ork In
P
rogress Total
Carrying amounts
Depreciation
145,1 - 145,1 - 4202 yraunaJ 1 ta ecnalaB
055 - 055 - raey eht rof egrahc noitaicerpeD
Balance at 31 December 2024 - 2,091 - 2,091
190,2 - 190,2 - 5202 yraunaJ 1 ta ecnalaB
455 - 455 - raey eht rof egrahc noitaicerpeD
Balance at 31 December 2025 - 2,645 - 2,645
At 1 January 2025 659 34,625 1,017 36,301
At 31 December 2025 659 34,189 677 35,525
FIN 21 | MILLENNIUM & COPTHORNE HOTELS NEW ZEALAND LIMITED ANNUAL REPORT 2025
The accompanying notes form part of, and should be read in conjunction with, these financial statements.
Millennium & Copthorne Hotels New Zealand Limited
Notes to t he Consol idate d Financial Statements f or the yea r ended 31 December 2025
1
2. Cash and cash equivalents
Group
Dollars In T housands
2025 2024
Cash 17,658 35,638
Call deposits 2,703 4,088
20,361 39,726
Cash a nd c ash e quivalents c omprise cash balances and c all deposits with a maturity of t hree months or l ess. Bank overdraft s that
are repayable on demand and form an in tegral part of the Group’s cash management ar e inclu ded as a component of cash and
cash e quivalents f or the p urpose of the s tatement of c ash f lows.
1
3. Trade and other receivables
Group
Dollars In T housands
2025 2024
Trade receiv ables 10,204 9,594
Less pro vision for doubtful d ebts (22) (86)
Other trade receivables and prepayments 12,030 13,989
22,212 23,497
Trade and other re ceivables are stated at their cost less impairment losses. The carrying amounts of the tr ade receivables, other
trade receivables, and prepayments are r eviewed at each balance d ate to deter mine whether there is a ny i ndic ation of impairment.
The Group applies the simplified approach to pro vidi ng fo r expected credit losse s prescrib ed by NZ IF RS 9, which permits the use of
the li fetime expec ted credit loss pro vision for al l trade re ceivab
les . The all owance for doubtful debts on trade re ceivabl es are either
indiv idually or coll ectiv ely asse ssed based on number of days overdue. The Group takes in to account t he hi stori cal loss experience
and incorporates forw ard looking in formatio n and rele vant macroeconomic factors
1
4. Interest-bearing loans and borrowings
This note pro vides informatio n about the contractual terms of th e Gro up’s in terest-bearing loans and borrowi ngs. For more informatio n
about the Group’s e xposure to in tere st r ate and fore ign c urrency ri sk, s ee Note 17.
G
roup
Dollars in
Thousands
Currency
I
nterest
R
ate Facility Total
31 December 2025 31 December 2024
Face Value
Carrying
Amount Face Value
Carrying
Amount
Revolving credit NZD 3.46% 75,000 17,000 17,000 3,000 3,000
Overd raft NZD 3.46% 5,000 4,000 4,000 - -
TOTAL 80,000 20,000 20,000 3,000 3,000
Current - - - -
Non-current 20,000 20,000 3,000 3,000
T
erms and debt repayment schedule
The Group has adopted clas sifica tio n of liabilities as current or non-current (a mendments to NZ IA S 1) from 1 January 2024. The
bank facil ities a re secured over hotel properties with a carrying amount of $90.89 mill ion (2024: $83.25 million) – refer to Note 9. The
Group’s facilit ies were renewed on 22 December 2023 wi th a facilit y li mit of $120 million. A further amendment was executed on 6
Octo ber 2025 to reduce the fa cili ty limit from $120 milli on to $80 mill ion and to extend the maturi ty date to 30
July 2027.T he Group
has c ompli ed with the bank c ovenants. The interest-bearing borrowings were cla ssi fied as non-current as t he Group has a n existin g
ri ght to defer settle ment o f the loan for at l east 12 months a fte r the reporting period.
I
nterest-bearing loans and borrowings
Interest- bearing loans and borrowings are re cognised initially at fair value less attr ibutable tra nsact ion costs . Subsequent to init ial
re cognition, in terest- bearing loans and borrowings are st ated at amort is ed cost wi th any difference betw een cost and redemption
value being r ecognised i n t he income s tatement over th e period of t he borrowings o n an eff ectiv e i nte re st basis.
1
5. Deferred tax assets and liabilities
Defe rre d tax is recognised in re spect of the te mporary diff erences between the carry ing amounts of assets and liabilit ies for fi nancial
reporti ng purposes and the amounts used for ta xation purposes. The fo llowing temporary diffe rences a re not p rovided for: goodwil l
not deductible for tax purposes; the initial re cognit ion of assets or liabilit ies that neither aff ect accounting nor taxable pr ofit; and
diff er ences relat ing to in vestments in sub
sid iaries to the extent that they wil l pr obably not rever se in the for eseeable future. The
amount of d ef erred tax p ro vided is based on the expected manner of realis ation or settl ement of the carr yin g a mount of assets and
liabil ities, usin g t ax ra tes e nacte d or substa ntively e nacted at the balance d ate.
A deferred t ax asset is r ecognised only t o the extent that it i s probable that futu re t axable pro fits w ill b e availa ble against which the
asset can be
utilised. Defer re d ta x assets are reduced to the exte nt that it is no longer pr obable that the related ta x benefit will be
realised.
Millennium & Copthorne Hotels New Zealand Limited
Notes to t he Consol idate d Financial Statements f or the year ended 31 December 2025
1
5. Deferred tax assets and liabilities - continued
Defe rre d ta x assets and deferr ed tax liabilit ie s are off set only if the Group has a le gally enforc eable rig ht to set off current tax assets
against curr ent tax li abilit ies; the Group intends to settl e net; and the deferred tax assets and the defe rr ed ta x liabilit ie s rel ate to
income t axes l evied by the s ame t axati on authority .
I
m
pact of change in tax depreciation
In 2020 as part of the response to th e Covid-19, all components of commerc ia l buildings were able to be depreci ated for tax
purposes. On 28 Marc h 2024, the Taxati on (A nnual Rates fo r 2023-24, Multin ati onal Tax, and Remedial Matt ers) le gislat ion was
enacted, encompassing a range of changes to tax legisla tion inclu ding th e removal of the ta x deduction for depre ciatio n on building
core of commerc ial build ings. As a result of the c
hange in legislation, income tax expense and deferred tax liability has increased
by $ 25.8m for 2 024.
R
ecognised deferred tax assets and liabilities
Defe rred tax assets and liabilities are a ttri butable t o the follo wi ng:
Group
Assets Liabilities Net
Dollars In T housands
2025 2024 2025 2024 2025 2024
Property, p lant and
equipment (in cludes Right of
use assets)
- - 38,488 39,142 38,488 39,142
Invest ment p roperty - - 4,495 4,379 4,495 4,379
Development properties (1,013) (750) - - (1,013) (750)
Accruals (128) (147) - - (128) (147)
Emplo yee benefit s (1 ,732) (1 ,999) - - (1 ,732) (1 ,999)
Lease li abilit y (7 ,540) (7 ,586) - - (7,540) (7 ,586)
Trade and other payables (1 ,196) (1 ,247) - - (1 ,196) (1 ,247)
Net investment in foreign
629 759 629 759 - - snoitarepo
Net t ax (assets) / liabilities (11,609) (11,729) 43,940 44,447 32,331 32,718
M
o
vement in deferred tax balances during the year
Group
Dollars In T housands
Balance
1 Jan 24
Recognised
in Income
Recognised
in equity
Balance
31 Dec 24
Property, plant and equipment (i ncludes Ri ght of use
241,93 - 166,12 184,71 )stessa
Invest ment p roperty 345 4,034 - 4,379
Development properties (212) (538) - (750)
Accruals (474) 327 - (147)
Emplo yee benefit s (2,074) 75 - (1,999)
Lease li abilit y (7 ,651) 65 - (7 ,586)
Trade and other payables (1 ,297) 50 - (1 ,247)
Net investment in foreign opera tio ns 883 28 15 926
7,001 25,702 15 32,718
M
o
vement in deferred tax balances during the year
Group
Dollars In T housands
Balance
1 Jan 25
Recognised in
Income
Recognised
in equity
Balance
31 Dec 25
Property, plant and equipment (i ncludes Ri ght of use
884,83 - )456( 241,93 )stessa
Invest ment p roperty 4,379 116 - 4,495
Development properties (750) (263) - (1,013)
Accruals (147) 19 - (128)
Emplo yee benefit s (1 ,999) 267 - (1 ,732)
Lease li abilit y (7 ,586) 46 - (7 ,540)
Trade and other payables (1 ,247) 51 - (1 ,196)
Net investment in foreign opera tio ns 926 - 31 957
32,718 (418) 31 32,331
1
6. Trade and other payables
Group
Dollars In T housands
2025 2024
Trade payabl es 5,119 3,948
Emplo yee entitlements 6,237 7,518
Non-trade payables and accrued expenses 22,146 19,058
33,502 30,524
Trade and o ther payable s a re stated at amort is ed cost.
MILLENNIUM & COPTHORNE HOTELS NEW ZEALAND LIMITED ANNUAL REPORT 2025 | FIN 22
The accompanying notes form part of, and should be read in conjunction with, these financial statements.
Millennium & Copthorne Hotels New Zealand Limited
Notes to t he Consol idate d Financial Statements f or the yea r ended 31 December 2025
1
2. Cash and cash equivalents
Group
Dollars In T housands
2025 2024
Cash 17,658 35,638
Call deposits 2,703 4,088
20,361 39,726
Cash a nd c ash e quivalents c omprise cash balances and c all deposits with a maturity of t hree months or l ess. Bank overdraft s that
are repayable on demand and form an in tegral part of the Group’s cash management ar e inclu ded as a component of cash and
cash e quivalents f or the p urpose of the s tatement of c ash f lows.
1
3. Trade and other receivables
Group
Dollars In T housands
2025 2024
Trade receiv ables 10,204 9,594
Less pro vision for doubtful d ebts (22) (86)
Other trade receivables and prepayments 12,030 13,989
22,212 23,497
Trade and other re ceivables are stated at their cost less impairment losses. The carrying amounts of the tr ade receivables, other
trade receivables, and prepayments are r eviewed at each balance d ate to deter mine whether there is a ny i ndic ation of impairment.
The Group applies the simplified approach to pro vidi ng fo r expected credit losse s prescrib ed by NZ IF RS 9, which permits the use of
the li fetime expec ted credit loss pro vision for al l trade re ceivab
les . The all owance for doubtful debts on trade re ceivabl es are either
indiv idually or coll ectiv ely asse ssed based on number of days overdue. The Group takes in to account t he hi stori cal loss experience
and incorporates forw ard looking in formatio n and rele vant macroeconomic factors
1
4. Interest-bearing loans and borrowings
This note pro vides informatio n about the contractual terms of th e Gro up’s in terest-bearing loans and borrowi ngs. For more informatio n
about the Group’s e xposure to in tere st r ate and fore ign c urrency ri sk, s ee Note 17.
G
roup
Dollars in
Thousands
Currency
In
terest
R
ate Facility Total
31 December 2025 31 December 2024
Face Value
Carrying
Amount Face Value
Carrying
Amount
Revolving credit NZD 3.46% 75
,000 17,000 17,000 3,000 3,000
Overd raft NZD 3.46% 5
,000 4,000 4,000 - -
TO
TAL 80,000 20,000 20,000 3,000 3,000
Current - - - -
Non-current 20,000 20,000 3,000 3,000
T
e
rms and debt repayment schedule
The Group has adopted clas sifica tio n of liabilities as current or non-current (a mendments to NZ IA S 1) from 1 January 2024. The
bank facil ities a re secured over hotel properties with a carrying amount of $90.89 mill ion (2024: $83.25 million) – refer to Note 9. The
Group’s facilit ies were renewed on 22 December 2023 wi th a facilit y li mit of $120 million. A further amendment was executed on 6
Octo ber 2025 to reduce the fa cili ty limit from $120 milli on to $80 mill ion and to extend the maturi ty date to 30
July 2027.T he Group
has c ompli ed with the bank c ovenants. The interest-bearing borrowings were cla ssi fied as non-current as t he Group has a n existin g
ri ght to defer settle ment o f the loan for at l east 12 months a fte r the reporting period.
I
n
terest-bearing loans and borrowings
Interest- bearing loans and borrowings are re cognised initially at fair value less attr ibutable tra nsact ion costs . Subsequent to init ial
re cognition, in terest- bearing loans and borrowings are st ated at amort is ed cost wi th any difference betw een cost and redemption
value being r ecognised i n t he income s tatement over th e period of t he borrowings o n an eff ectiv e i nte re st basis.
1
5. Deferred tax assets and liabilities
Defe rre d tax is recognised in re spect of the te mporary diff erences between the carry ing amounts of assets and liabilit ies for fi nancial
reporti ng purposes and the amounts used for ta xation purposes. The fo llowing temporary diffe rences a re not p rovided for: goodwil l
not deductible for tax purposes; the initial re cognit ion of assets or liabilit ies that neither aff ect accounting nor taxable pr ofit; and
diff er ences relat ing to in vestments in sub
sid iaries to the extent that they wil l pr obably not rever se in the for eseeable future. The
amount of d ef erred tax p ro vided is based on the expected manner of realis ation or settl ement of the carr yin g a mount of assets and
liabil ities, usin g t ax ra tes e nacte d or substa ntively e nacted at the balance d ate.
A deferred t ax asset is r ecognised only t o the extent that it i s probable that futu re t axable pro fits w ill b e availa ble against which the
asset can be
utilised. Defer re d ta x assets are reduced to the exte nt that it is no longer pr obable that the related ta x benefit will be
realised.
Millennium & Copthorne Hotels New Zealand Limited
Notes to t he Consol idate d Financial Statements f or the year ended 31 December 2025
1
5. Deferred tax assets and liabilities - continued
Defe rre d ta x assets and deferr ed tax liabilit ie s are off set only if the Group has a le gally enforc eable rig ht to set off current tax assets
against curr ent tax li abilit ies; the Group intends to settl e net; and the deferred tax assets and the defe rr ed ta x liabilit ie s rel ate to
income t axes l evied by the s ame t axati on authority .
I
mpact of change in tax depreciation
In 2020 as part of the response to th e Covid-19, all components of commerc ia l buildings were able to be depreci ated for tax
purposes. On 28 Marc h 2024, the Taxati on (A nnual Rates fo r 2023-24, Multin ati onal Tax, and Remedial Matt ers) le gislat ion was
enacted, encompassing a range of changes to tax legisla tion inclu ding th e removal of the ta x deduction for depre ciatio n on building
core of commerc ial build ings. As a result of the c
hange in legislation, income tax expense and deferred tax liability has increased
by $ 25.8m for 2 024.
R
ecognised deferred tax assets and liabilities
Defe rred tax assets and liabilities are a ttri butable t o the follo wi ng:
Group
Assets Liabilities Net
Dollars In T housands
2025 2024 2025 2024 2025 2024
Property, p lant and
equipment (in cludes Right of
use assets)
- - 38,488 39,142 38,488 39,142
Invest ment p roperty - - 4,495 4,379 4,495 4,379
Development properties (1,013) (750) - - (1,013) (750)
Accruals (128) (147) - - (128) (147)
Emplo yee benefit s (1 ,732) (1 ,999) - - (1 ,732) (1 ,999)
Lease li abilit y (7 ,540) (7 ,586) - - (7,540) (7 ,586)
Trade and other payables (1 ,196) (1 ,247) - - (1 ,196) (1 ,247)
Net investment in foreign
629 759 629 759 - - snoitarepo
Net t ax (assets) / liabilities (11,609) (11,729) 43,940 44,447 32,331 32,718
M
ovement in deferred tax balances during the year
Group
Dollars In T housands
Balance
1 Jan 24
Recognised
in Income
Recognised
in equity
Balance
31 Dec 24
Property, plant and equipment (i ncludes Ri ght of use
241,93 - 166,12 184,71 )stessa
Invest ment p roperty 345 4,034 - 4,379
Development properties (212) (538) - (750)
Accruals (474) 327 - (147)
Emplo yee benefit s (2,074) 75 - (1,999)
Lease li abilit y (7 ,651) 65 - (7 ,586)
Trade and other payables (1 ,297) 50 - (1 ,247)
Net investment in foreign opera tio ns 883 28 15 926
7,001 25,702 15 32,718
M
ovement in deferred tax balances during the year
Group
Dollars In T housands
Balance
1 Jan 25
Recognised in
Income
Recognised
in equity
Balance
31 Dec 25
Property, plant and equipment (i ncludes Ri ght of use
884,83 - )456( 241,93 )stessa
Invest ment p roperty 4,379 116 - 4,495
Development properties (750) (263) - (1,013)
Accruals (147) 19 - (128)
Emplo yee benefit s (1 ,999) 267 - (1 ,732)
Lease li abilit y (7 ,586) 46 - (7 ,540)
Trade and other payables (1 ,247) 51 - (1 ,196)
Net investment in foreign opera tio ns 926 - 31 957
32,718 (418) 31 32,331
1
6. Trade and other payables
Group
Dollars In T housands
2025 2024
Trade payabl es 5,119 3,948
Emplo yee entitlements 6,237 7,518
Non-trade payables and accrued expenses 22,146 19,058
33,502 30,524
Trade and o ther payable s a re stated at amort is ed cost.
FIN 23 | MILLENNIUM & COPTHORNE HOTELS NEW ZEALAND LIMITED ANNUAL REPORT 2025
The accompanying notes form part of, and should be read in conjunction with, these financial statements.
Millennium & Copthorne Hotels New Zealand Limited
Notes to t he Consol idate d Financial Statements f or the yea r ended 31 December 2025
1
7. Financial instruments
The Group only hold s non-derivative financial instruments which compri se cash and cash equivalents, trade and other re ce iv ables,
trade re ceivables due fro m re lated parties, re lated part y advances, se cured bank loans, trade and other payables and trade payables
due to related parties .
Non-derivativ e financial instruments are re cognised in itiall y at fa ir value plu s, fo r instruments not at fair value through th e income
sta tement, any dire ct ly attributable transaction c
osts. Subsequent to initial recognition non-derivative financial in struments are
measured as described in account ing poli cies belo w.
On in itial re cognition, a financial asse t is c la ssified as subsequently measured at: Amortis ed cost; FVOCI- debt investment; FVOCI-
equity in vest ment; or FVTPL. Financia l liabilities are c lassified as measured at amorti sed cost or FVTPL.
Fi nancial assets are not re classified subsequent to their ini tial re cognition unless the Group changes its business model for managing
fi
nancial assets, in whic h case all affected financial assets are re classified on th e firs t day of th e firs t reporting period fol lo wi ng the
change in t he busines s model.
A financial a sset is measured at a mortised cost if i t meets b oth of th e follo wi ng conditions and not designated at F VTPL:
It is held w ithin a busin ess model whose objective is t o h ol d assets t o c olle ct c ontra ct ual c ash f lo ws: and
• It s contractual terms give ri se on specified dates to ca sh flo ws that are
solel y payments of principal and interest on the principal
amount o ut sta nding.
Fi nancial assets are derecognised if the Group’s contra ctual rig ht s to the cash flo ws from the fi nancial assets expire or if th e Group
transfe r the financial asset to another party without re ta in ing control or substantiall y al l ri sks and reward s of th e as set. Fi nancia l
liabilities are d erecognised if the G roup’s obli gations specified in the contrac t expire or are discharged or cancell ed.
Exposure
t o credit, liquidity and market risks arises in the normal c ourse of the Group’s b usiness.
L
iquidity risk
Liquidity ri sk re presents the Group’s ability t o meet its c ontractual obli gations. The Group evaluates it s l iquidity require ments on an
ongoing basis . I n genera l, the Group genera tes suffi cient cash f lows from it s opera tin g acti vities to meet it s obli gations a ri sing fro m
its financial li abil ities. The Group’s approach to managing li quid ity is to ensure , as far as poss ibl e, that it wil l al ways have su ffi cient
liquidity to meet its liabilities when due, under b
oth normal and stressed conditions, without incurr ing unacceptable lo sses or ri sking
damage to the Group’s reputation.
The follo wi ng table s ets out th e undiscounted contractual a nd e xpec ted cash f lows f or al l f inancial l iabilities:
2
025
2
024*
* These prior period c omparativ e a mounts h ave b een restated to e xclude non-financial li abi li ties s uch a s revenue in advance.
Dollars In T housands
S
tatement of
F
inancial
P
osition
C
ontractual
C
ash Out
F
lows
6
Months or
L
ess
6
-12
M
onths
1
-2
Y
ears
2
-5
Y
ears
M
ore
t
han 5
Y
ears
Interest- bearing loans and
- - 000,02 - - 000,02 000,02 sgniworrob
- - - - 911,5 911,5 911,5 selbayaP edarT
- - - - 804,32 804,32 804,32 selbayap rehtO
Trade payables due t o
- - - - 887 887 887 seitrap detaler
Total non-derivative liabilities 49,315 49,315 29,315 - 20,000 - -
Dollars In T housands
S
tatement of
F
inancial
P
osition
C
ontractual
C
ash Out
F
lows
6
Months or
L
ess
6
-12
M
onths
1
-2
Y
ears
2
-5
Y
ears
M
ore than
5
Years
Interest- bearing loans and
- - 000,3 - - 000,3 000,3 sgniworrob
- - - - 849,3 849,3 849,3 selbayaP edarT
- - - - 678,12 678,12 678,12 *selbayap rehtO
Trade payables due t o
- - - - 767,1 767,1 767,1 seitrap detaler
Total non-derivative
l
iabilities 30,591 30,591 27,591 - 3,000 - -
•
Millennium & Copthorne Hotels New Zealand Limited
Notes to t he Consol idate d Financial Statements f or the yea r ended 31 December 2025
1
7. Financial instruments - continued
C
redit risk
Management has a credit policy in pla ce and the exposure to credit ri sk is monitored on an ongoing basis . Credit evaluations are
performed on all cust omers re quiri ng credit over a certain amount. The Group does not re quire colla tera l in re spect of financial assets.
There a re no s ignificant aged debt ors whic h h ave not been ful ly p ro vided for.
Invest ments are al lo wed only in short-term financial in struments and onl y with counterparties (minimum rating of Moody’s Aa3)
approved by the B oard, s uch that
t
he exposure to a single c ounterparty i s mi ni mized.
The related party advances to Marquee Hotel Hold ings P ty Ltd detailed in note 2 0 were part of t he a cquisition of t he Sofite l Brisbane
Central hotel in Queensland. At bal ance date there were no indicators of impairment of th e advances based on ass et condition,
economic environment a nd t rading result s of t he hotel.
At bal ance date th ere were no si gni ficant non-rel ated party concentrations of credit ri sk. The maximum exposure to credit ri
s
k is
represented by the ca rrying amount of each fin ancial asse t in th e statement of financial position. The maximum exposure to credit
ri sk for non-related party advances in A ustralia is $ 8,892 (2024: $8,300). All other cre di t ri sk e xposure r elates to New Zeal and.
M
a
rket risk
(
i) Interest rate risk
In managing inte re st ra te ris ks the Group aims to reduce the impact of short- te rm fluctuations on the Group’s earnings wi th an ongoing
re view of its exposure to changes in intere st ra tes on it s borrowings, the maturity profile of the debt, and the ca sh flows of the
underl ying debt. The Group main tains its borrowings at fi xed ra tes on short term which gives the Gro up flexibi li ty in the context of the
economic c li mate , b usines s cycle, loan covenants, c ash flo ws, and c
a
sh balances.
An in crease of 1.0 % in intere st ra tes would have decre ased pro fit befo re tax for the Group in th e current peri od by $0.29 mill ion (2024:
$0.64 million increase), assuming all o ther vari ables remained constant.
E
f
fective interest and re-pricing analysis
In re spect of income-earning financia l assets and in terest -b eari ng financial li abilit ies the followi ng table indicates th ei r effe cti ve
interest rates a t the balance date and the peri ods i n which they r e-p ri ce.
* These a ssets / (l iabilities) bear in terest a t a fixed rate
(
ii) Foreign currency risk
The Group owns 100.00% (2024: 100.00%) of KIN Hol di ngs Limited. Subst antia lly all the operations of this subsidi ary which includes
the Joint Venture is denominated in fore ign currencies. The foreign curr encies giv ing ri se to thi s ri sk are Australian Dol la rs. The Group
has determi ned th at the pri mary ris k affe cts the carrying values of the net investments and loan re ceivable fro m its foreign operations
as disclosed in note 20 with the currency movement s bei
n
g re cognised in the fore ign currency translation re serves and in come
sta tement re spectively. The Group has not ta ken any in struments to manage th is ri sk. The Group is not exposed to any other fore ign
curr ency ri sks.
C
apital management
The Group’s capital in cludes share c apital and retained earn ings.
The Group’s policy is to maintain a str ong capital base so as to main ta in investor, creditor and market co nfidence and to sustain futu re
development o f t he busines s. The impact of t he level of capital on shareholders’ return i s al so r ecogni sed and t he Group recognises
the need to main ta in a balance between the higher re turn s that might be possible wi th greater gearing and the advantages and
securi ty afforded by a sound capi tal position.
The Group
is n ot s ubject to a ny e xternally imposed capital requirements.
G
roup 2025 2024
Dollars In
Thousands
Effective
in
terest rate
Total
6
months
o
r less
6
to 12
m
onths
Ef
fective
in
terest rate
Total
6
months
o
r less
6
to 12
m
onths
Note
Interest bearing
cash & cash
equivale nts * 12
0.00% to
3.55% 20,361 20,361 -
0.00% to
4.25% 39,7 26 39,726 -
Short term bank
deposits *
3.51% to
4.01% 3,872 1,571 2,301
5.25% to
5.91% 1,571 75 1,496
Secured bank
loans * 14 3.46% 20,000 20,000 - 5.42% 3,000 3,000 -
Bank overdrafts * 14 3.46% - - - 5.42% - - -
Interc ompany
Loan* 4.93 % 20,362 - 20,362 5.75% 19,556 19,556 -
MILLENNIUM & COPTHORNE HOTELS NEW ZEALAND LIMITED ANNUAL REPORT 2025 | FIN 24
The accompanying notes form part of, and should be read in conjunction with, these financial statements.
Millennium & Copthorne Hotels New Zealand Limited
Notes to t he Consol idate d Financial Statements f or the yea r ended 31 December 2025
1
7. Financial instruments
The Group only hold s non-derivative financial instruments which compri se cash and cash equivalents, trade and other re ce iv ables,
trade re ceivables due fro m re lated parties, re lated part y advances, se cured bank loans, trade and other payables and trade payables
due to related parties .
Non-derivativ e financial instruments are re cognised in itiall y at fa ir value plu s, fo r instruments not at fair value through th e income
sta tement, any dire ct ly attributable transaction c
osts. Subsequent to initial recognition non-derivative financial in struments are
measured as described in account ing poli cies belo w.
On in itial re cognition, a financial asse t is c la ssified as subsequently measured at: Amortis ed cost; FVOCI- debt investment; FVOCI-
equity in vest ment; or FVTPL. Financia l liabilities are c lassified as measured at amorti sed cost or FVTPL.
Fi nancial assets are not re classified subsequent to their ini tial re cognition unless the Group changes its business model for managing
fi
nancial assets, in whic h case all affected financial assets are re classified on th e firs t day of th e firs t reporting period fol lo wi ng the
change in t he busines s model.
A financial a sset is measured at a mortised cost if i t meets b oth of th e follo wi ng conditions and not designated at F VTPL:
It is held w ithin a busin ess model whose objective is t o h ol d assets t o c olle ct c ontra ct ual c ash f lo ws: and
• It s contractual terms give ri se on specified dates to ca sh flo ws that are
solel y payments of principal and interest on the principal
amount o ut sta nding.
Fi nancial assets are derecognised if the Group’s contra ctual rig ht s to the cash flo ws from the fi nancial assets expire or if th e Group
transfe r the financial asset to another party without re ta in ing control or substantiall y al l ri sks and reward s of th e as set. Fi nancia l
liabilities are d erecognised if the G roup’s obli gations specified in the contrac t expire or are discharged or cancell ed.
Exposure
t o credit, liquidity and market risks arises in the normal c ourse of the Group’s b usiness.
L
iq
uidity risk
Liquidity ri sk re presents the Group’s ability t o meet its c ontractual obli gations. The Group evaluates it s l iquidity require ments on an
ongoing basis . I n genera l, the Group genera tes suffi cient cash f lows from it s opera tin g acti vities to meet it s obli gations a ri sing fro m
its financial li abil ities. The Group’s approach to managing li quid ity is to ensure , as far as poss ibl e, that it wil l al ways have su ffi cient
liquidity to meet its liabilities when due, under
b
oth normal and stressed conditions, without incurr ing unacceptable lo sses or ri sking
damage to the Group’s reputation.
The follo wi ng table s ets out th e undiscounted contractual a nd e xpec ted cash f lows f or al l f inancial l iabilities:
2
025
2
024*
* These prior period c omparativ e a mounts h ave b een restated to e xclude non-financial li abi li ties s uch a s revenue in advance.
Dollars In T housands
S
tatement of
Fin
ancial
P
osition
C
ontractual
C
ash Out
Flo
ws
6
Months or
Le
ss
6
-12
Mo
nths
1
-2
Ye
ars
2
-5
Ye
ars
Mo
re
t
han 5
Ye
ars
Interest- bearing loans and
- - 000,02 - - 000,02 000,02 sgniworrob
- - - - 911,5 911,5 911,5 selbayaP edarT
- - - - 804,32 804,32 804,32 selbayap rehtO
Trade payables due t o
- - - - 887 887 887 seitrap detaler
To
tal non-derivative liabilities 49,315 49,315 29,315 - 20,000 - -
Dollars In T housands
S
tatement of
Fin
ancial
P
osition
C
ontractual
C
ash Out
Flo
ws
6
Months or
Le
ss
6
-12
Mo
nths
1
-2
Ye
ars
2
-5
Ye
ars
Mo
re than
5
Years
Interest- bearing loans and
- - 000,3 - - 000,3 000,3 sgniworrob
- - - - 849,3 849,3 849,3 selbayaP edarT
- - - - 678,12 678,12 678,12 *selbayap rehtO
Trade payables due t o
- - - - 767,1 767,1 767,1 seitrap detaler
To
tal non-derivative
lia
bilities 30,591 30,591 27,591 - 3,000 - -
•
Millennium & Copthorne Hotels New Zealand Limited
Notes to t he Consol idate d Financial Statements f or the yea r ended 31 December 2025
1
7. Financial instruments -continued
C
redit risk
Management has a credit policy in pla ce and the exposure to credit ri sk is monitored on an ongoing basis . Credit evaluations are
performed on all cust omers re quiri ng credit over a certain amount. The Group does not re quire colla tera l in re spect of financial assets.
There a re no s ignificant aged debt ors whic h h ave not been ful ly p ro vided for.
Invest ments are al lo wed only in short-term financial in struments and onl y with counterparties (minimum rating of Moody’s Aa3)
approved by the B oard, s uch that t
he exposure to a single c ounterparty i s mi ni mized.
The related party advances to Marquee Hotel Hold ings P ty Ltd detailed in note 2 0 were part of t he a cquisition of t he Sofite l Brisbane
Central hotel in Queensland. At bal ance date there were no indicators of impairment of th e advances based on ass et condition,
economic environment a nd t rading result s of t he hotel.
At bal ance date th ere were no si gni ficant non-rel ated party concentrations of credit ri sk. The maximum exposure to credit ri s
k is
represented by the ca rrying amount of each fin ancial asse t in th e statement of financial position. The maximum exposure to credit
ri sk for non-related party advances in A ustralia is $ 8,892 (2024: $8,300). All other cre di t ri sk e xposure r elates to New Zeal and.
M
arket risk
(
i) Interest rate risk
In managing inte re st ra te ris ks the Group aims to reduce the impact of short- te rm fluctuations on the Group’s earnings wi th an ongoing
re view of its exposure to changes in intere st ra tes on it s borrowings, the maturity profile of the debt, and the ca sh flows of the
underl ying debt. The Group main tains its borrowings at fi xed ra tes on short term which gives the Gro up flexibi li ty in the context of the
economic c li mate , b usines s cycle, loan covenants, c ash flo ws, and ca
sh balances.
An in crease of 1.0 % in intere st ra tes would have decre ased pro fit befo re tax for the Group in th e current peri od by $0.29 mill ion (2024:
$0.64 million increase), assuming all o ther vari ables remained constant.
E
ffective interest and re-pricing analysis
In re spect of income-earning financia l assets and in terest -b eari ng financial li abilit ies the followi ng table indicates th ei r effe cti ve
interest rates a t the balance date and the peri ods i n which they r e-p ri ce.
* These a ssets / (l iabilities) bear in terest a t a fixed rate
(
ii) Foreign currency risk
The Group owns 100.00% (2024: 100.00%) of KIN Hol di ngs Limited. Subst antia lly all the operations of this subsidi ary which includes
the Joint Venture is denominated in fore ign currencies. The foreign curr encies giv ing ri se to thi s ri sk are Australian Dol la rs. The Group
has determi ned th at the pri mary ris k affe cts the carrying values of the net investments and loan re ceivable fro m its foreign operations
as disclosed in note 20 with the currency movement s bein
g re cognised in the fore ign currency translation re serves and in come
sta tement re spectively. The Group has not ta ken any in struments to manage th is ri sk. The Group is not exposed to any other fore ign
curr ency ri sks.
C
apital management
The Group’s capital in cludes share c apital and retained earn ings.
The Group’s policy is to maintain a str ong capital base so as to main ta in investor, creditor and market co nfidence and to sustain futu re
development o f t he busines s. The impact of t he level of capital on shareholders’ return i s al so r ecogni sed and t he Group recognises
the need to main ta in a balance between the higher re turn s that might be possible wi th greater gearing and the advantages and
securi ty afforded by a sound capi tal position.
The Group
is n ot s ubject to a ny e xternally imposed capital requirements.
G
roup 2025 2024
Dollars In
Thousands
Effective
i
nterest rate
Total
6
months
o
r less
6
to 12
m
onths
E
ffective
i
nterest rate
Total
6
months
o
r less
6
to 12
m
onths
Note
Interest bearing
cash & cash
equivale nts * 12
0.00% to
3.55% 20,361 20,361 -
0.00% to
4.25% 39,7 26 39,726 -
Short term bank
deposits *
3.51% to
4.01% 3,872 1,571 2,301
5.25% to
5.91% 1,571 75 1,496
Secured bank
loans * 14 3.46% 20,000 20,000 - 5.42% 3,000 3,000 -
Bank overdrafts * 14 3.46% - - - 5.42% - - -
Interc ompany
Loan* 4.93 % 20,362 - 20,362 5.75% 19,556 19,556 -
FIN 25 | MILLENNIUM & COPTHORNE HOTELS NEW ZEALAND LIMITED ANNUAL REPORT 2025
The accompanying notes form part of, and should be read in conjunction with, these financial statements.
Millennium & Copthorne Hotels New Zealand Limited
Notes to t he Consol idate d Financial Statements f or the yea r ended 31 December 2025
1
7. Financial instruments – continued
The all ocatio n of c apital i s, t o a large extent, d ri ven b y optimisation of th e return a chie ved o n the capi tal a ll ocated.
The Group’s policies in re spect of capital management and all ocatio n are re vie wed re gula rly by the Board of Di re cto rs . There were
no changes in th e Group’s c apital management p ol ic ies duri ng the year.
F
air values
The fair values t ogether with the ca rr ying amounts s hown in th e statement o f f inancial position are as f ol lo ws:
Group Carrying amount
Fair value
Carrying
amount
Fair value
Dollars In T housands
Note 2025 2025 2024* 2024*
FINANCIAL ASSETS
Cash and cash equivalents 12 20,361 20,361 39,726 39,726
Short term bank deposits 3,872 3,872 1,571 1,571
Trade and other receivabl es* 15,786 15,786 15,359 15,359
Advances to related parties 20 64,820 64,820 65,326 65,326
FINANCIAL LIABI LITI ES
Secured bank lo ans a nd o verd ra ft s 14 (20,000) (20,000) (3,000) (3,000)
Trade and other payables* 16 (28,527) (28,527) (25,824) (25,824)
Trade payabl es d ue to rela ted part ies 20 (789) (789) (1,767) (1,767)
55,523 55,523 91,391 91,391
* These pri or period comparativ e amounts have been re sta ted to exclude non-financial assets and non-financial liabilities such as
prepayments, deposits paid f or asset purchases, and revenue in advance.
E
stimation of fair values
The follo wi ng summari ses th e major methods and assumptions used in esti mating the fa ir values of fin ancial instruments reflected in
the t abl e:
(a ) Cash, accounts re ceivable, accounts payabl e and re la ted party balances. The carrying amounts for these balances approximate
their fair value because o f t he s hor t maturi tie s o f t hese items.
(b ) Borrowings. The carrying amounts fo r the borrowings represent their fair values because t he intere st rat es are reset to m
arket
periodic ally, e very 1 to 2 months.
1
8. Capital and land development commitments
As at 31 December 2025, t he Group had e nte re d in to c ontra ctual c ommitments f or capita l expenditur e, development e xpenditure,
and purchases of land. Development expenditu re re presents amounts contracted and forecast to be incurr ed in 2026 in accordance
wi th t he Group’s devel opment programme.
Group
Dollars In T housands
2025 2024
Mayfair Hotel Chri stchurch - 31,900
Capital expenditure 1,664 7,968
Development expenditure 29,949 24,269
Land purc hases 4,913 13,261
36,526 77,398
1
9. Related parties
I
dentity of related parties
The Group has a re lated party re lationship wi th its parent, subsid iaries (see Note 20), jo in t ve nture and wi th it s dire ctors and executive
officers.
T
ransactions with key management personnel
Di re ct ors of the Company and their immediate re latives contro l nil (2024: Nil ) of the votin g share s of the Company. There were no
loans (2024: $nil) advanced to dire ct ors for the year ended 31 December 2025. Key management personnel include th e Board
compri sing non-e xecutive dire ctors, executive di re ctors and executive officers.
T
otal remuneration for key management personnel
Group
Dollars In T housands
2025 2024
Non-executive direct ors 458 392
Executi ve direct or 642 563
Executi ve offic ers 833 894
1,933 1,849
Non-executi ve directo rs re ceive dire ct or’s fees onl y. Executive director and executive off icers re ceiv e short-term employee benefits
which in clude a base salary and an in centive pl an. They do not re ceive re muneratio n or any other benefits as a di re ct or of the Parent
Company or its subsidia ri es. Di re ctors’ fees are included in “adminis tra tion expenses” (s ee Note 2) and re muneratio n for executive
direct or and executive officers are in cluded in “ personnel expenses” (see Note 3).
Millennium & Copthorne Hotels New Zealand Limited
Notes to t he Consol idate d Financial Statements f or the yea r ended 31 December 2025
2
0. Group entities
C
ontrol of the Group
Millennium & Copthorne Hote ls New Zeal and Limited is a 86.39% (2 024: 80.97%) owned (e conomic in terests from both ord inary and
pre ference shares) subsidia ry of CDL Hotel s Holdi ngs New Zealand Li mited which is a wholly owned subsidia ry of Mi ll ennium &
Copthorne Hotel s Ltd in the Uni ted Kingdom. The ultimate parent company is Hong Leong Inve stment Holdings Pt e Ltd in Singapore.
At b al ance date there were re la ted party a dvances owing fro m/(owi ng to) the fo ll owing rela ted
c ompanies:
Group
Dollars In T housands
Nature of balance 2025 2024
Trade payables and receivables due to related parties
Millennium & Copthorne Hotels Li mited Recharge of expenses (789) (1 ,767)
Marquee Hotel Holdi ngs P ty L td Intere st bearing advance 20,362 19,556
Marquee Hotel Holdi ngs P ty L td Intere st f ree advance 43,718 44,195
CDLHT (BVI) One Ltd Recharge of expenses 1,190 1,581
CDLHT (BVI) One Ltd Rent (450) (6)
64,031 63,559
No debts with re la ted parties were wr itt en off or forgiven duri ng the year. Inte re st at 4.93% (2024: 5.7 5%) was charged on interest
bearing advance during 2025. No intere st was charged for th e oth er payabl es or on the inte re st fre e advance. The re la ted part y
advances t o Marquee Hotel Holdings P ty L td a re unsecured and repayable on demand.
At the bal ance sheet date, t here was an amount owi ng to CDLHT (BVI) One Ltd of $450,000 (2024 $6, 000) being the net amount of
rent payable with respect t
o the leasing of the property and the recoverable amount in rela tio n to expenses paid o n behalf.
Durin g 2025, the Group had the follo wi ng transactio ns with rela ted parti es:
Group
Dollars In T housands
Nature of balance 2025 2024
Marquee Hotel Holdi ngs P ty L td Intere st received 1,048 1,180
CDLHT (BVI) One Ltd
Management, franchise a nd
incentive in co me 914 932
M&C Reserv atio n Services Ltd (UK) Insurance recharge, Management
and marketing support* (696) (1 ,846)
CDL Hotels Holdi ngs New Z ealand Li mited Recharge of ta keover off er expenses
and accountin g support fee received 2,181 60
Millennium & Copthorn e In ternational Limited Recharge of expenses 495 239
*The amount recognis ed in profit a nd loss in the reporting peri od was $0.66m.
S
ubsidiary companies
The pri ncipal subsidia ry co mpanies of Mi ll ennium & Copthorne Hote ls New Zealand Limited in cluded in the consolidation as at 31
December 2025 are:
Principal A cti vit y
Principal
Place o f
Busines s
Group
Holding %
2025
Group
Holding %
2024
Context Securi tie s Li mited Invest ment Holdin g NZ 100.00 100.00
Copthorne Hotel & Resort Bay o f Islands Join t Venture Hote l Operations NZ 49.00 49.00
Quantum Limited Holding Company NZ 100.00 100.00
100% owned subsidi aries o f Quantum L imited are:
Hospitality Group Limited Holding Company NZ
100% owned subsidi aries o f Hospitality Group Limited
:era
Hospitality Leases Limited
Lessee Company/Hote l
Operatio ns NZ
QINZ Anzac Avenue Limited Hote l Owner NZ
Hospitality Services Li mited
Hote l
Operatio ns/F ranchise
Holder NZ
CDL Investments New Zealand Limited Holding Company NZ 65.12 65.31
100% owned subsidi aries o f CDL Investments New
:era detimiL dnalaeZ
CDL Land New Zealand Limited
Property Investment a nd
Development NZ
KIN Holdings Limited Holding Company NZ 100.00 100.00
100% owned subsidi aries o f KI N Holdi ngs Li mited are:
Kingsgate In vestments Pty Li mited
Residential Apartment
Developer Australia
ailartsuA VJ ni tnemtsevnI detimiL ytP sgnidloH etagsgniK
All of the above subsidia ri es h ave a 31 December balance date.
MILLENNIUM & COPTHORNE HOTELS NEW ZEALAND LIMITED ANNUAL REPORT 2025 | FIN 26
The accompanying notes form part of, and should be read in conjunction with, these financial statements.
Millennium & Copthorne Hotels New Zealand Limited
Notes to t he Consol idate d Financial Statements f or the yea r ended 31 December 2025
1
7. Financial instruments – continued
The all ocatio n of c apital i s, t o a large extent, d ri ven b y optimisation of th e return a chie ved o n the capi tal a ll ocated.
The Group’s policies in re spect of capital management and all ocatio n are re vie wed re gula rly by the Board of Di re cto rs . There were
no changes in th e Group’s c apital management p ol ic ies duri ng the year.
F
a
ir values
The fair values t ogether with the ca rr ying amounts s hown in th e statement o f f inancial position are as f ol lo ws:
Group Carrying amount
Fair value
Carrying
amount
Fair value
Dollars In T housands
Note 2025 2025 2024* 2024*
FINANCIAL ASSETS
Cash and cash equivalents 12 20,361 20,361 39,726 39,726
Short term bank deposits 3,872 3,872 1,571 1,571
Trade and other receivabl es* 15,786 15,786 15,359 15,359
Advances to related parties 20 64,820 64,820 65,326 65,326
FINANCIAL LIABI LITI ES
Secured bank lo ans a nd o verd ra ft s 14 (20,000) (20,000) (3,000) (3,000)
Trade and other payables* 16 (28,527) (28,527) (25,824) (25,824)
Trade payabl es d ue to rela ted part ies 20 (789) (789) (1,767) (1,767)
55,523 55,523 91,391 91,391
* These pri or period comparativ e amounts have been re sta ted to exclude non-financial assets and non-financial liabilities such as
prepayments, deposits paid f or asset purchases, and revenue in advance.
E
s
timation of fair values
The follo wi ng summari ses th e major methods and assumptions used in esti mating the fa ir values of fin ancial instruments reflected in
the t abl e:
(a ) Cash, accounts re ceivable, accounts payabl e and re la ted party balances. The carrying amounts for these balances approximate
their fair value because o f t he s hor t maturi tie s o f t hese items.
(b ) Borrowings. The carrying amounts fo r the borrowings represent their fair values because t he intere st rat es are reset to m
arket
periodic ally, e very 1 to 2 months.
1
8. Capital and land development commitments
As at 31 December 2025, t he Group had e nte re d in to c ontra ctual c ommitments f or capita l expenditur e, development e xpenditure,
and purchases of land. Development expenditu re re presents amounts contracted and forecast to be incurr ed in 2026 in accordance
wi th t he Group’s devel opment programme.
Group
Dollars In T housands
2025 2024
Mayfair Hotel Chri stchurch - 31,900
Capital expenditure 1,664 7,968
Development expenditure 29,949 24,269
Land purc hases 4,913 13,261
36,526 77,398
1
9. Related parties
I
d
entity of related parties
The Group has a re lated party re lationship wi th its parent, subsid iaries (see Note 20), jo in t ve nture and wi th it s dire ctors and executive
officers.
T
r
ansactions with key management personnel
Di re ct ors of the Company and their immediate re latives contro l nil (2024: Nil ) of the votin g share s of the Company. There were no
loans (2024: $nil) advanced to dire ct ors for the year ended 31 December 2025. Key management personnel include th e Board
compri sing non-e xecutive dire ctors, executive di re ctors and executive officers.
T
o
tal remuneration for key management personnel
Group
Dollars In T housands
2025 2024
Non-executive direct ors 458 392
Executi ve direct or 642 563
Executi ve offic ers 833 894
1,933 1,849
Non-executi ve directo rs re ceive dire ct or’s fees onl y. Executive director and executive off icers re ceiv e short-term employee benefits
which in clude a base salary and an in centive pl an. They do not re ceive re muneratio n or any other benefits as a di re ct or of the Parent
Company or its subsidia ri es. Di re ctors’ fees are included in “adminis tra tion expenses” (s ee Note 2) and re muneratio n for executive
direct or and executive officers are in cluded in “ personnel expenses” (see Note 3).
Millennium & Copthorne Hotels New Zealand Limited
Notes to t he Consol idate d Financial Statements f or the yea r ended 31 December 2025
2
0. Group entities
C
ontrol of the Group
Millennium & Copthorne Hote ls New Zeal and Limited is a 86.39% (2 024: 80.97%) owned (e conomic in terests from both ord inary and
pre ference shares) subsidia ry of CDL Hotel s Holdi ngs New Zealand Li mited which is a wholly owned subsidia ry of Mi ll ennium &
Copthorne Hotel s Ltd in the Uni ted Kingdom. The ultimate parent company is Hong Leong Inve stment Holdings Pt e Ltd in Singapore.
At b al ance date there were re la ted party a dvances owing fro m/(owi ng to) the fo ll owing rela ted
c ompanies:
Group
Dollars In T housands
Nature of balance 2025 2024
Trade payables and receivables due to related parties
Millennium & Copthorne Hotels Li mited Recharge of expenses (789) (1 ,767)
Marquee Hotel Holdi ngs P ty L td Intere st bearing advance 20,362 19,556
Marquee Hotel Holdi ngs P ty L td Intere st f ree advance 43,718 44,195
CDLHT (BVI) One Ltd Recharge of expenses 1,190 1,581
CDLHT (BVI) One Ltd Rent (450) (6)
64,031 63,559
No debts with re la ted parties were wr itt en off or forgiven duri ng the year. Inte re st at 4.93% (2024: 5.7 5%) was charged on interest
bearing advance during 2025. No intere st was charged for th e oth er payabl es or on the inte re st fre e advance. The re la ted part y
advances t o Marquee Hotel Holdings P ty L td a re unsecured and repayable on demand.
At the bal ance sheet date, t here was an amount owi ng to CDLHT (BVI) One Ltd of $450,000 (2024 $6, 000) being the net amount of
rent payable with respect t
o the leasing of the property and the recoverable amount in rela tio n to expenses paid o n behalf.
Durin g 2025, the Group had the follo wi ng transactio ns with rela ted parti es:
Group
Dollars In T housands
Nature of balance 2025 2024
Marquee Hotel Holdi ngs P ty L td Intere st received 1,048 1,180
CDLHT (BVI) One Ltd
Management, franchise a nd
incentive in co me 914 932
M&C Reserv atio n Services Ltd (UK) Insurance recharge, Management
and marketing support* (696) (1 ,846)
CDL Hotels Holdi ngs New Z ealand Li mited Recharge of ta keover off er expenses
and accountin g support fee received 2,181 60
Millennium & Copthorn e In ternational Limited Recharge of expenses 495 239
*The amount recognis ed in profit a nd loss in the reporting peri od was $0.66m.
S
ubsidiary companies
The pri ncipal subsidia ry co mpanies of Mi ll ennium & Copthorne Hote ls New Zealand Limited in cluded in the consolidation as at 31
December 2025 are:
Principal A cti vit y
Principal
Place o f
Busines s
Group
Holding %
2025
Group
Holding %
2024
Context Securi tie s Li mited Invest ment Holdin g NZ 100.00 100.00
Copthorne Hotel & Resort Bay o f Islands Join t Venture Hote l Operations NZ 49.00 49.00
Quantum Limited Holding Company NZ 100.00 100.00
100% owned subsidi aries o f Quantum L imited are:
Hospitality Group Limited Holding Company NZ
100% owned subsidi aries o f Hospitality Group Limited
:era
Hospitality Leases Limited
Lessee Company/Hote l
Operatio ns NZ
QINZ Anzac Avenue Limited Hote l Owner NZ
Hospitality Services Li mited
Hote l
Operatio ns/F ranchise
Holder NZ
CDL Investments New Zealand Limited Holding Company NZ 65.12 65.31
100% owned subsidi aries o f CDL Investments New
:era detimiL dnalaeZ
CDL Land New Zealand Limited
Property Investment a nd
Development NZ
KIN Holdings Limited Holding Company NZ 100.00 100.00
100% owned subsidi aries o f KI N Holdi ngs Li mited are:
Kingsgate In vestments Pty Li mited
Residential Apartment
Developer Australia
ailartsuA VJ ni tnemtsevnI detimiL ytP sgnidloH etagsgniK
All of the above subsidia ri es h ave a 31 December balance date.
FIN 27 | MILLENNIUM & COPTHORNE HOTELS NEW ZEALAND LIMITED ANNUAL REPORT 2025
The accompanying notes form part of, and should be read in conjunction with, these financial statements.
Millennium & Copthorne Hotels New Zealand Limited
Notes to t he Consol idate d Financial Statements f or the yea r ended 31 December 2025
2
0. Group entities - continued
The Group is a bl e to contro l the Copthorne Hotel & Resort Bay of I slands J oin t Venture t hrough its management agreement with the
Joint Venture and is exposed to vari able re turns accordingl y. Therefore , the re sults of the Joint Venture are consoli dated from the
date c ontrol c ommenced until t he date c ontrol c eases.
S
ubsidiaries
Subsidi aries a re entitie s control led by th e Company. The Company controls an entity when it i s exposed t o, or h as ri ghts to, vari able
re turns from its in volvement with the entity and has the ability to aff ect those re tu rn s through its power over the entit y. The financial
sta tements of subsidia ri es are included in the financia l sta tement s from the date that control co mmences until th e date th at control
ceases.
T
ransactions eliminated on consolidation
Intra-gro up balances and any unrealis ed gain s and lo sses or inco me and expenses ari sing from intra -group transactions, are
eli minated in pre pari ng the financial sta tements. Unre al is ed gain s ari sing from transactio ns wi th join tly controlled entities are
eli minated to th e extent of th e Group’s in tere st in the entity. Unrealis ed lo sses are eliminated in the same way as unrealised gain s,
but o nl y to t he extent that there is no evidence o f impairment.
2
1. Lease
At inception of a contra ct, the Gro up assesses whether a contract is , or contains, a lease. A contract is, or contains, a lease if the
contrac t conveys the ri ght to contro l th e use of an identified asset for a peri od of time in exchange fo r consideratio n. To assess
whether a c ontract conve ys the ri ght to contr ol th e use o f a n identified asset, the Group u ses t he defin it ion of a l ease in NZ I FRS 16.
This policy is applied t o contracts entered into, on or aft er 1 January 2019.
At commenc
ement o r on modificatio n of a c ontract that contains a lease c omponent, t he Group al lo cates the consideration in the
contrac t to each l ease component on the basis of it s relative stand-alone pri ces.
The Group r ecognises a r ight- of-use asset and a le ase li ability at t he l ease commencement date. The ri ght-o f-u se asset was
re cognised at cost on i ni tia l re cognit ion, which comprised t he ini tia l amount of the l ease liabili ty a dj usted f or any le ase payments
made a t or bef ore the commencem
ent date, p lus any initi al dir ect c osts in cur red and an estimate of c osts t o d ismantle a nd
re move t he underly in g a sset or to re sto re th e u nderlying asset or t he s ite on which it is l ocated, l ess any lease
incentives r eceived.
The right of use asset is depreciated using the straight- line method from the commencement date to the end of th e lease te rm,
unless th e lease transfe rs ownership of th e underlying asset to the Group by the end of the lease te rm or th e
cost of the right-o f-
use asset reflects that th e Group wi ll exer cise a purchase option. In th at ca se th e rig ht-o f-u se asset will be depreciated over the
useful lif e of the underlying asset, which is determined on the same basis as those of pr operty and equipment. In addit ion, the rig ht-
of-use asset is periodically reduced by impairment l osses, if any, and a djuste d f or c ertain re -measur ements of t he lease lia bilit y.
2
1(a) Lease Liability
The expec ted contractual undis counted cash o ut flo ws of l ease liabilities a re a s f ollo ws:
Group
Dollars In T housands
2025 2024
Less than 6 months 1,176 1,110
More than 6 months but within 12 months 1,124 1,156
More than 1 year but within 2 y ear s 2,163 2,227
More than 2 years but within 5 years 6,295 6,232
Af ter 5 y ear s 92,123 93,666
102,881 104,391
The lease lia bility is initi al ly measured at the present value of th e lease payments that ar e not paid at the commencement date,
dis counted using th e inter est ra te implicit in the lease or, if th at rate cannot be readily determined, the Group’s in cre mental borrowing
ra te. Generally, t he G ro up uses i ts in crementa l b orrowin g ra te as t he d iscount r ate.
The Group deter mines its incre mental borrowin g rate by obta in ing interest ra tes fr om va
rious external financing sources and makes
certain a djustments t o refl ect t he t erms o f t he l ease a nd type of t he asset leased.
Lease payments i ncluded in t he measurement of th e le ase li ability compris e th e f ollowing:
- fix ed payments, in cluding in -substance f ix ed payments ;
- variable lease payments that depend on an index or a ra te, initially measured using the in dex or ra te as at the commencement
date;
- amounts expecte d to be payable under a re sidual
v alue guarantee; and
- the exerc ise pric e under a purchase optio n th at th e Group is reasonably certain to exer cise, lease payments in an opti onal
renewal period if the Group is reasonably certain to exerc ise an extension opt ion, and penaltie s for ear ly termin ati on of a lease
unless t he G ro up is r easonably c ertain not to t er minate earl y.
The le ase liabili ty is measured at amortised cost using the eff ective interest method. It is remeasured
when there is a change in
future lease payments aris ing from a change in an index or rate, if th ere is a change in the Group’s estimate of the amount expected
to be payable under a re sidual value guarant ee, if th e Group changes its assessment of whether it wil l exer cise a purchase,
extension o r ter minati on option o r if t here is a re vised in -substa nce f ixed l ease payment.
Millennium & Copthorne Hotels New Zealand Limited
Notes to t he Consol idate d Financial Statements f or the yea r ended 31 December 2025
2
1(a) Lease L iability - continued
When the lease liabil ity is remeasured in this way, a cor re sponding adjustment is made to the carr ying amount of th e ri ght-o f-use
asset, o r is recor ded in profit or loss if th e carr yin g a mount of the right-of- use asset has b een r educed to zero. The G roup pr esents
right-o f-u se assets that do not meet the def inition of investment property in ‘proper ty , plant and equipment’ and le ase liabilitie s in
the S tatement o f Fi nancial P osition.
S
hort-term leases and leases of low-value assets
The Gro up has elected not to re cognise right-o f-u se assets and lease liabili ties for le ases of low-v alue assets and short-term leases,
including IT equipment. The Group recognises th e le ase payments ass ocia ted with these leases as an expense on a st raight -li ne
basis over t he l ease t erm.
2
1(b) Schedule of right-of-use assets by class
Dollars In
Thousands
Lease t erm
Carry ing
value @
01/01/25
Depreciation
on right-o f-
use asset
for the year
Addition
during t he
year
Di sposal
during t he
year
Movement in
foreign
exchange
Carry ing
value @
31/12/25
Land s ites at
hotels
Renewal at 21
year cycles for
perpetuity
19,978
(345) 82
-
- 19,715
Corpora te offi ce
buildi ng and
hotel c arpark
Between 5 to
23 years 5,445 (286) - - - 5,159
Motor vehicle s
Between 12 t o
45 months 460 (270) 206 (34) - 362
Totals
25,883 (901) 288 (34) - 25,236
2
1(c) Schedule of lease liabilities by class
Dollars In
Thousands
Lease t erm
Carry ing
value @
01/01/25
Intere st
expense
for the year
Addition
during t he
year
Di sposal
during t he
year
Lease
payment f or
the y ear
Carry ing
value @
31/12/25
Land s ites at
hotels
Renewal at 21
year cycles for
perpetuity
20,889
1,285 82
-
(1,330) 20,926
Corpora te offi ce
buildi ng and
hotel c arpark
Between 5 to
23 years 5,712 546 - - (645) 5,613
Motor vehicle s
Between 12 t o
45 months 495 48 206 (34) (327) 388
Totals 27,096 1,879 288 (34) (2,302) 26,927
2
1(d) Exemptions and exclusions
Exempted were moto r vehicle leases shorter than 12 months and leased assets with value below $8,000. Excluded were vari able
rentals a nd lease payments. The f ol lowing table s ummariz es these leases by c la ss:
Dollars In T housands
Expense
re cognised in
the P ro fi t & Loss
Lease
commitments @
31/12/25
Lease
commitments
wi thi n one year
Lease
commitments
between one
and 5 years
Lease
commitments
more than 5
years
Short term leases <12
months
123
112
112
-
-
Low value leased assets
35
176
35
141
-
Variable le ase p ayments
under service a nd
management contrac ts
616
21,539
896
3,586
17,057
750,71 727,3 340,1 728,12 477 latoT
2
2. Investment in joint venture
A joint venture is an arrangement in which t he Group has jo in t c ontrol, over t he financial and opera tin g pol ic ies. They are a ccounted
for using th e equity method. The financial st ate ments include th e Group’s share of the income, expenses and re serves of the joi nt
venture fro m the date that join t control commences until the date that join t co ntrol ceases. When the Group’s share of lo sses ex ceeds
its in te re st in an equity accounted in vestee, the carrying amount of that intere st
(i ncluding any long-term investments) is reduced to
nil and th e re cognition of f urther losse s is discontinued except to the extent th at the Group has an obli gatio n or has made payments
on behalf of the join t venture.
MILLENNIUM & COPTHORNE HOTELS NEW ZEALAND LIMITED ANNUAL REPORT 2025 | FIN 28
The accompanying notes form part of, and should be read in conjunction with, these financial statements.
Millennium & Copthorne Hotels New Zealand Limited
Notes to t he Consol idate d Financial Statements f or the yea r ended 31 December 2025
2
0. Group entities - continued
The Group is a bl e to contro l the Copthorne Hotel & Resort Bay of I slands J oin t Venture t hrough its management agreement with the
Joint Venture and is exposed to vari able re turns accordingl y. Therefore , the re sults of the Joint Venture are consoli dated from the
date c ontrol c ommenced until t he date c ontrol c eases.
S
ubsidiaries
Subsidi aries a re entitie s control led by th e Company. The Company controls an entity when it i s exposed t o, or h as ri ghts to, vari able
re turns from its in volvement with the entity and has the ability to aff ect those re tu rn s through its power over the entit y. The financial
sta tements of subsidia ri es are included in the financia l sta tement s from the date that control co mmences until th e date th at control
ceases.
T
r
ansactions eliminated on consolidation
Intra-gro up balances and any unrealis ed gain s and lo sses or inco me and expenses ari sing from intra -group transactions, are
eli minated in pre pari ng the financial sta tements. Unre al is ed gain s ari sing from transactio ns wi th join tly controlled entities are
eli minated to th e extent of th e Group’s in tere st in the entity. Unrealis ed lo sses are eliminated in the same way as unrealised gain s,
but o nl y to t he extent that there is no evidence o f impairment.
2
1. Lease
At inception of a contra ct, the Gro up assesses whether a contract is , or contains, a lease. A contract is, or contains, a lease if the
contrac t conveys the ri ght to contro l th e use of an identified asset for a peri od of time in exchange fo r consideratio n. To assess
whether a c ontract conve ys the ri ght to contr ol th e use o f a n identified asset, the Group u ses t he defin it ion of a l ease in NZ I FRS 16.
This policy is applied t o contracts entered into, on or aft er 1 January 2019.
At commenc
ement o r on modificatio n of a c ontract that contains a lease c omponent, t he Group al lo cates the consideration in the
contrac t to each l ease component on the basis of it s relative stand-alone pri ces.
The Group r ecognises a r ight- of-use asset and a le ase li ability at t he l ease commencement date. The ri ght-o f-u se asset was
re cognised at cost on i ni tia l re cognit ion, which comprised t he ini tia l amount of the l ease liabili ty a dj usted f or any le ase payments
made a t or bef ore the commencem
ent date, p lus any initi al dir ect c osts in cur red and an estimate of c osts t o d ismantle a nd
re move t he underly in g a sset or to re sto re th e u nderlying asset or t he s ite on which it is l ocated, l ess any lease
incentives r eceived.
The right of use asset is depreciated using the straight- line method from the commencement date to the end of th e lease te rm,
unless th e lease transfe rs ownership of th e underlying asset to the Group by the end of the lease te rm or th e
cost of the right-o f-
use asset reflects that th e Group wi ll exer cise a purchase option. In th at ca se th e rig ht-o f-u se asset will be depreciated over the
useful lif e of the underlying asset, which is determined on the same basis as those of pr operty and equipment. In addit ion, the rig ht-
of-use asset is periodically reduced by impairment l osses, if any, and a djuste d f or c ertain re -measur ements of t he lease lia bilit y.
2
1(a) Lease L iability
The expec ted contractual undis counted cash o ut flo ws of l ease liabilities a re a s f ollo ws:
Group
Dollars In T housands
2025 2024
Less than 6 months 1,176 1,110
More than 6 months but within 12 months 1,124 1,156
More than 1 year but within 2 y ear s 2,163 2,227
More than 2 years but within 5 years 6,295 6,232
Af ter 5 y ear s 92,123 93,666
102,881 104,391
The lease lia bility is initi al ly measured at the present value of th e lease payments that ar e not paid at the commencement date,
dis counted using th e inter est ra te implicit in the lease or, if th at rate cannot be readily determined, the Group’s in cre mental borrowing
ra te. Generally, t he G ro up uses i ts in crementa l b orrowin g ra te as t he d iscount r ate.
The Group deter mines its incre mental borrowin g rate by obta in ing interest ra tes fr om va
rious external financing sources and makes
certain a djustments t o refl ect t he t erms o f t he l ease a nd type of t he asset leased.
Lease payments i ncluded in t he measurement of th e le ase li ability compris e th e f ollowing:
- fix ed payments, in cluding in -substance f ix ed payments ;
- variable lease payments that depend on an index or a ra te, initially measured using the in dex or ra te as at the commencement
date;
- amounts expecte d to be payable under a re sidual
v alue guarantee; and
- the exerc ise pric e under a purchase optio n th at th e Group is reasonably certain to exer cise, lease payments in an opti onal
renewal period if the Group is reasonably certain to exerc ise an extension opt ion, and penaltie s for ear ly termin ati on of a lease
unless t he G ro up is r easonably c ertain not to t er minate earl y.
The le ase liabili ty is measured at amortised cost using the eff ective interest method. It is remeasured
when there is a change in
future lease payments aris ing from a change in an index or rate, if th ere is a change in the Group’s estimate of the amount expected
to be payable under a re sidual value guarant ee, if th e Group changes its assessment of whether it wil l exer cise a purchase,
extension o r ter minati on option o r if t here is a re vised in -substa nce f ixed l ease payment.
Millennium & Copthorne Hotels New Zealand Limited
Notes to t he Consol idate d Financial Statements f or the yea r ended 31 December 2025
2
1(a) Lease Liability - continued
When the lease liabil ity is remeasured in this way, a cor re sponding adjustment is made to the carr ying amount of th e ri ght-o f-use
asset, o r is recor ded in profit or loss if th e carr yin g a mount of the right-of- use asset has b een r educed to zero. The G roup pr esents
right-o f-u se assets that do not meet the def inition of investment property in ‘proper ty , plant and equipment’ and le ase liabilitie s in
the S tatement o f Fi nancial P osition.
S
hort-term leases and leases of low-value assets
The Gro up has elected not to re cognise right-o f-u se assets and lease liabili ties for le ases of low-v alue assets and short-term leases,
including IT equipment. The Group recognises th e le ase payments ass ocia ted with these leases as an expense on a st raight -li ne
basis over t he l ease t erm.
2
1(b) Schedule of right-of-use assets by class
Dollars In
Thousands
Lease t erm
Carry ing
value @
01/01/25
Depreciation
on right-o f-
use asset
for the year
Addition
during t he
year
Di sposal
during t he
year
Movement in
foreign
exchange
Carry ing
value @
31/12/25
Land s ites at
hotels
Renewal at 21
year cycles for
perpetuity
19,978
(345) 82
-
- 19,715
Corpora te offi ce
buildi ng and
hotel c arpark
Between 5 to
23 years 5,445 (286) - - - 5,159
Motor vehicle s
Between 12 t o
45 months 460 (270) 206 (34) - 362
Totals
25,883 (901) 288 (34) - 25,236
2
1(c) Schedule of lease liabilities by class
Dollars In
Thousands
Lease t erm
Carry ing
value @
01/01/25
Intere st
expense
for the year
Addition
during t he
year
Di sposal
during t he
year
Lease
payment f or
the y ear
Carry ing
value @
31/12/25
Land s ites at
hotels
Renewal at 21
year cycles for
perpetuity
20,889
1,285 82
-
(1,330) 20,926
Corpora te offi ce
buildi ng and
hotel c arpark
Between 5 to
23 years 5,712 546 - - (645) 5,613
Motor vehicle s
Between 12 t o
45 months 495 48 206 (34) (327) 388
Totals 27,096 1,879 288 (34) (2,302) 26,927
2
1(d) Exemptions and exclusions
Exempted were moto r vehicle leases shorter than 12 months and leased assets with value below $8,000. Excluded were vari able
rentals a nd lease payments. The f ol lowing table s ummariz es these leases by c la ss:
Dollars In T housands
Expense
re cognised in
the P ro fi t & Loss
Lease
commitments @
31/12/25
Lease
commitments
wi thi n one year
Lease
commitments
between one
and 5 years
Lease
commitments
more than 5
years
Short term leases <12
months
123
112
112
-
-
Low value leased assets
35
176
35
141
-
Variable le ase p ayments
under service a nd
management contrac ts
616
21,539
896
3,586
17,057
750,71 727,3 340,1 728,12 477 latoT
2
2. Investment in joint venture
A joint venture is an arrangement in which t he Group has jo in t c ontrol, over t he financial and opera tin g pol ic ies. They are a ccounted
for using th e equity method. The financial st ate ments include th e Group’s share of the income, expenses and re serves of the joi nt
venture fro m the date that join t control commences until the date that join t co ntrol ceases. When the Group’s share of lo sses ex ceeds
its in te re st in an equity accounted in vestee, the carrying amount of that intere st
(i ncluding any long-term investments) is reduced to
nil and th e re cognition of f urther losse s is discontinued except to the extent th at the Group has an obli gatio n or has made payments
on behalf of the join t venture.
FIN 29 | MILLENNIUM & COPTHORNE HOTELS NEW ZEALAND LIMITED ANNUAL REPORT 2025
The accompanying notes form part of, and should be read in conjunction with, these financial statements.
Millennium & Copthorne Hotels New Zealand Limited
Notes to t he Consol idate d Financial Statements f or the yea r ended 31 December 2025
2
2. Investment in joint venture – continued
In 2023, the Group through Kingsgate Holdi ngs P ty Limited (100% subsidi ary) formed a 50:50 joint venture with i ts Parent Company
to acquire the l easehold a ssets a nd t he freehold assets o f the S ofitel Brisbane Central hotel in Queensland, Australia . The jo in t
venture is Marquee Hotel Holdings Pty Li mited. Within the Marquee Hotel Holdings group, there are six wholly o wned entities.
Marquee Hotel Holdi ngs group completed the acquisition of the Sofitel Brisbane Central on 15 December 2023. The hotel i s
managed by a n external hotel management g roup.
Th
e Group’s share o f profit in it s jo int v enture for the year was $2.639m (2024: $1.508m).
Principal Activity
Principal
Place of
B
usiness
Group
Holding
%
2
025
Marquee Hotel Holdings Pty Limited Invest ment Holdin g Austra li a 50.00
100% owned subsidi aries o f Marquee
:era detimiL ytP sgnidloH letoH
Marquee Bri sbane Hotel Pt y Li mited Truste e Company of Marquee Brisbane Hotel T ru st Austra li a
Marquee Bri sbane Hotel Trust Lessee of l easehold assets e xpiri ng 30 December 2057 Austra li a
Marquee Bri sbane Hotel 2 Pt y L imited Truste e Company of Marquee Bri sbane Hotel 2 T ru st Austra li a
Marquee Bri sbane Hotel 2 Trust Lessee of l easehold assets e xpiri ng 24 May 2120 Austra li a
Marquee Hotel Operations Pt y L im ited Truste e Company of Marquee Hotel Operations P ty Trust Austra li a
Marquee Hotel Operations Pt y Trust Hote l Assets a nd Operatio ns Austra li a
Summary financia l in formatio n for joi nt venture, n ot adjus ted for the perc entage ownership hel d by the Group:
Group Group
Dollars In T housands
2025 2024
Non-curr ent as sets
208,686 203,903
Current a ssets
36,643 26,112
Non-curr ent li abil ities
(3,584) (1 ,382)
Current li abi li ties
(1 39,326) (135,525)
Net assets (100%)
102,419 93,108
Group’s share (50%)
51,209 46,554
The current assets balance o f the j oint v enture in cludes a ca sh and cash equi valents b al ance o f $32.23m (2024:$21.74m). The
curr ent li abil ities b al ance o f the joint v enture i ncludes bala nces owing to shareholders of $128.15m (2024:$125.87m).
Group Group
2025 2024
Revenue
58,077 53,470
Operatin g profit/(l oss)
9,072 6,074
Intere st (expense)/income
(1 ,013) (1 ,756)
Income t ax expense
(2,781) (1 ,301)
Profit for the year (100%)
5,278 3,017
Group’s share o f profit (50%)
2,639 1,508
Movements in t he carrying value o f jo in t venture :
Group Group
2025 2024
Balance at 1 January
46,554 43,943
Purchase o f in vestment
- -
Share of profit for the year
2,639 1,508
Fore ign exchange adju stments
2,016 1,103
Balance at 31 December
51,209 46,554
Millennium & Copthorne Hotels New Zealand Limited
Notes to t he Consol idate d Financial Statements f or the yea r ended 31 December 2025
2
3. Non-controlling interests (“NCI”)
The follo wi ng subsidi ary h as mate ri al NCI.
Principal A cti vit y
Principal
Place o f
Busines s
Holding %
2025
Holding %
2024
CDL I nvest ments New Z ealand Limited “ CDI”
Property Investment a nd
Development NZ 34.88 34.69
The follo wi ng is t he summari sed financial information for CDL Investments New Z ealand Limited and subsidia ry. The in formation is
before i ntercompany e li minations wi th other companies i n the Group.
C
DI Group
Dollars In T housands
2025 2024
950,94 711,83 euneveR
183,51 660,11 xat retfa tiforP
633,5 068,3 ICN ot elbatubirtta tiforP
- - emocni evisneherpmoc rehtO
Total comprehensiv e in come 11,066 15,381
Other comprehensiv e in come attributable to N CI
3,860 5,336
stessa tnerruC
37,569 70,172
stessa tnerruc-noN
294,056 258,450
seitilibail tnerruC
(5 ,989) (4 ,593)
)773,4( )854,4( seitilibail tnerruc-noN
256,913 871,123 stessa teN
Ne
t assets attributable to NCI 112,027 110,887
C
DI Group
Dollars In T housands
2025 2024
)921,8( )847,9( seitivitca gnitarepo morf wolftuo hsaC
794,84 )065( seitivitca gnitsevni morf wolfni hsaC
)427,9( )318,9( seitivitca gnicnanif morf wolftuo hsaC
stnelaviuqe hsac dna hsac ni )esaerced(/esaercni teN(
20,121) 30,644
D
ivi dends paid to NCI during the year 3,543 3,507
2
4. Subsequent events
On 24 February 2026, an ord inary di vidend of 3.0 cents per quali fying share and a supplementary dividend of 0.0053 cents per
qualify ing share were decla red by th e Dire cto rs . Details a re in Note 7 .
MILLENNIUM & COPTHORNE HOTELS NEW ZEALAND LIMITED ANNUAL REPORT 2025 | FIN 30
The accompanying notes form part of, and should be read in conjunction with, these financial statements.
Millennium & Copthorne Hotels New Zealand Limited
Notes to t he Consol idate d Financial Statements f or the yea r ended 31 December 2025
2
2. Investment in joint venture – continued
In 2023, the Group through Kingsgate Holdi ngs P ty Limited (100% subsidi ary) formed a 50:50 joint venture with i ts Parent Company
to acquire the l easehold a ssets a nd t he freehold assets o f the S ofitel Brisbane Central hotel in Queensland, Australia . The jo in t
venture is Marquee Hotel Holdings Pty Li mited. Within the Marquee Hotel Holdings group, there are six wholly o wned entities.
Marquee Hotel Holdi ngs group completed the acquisition of the Sofitel Brisbane Central on 15 December 2023. The hotel i s
managed by a n external hotel management g roup.
Th
e Group’s share o f profit in it s jo int v enture for the year was $2.639m (2024: $1.508m).
Principal Activi ty
Principal
Place of
B
usiness
Group
Holding
%
2
025
Marquee Hotel Holdings Pty Limited Invest ment Holdin g Austra li a 50.00
100% owned subsidi aries o f Marquee
:era detimiL ytP sgnidloH letoH
Marquee Bri sbane Hotel Pt y Li mited Truste e Company of Marquee Brisbane Hotel T ru st Austra li a
Marquee Bri sbane Hotel Trust Lessee of l easehold assets e xpiri ng 30 December 2057 Austra li a
Marquee Bri sbane Hotel 2 Pt y L imited Truste e Company of Marquee Bri sbane Hotel 2 T ru st Austra li a
Marquee Bri sbane Hotel 2 Trust Lessee of l easehold assets e xpiri ng 24 May 2120 Austra li a
Marquee Hotel Operations Pt y L im ited Truste e Company of Marquee Hotel Operations P ty Trust Austra li a
Marquee Hotel Operations Pt y Trust Hote l Assets a nd Operatio ns Austra li a
Summary financia l in formatio n for joi nt venture, n ot adjus ted for the perc entage ownership hel d by the Group:
Group Group
Dollars In T housands
2025 2024
Non-curr ent as sets
208,686 203,903
Current a ssets
36,643 26,112
Non-curr ent li abil ities
(3,584) (1 ,382)
Current li abi li ties
(1 39,326) (135,525)
Net assets (100%)
102,419 93,108
Group’s share (50%)
51,209 46,554
The current assets balance o f the j oint v enture in cludes a ca sh and cash equi valents b al ance o f $32.23m (2024:$21.74m). The
curr ent li abil ities b al ance o f the joint v enture i ncludes bala nces owing to shareholders of $128.15m (2024:$125.87m).
Group Group
2025 2024
Revenue
58,077 53,470
Operatin g profit/(l oss)
9,072 6,074
Intere st (expense)/income
(1 ,013) (1 ,756)
Income t ax expense
(2,781) (1 ,301)
Profit for the year (100%)
5,278 3,017
Group’s share o f profit (50%)
2,639 1,508
Movements in t he carrying value o f jo in t venture :
Group Group
2025 2024
Balance at 1 January
46,554 43,943
Purchase o f in vestment
- -
Share of profit for the year
2,639 1,508
Fore ign exchange adju stments
2,016 1,103
Balance at 31 December
51,209 46,554
Millennium & Copthorne Hotels New Zealand Limited
Notes to t he Consol idate d Financial Statements f or the yea r ended 31 December 2025
2
3. Non-controlling interests (“NCI”)
The follo wi ng subsidi ary h as mate ri al NCI.
Principal A cti vit y
Principal
Place o f
Busines s
Holding %
2025
Holding %
2024
CDL I nvest ments New Z ealand Limited “ CDI”
Property Investment a nd
Development NZ 34.88 34.69
The follo wi ng is t he summari sed financial information for CDL Investments New Z ealand Limited and subsidia ry. The in formation is
before i ntercompany e li minations wi th other companies i n the Group.
C
DI Group
Dollars In T housands
2025 2024
950,94 711,83 euneveR
183,51 660,11 xat retfa tiforP
633,5 068,3 ICN ot elbatubirtta tiforP
- - emocni evisneherpmoc rehtO
Total comprehensiv e in come 11,066 15,381
Other comprehensiv e in come attributable to N CI
3,860 5,336
stessa tnerruC
37,569 70,172
stessa tnerruc-noN
294,056 258,450
seitilibail tnerruC
(5 ,989) (4 ,593)
)773,4( )854,4( seitilibail tnerruc-noN
256,913 871,123 stessa teN
Net assets attributable to NCI 112,027 110,887
C
DI Group
Dollars In T housands
2025 2024
)921,8( )847,9( seitivitca gnitarepo morf wolftuo hsaC
794,84 )065( seitivitca gnitsevni morf wolfni hsaC
)427,9( )318,9( seitivitca gnicnanif morf wolftuo hsaC
stnelaviuqe hsac dna hsac ni )esaerced(/esaercni teN(20,121) 30,644
Dividends paid to NCI during the year 3,543 3,507
2
4. Subsequent events
On 24 February 2026, an ord inary di vidend of 3.0 cents per quali fying share and a supplementary dividend of 0.0053 cents per
qualify ing share were decla red by th e Dire cto rs . Details a re in Note 7 .
FIN 31 | MILLENNIUM & COPTHORNE HOTELS NEW ZEALAND LIMITED ANNUAL REPORT 2025
© 2026 KPMG, a New Zealand Partnership and a member firm of the KPMG global organisation of independent member firms affiliated with KPMG International Limited,
a private English company limited by guarantee. All rights reserved.
Document classification: KPMG Public
© 2026 KPMG, a New Zealand Partnership and a member firm of the KPMG global organisation 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
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 2025;
- the consolidated income statement, consolidated
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 - 30 present
fairly in all material respects:
- the Group’s financial position as at 31
December 2025 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) 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 tax compliance, tax advisory services as well as
limited assurance work on climate related disclosure. 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.
2
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 $1.92m determined with reference to a benchmark of the Group’s profit before tax. 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 consolidated financial statements as a whole and we do not express discrete opinions on separate
elements of the consolidated 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 consolidated
financial statements.
Impairment of hotel assets is a key
audit matter given the magnitude of
the balance (hotel assets being 40%
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 slower economic
growth, geopolitical unrest, slower
than expected recovery from COVID-
19, excess supply in some markets
and difficult low season trading
conditions continue to affect
occupancy rates and Average Daily
Our audit procedures included:
• Organising hotel visits for a sample of selected hotels and
assessing if there are any impairment indicators such as physical
damages and poor condition or major refurbishments.
• 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. Identify specific hotels with impairment indicators.
• Assessing the scope of work performed, competency, professional
qualifications, independence, and experience of the external
valuer(s) engaged by the Group. This included direct enquiry and
challenging the methods and assumptions used by external
valuer(s).
• Assessing the Group’s key valuation assumptions aforementioned
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
subsidiaries (the Group) on pages FIN 1 - FIN 30
present fairly in all material respects:
MILLENNIUM & COPTHORNE HOTELS NEW ZEALAND LIMITED ANNUAL REPORT 2025 | FIN 32
2
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 $1.92m determined with reference to a benchmark of the Group’s profit before tax. 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 consolidated financial statements as a whole and we do not express discrete opinions on separate
elements of the consolidated 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 consolidated
financial statements.
Impairment of hotel assets is a key
audit matter given the magnitude of
the balance (hotel assets being 40%
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 slower economic
growth, geopolitical unrest, slower
than expected recovery from COVID-
19, excess supply in some markets
and difficult low season trading
conditions continue to affect
occupancy rates and Average Daily
Our audit procedures included:
• Organising hotel visits for a sample of selected hotels and
assessing if there are any impairment indicators such as physical
damages and poor condition or major refurbishments.
• 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. Identify specific hotels with impairment indicators.
• Assessing the scope of work performed, competency, professional
qualifications, independence, and experience of the external
valuer(s) engaged by the Group. This included direct enquiry and
challenging the methods and assumptions used by external
valuer(s).
• Assessing the Group’s key valuation assumptions aforementioned
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
FIN 33 | MILLENNIUM & COPTHORNE HOTELS NEW ZEALAND LIMITED ANNUAL REPORT 2025
3
The key audit matter How the matter was addressed in our audit
Rates, which could in turn impact
hotel valuations.
external valuations, financial performance and recent
market evidence presented by the valuer(s).
• 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 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 sale. 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:
Our audit procedures included:
• Evaluating the Group’s accounting policy for capitalisation of
development costs against NZ IAS 2;
• Testing the design and implementation, as well as operating
effectiveness of internal review of allocation of costs to projects or
stages;
• Testing samples of capitalised development costs and vouched to
supporting documents. For each selected sample, we:
• Considered the nature of the costs capitalised and evaluated
whether they are eligible for capitalisation under NZ IAS 2;
• Assessed the appropriateness of the allocation of cost to the
individual project and stages;
• Compared the amount capitalised against amounts per supporting
documents;
• Inspecting Sales and Purchase Agreements, settlement
statements and cash payments for land acquisitions during the
reporting period. We further assessed the accounting treatment for
unsettled land acquisitions for which the Group has paid a deposit
prior to the year-end;
• Performing analytical procedures to assess appropriateness of the
margins across periods of sale;
4
The key audit matter How the matter was addressed in our audit
• 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.
• Performing a retrospective review of the forecast costs and cost of
sales to assess management’s ability to forecast future costs
accurately based on readily available information;
• 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 standards;
• Assessing the accuracy and completeness of disclosures made in
the Consolidated Financial Statements of the Group against
results of our testing and against the requirements of the
accounting standards.
Our testing did not identify any material exceptions related to the
capitalisation of 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. The other information comprises
the Chairman and Managing Director’s review, NZX Results Announcement, and Media Release (but does not
include the consolidated financial statements and our auditor’s report thereon), which we obtained prior to the
date of this auditor’s report, and the Group’s Annual Report which is expected to be made available to us after
that date.
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.
When we read the Group’s Annual Report, if we conclude that there is a material misstatement therein, we are
required to communicate the matter to directors and use our professional judgement to determine the appropriate
action to take.
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.
4
The key audit matter How the matter was addressed in our audit
• 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.
• Performing a retrospective review of the forecast costs and cost of
sales to assess management’s ability to forecast future costs
accurately based on readily available information;
• 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 standards;
• Assessing the accuracy and completeness of disclosures made in
the Consolidated Financial Statements of the Group against
results of our testing and against the requirements of the
accounting standards.
Our testing did not identify any material exceptions related to the
capitalisation of 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. The other information comprises
the Chairman and Managing Director’s review, NZX Results Announcement, and Media Release (but does not
include the consolidated financial statements and our auditor’s report thereon), which we obtained prior to the
date of this auditor’s report, and the Group’s Annual Report which is expected to be made available to us after
that date.
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.
When we read the Group’s Annual Report, if we conclude that there is a material misstatement therein, we are
required to communicate the matter to directors and use our professional judgement to determine the appropriate
action to take.
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.
MILLENNIUM & COPTHORNE HOTELS NEW ZEALAND LIMITED ANNUAL REPORT 2025 | FIN 34
4
The key audit matter How the matter was addressed in our audit
• 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.
• Performing a retrospective review of the forecast costs and cost of
sales to assess management’s ability to forecast future costs
accurately based on readily available information;
• 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 standards;
• Assessing the accuracy and completeness of disclosures made in
the Consolidated Financial Statements of the Group against
results of our testing and against the requirements of the
accounting standards.
Our testing did not identify any material exceptions related to the
capitalisation of 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. The other information comprises
the Chairman and Managing Director’s review, NZX Results Announcement, and Media Release (but does not
include the consolidated financial statements and our auditor’s report thereon), which we obtained prior to the
date of this auditor’s report, and the Group’s Annual Report which is expected to be made available to us after
that date.
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.
When we read the Group’s Annual Report, if we conclude that there is a material misstatement therein, we are
required to communicate the matter to directors and use our professional judgement to determine the appropriate
action to take.
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.
4
The key audit matter How the matter was addressed in our audit
• 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.
• Performing a retrospective review of the forecast costs and cost of
sales to assess management’s ability to forecast future costs
accurately based on readily available information;
• 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 standards;
• Assessing the accuracy and completeness of disclosures made in
the Consolidated Financial Statements of the Group against
results of our testing and against the requirements of the
accounting standards.
Our testing did not identify any material exceptions related to the
capitalisation of 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. The other information comprises
the Chairman and Managing Director’s review, NZX Results Announcement, and Media Release (but does not
include the consolidated financial statements and our auditor’s report thereon), which we obtained prior to the
date of this auditor’s report, and the Group’s Annual Report which is expected to be made available to us after
that date.
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.
When we read the Group’s Annual Report, if we conclude that there is a material misstatement therein, we are
required to communicate the matter to directors and use our professional judgement to determine the appropriate
action to take.
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.
FIN 35 | MILLENNIUM & COPTHORNE HOTELS NEW ZEALAND LIMITED ANNUAL REPORT 2025
5
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 Matthew Wilcox.
For and on behalf of:
KPMG
Auckland
24 February 2026
https://www.xrb.govt.nz/standards/assurance-standards/auditors-responsibilities/audit-report-1-1/
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CG 1 | MILLENNIUM & COPTHORNE HOTELS NEW ZEALAND LIMITED ANNUAL REPORT 2025
MILLENNIUM & COPTHORNE HOTELS NEW ZEALAND LIMITED
CORPORATE GOVERNANCE STATEMENT
This Corporate Governance Statement
summarises the approach of Millennium
& Copthorne Hotels New Zealand Limited
(“MCK”) to applying the principles and
recommendations outlined in the NZX
Corporate Governance Code dated 31
January 2025 (the “NZX Code”), including
where our practice differs from the
recommendations under the Code. This
Corporate Governance Statement reports
on MCK’s corporate governance matters
in respect of the financial year ending 31
December 2025 and is current as at 31
December 2025. It has been approved
by the board of directors of MCK.
In late 2023 and early 2024, MCK
undertook a review of our key corporate
governance documentation (including
committee charters and key policies and
procedures) (the Corporate Governance
Review). Following the completion of
the Corporate Governance Review, in
February and March 2024, the Board
resolved to approve and adopt updated
versions of the relevant documentation.
The Company’s constitution, the Board
and committee charters, any of the
other charters or other governance
documents referred to in this statement
are available to view on our website at
https://mckhotels.co.nz/investors/.
PRINCIPLE 1 – ETHICAL STANDARDS
Directors should set high standards of
ethical behaviour, model this behaviour
and hold management accountable
for these standards being followed
throughout the organisation.
Following completion of the Corporate
Governance Review, in February 2024,
the Board adopted an updated version
of the Code of Ethics that applies to
directors and employees of MCK. The
Code of Ethics outlines internal reporting
procedures for any breach of ethics,
and describes MCK’s expectations about
behaviour. A copy of the Code of Ethics
is available on the Company’s website.
The updated Code of Ethics has
been communicated to all directors
and employees of the Company.
MCK regularly conducts training on
compliance with ethical standards
with its directors and employees.
In addition to the Code of Ethics, MCK
has a Code of Conduct which applies
to all of MCK’s employees. All of MCK’s
employees are expected to act in the
best interests of MCK and to enhance the
reputation of the company. MCK also has
a number of operational policies which
must be followed by employees, and the
MCK Code of Conduct forms part of each
employee’s employment agreement.
MCK also believes in fair dealing
with its customers and suppliers,
shareholders, employees and other
stakeholders and external third parties.
All Directors have access to the
Company Secretary at any time as well
as independent legal, financial or other
professional advice at the expense of
the company as may be required.
MCK has a Whistleblowing Policy
which extends to all management and
employees. The Whistleblowing Policy
facilitates the disclosure and impartial
investigation of any serious wrongdoing.
This policy advises employees of their
right to disclose serious wrongdoing,
and sets out the Company’s internal
procedures for receiving and dealing
with such disclosures. The policy
is consistent with, and facilitates,
the Protected Disclosures Act 2000
and is supported by the Board.
MCK has a financial product trading
policy which applies to all employees and
directors. Our financial product trading
policy was updated in March 2026 as part
of the Corporate Governance Review.
Our financial product trading policy is
available on the Company’s website.
PRINCIPLE 2 – BOARD COMPOSITION
AND PERFORMANCE
To ensure an effective Board,
there should be a balance of
independence, skills, knowledge,
experience and perspectives.
Background
MCK’s Board has responsibility, control
and oversight of the business activities,
strategic direction and the governance
of MCK and its subsidiary companies. It
looks at how the company is operating,
how risk and compliance are managed,
approving financial and other reports
and capital expenditure and reporting to
MCK’s shareholders. The Board approves
MCK’s budgets and business plans as
well as significant projects, and has
statutory obligations for other matters
such as the payments of dividends
and the issue of shares. The Board is
accountable to MCK’s shareholders
for the company’s performance.
The Board adopted a written charter
in March 2024 as part of the Corporate
Governance Review. The Board Charter
sets out the roles and responsibilities
of the Board. The Board Charter is
available in the Policies and Charters
section of the Company’s website.
Certain powers are delegated to Board
Committees and Subcommittees.
The role of the Committees is
detailed under Principle 3.
Day-to-day management is delegated
to the Managing Director and
senior management. The levels of
authority are approved by way of a
Delegated Authorities Manual, which is
reviewed by the Audit Committee and
ultimately approved by the Board.
Nomination Process
Appointments to the Board are generally
considered by the Board as a whole,
and the Board takes into account the
skills required to allow it to carry out
its functions and governance role.
If necessary, a Board subcommittee
will be formed to assess nominees.
As part of the appointment process,
checks are completed which include
the nominee’s business experience,
qualifications and good character. If
appointed, a director will receive a
letter formalising their appointment.
The letter confirms the key terms and
conditions of appointment and is signed
by both the Chair and the Director.
Assess Director, Board and
Committee Performance
The Board’s procedure for regularly
assessing director, board and
committee performance is set out
in the Board Charter, which was
adopted in March 2024 as part of the
Corporate Governance Review.
Board Composition
MCK’s Constitution specifies a minimum
number of three directors and a
maximum number of nine directors
at any one time. Two directors must
ordinarily be living in New Zealand. In
line with the NZX Main Board Listing
Rules, MCK is required to have at
least two Independent Directors.
Independence Determinations
MCK has determined that its Chair,
Colin Sim, Graham McKenzie and Leslie
Preston are Independent Directors
for the purposes of the NZX Listing
Rules. Messrs Hangchi, Harrison,
and Kwek are not considered by the
Board to be Independent Directors.
When assessing independence, the
Board holistically considers the interests
and relationships of a director that could
affect the determination, including having
regard to (but not limited to) the factors
set out in Table 2.4 of the NZX Code.
The Board considers Graham McKenzie
to be an Independent Director for the
purposes of the NZX Listing Rules despite
him being a director of MCK for more
than 12 years. Mr McKenzie was first
appointed to the MCK Board in 2006. The
Board believes that the length of time Mr
McKenzie has been a director of MCK has
not impacted his ability to act objectively
MILLENNIUM & COPTHORNE HOTELS NEW ZEALAND LIMITED ANNUAL REPORT 2025 | CG 2
or adequately monitor management.
Mr McKenzie was re-elected at the 2025
annual meeting of shareholders after one
of MCK’s larger minority shareholders
requested him to reconsider his
position and seek re-election. That
shareholder believed that it would be
beneficial to minority shareholders
for MCK to retain three independent
directors (of a board of directors of
six) and also Mr McKenzie’s experience
with the Company. Mr McKenzie was
also part of the Independent Directors’
Committee, which led the Company’s
response to the takeover offer by MCK’s
major shareholder in early 2025. Mr
McKenzie will be seeking re-election
for a further one year term at the 2026
annual meeting of shareholders.
During the 2025 financial year, MCK
did not comply with recommendation
2.8 of the Code. That recommendation
requires a majority of the Board to be
Independent Directors for the purposes
of the NZX Listing Rules. MCK did not
follow this recommendation because
its largest shareholder holds more
than 50% of the shares in the Company
and believes that it is reasonable for
Independent Directors to not comprise
a majority of the directors in those
circumstances. The Company notes that
non-Independent Directors equally do
not comprise a majority of the directors
(only 50%), only two of the three non-
Independent Directors are associated
with the Company’s major shareholder,
the Chair is an Independent Director
and the Chair has a casting vote. Given
these matters, no alternative governance
practice was adopted in lieu of the
recommendation during the period.
MCK’s Chair is an Independent Director
and is not the Managing Director.
Board Meetings
Board meetings are generally
held quarterly, with additional
meetings convened when required.
The table below details Directors’
attendances during 2025.
DirectorMeetings Attended
in 2025
Colin Sim (Chair)4/5
Stuart Harrison
(Managing Director)
5/5
Kevin Hangchi5/5
Eik Sheng Kwek5/5
Graham McKenzie4/5
Leslie Preston5/5
Skills
In 2022, the Board revised its Skills Matrix
to demonstrate the skills, experience
and diversity of its Board. For 2025,
MCK’s Board Skills Matrix is as follows:
Skill/AttributeRelevant Director
Retail, marketing,
brand and sales
experience
Preston
Governance
experience
Hangchi, Harrison,
Kwek, McKenzie,
Preston, Sim
Large enterprise/
multinational
business or
leadership
experience
Hangchi, Harrison,
Kwek, Preston, Sim
Accounting/finance/
tax experience
Hangchi, Harrison,
Kwek, Preston
Legal or regulatory
knowledge and
experience
Hangchi, Harrison,
McKenzie
Business strategy
experience
Harrison, Kwek,
Preston, Sim
Property
development/
management
experience
Harrison, Kwek, Sim
Training
Directors undertake their own training to
remain current on how to best perform
their duties as directors of MCK. Under
the Board Charter, MCK will provide
specific training to directors as required.
Diversity and Inclusion Policy
MCK updated its Diversity Policy in 2024.
The key elements of MCK’s Diversity
Policy are to promote diversity and
inclusion in the workplace, hold its
leaders accountable for promoting
same by making employees aware
of the policy, modelling appropriate
behaviour and supporting initiatives,
ensuring that all employees and
contractors receive equal and fair
treatment in all respect of the company’s
employment policies and practices
and ensure that there is support in
place for anyone who feels that they
are now acknowledged or respected.
Reporting will be done transparently
and all employees are required to
act in accordance with the policy.
The Board is satisfied that MCK’s
current practices are in line with
the updated Diversity Policy.
PRINCIPLE 3 – BOARD COMMITTEES
The Board should use committees
where this will enhance its
effectiveness in key areas while still
retaining board responsibility.
Committees help the Board in carrying
out its responsibilities and MCK
currently has two standing committees,
being the Audit Committee and
the Remuneration Committee.
MCK does not currently have a
Nominations Committee because
nominations and appointments are
generally considered by the Board as
a whole. The process for appointing
directors is set out under Principle 2.
The Board also forms other
subcommittees as and when required
to address specific issues that arise.
Audit Committee
The Audit Committee is comprised
solely of Independent Directors and
has an Independent Director (who
is not the Board Chair) as Chair.
The current members of the Audit
Committee are Leslie Preston (Chair),
Graham McKenzie and Colin Sim.
The Audit Committee operates
under a written charter. The Audit
Committee Charter is available in
the Policies and Charters section
of the Company’s website.
The table below reports
attendance of the Audit Committee
members during 2025:
DirectorMeetings Attended
in 2025
Leslie Preston3/3
Graham McKenzie3/3
Colin Sim 2/3
Employees attend meetings of the
Audit Committee at the invitation
of the Committee only.
Remuneration Committee
The objectives of the Remuneration
Committee are to help the Board
establish coherent remuneration
policies and practices which:
• enable the Company to attract, retain
and motivate key management
personnel and Directors (executive
and non-executive) who will
create value for shareholders;
• fairly and reasonably reward senior
management of the Company
(including executive Directors),
having regard to the performance
of the Company, the performance
of senior management and the
general pay environment; and
CG 3 | MILLENNIUM & COPTHORNE HOTELS NEW ZEALAND LIMITED ANNUAL REPORT 2025
• comply with the provisions of any
relevant legislation, the NZX Listing
Rules and any other statutory
or regulatory requirements.
The current members of the
Remuneration Committee are Leslie
Preston, Graham McKenzie and
Eik Sheng Kwek. Ms Preston was
appointed to the Remuneration
Committee in December 2023, and
the Committee therefore comprises a
majority of independent directors.
The Remuneration Committee
operates under a written charter. The
Remuneration Committee Charter is
available in the Policies and Charters
section of the Company’s website.
Employees attend meetings of the
Remuneration Committee only at
the invitation of the Committee.
The Remuneration Committee
met once in 2025.
Takeover Protocols
In February 2024, as part of the
Corporate Governance Review, the
Board adopted written protocols that
set out the procedure to be followed
if there is a takeover offer for the
Company (the Takeover Protocols).
Takeover Response Committee
In January 2025, after receiving a
takeover notice from the Company’s
major shareholder CDL Hotels Holdings
New Zealand Limited (CDLHHNZ) for all
of the ordinary shares that CDLHHNZ
did not already own, MCK’s independent
directors formed a Takeover Response
Committee (TRC) chaired by Leslie
Preston together with Colin Sim and
Graham McKenzie to consider the
Company’s response to the takeover
notice and the ensuing takeover offer. All
members of the TRC continued to meet
regularly from January 2025 until the
expiry of the takeover offer in May 2025.
MCK did not comply with
recommendation 3.5 of the Code
to the extent that the TRC did not
operate under a written charter. The
reason for this is that the Takeover
Protocols already provide guidance
on how the TRC is to be formed and
the procedures it should follow.
PRINCIPLE 4 – REPORTING
& DISCLOSURE
The Board should demand integrity
in financial and non-financial
reporting and in the timeliness and
balance of corporate disclosures.
Continuous Disclosure Policy
As an NZX-listed entity, MCK
recognises the need to ensure that
it is fully compliant with its reporting
and disclosure obligations and has
in place a Continuous Disclosure
Policy (CDP) which applies to MCK,
its subsidiaries (Group), and all their
respective directors and employees.
The Board has appointed the Chair,
the Chair of the Audit Committee,
the Managing Director, the Company
Secretary and the Vice President
Finance to act as MCK’s Continuous
Disclosure Committee (the Disclosure
Committee). A quorum of the Disclosure
Committee shall consist of no less
than three (3) of these persons.
The Disclosure Committee
is responsible for:
• determining what information
amounts to material information
and must be disclosed;
• determining the timing of
disclosure of any information
in accordance with the CDP;
• approving the content of any
disclosure to NZX (including matters
not directly covered by the CDP);
• ensuring that all employees and
directors within the Group whom the
Committee considers appropriate
receive a copy of the CDP and
appropriate training with respect to it;
• developing mechanisms designed
to identify potential material
information (e.g., agenda items in
management meetings); and
• liaising with legal advisers in respect
of MCK’s compliance with its
continuous disclosure obligations.
The CDP was updated as part of the
Corporate Governance Review and is
available in the Policies and Charters
section of the Company’s website.
Key Governance Documents
on the Website
As mentioned at the start of this
Corporate Governance Statement, the
Company’s key governance documents
are available in the Policies and Charters
section of the Company’s website.
PRINCIPLE 5 – REMUNERATION
The remuneration of directors and
executives should be transparent,
fair and reasonable.
Director Remuneration
The total pool for directors’ fees
was increased by shareholder
resolution at the 2024 annual
meeting of shareholders. The fee
pool is now capped at $400,000.
After review by the Board in June
2025, non-executive directors are now
each entitled to receive a base fee
of NZ$65,000 per annum. The Board
Chair receives a total fee of $95,000
per annum and the Chair of the Audit
Committee receives a further NZ$9,000
per annum in addition to the base fee.
The other Audit Committee members
receive an additional $7,000 per annum.
No retirement benefits are paid to
Directors. Reasonable travel and other
costs associated with company business
are reimbursable or met by MCK.
Details of the actual director
remuneration for the 2025 financial year
is set out in the Statutory Information
section of this Annual Report.
The Board adopted a director
remuneration policy in March
2024 as part of the Corporate
Governance Review. The Director’s
remuneration policy is available in
the Policies and Charters section
of the Company’s website.
Employee Remuneration
Employee remuneration (including that
of the Managing Director and senior
management) is made up of two primary
components being a fixed component
and a short term incentive. The fixed
component comprises a base salary
and other benefits such as Kiwisaver, a
contribution to health insurance and, in
some cases, use of a company vehicle.
The fixed component is determined with
reference to market information as well
as the responsibilities of the position,
experience and overall performance.
Short term incentives are designed to
reward high performing employees
with appropriate incentives which are
measured on key performance indicators
which are reviewed and monitored
regularly and based solely on company
performance. These include meeting
budget or revenue targets. The Company
reserves the right to suspend or adjust
incentives if targets are not met.
MCK does not currently have an
employee share plan or a long
term incentive scheme.
MILLENNIUM & COPTHORNE HOTELS NEW ZEALAND LIMITED ANNUAL REPORT 2025 | CG 4
All employees participate in
performance and development
reviews, with end-of-year review
outcomes informing decisions
regarding remuneration adjustments
in accordance with company policy.
All employees are eligible for a range
of benefits, including discounted
accommodation at MCK’s hotels
in New Zealand and Millennium
& Copthorne Hotels around the
world (subject to availability).
The Board adopted an executive
remuneration policy in March
2024 as part of the Corporate
Governance Review. The executive
remuneration policy is available in
the Policies and Charters section
of the Company’s website.
Managing Director’s Remuneration
Managing
Director’s
Remuneration
FY2024FY2025
Base Salary (a)495,882 513,433
Benefits (b)19,247 24,973
Short Term
Incentives (c)
48,000 103,584
Total 563,129 641,990
(a) The figure is the actual amount
paid, inclusive of holiday pay.
The agreed base salary is under
the employment agreement.
(b) benefits include Kiwisaver
and insurance.
(c) set at 25% of base salary and based
on key financial and non-financial
performance measures. There
are no long-term incentives.
PRINCIPLE 6 – RISK MANAGEMENT
Directors should have a sound
understanding of the material risks
faced by the issuer and how to manage
them. The Board should regularly
verify that the issuer has appropriate
processes that identify and manage
potential and material risks.
While risks are a part of doing business,
they do need to be monitored and
addressed. MCK’s Board, Audit
Committee and Management Team all
have a role in identifying areas of risk
and understanding their impact on the
Company, as well as how these areas
are to be managed and mitigated.
MCK’s Management Team is responsible
for the day-to-day identification,
assessment and management of risks
applicable to the Company as well as the
implementation of appropriate controls,
processes and policies to manage such
risks. Management also ensures that
there are training programmes in place
to identify, manage, mitigate or eliminate
hazards and risks in the workplace.
The Audit Committee’s role is to review
and report to the Board on the adequacy
of Management’s oversight and
implementation of risks with particular
regard to financial and operational risks.
The Board is ultimately
responsible for the oversight and
implementation of the Company’s
responses to risk management.
Descriptions of the material risks
facing MCK’s business are set out
in the Outline of Material Risks
contained within this Annual Report.
MCK has a detailed health and safety
risk and reporting framework which
applies to its hotels and support office
locations. With the appointment of a
dedicated Health & Safety Manager
in 2025, an update and refresh of
the framework has commenced. The
existing framework comprises policies
which detail such matters as hazard
identification and mitigation, accident
reporting procedures and general safety
measures in the workplace. Contractor
induction documentation also forms
part of the framework. The policies
comprising the framework are reviewed
regularly and training on the policies
and health & safety issues is provided to
employees. Health & Safety Committees
are convened at each hotel and office
location and meet regularly. Each hotel
and office has a Health & Safety
Co-ordinator. Information on incidents,
accidents and trends is provided to
the senior management team and to
the Board. The information is used
to monitor any significant trends and
variations, to identify any particular
areas where there is a higher risk and
to allocate training and other resources
to those areas where new or higher
risks are present. MCK considers that
it manages health and safety risks
to an acceptable standard and in
compliance with its legal obligations.
MCK has a series of internal controls in
place covering such areas as financial
monitoring and reporting, human
resources and risk management.
The primary responsibility for
monitoring and reporting against
internal controls and remedying any
deficiencies lies with Management.
MCK also keeps current insurances
appropriate to its business, including
directors and officers liability
policies and public liability policies
with reputable global insurers.
PRINCIPLE 7 – AUDITORS
The Board should ensure the
quality and independence of
the external audit process.
External Audit plays a critical role
in ensuring the integrity of financial
reporting. The role of the external
auditor is to plan and carry out
an audit of MCK’s annual financial
reports. The Audit Committee reviews
the performance and independence
of the external auditors.
MCK has in place an External Auditor
Independence Policy which deals with
the provision of services by MCK’s
external auditors, auditor rotation and
the relationships between the external
auditor and the Company. The policy
states that the Audit Committee shall
only recommend to the Board a firm
to be the external auditor if that firm:
• would be regarded by a reasonable
investor, with full knowledge of all
relevant facts and circumstances,
as capable of exercising objective
and impartial judgment on all
issues encompassed within
the auditor’s engagement;
• audit partners are members of
Chartered Accountants Australia
New Zealand (CAANZ);
• has not, within two years prior to the
commencement of the audit, had as
a member of its audit engagement
team MCK’s Managing Director, Vice
President Finance, Group Accounting
Manager, or any member of the
Company’s Management who acts
in a financial oversight role; and
• does not allow the direct compensation
of its audit partners for selling
non-audit services to MCK.
The general principles to be
applied in assessing non-audit
services are as follows:
(a) the external auditor should not have
any involvement in the production of
financial information or preparation
of financial statements such that
they might be perceived as auditing
their own work. This includes the
provision of bookkeeping and payroll
services as well as valuation services
where such valuation forms an input
into audited financial information;
(b) the external auditor should
not perform any function of
management, or be responsible for
making management decisions;
(c) the external auditor should not
be responsible for the design
or implementation of financial
information systems; and
(d) the separation between internal
audit (or equivalent processes) and
external audit should be maintained.
CG 5 | MILLENNIUM & COPTHORNE HOTELS NEW ZEALAND LIMITED ANNUAL REPORT 2025
MCK’s Audit Committee shall pre-
approve all audit and related services
that are to be provided by the auditor.
Aside from core external audit services,
it is appropriate for the MCK’s auditors
to provide the following services:
• due diligence (except valuations)
on proposed transactions;
• review of financial information
where third-party verification is
required or deemed necessary
(outside the normal audit process);
• completion audits/reviews;
• financial model preparation or review;
• accounting policy advice;
• listing advice;
• accounting/technical training; and
• taxation services of an
assurance nature.
It is not considered appropriate for
MCK’s external auditors to provide:
• book keeping services related
to accounting records or
financial statements;
• tax planning and strategy services
unless specifically approved
by the Audit Committee;
• appraisal/valuation services
including, opinions as to fairness;
• provision of payroll services;
• the design or implementation of
financial information systems;
• outsourced internal audit and
risk management services;
• legal services;
• management functions;
• broker/dealer/investment adviser/
investment banking services;
• advocacy for the Company;
• actuarial services; and
• assistance in the recruitment
of senior management.
These prohibitions apply to all
offices of the audit firm, including
overseas offices and affiliates.
The billing arrangements for services
provided by MCK’s external auditors
should not include any contingent fees.
MCK expects that its external auditors
will rigorously comply with their own
internal policies on independence and
all relevant professional guidance,
including independence rules and
guidance issued by CAANZ.
The nature of services provided by
MCK’s auditors and the level of fees
incurred should be reported to the
Audit Committee Chair semi-annually
(or sooner where requested) to enable
the Committee to perform its oversight
role and report back to the Board.
This policy does not prescribe any
particular ratio of non-audit service
fees to audit fees but the Committee
shall monitor the fees and ratio.
The continued appointment of MCK’s
external auditors is confirmed annually
by the Board on recommendation
from the Audit Committee.
Rotation of the lead audit partner or firm
will be required every five years. Lead
audit partners who are rotated will be
subject to a 2 year cooling off period (i.e.
2 years must expire between the rotation
of an audit partner and that partner’s
next engagement with the Company).
The hiring by MCK of any former
lead audit partner or audit manager
must first be approved by the Chair
of the Audit Committee. There are
no other restrictions on the hiring
of other staff from the audit firm.
KPMG are currently MCK’s external
auditor and the lead external audit
engagement partner was rotated in
2025 due to the departure of the
previous audit engagement partner.
The current audit partner
is Matthew Wilcox.
The Audit Committee monitors local
and overseas practice on auditor
independence regularly to ensure that
this policy remains consistent with best
practice and meets MCK’s requirements.
MCK’s external auditors also attend
the Company’s Annual Meeting
to answer any questions from
shareholders as to the audit and
the content of the Annual Report.
Internal Audit
MCK does not currently have an
internal audit function but does
maintain a detailed set of processes
and procedures covering its operations
and financial controls which are
reviewed and updated regularly.
PRINCIPLE 8 – SHAREHOLDER RIGHTS
& COMMUNICATION
The Board should respect the
rights of shareholders and foster
constructive relationships with
shareholders that encourage them
to engage with the issuer.
MCK is committed to providing
shareholders and stakeholders with
timely information on its activities and
performance. MCK does this through
a number of channels, including:
• announcements in accordance
with continuous disclosure as
required under the Listing Rules;
• publication of the company’s
annual and interim reports which
are sent to all shareholders; and
• encouraging shareholders to attend
the Annual Meeting in May of each
year (either in person or online)
to hear the Chairman and the
Managing Director provide updates
on the company’s performance, ask
questions of the Board and vote on the
resolutions to be determined at the
meeting. Resolutions at shareholder
meetings are usually determined
by poll, where each ordinary
shareholder has one vote per share.
Relevant communications, copies of
annual reports and key corporate
governance documents and policies are
available on a dedicated webpage
http://mckhotels.co.nz/investors/
Shareholders have the option to
receive communications from
the issuer electronically.
Shareholders also receive a discount
card for use at MCK’s hotels within
New Zealand which provides them
with a discount off the Best Available
Rate (subject to availability).
MILLENNIUM & COPTHORNE HOTELS NEW ZEALAND LIMITED ANNUAL REPORT 2025 | CG 6
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CG 7 | MILLENNIUM & COPTHORNE HOTELS NEW ZEALAND LIMITED ANNUAL REPORT 2025
OUTLINE OF MATERIAL
RISKS
Risk AreaHow MCK addresses this risk
Markets and
Competition
MCK is located in and operates within New Zealand which, in global terms, is a small market. Despite
its small size, it is nonetheless exposed to various levels of event risks in global economies, as well as in
financial and property markets. MCK’s principal business operations, comprise property development,
property investment and hotel operations All face significant competition across the markets within which
they operate. A failure to remain competitive or meet the market could affect MCK’s operational and
financial position as it loses market share to its competitors, thus affecting its revenues and potentially its
ability to make necessary investments in its business for the future.
In order to mitigate global risks, we constantly monitor market trends and developments. We develop strategies to
respond to the changing market conditions. We conduct regular customer surveys and obtain other guest feedback
to ensure that our service delivery and physical products remain competitive and attractive in the marketplace and
make changes where the feedback warrants it. We aim to diversify our exposure to international and domestic
markets by targeted marketing and revenue management and invest in our properties and service delivery to
ensure that the customer experience is a positive one.
Climate Change
Climate change will affect the hospitality and accommodation sectors in a variety of ways. We have
reviewed our hotel operations and land development activities to identify risks and see how mitigation
and adaption initiatives can be incorporated. Our portfolio is low risk for physical impacts, however some
of our locations may affected by future coastal inundation and sea level rise. Our properties are to some
extent vulnerable to transition risks, due to a reliance on gas & refrigerants, which increase our emissions
impact.
In 2023 we established our baseline year for reporting our GHG inventory and appointed Toitū Envirocare as
our certifier. In 2024 we appointed a dedicated Sustainability Manager. We first achieved Toitū Carbon Reduce
certification for FY2023 and retained this for FY2024 and FY2025. As part of its sustainability initiatives, MCK
looks for opportunities to reduce climate risk by increasing energy efficiency, upgrading equipment containing
refrigerants and reducing waste to landfill within its hotels.
Our 2025 climate change risk and opportunities assessment included a property-level exposure and vulnerability
assessment, and we have a climate risk register in place. We filed our second Climate Statement in 2025 and this
can be found at https://mckhotels.co.nz/investors/. As a result of changes to New Zealand’s mandated climate-
related financial disclosures regime, MCK is no longer required to prepare and lodge a climate statement but will
continue to obtain GHG inventory certification through Toitū Envirocare and will voluntarily report its emissions
and sustainability practices. Details are contained within this Annual Report.
Brand and
Reputation
MCK’s brand and reputation are highly valuable assets and the industry it is in is people-focused. Adverse
events which affect MCK’s brand and reputation can also affect MCK’s revenues as customers and guests
choose other companies with which to do business.
We monitor our reputation and brand in the market by checking traditional and social media platforms,
responding to and managing any complaints which may be received and seek to raise the profile of our brands
through marketing campaigns and strategic partnerships. We aim to avoid any situations that could result in a
negative impact on our reputation and brand. We engage in dialogue with our stakeholders and customers in an
open and transparent way.
Liquidity/
Solvency
Financial risks could affect MCK arise in many ways, both due to external and internal causes. For example,
they could arise from a lower level of visitors to New Zealand and to MCK’s hotels, external events over
which MCK has little or no control over or other factors. MCK’s ability to trade depends on its ability to
manage its financial situation optimally to ensure that it has sufficient liquidity and solvency to maintain
its business.
MCK manages its financial and solvency risks by continuously monitoring its financial performance and cashflow
and ensures that it maintains sufficient financial resources to carry out its operations and any projects that are
undertaken. MCK has in place bank funding arrangements with global banking institutions and carefully monitors
compliance with its lending covenants.
MCK also takes a conservative approach to its capital management and taxation planning.
Technology
Technology is a critical element to ensuring that MCK is able to operate its business effectively. The risks
to MCK include compromise of those business-critical systems, cybersecurity incidents, maintaining data
it holds securely, ensuring that its systems remain fit for purposes and adapt to business and customer
needs.
To mitigate these and other risks, MCK invests in its hardware and software platforms across its network and has a
dedicated Digital & Technology team which supports MCK’s networks and operations and deals with cybersecurity
threats. Disaster recovery planning and penetration testing is done to ensure the security and resilience of our
network and systems. External experts and partners are engaged as required to improve our system resiliency.
Legal, Regulatory
and Compliance
MCK is subject to political and policy risks, such as new or amended public policies, statutory and
regulatory requirements. MCK is exposed to legal and reputational damage resulting from breach of law or
civil actions.
MCK manages these risks by monitoring changes to laws and regulations and engaging with Government (local or
central) or other regulatory bodies on such changes. We amend our strategies and policies to meet these changes.
MCK manages legal risk by monitoring and reporting significant litigation and disputes to the Board and seeking
advice from our external lawyers. Insurers will be involved where necessary.
MILLENNIUM & COPTHORNE HOTELS NEW ZEALAND LIMITED ANNUAL REPORT 2025 | CG 8
Risk AreaHow MCK addresses this risk
Workforce
As a customer focused hospitality business, MCK’s performance and service delivery are highly dependent
on its ability to attract, retain and develop a skilled and stable workforce across its hotel and support
operations. The hospitality sector continues to face heightened competition for talent, labour shortages in
key roles, and rising employment costs, all of which increase the risk of workforce disruption if sufficient
numbers of appropriately skilled employees cannot be secured or retained. High turnover or the loss of
key personnel would result in the erosion of organisational knowledge, reduced service consistency, and
potential impacts on guest satisfaction. Industrial relations matters or industrial action could also disrupt
operations and negatively affect the Group’s reputation.
MCK manages these risks through an established Human Resources function with a presence across New Zealand
in key operational locations. The HR team supports all locations through consistent people practices, workforce
planning, leadership support, learning and development, and the implementation of employment policies aligned
to legislative and operational requirements.
During 2025, MCK implemented several key initiatives to strengthen workforce capability and reduce people
related risk. This included the rollout of a Human Resources Information System (HRMS) to improve workforce
data visibility, consistency of people processes, and compliance across operations. A structured learning and
development curriculum and Learning Management System (LMS) was also introduced to support capability
building, leadership development, and career progression across operational and corporate roles. These initiatives,
together with strengthened and more centralised recruitment processes, have improved workforce planning and
talent pipeline management and have contributed to a reduction in employee turnover across the business.
Remuneration frameworks are regularly benchmarked against market data and reviewed to support
competitiveness, attraction and retention, while balancing cost management considerations across the business.
Health and
Safety
Ensuring the health, safety and wellbeing of our employees, contractors and guests is essential to the
successful operation of our business. The nature of hotel operations means that a range of workplace risks
exist across areas such as housekeeping, food and beverage service, maintenance activities, contractor
work and guest interactions.
MCK maintains a health and safety framework supported by policies, operational procedures and risk registers
designed to identify and manage workplace hazards. Health and safety incidents are monitored across all
locations, with investigation and corrective action processes in place to ensure that issues are addressed and
lessons are applied across the business.
During 2025, MCK appointed a dedicated Health & Safety Manager and commenced a review of its health and
safety framework following an external assessment. This work has focused on strengthening risk management
processes, improving visibility of critical risks and ensuring greater consistency in health and safety practices across
all hotel locations.
As part of this programme of improvement, MCK has begun implementing a digital health and safety management
system to support incident reporting, hazard management and corrective action tracking across the organisation.
MCK also supports employee wellbeing through initiatives such as access to the Employee Assistance Programme
(EAP), which provides confidential counselling and mental health support services.
Further improvements to health and safety systems and processes are planned for 2026 as part of the company’s
ongoing commitment to providing safe workplaces for employees and guests.
Business
Disruption
A local or global event which affects the movement of people (both employees and guests) has the
potential to be highly disruptive to our business. The impact of such an event, sustained or not, could
affect our operations, revenue and cashflow and our reputation.
MCK has a range of policies across its business which would be used to respond to an emergency situation or
natural disaster. Training of staff to respond to incidents is also conducted periodically.
MCK also has insurance cover for its buildings and for business interruption.
Project
Management
Risks arise in some of the following ways: scope variations, schedule delay, cost overruns, building defects,
legislative compliance, contractor’s performance, as well as contract disputes, that could impact our
operations and sales.
MCK manages this risk by ensuring that there is clarity on business requirements and scope development,
sufficient oversight at all stages and continuous review of all projects. This can take the form of oversight by its
in-house Property Management team or engaging expert external assistance where necessary. Together with
external consultants such as project managers, engineers and quantity surveyors, MCK imposes an assessment
and monitoring process to identify and manage the key risks for each project. Stringent evaluation and tendering
procedures apply to all projects to ensure that the best-qualified vendors are appointed. Industry standard
construction contracts are used, with external monitoring where scope or budget required. Clear project
governance ensures regular reporting, and suitable escalation of variations. Regular site visits are also conducted
to closely monitor the progress of projects and manage potential risks of delays, defects and cost overruns.
REG 1 | MILLENNIUM & COPTHORNE HOTELS NEW ZEALAND LIMITED ANNUAL REPORT 2025
- 1 -
REGULATORY DISCLOSURES
20 LARGEST ORDINARY SHAREHOLDERS (as at 2 March 2026) (Listing Rule 3.7.1 c)
Rank Shareholder No. of
Securities
%
1. CDL HOTELS HOLDINGS NEW ZEALAND LIMITED 88,520,974 83.84
2 ACCIDENT COMPENSATION CORPORATION - NZCSD 7,712,800 7.31
3 HSBC NOMINEES (NEW ZEALAND) LIMITED - NZCSD 1,924,781 1.82
4 CITIBANK NOMINEES (NEW ZEALAND) LIMITED - NZCSD 1,092,892 1.04
5 NZX WT NOMINEES LIMITED 568,436 0.54
6 NEW ZEALAND DEPOSITORY NOMINEE LIMITED 353,254 0.33
7 CUSTODIAL SERVICES LIMITED 335,500 0.32
8 NZX WT NOMINEES LIMITED 286,670 0.27
9 CUSTODIAL SERVICES LIMITED 193,854 0.18
10 ASB NOMINEES LIMITED 182,500 0.17
11 GEOK LOO GOH 168,002 0.16
12 WEI-YONG QIAN 165,000 0.16
13 ROGER WILLIAM CLARK 157,000 0.15
14 SITA SINGH 151,000 0.14
15 RICHARD ALEXANDER COUTTS 150,350 0.14
16 HOWARD CEDRIC ZINGEL 139,915 0.13
17 ANORCO HOLDINGS LIMITED 120,800 0.11
18 IAN ALASTAIR CORMACK & RACHELLE DINA ROSE CORMACK 115,633 0.11
19 ASB NOMINEES LIMITED 112,334 0.11
20 THEODORE JOHN VAN GELDERMALSEN & MARGARET GAY FREEMANTLE 110,000 0.10
NZCSD is the New Zealand Central Securities Depositary and provides a custodial depositary service to its clients and does not have
a beneficial interest in the shares held in its name.
20 LARGEST REDEEMABLE PREFERENCE SHAREHOLDERS (as at 2 March 2026) (Listing Rule 3.7.1 c))
Rank Shareholder No. of
Securities
%
1. CDL HOTELS HOLDINGS NEW ZEALAND LIMITED 48,169,766 91.34
2 HSBC NOMINEES (NEW ZEALAND) LIMITED - NZCSD 1,620,300 3.07
3 ACCIDENT COMPENSATION CORPORATION - NZCSD 1,032,799 1.96
4 LENG BENG KWEK 453,000 0.86
5 QUEEN STREET NOMINEES LTD NO.6 - NZCSD 222,600 0.42
6 NZX WT NOMINEES LIMITED 211,616 0.40
7 KAY HONG CHIAM 211,324 0.40
8 ASB NOMINEES LIMITED 130,446 0.25
9 ALAN DAVID WHITE 110,130 0.21
10 SKY HILL LIMITED 95,169 0.18
11 JENNIFER GAYE SIMPSON 43,000 0.08
12 THEODORE JOHN VAN GELDERMALSEN & MARGARET GAY FREEMANTLE 43,000 0.08
13 NZX WT NOMINEES LIMITED 38,894 0.07
14 HAMISH ARTHUR JAMIESON 32,500 0.06
15 HOWARD CEDRIC ZINGEL 31,592 0.06
16 AOTEAROA RENTAL ENTERPRISES LIMITED 30,720 0.06
17 ARIE DEKKER & LEANNE KATHERINE WALKER 30,400 0.06
18 ROGER EDWARD HAYWARD & SUSAN ELIZABETH HAYWARD 28,909 0.05
19 AIKEN & ASSOCIATES LIMITED 23,593 0.04
20 SEA AND PEAK EQUITIES LIMITED 23,400 0.04
NZCSD is the New Zealand Central Securities Depositary and provides a custodial depositary service to its clients and does not have
a beneficial interest in the shares held in its name.
HOLDINGS SIZE – ORDINARY SHARES (as at 2 March 2026)
Range Total Holders Number of shares Percentage of Issued Capital
1 - 499 363 111,522 0.11
500 - 999 222 152,253 0.14
1,000 - 1,999 141 201,215 0.19
2,000 - 4,999 128 382,643 0.36
5,000 - 9,999 57 397,561 0.38
10,000 - 49,999 53 1,019,822 0.97
50,000 - 99,999 10 751,579 0.71
100,000 - 499,999 15 2,741,812 2.60
500,000 - 999,999 1 568,436 0.54
1,000,000 Over 4 99,251,447 94.01
Rounding -0.01
Total 994 105,578,290 100.00
HOLDINGS SIZE – REDEEMABLE PREFERENCE SHARES (as at 2 March 2026)
Range Total Holders Number of shares Percentage of Issued Capital
1 - 499 72 16,321 0.03
500 - 999 21 14,687 0.03
1,000 - 1,999 22 29,795 0.06
2,000 - 4,999 5 16,603 0.03
5,000 - 9,999 3 20,560 0.04
10,000 - 49,999 15 384,427 0.73
50,000 - 99,999 1 95,169 0.18
100,000 - 499,999 6 1,339,116 2.54
500,000 - 999,999 0 0 0.00
1,000,000 Over 3 50,822,865 96.37
Rounding -0.01
Total 148 52,739,543 100.00
- 1 -
REGULATORY DISCLOSURES
20 LARGEST ORDINARY SHAREHOLDERS (as at 2 March 2026) (Listing Rule 3.7.1 c)
Rank Shareholder No. of
Securities
%
1. CDL HOTELS HOLDINGS NEW ZEALAND LIMITED 88,520,974 83.84
2 ACCIDENT COMPENSATION CORPORATION - NZCSD 7,712,800 7.31
3 HSBC NOMINEES (NEW ZEALAND) LIMITED - NZCSD 1,924,781 1.82
4 CITIBANK NOMINEES (NEW ZEALAND) LIMITED - NZCSD 1,092,892 1.04
5 NZX WT NOMINEES LIMITED 568,436 0.54
6 NEW ZEALAND DEPOSITORY NOMINEE LIMITED 353,254 0.33
7 CUSTODIAL SERVICES LIMITED 335,500 0.32
8 NZX WT NOMINEES LIMITED 286,670 0.27
9 CUSTODIAL SERVICES LIMITED 193,854 0.18
10 ASB NOMINEES LIMITED 182,500 0.17
11 GEOK LOO GOH 168,002 0.16
12 WEI-YONG QIAN 165,000 0.16
13 ROGER WILLIAM CLARK 157,000 0.15
14 SITA SINGH 151,000 0.14
15 RICHARD ALEXANDER COUTTS 150,350 0.14
16 HOWARD CEDRIC ZINGEL 139,915 0.13
17 ANORCO HOLDINGS LIMITED 120,800 0.11
18 IAN ALASTAIR CORMACK & RACHELLE DINA ROSE CORMACK 115,633 0.11
19 ASB NOMINEES LIMITED 112,334 0.11
20 THEODORE JOHN VAN GELDERMALSEN & MARGARET GAY FREEMANTLE 110,000 0.10
NZCSD is the New Zealand Central Securities Depositary and provides a custodial depositary service to its clients and does not have
a beneficial interest in the shares held in its name.
20 LARGEST REDEEMABLE PREFERENCE SHAREHOLDERS (as at 2 March 2026) (Listing Rule 3.7.1 c))
Rank Shareholder No. of
Securities
%
1. CDL HOTELS HOLDINGS NEW ZEALAND LIMITED 48,169,766 91.34
2 HSBC NOMINEES (NEW ZEALAND) LIMITED - NZCSD 1,620,300 3.07
3 ACCIDENT COMPENSATION CORPORATION - NZCSD 1,032,799 1.96
4 LENG BENG KWEK 453,000 0.86
5 QUEEN STREET NOMINEES LTD NO.6 - NZCSD 222,600 0.42
6 NZX WT NOMINEES LIMITED 211,616 0.40
7 KAY HONG CHIAM 211,324 0.40
8 ASB NOMINEES LIMITED 130,446 0.25
9 ALAN DAVID WHITE 110,130 0.21
10 SKY HILL LIMITED 95,169 0.18
11 JENNIFER GAYE SIMPSON 43,000 0.08
12 THEODORE JOHN VAN GELDERMALSEN & MARGARET GAY FREEMANTLE 43,000 0.08
13 NZX WT NOMINEES LIMITED 38,894 0.07
14 HAMISH ARTHUR JAMIESON 32,500 0.06
15 HOWARD CEDRIC ZINGEL 31,592 0.06
16 AOTEAROA RENTAL ENTERPRISES LIMITED 30,720 0.06
17 ARIE DEKKER & LEANNE KATHERINE WALKER 30,400 0.06
18 ROGER EDWARD HAYWARD & SUSAN ELIZABETH HAYWARD 28,909 0.05
19 AIKEN & ASSOCIATES LIMITED 23,593 0.04
20 SEA AND PEAK EQUITIES LIMITED 23,400 0.04
NZCSD is the New Zealand Central Securities Depositary and provides a custodial depositary service to its clients and does not have
a beneficial interest in the shares held in its name.
HOLDINGS SIZE – ORDINARY SHARES (as at 2 March 2026)
Range Total Holders Number of shares Percentage of Issued Capital
1 - 499 363 111,522 0.11
500 - 999 222 152,253 0.14
1,000 - 1,999 141 201,215 0.19
2,000 - 4,999 128 382,643 0.36
5,000 - 9,999 57 397,561 0.38
10,000 - 49,999 53 1,019,822 0.97
50,000 - 99,999 10 751,579 0.71
100,000 - 499,999 15 2,741,812 2.60
500,000 - 999,999 1 568,436 0.54
1,000,000 Over 4 99,251,447 94.01
Rounding -0.01
Total 994 105,578,290 100.00
HOLDINGS SIZE – REDEEMABLE PREFERENCE SHARES (as at 2 March 2026)
Range Total Holders Number of shares Percentage of Issued Capital
1 - 499 72 16,321 0.03
500 - 999 21 14,687 0.03
1,000 - 1,999 22 29,795 0.06
2,000 - 4,999 5 16,603 0.03
5,000 - 9,999 3 20,560 0.04
10,000 - 49,999 15 384,427 0.73
50,000 - 99,999 1 95,169 0.18
100,000 - 499,999 6 1,339,116 2.54
500,000 - 999,999 0 0 0.00
1,000,000 Over 3 50,822,865 96.37
Rounding -0.01
Total 148 52,739,543 100.00
- 1 -
REGULATORY DISCLOSURES
20 LARGEST ORDINARY SHAREHOLDERS (as at 2 March 2026) (Listing Rule 3.7.1 c)
Rank Shareholder No. of
Securities
%
1. CDL HOTELS HOLDINGS NEW ZEALAND LIMITED 88,520,974 83.84
2 ACCIDENT COMPENSATION CORPORATION - NZCSD 7,712,800 7.31
3 HSBC NOMINEES (NEW ZEALAND) LIMITED - NZCSD 1,924,781 1.82
4 CITIBANK NOMINEES (NEW ZEALAND) LIMITED - NZCSD 1,092,892 1.04
5 NZX WT NOMINEES LIMITED 568,436 0.54
6 NEW ZEALAND DEPOSITORY NOMINEE LIMITED 353,254 0.33
7 CUSTODIAL SERVICES LIMITED 335,500 0.32
8 NZX WT NOMINEES LIMITED 286,670 0.27
9 CUSTODIAL SERVICES LIMITED 193,854 0.18
10 ASB NOMINEES LIMITED 182,500 0.17
11 GEOK LOO GOH 168,002 0.16
12 WEI-YONG QIAN 165,000 0.16
13 ROGER WILLIAM CLARK 157,000 0.15
14 SITA SINGH 151,000 0.14
15 RICHARD ALEXANDER COUTTS 150,350 0.14
16 HOWARD CEDRIC ZINGEL 139,915 0.13
17 ANORCO HOLDINGS LIMITED 120,800 0.11
18 IAN ALASTAIR CORMACK & RACHELLE DINA ROSE CORMACK 115,633 0.11
19 ASB NOMINEES LIMITED 112,334 0.11
20 THEODORE JOHN VAN GELDERMALSEN & MARGARET GAY FREEMANTLE 110,000 0.10
NZCSD is the New Zealand Central Securities Depositary and provides a custodial depositary service to its clients and does not have
a beneficial interest in the shares held in its name.
20 LARGEST REDEEMABLE PREFERENCE SHAREHOLDERS (as at 2 March 2026) (Listing Rule 3.7.1 c))
Rank Shareholder No. of
Securities
%
1. CDL HOTELS HOLDINGS NEW ZEALAND LIMITED 48,169,766 91.34
2 HSBC NOMINEES (NEW ZEALAND) LIMITED - NZCSD 1,620,300 3.07
3 ACCIDENT COMPENSATION CORPORATION - NZCSD 1,032,799 1.96
4 LENG BENG KWEK 453,000 0.86
5 QUEEN STREET NOMINEES LTD NO.6 - NZCSD 222,600 0.42
6 NZX WT NOMINEES LIMITED 211,616 0.40
7 KAY HONG CHIAM 211,324 0.40
8 ASB NOMINEES LIMITED 130,446 0.25
9 ALAN DAVID WHITE 110,130 0.21
10 SKY HILL LIMITED 95,169 0.18
11 JENNIFER GAYE SIMPSON 43,000 0.08
12 THEODORE JOHN VAN GELDERMALSEN & MARGARET GAY FREEMANTLE 43,000 0.08
13 NZX WT NOMINEES LIMITED 38,894 0.07
14 HAMISH ARTHUR JAMIESON 32,500 0.06
15 HOWARD CEDRIC ZINGEL 31,592 0.06
16 AOTEAROA RENTAL ENTERPRISES LIMITED 30,720 0.06
17 ARIE DEKKER & LEANNE KATHERINE WALKER 30,400 0.06
18 ROGER EDWARD HAYWARD & SUSAN ELIZABETH HAYWARD 28,909 0.05
19 AIKEN & ASSOCIATES LIMITED 23,593 0.04
20 SEA AND PEAK EQUITIES LIMITED 23,400 0.04
NZCSD is the New Zealand Central Securities Depositary and provides a custodial depositary service to its clients and does not have
a beneficial interest in the shares held in its name.
HOLDINGS SIZE – ORDINARY SHARES (as at 2 March 2026)
Range Total Holders Number of shares Percentage of Issued Capital
1 - 499 363 111,522 0.11
500 - 999 222 152,253 0.14
1,000 - 1,999 141 201,215 0.19
2,000 - 4,999 128 382,643 0.36
5,000 - 9,999 57 397,561 0.38
10,000 - 49,999 53 1,019,822 0.97
50,000 - 99,999 10 751,579 0.71
100,000 - 499,999 15 2,741,812 2.60
500,000 - 999,999 1 568,436 0.54
1,000,000 Over 4 99,251,447 94.01
Rounding -0.01
Total 994 105,578,290 100.00
HOLDINGS SIZE – REDEEMABLE PREFERENCE SHARES (as at 2 March 2026)
Range Total Holders Number of shares Percentage of Issued Capital
1 - 499 72 16,321 0.03
500 - 999 21 14,687 0.03
1,000 - 1,999 22 29,795 0.06
2,000 - 4,999 5 16,603 0.03
5,000 - 9,999 3 20,560 0.04
10,000 - 49,999 15 384,427 0.73
50,000 - 99,999 1 95,169 0.18
100,000 - 499,999 6 1,339,116 2.54
500,000 - 999,999 0 0 0.00
1,000,000 Over 3 50,822,865 96.37
Rounding -0.01
Total 148 52,739,543 100.00
- 1 -
REGULATORY DISCLOSURES
20 LARGEST ORDINARY SHAREHOLDERS (as at 2 March 2026) (Listing Rule 3.7.1 c)
Rank Shareholder No. of
Securities
%
1. CDL HOTELS HOLDINGS NEW ZEALAND LIMITED 88,520,974 83.84
2 ACCIDENT COMPENSATION CORPORATION - NZCSD 7,712,800 7.31
3 HSBC NOMINEES (NEW ZEALAND) LIMITED - NZCSD 1,924,781 1.82
4 CITIBANK NOMINEES (NEW ZEALAND) LIMITED - NZCSD 1,092,892 1.04
5 NZX WT NOMINEES LIMITED 568,436 0.54
6 NEW ZEALAND DEPOSITORY NOMINEE LIMITED 353,254 0.33
7 CUSTODIAL SERVICES LIMITED 335,500 0.32
8 NZX WT NOMINEES LIMITED 286,670 0.27
9 CUSTODIAL SERVICES LIMITED 193,854 0.18
10 ASB NOMINEES LIMITED 182,500 0.17
11 GEOK LOO GOH 168,002 0.16
12 WEI-YONG QIAN 165,000 0.16
13 ROGER WILLIAM CLARK 157,000 0.15
14 SITA SINGH 151,000 0.14
15 RICHARD ALEXANDER COUTTS 150,350 0.14
16 HOWARD CEDRIC ZINGEL 139,915 0.13
17 ANORCO HOLDINGS LIMITED 120,800 0.11
18 IAN ALASTAIR CORMACK & RACHELLE DINA ROSE CORMACK 115,633 0.11
19 ASB NOMINEES LIMITED 112,334 0.11
20 THEODORE JOHN VAN GELDERMALSEN & MARGARET GAY FREEMANTLE 110,000 0.10
NZCSD is the New Zealand Central Securities Depositary and provides a custodial depositary service to its clients and does not have
a beneficial interest in the shares held in its name.
20 LARGEST REDEEMABLE PREFERENCE SHAREHOLDERS (as at 2 March 2026) (Listing Rule 3.7.1 c))
Rank Shareholder No. of
Securities
%
1. CDL HOTELS HOLDINGS NEW ZEALAND LIMITED 48,169,766 91.34
2 HSBC NOMINEES (NEW ZEALAND) LIMITED - NZCSD 1,620,300 3.07
3 ACCIDENT COMPENSATION CORPORATION - NZCSD 1,032,799 1.96
4 LENG BENG KWEK 453,000 0.86
5 QUEEN STREET NOMINEES LTD NO.6 - NZCSD 222,600 0.42
6 NZX WT NOMINEES LIMITED 211,616 0.40
7 KAY HONG CHIAM 211,324 0.40
8 ASB NOMINEES LIMITED 130,446 0.25
9 ALAN DAVID WHITE 110,130 0.21
10 SKY HILL LIMITED 95,169 0.18
11 JENNIFER GAYE SIMPSON 43,000 0.08
12 THEODORE JOHN VAN GELDERMALSEN & MARGARET GAY FREEMANTLE 43,000 0.08
13 NZX WT NOMINEES LIMITED 38,894 0.07
14 HAMISH ARTHUR JAMIESON 32,500 0.06
15 HOWARD CEDRIC ZINGEL 31,592 0.06
16 AOTEAROA RENTAL ENTERPRISES LIMITED 30,720 0.06
17 ARIE DEKKER & LEANNE KATHERINE WALKER 30,400 0.06
18 ROGER EDWARD HAYWARD & SUSAN ELIZABETH HAYWARD 28,909 0.05
19 AIKEN & ASSOCIATES LIMITED 23,593 0.04
20 SEA AND PEAK EQUITIES LIMITED 23,400 0.04
NZCSD is the New Zealand Central Securities Depositary and provides a custodial depositary service to its clients and does not have
a beneficial interest in the shares held in its name.
HOLDINGS SIZE – ORDINARY SHARES (as at 2 March 2026)
Range Total Holders Number of shares Percentage of Issued Capital
1 - 499 363 111,522 0.11
500 - 999 222 152,253 0.14
1,000 - 1,999 141 201,215 0.19
2,000 - 4,999 128 382,643 0.36
5,000 - 9,999 57 397,561 0.38
10,000 - 49,999 53 1,019,822 0.97
50,000 - 99,999 10 751,579 0.71
100,000 - 499,999 15 2,741,812 2.60
500,000 - 999,999 1 568,436 0.54
1,000,000 Over 4 99,251,447 94.01
Rounding -0.01
Total 994 105,578,290 100.00
HOLDINGS SIZE – REDEEMABLE PREFERENCE SHARES (as at 2 March 2026)
Range Total Holders Number of shares Percentage of Issued Capital
1 - 499 72 16,321 0.03
500 - 999 21 14,687 0.03
1,000 - 1,999 22 29,795 0.06
2,000 - 4,999 5 16,603 0.03
5,000 - 9,999 3 20,560 0.04
10,000 - 49,999 15 384,427 0.73
50,000 - 99,999 1 95,169 0.18
100,000 - 499,999 6 1,339,116 2.54
500,000 - 999,999 0 0 0.00
1,000,000 Over 3 50,822,865 96.37
Rounding -0.01
Total 148 52,739,543 100.00
- 1 -
REGULATORY DISCLOSURES
20 LARGEST ORDINARY SHAREHOLDERS (as at 2 March 2026) (Listing Rule 3.7.1 c)
Rank Shareholder No. of
Securities
%
1. CDL HOTELS HOLDINGS NEW ZEALAND LIMITED 88,520,974 83.84
2 ACCIDENT COMPENSATION CORPORATION - NZCSD 7,712,800 7.31
3 HSBC NOMINEES (NEW ZEALAND) LIMITED - NZCSD 1,924,781 1.82
4 CITIBANK NOMINEES (NEW ZEALAND) LIMITED - NZCSD 1,092,892 1.04
5 NZX WT NOMINEES LIMITED 568,436 0.54
6 NEW ZEALAND DEPOSITORY NOMINEE LIMITED 353,254 0.33
7 CUSTODIAL SERVICES LIMITED 335,500 0.32
8 NZX WT NOMINEES LIMITED 286,670 0.27
9 CUSTODIAL SERVICES LIMITED 193,854 0.18
10 ASB NOMINEES LIMITED 182,500 0.17
11 GEOK LOO GOH 168,002 0.16
12 WEI-YONG QIAN 165,000 0.16
13 ROGER WILLIAM CLARK 157,000 0.15
14 SITA SINGH 151,000 0.14
15 RICHARD ALEXANDER COUTTS 150,350 0.14
16 HOWARD CEDRIC ZINGEL 139,915 0.13
17 ANORCO HOLDINGS LIMITED 120,800 0.11
18 IAN ALASTAIR CORMACK & RACHELLE DINA ROSE CORMACK 115,633 0.11
19 ASB NOMINEES LIMITED 112,334 0.11
20 THEODORE JOHN VAN GELDERMALSEN & MARGARET GAY FREEMANTLE 110,000 0.10
NZCSD is the New Zealand Central Securities Depositary and provides a custodial depositary service to its clients and does not have
a beneficial interest in the shares held in its name.
20 LARGEST REDEEMABLE PREFERENCE SHAREHOLDERS (as at 2 March 2026) (Listing Rule 3.7.1 c))
Rank Shareholder No. of
Securities
%
1. CDL HOTELS HOLDINGS NEW ZEALAND LIMITED 48,169,766 91.34
2 HSBC NOMINEES (NEW ZEALAND) LIMITED - NZCSD 1,620,300 3.07
3 ACCIDENT COMPENSATION CORPORATION - NZCSD 1,032,799 1.96
4 LENG BENG KWEK 453,000 0.86
5 QUEEN STREET NOMINEES LTD NO.6 - NZCSD 222,600 0.42
6 NZX WT NOMINEES LIMITED 211,616 0.40
7 KAY HONG CHIAM 211,324 0.40
8 ASB NOMINEES LIMITED 130,446 0.25
9 ALAN DAVID WHITE 110,130 0.21
10 SKY HILL LIMITED 95,169 0.18
11 JENNIFER GAYE SIMPSON 43,000 0.08
12 THEODORE JOHN VAN GELDERMALSEN & MARGARET GAY FREEMANTLE 43,000 0.08
13 NZX WT NOMINEES LIMITED 38,894 0.07
14 HAMISH ARTHUR JAMIESON 32,500 0.06
15 HOWARD CEDRIC ZINGEL 31,592 0.06
16 AOTEAROA RENTAL ENTERPRISES LIMITED 30,720 0.06
17 ARIE DEKKER & LEANNE KATHERINE WALKER 30,400 0.06
18 ROGER EDWARD HAYWARD & SUSAN ELIZABETH HAYWARD 28,909 0.05
19 AIKEN & ASSOCIATES LIMITED 23,593 0.04
20 SEA AND PEAK EQUITIES LIMITED 23,400 0.04
NZCSD is the New Zealand Central Securities Depositary and provides a custodial depositary service to its clients and does not have
a beneficial interest in the shares held in its name.
HOLDINGS SIZE – ORDINARY SHARES (as at 2 March 2026)
Range Total Holders Number of shares Percentage of Issued Capital
1 - 499 363 111,522 0.11
500 - 999 222 152,253 0.14
1,000 - 1,999 141 201,215 0.19
2,000 - 4,999 128 382,643 0.36
5,000 - 9,999 57 397,561 0.38
10,000 - 49,999 53 1,019,822 0.97
50,000 - 99,999 10 751,579 0.71
100,000 - 499,999 15 2,741,812 2.60
500,000 - 999,999 1 568,436 0.54
1,000,000 Over 4 99,251,447 94.01
Rounding -0.01
Total 994 105,578,290 100.00
HOLDINGS SIZE – REDEEMABLE PREFERENCE SHARES (as at 2 March 2026)
Range Total Holders Number of shares Percentage of Issued Capital
1 - 499 72 16,321 0.03
500 - 999 21 14,687 0.03
1,000 - 1,999 22 29,795 0.06
2,000 - 4,999 5 16,603 0.03
5,000 - 9,999 3 20,560 0.04
10,000 - 49,999 15 384,427 0.73
50,000 - 99,999 1 95,169 0.18
100,000 - 499,999 6 1,339,116 2.54
500,000 - 999,999 0 0 0.00
1,000,000 Over 3 50,822,865 96.37
Rounding -0.01
Total 148 52,739,543 100.00
- 1 -
REGULATORY DISCLOSURES
20 LARGEST ORDINARY SHAREHOLDERS (as at 2 March 2026) (Listing Rule 3.7.1 c)
Rank Shareholder No. of
Securities
%
1. CDL HOTELS HOLDINGS NEW ZEALAND LIMITED 88,520,974 83.84
2 ACCIDENT COMPENSATION CORPORATION - NZCSD 7,712,800 7.31
3 HSBC NOMINEES (NEW ZEALAND) LIMITED - NZCSD 1,924,781 1.82
4 CITIBANK NOMINEES (NEW ZEALAND) LIMITED - NZCSD 1,092,892 1.04
5 NZX WT NOMINEES LIMITED 568,436 0.54
6 NEW ZEALAND DEPOSITORY NOMINEE LIMITED 353,254 0.33
7 CUSTODIAL SERVICES LIMITED 335,500 0.32
8 NZX WT NOMINEES LIMITED 286,670 0.27
9 CUSTODIAL SERVICES LIMITED 193,854 0.18
10 ASB NOMINEES LIMITED 182,500 0.17
11 GEOK LOO GOH 168,002 0.16
12 WEI-YONG QIAN 165,000 0.16
13 ROGER WILLIAM CLARK 157,000 0.15
14 SITA SINGH 151,000 0.14
15 RICHARD ALEXANDER COUTTS 150,350 0.14
16 HOWARD CEDRIC ZINGEL 139,915 0.13
17 ANORCO HOLDINGS LIMITED 120,800 0.11
18 IAN ALASTAIR CORMACK & RACHELLE DINA ROSE CORMACK 115,633 0.11
19 ASB NOMINEES LIMITED 112,334 0.11
20 THEODORE JOHN VAN GELDERMALSEN & MARGARET GAY FREEMANTLE 110,000 0.10
NZCSD is the New Zealand Central Securities Depositary and provides a custodial depositary service to its clients and does not have
a beneficial interest in the shares held in its name.
20 LARGEST REDEEMABLE PREFERENCE SHAREHOLDERS (as at 2 March 2026) (Listing Rule 3.7.1 c))
Rank Shareholder No. of
Securities
%
1. CDL HOTELS HOLDINGS NEW ZEALAND LIMITED 48,169,766 91.34
2 HSBC NOMINEES (NEW ZEALAND) LIMITED - NZCSD 1,620,300 3.07
3 ACCIDENT COMPENSATION CORPORATION - NZCSD 1,032,799 1.96
4 LENG BENG KWEK 453,000 0.86
5 QUEEN STREET NOMINEES LTD NO.6 - NZCSD 222,600 0.42
6 NZX WT NOMINEES LIMITED 211,616 0.40
7 KAY HONG CHIAM 211,324 0.40
8 ASB NOMINEES LIMITED 130,446 0.25
9 ALAN DAVID WHITE 110,130 0.21
10 SKY HILL LIMITED 95,169 0.18
11 JENNIFER GAYE SIMPSON 43,000 0.08
12 THEODORE JOHN VAN GELDERMALSEN & MARGARET GAY FREEMANTLE 43,000 0.08
13 NZX WT NOMINEES LIMITED 38,894 0.07
14 HAMISH ARTHUR JAMIESON 32,500 0.06
15 HOWARD CEDRIC ZINGEL 31,592 0.06
16 AOTEAROA RENTAL ENTERPRISES LIMITED 30,720 0.06
17 ARIE DEKKER & LEANNE KATHERINE WALKER 30,400 0.06
18 ROGER EDWARD HAYWARD & SUSAN ELIZABETH HAYWARD 28,909 0.05
19 AIKEN & ASSOCIATES LIMITED 23,593 0.04
20 SEA AND PEAK EQUITIES LIMITED 23,400 0.04
NZCSD is the New Zealand Central Securities Depositary and provides a custodial depositary service to its clients and does not have
a beneficial interest in the shares held in its name.
HOLDINGS SIZE – ORDINARY SHARES (as at 2 March 2026)
Range Total Holders Number of shares Percentage of Issued Capital
1 - 499 363 111,522 0.11
500 - 999 222 152,253 0.14
1,000 - 1,999 141 201,215 0.19
2,000 - 4,999 128 382,643 0.36
5,000 - 9,999 57 397,561 0.38
10,000 - 49,999 53 1,019,822 0.97
50,000 - 99,999 10 751,579 0.71
100,000 - 499,999 15 2,741,812 2.60
500,000 - 999,999 1 568,436 0.54
1,000,000 Over 4 99,251,447 94.01
Rounding -0.01
Total 994 105,578,290 100.00
HOLDINGS SIZE – REDEEMABLE PREFERENCE SHARES (as at 2 March 2026)
Range Total Holders Number of shares Percentage of Issued Capital
1 - 499 72 16,321 0.03
500 - 999 21 14,687 0.03
1,000 - 1,999 22 29,795 0.06
2,000 - 4,999 5 16,603 0.03
5,000 - 9,999 3 20,560 0.04
10,000 - 49,999 15 384,427 0.73
50,000 - 99,999 1 95,169 0.18
100,000 - 499,999 6 1,339,116 2.54
500,000 - 999,999 0 0 0.00
1,000,000 Over 3 50,822,865 96.37
Rounding -0.01
Total 148 52,739,543 100.00
- 1 -
REGULATORY DISCLOSURES
20 LARGEST ORDINARY SHAREHOLDERS (as at 2 March 2026) (Listing Rule 3.7.1 c)
Rank Shareholder No. of
Securities
%
1. CDL HOTELS HOLDINGS NEW ZEALAND LIMITED 88,520,974 83.84
2 ACCIDENT COMPENSATION CORPORATION - NZCSD 7,712,800 7.31
3 HSBC NOMINEES (NEW ZEALAND) LIMITED - NZCSD 1,924,781 1.82
4 CITIBANK NOMINEES (NEW ZEALAND) LIMITED - NZCSD 1,092,892 1.04
5 NZX WT NOMINEES LIMITED 568,436 0.54
6 NEW ZEALAND DEPOSITORY NOMINEE LIMITED 353,254 0.33
7 CUSTODIAL SERVICES LIMITED 335,500 0.32
8 NZX WT NOMINEES LIMITED 286,670 0.27
9 CUSTODIAL SERVICES LIMITED 193,854 0.18
10 ASB NOMINEES LIMITED 182,500 0.17
11 GEOK LOO GOH 168,002 0.16
12 WEI-YONG QIAN 165,000 0.16
13 ROGER WILLIAM CLARK 157,000 0.15
14 SITA SINGH 151,000 0.14
15 RICHARD ALEXANDER COUTTS 150,350 0.14
16 HOWARD CEDRIC ZINGEL 139,915 0.13
17 ANORCO HOLDINGS LIMITED 120,800 0.11
18 IAN ALASTAIR CORMACK & RACHELLE DINA ROSE CORMACK 115,633 0.11
19 ASB NOMINEES LIMITED 112,334 0.11
20 THEODORE JOHN VAN GELDERMALSEN & MARGARET GAY FREEMANTLE 110,000 0.10
NZCSD is the New Zealand Central Securities Depositary and provides a custodial depositary service to its clients and does not have
a beneficial interest in the shares held in its name.
20 LARGEST REDEEMABLE PREFERENCE SHAREHOLDERS (as at 2 March 2026) (Listing Rule 3.7.1 c))
Rank Shareholder No. of
Securities
%
1. CDL HOTELS HOLDINGS NEW ZEALAND LIMITED 48,169,766 91.34
2 HSBC NOMINEES (NEW ZEALAND) LIMITED - NZCSD 1,620,300 3.07
3 ACCIDENT COMPENSATION CORPORATION - NZCSD 1,032,799 1.96
4 LENG BENG KWEK 453,000 0.86
5 QUEEN STREET NOMINEES LTD NO.6 - NZCSD 222,600 0.42
6 NZX WT NOMINEES LIMITED 211,616 0.40
7 KAY HONG CHIAM 211,324 0.40
8 ASB NOMINEES LIMITED 130,446 0.25
9 ALAN DAVID WHITE 110,130 0.21
10 SKY HILL LIMITED 95,169 0.18
11 JENNIFER GAYE SIMPSON 43,000 0.08
12 THEODORE JOHN VAN GELDERMALSEN & MARGARET GAY FREEMANTLE 43,000 0.08
13 NZX WT NOMINEES LIMITED 38,894 0.07
14 HAMISH ARTHUR JAMIESON 32,500 0.06
15 HOWARD CEDRIC ZINGEL 31,592 0.06
16 AOTEAROA RENTAL ENTERPRISES LIMITED 30,720 0.06
17 ARIE DEKKER & LEANNE KATHERINE WALKER 30,400 0.06
18 ROGER EDWARD HAYWARD & SUSAN ELIZABETH HAYWARD 28,909 0.05
19 AIKEN & ASSOCIATES LIMITED 23,593 0.04
20 SEA AND PEAK EQUITIES LIMITED 23,400 0.04
NZCSD is the New Zealand Central Securities Depositary and provides a custodial depositary service to its clients and does not have
a beneficial interest in the shares held in its name.
HOLDINGS SIZE – ORDINARY SHARES (as at 2 March 2026)
Range Total Holders Number of shares Percentage of Issued Capital
1 - 499 363 111,522 0.11
500 - 999 222 152,253 0.14
1,000 - 1,999 141 201,215 0.19
2,000 - 4,999 128 382,643 0.36
5,000 - 9,999 57 397,561 0.38
10,000 - 49,999 53 1,019,822 0.97
50,000 - 99,999 10 751,579 0.71
100,000 - 499,999 15 2,741,812 2.60
500,000 - 999,999 1 568,436 0.54
1,000,000 Over 4 99,251,447 94.01
Rounding -0.01
Total 994 105,578,290 100.00
HOLDINGS SIZE – REDEEMABLE PREFERENCE SHARES (as at 2 March 2026)
Range Total Holders Number of shares Percentage of Issued Capital
1 - 499 72 16,321 0.03
500 - 999 21 14,687 0.03
1,000 - 1,999 22 29,795 0.06
2,000 - 4,999 5 16,603 0.03
5,000 - 9,999 3 20,560 0.04
10,000 - 49,999 15 384,427 0.73
50,000 - 99,999 1 95,169 0.18
100,000 - 499,999 6 1,339,116 2.54
500,000 - 999,999 0 0 0.00
1,000,000 Over 3 50,822,865 96.37
Rounding -0.01
Total 148 52,739,543 100.00
- 1 -
REGULATORY DISCLOSURES
20 LARGEST ORDINARY SHAREHOLDERS (as at 2 March 2026) (Listing Rule 3.7.1 c)
Rank Shareholder No. of
Securities
%
1. CDL HOTELS HOLDINGS NEW ZEALAND LIMITED 88,520,974 83.84
2 ACCIDENT COMPENSATION CORPORATION - NZCSD 7,712,800 7.31
3 HSBC NOMINEES (NEW ZEALAND) LIMITED - NZCSD 1,924,781 1.82
4 CITIBANK NOMINEES (NEW ZEALAND) LIMITED - NZCSD 1,092,892 1.04
5 NZX WT NOMINEES LIMITED 568,436 0.54
6 NEW ZEALAND DEPOSITORY NOMINEE LIMITED 353,254 0.33
7 CUSTODIAL SERVICES LIMITED 335,500 0.32
8 NZX WT NOMINEES LIMITED 286,670 0.27
9 CUSTODIAL SERVICES LIMITED 193,854 0.18
10 ASB NOMINEES LIMITED 182,500 0.17
11 GEOK LOO GOH 168,002 0.16
12 WEI-YONG QIAN 165,000 0.16
13 ROGER WILLIAM CLARK 157,000 0.15
14 SITA SINGH 151,000 0.14
15 RICHARD ALEXANDER COUTTS 150,350 0.14
16 HOWARD CEDRIC ZINGEL 139,915 0.13
17 ANORCO HOLDINGS LIMITED 120,800 0.11
18 IAN ALASTAIR CORMACK & RACHELLE DINA ROSE CORMACK 115,633 0.11
19 ASB NOMINEES LIMITED 112,334 0.11
20 THEODORE JOHN VAN GELDERMALSEN & MARGARET GAY FREEMANTLE 110,000 0.10
NZCSD is the New Zealand Central Securities Depositary and provides a custodial depositary service to its clients and does not have
a beneficial interest in the shares held in its name.
20 LARGEST REDEEMABLE PREFERENCE SHAREHOLDERS (as at 2 March 2026) (Listing Rule 3.7.1 c))
Rank Shareholder No. of
Securities
%
1. CDL HOTELS HOLDINGS NEW ZEALAND LIMITED 48,169,766 91.34
2 HSBC NOMINEES (NEW ZEALAND) LIMITED - NZCSD 1,620,300 3.07
3 ACCIDENT COMPENSATION CORPORATION - NZCSD 1,032,799 1.96
4 LENG BENG KWEK 453,000 0.86
5 QUEEN STREET NOMINEES LTD NO.6 - NZCSD 222,600 0.42
6 NZX WT NOMINEES LIMITED 211,616 0.40
7 KAY HONG CHIAM 211,324 0.40
8 ASB NOMINEES LIMITED 130,446 0.25
9 ALAN DAVID WHITE 110,130 0.21
10 SKY HILL LIMITED 95,169 0.18
11 JENNIFER GAYE SIMPSON 43,000 0.08
12 THEODORE JOHN VAN GELDERMALSEN & MARGARET GAY FREEMANTLE 43,000 0.08
13 NZX WT NOMINEES LIMITED 38,894 0.07
14 HAMISH ARTHUR JAMIESON 32,500 0.06
15 HOWARD CEDRIC ZINGEL 31,592 0.06
16 AOTEAROA RENTAL ENTERPRISES LIMITED 30,720 0.06
17 ARIE DEKKER & LEANNE KATHERINE WALKER 30,400 0.06
18 ROGER EDWARD HAYWARD & SUSAN ELIZABETH HAYWARD 28,909 0.05
19 AIKEN & ASSOCIATES LIMITED 23,593 0.04
20 SEA AND PEAK EQUITIES LIMITED 23,400 0.04
NZCSD is the New Zealand Central Securities Depositary and provides a custodial depositary service to its clients and does not have
a beneficial interest in the shares held in its name.
HOLDINGS SIZE – ORDINARY SHARES (as at 2 March 2026)
Range Total Holders Number of shares Percentage of Issued Capital
1 - 499 363 111,522 0.11
500 - 999 222 152,253 0.14
1,000 - 1,999 141 201,215 0.19
2,000 - 4,999 128 382,643 0.36
5,000 - 9,999 57 397,561 0.38
10,000 - 49,999 53 1,019,822 0.97
50,000 - 99,999 10 751,579 0.71
100,000 - 499,999 15 2,741,812 2.60
500,000 - 999,999 1 568,436 0.54
1,000,000 Over 4 99,251,447 94.01
Rounding -0.01
Total 994 105,578,290 100.00
HOLDINGS SIZE – REDEEMABLE PREFERENCE SHARES (as at 2 March 2026)
Range Total Holders Number of shares Percentage of Issued Capital
1 - 499 72 16,321 0.03
500 - 999 21 14,687 0.03
1,000 - 1,999 22 29,795 0.06
2,000 - 4,999 5 16,603 0.03
5,000 - 9,999 3 20,560 0.04
10,000 - 49,999 15 384,427 0.73
50,000 - 99,999 1 95,169 0.18
100,000 - 499,999 6 1,339,116 2.54
500,000 - 999,999 0 0 0.00
1,000,000 Over 3 50,822,865 96.37
Rounding -0.01
Total 148 52,739,543 100.00
MILLENNIUM & COPTHORNE HOTELS NEW ZEALAND LIMITED ANNUAL REPORT 2025 | REG 2
- 2 -
DOMICILE OF ORDINARY SHAREHOLDERS (as at 2 March 2026)
Number Number of shares Percentage of Issued Capital
New Zealand 920 103,854,567 98.37
Overseas holders 74 1,723,723 1.63
Total 994 105,578,290 100.00
DOMICILE OF REDEEMABLE PREFERENCE SHAREHOLDERS (as at 2 March 2026)
Number Number of shares Percentage of Issued Capital
New Zealand 136 51,924,515 98.45
Overseas holders 12 815,028 1.54
Total 148 52,739,543 100.00
SUBSTANTIAL PRODUCT HOLDERS
According to notices given to the Company under the Financial Markets Conduct Act 2013, as at 2 March 2026, the substantial product holders in the Company
are noted below:
Securities Class %
CDL Hotels Holdings New Zealand Limited 88,520,974 Ordinary Shares 83.84%
Accident Compensation Corporation 7,712.800 Ordinary Shares 7.31%
CDL Hotels Holdings New Zealand Limited is a wholly owned subsidiary of Millennium & Copthorne Hotels Limited (formerly Millennium & Copthorne Hotels plc).
As at 2 March 2026, the total number of issued voting securities of Millennium & Copthorne Hotels New Zealand Limited (all of which are ordinary shares) was
105,578,290. The Company holds 99,547 repurchased ordinary shares as treasury stock.
The total number of non-voting redeemable preference shares was 52,739,543. As these securities are non-voting securities, there is no requirement to provide
substantial product holder notices.
STATUTORY INFORMATION
DIRECTORS (section 211 (1)(i) Companies Act 1993)
As at 31 December 2025, the Company’s Directors were Messrs. C Sim, SNB Harrison, K Hangchi, ES Kwek, GA McKenzie and Ms. LS Preston. Messrs.
Harrison, Hangchi and Kwek were appointed by Millennium & Copthorne Hotels Limited.
The gender breakdown of the Board at balance date was 5 male directors, 1 female director and 0 gender diverse directors. (2024: 5 male directors, 1 female
director and 0 gender diverse directors). MCK currently has 3 female, 4 male and 0 gender diverse officers (2024: 3 female, 5 male and 0 gender diverse officers).
INTERESTS REGISTER (sections 189 (1) (c) and 211(1)(e) Companies Act 1993)
The Company maintains an Interests Register as required under the Companies Act 1993. For the period under review, the following entries were recorded:
USE OF COMPANY INFORMATION (section 145 Companies Act 1993)
During 2025, the Board did not receive any notices from any Directors of the Company requesting the use of company information which they would have received
in their capacity as Directors which would not otherwise have been available to them.
SHARE DEALING (section 148, Companies Act 1993)
No share dealings by Directors occurred during 2025.
DIRECTORS’ AND ASSOCIATED PERSONS SHAREHOLDINGS (as at 31 December 2025)
Director 2024 2025
Colin Sim Nil Nil
Kevin Hangchi Nil Nil
Stuart Harrison Nil Nil
Eik Sheng Kwek Nil Nil
Graham McKenzie Nil Nil
Leslie Preston Nil Nil
- 2 -
DOMICILE OF ORDINARY SHAREHOLDERS (as at 2 March 2026)
Number Number of shares Percentage of Issued Capital
New Zealand 920 103,854,567 98.37
Overseas holders 74 1,723,723 1.63
Total 994 105,578,290 100.00
DOMICILE OF REDEEMABLE PREFERENCE SHAREHOLDERS (as at 2 March 2026)
Number Number of shares Percentage of Issued Capital
New Zealand 136 51,924,515 98.45
Overseas holders 12 815,028 1.54
Total 148 52,739,543 100.00
SUBSTANTIAL PRODUCT HOLDERS
According to notices given to the Company under the Financial Markets Conduct Act 2013, as at 2 March 2026, the substantial product holders in the Company
are noted below:
Securities Class %
CDL Hotels Holdings New Zealand Limited 88,520,974 Ordinary Shares 83.84%
Accident Compensation Corporation 7,712.800 Ordinary Shares 7.31%
CDL Hotels Holdings New Zealand Limited is a wholly owned subsidiary of Millennium & Copthorne Hotels Limited (formerly Millennium & Copthorne Hotels plc).
As at 2 March 2026, the total number of issued voting securities of Millennium & Copthorne Hotels New Zealand Limited (all of which are ordinary shares) was
105,578,290. The Company holds 99,547 repurchased ordinary shares as treasury stock.
The total number of non-voting redeemable preference shares was 52,739,543. As these securities are non-voting securities, there is no requirement to provide
substantial product holder notices.
STATUTORY INFORMATION
DIRECTORS (section 211 (1)(i) Companies Act 1993)
As at 31 December 2025, the Company’s Directors were Messrs. C Sim, SNB Harrison, K Hangchi, ES Kwek, GA McKenzie and Ms. LS Preston. Messrs.
Harrison, Hangchi and Kwek were appointed by Millennium & Copthorne Hotels Limited.
The gender breakdown of the Board at balance date was 5 male directors, 1 female director and 0 gender diverse directors. (2024: 5 male directors, 1 female
director and 0 gender diverse directors). MCK currently has 3 female, 4 male and 0 gender diverse officers (2024: 3 female, 5 male and 0 gender diverse officers).
INTERESTS REGISTER (sections 189 (1) (c) and 211(1)(e) Companies Act 1993)
The Company maintains an Interests Register as required under the Companies Act 1993. For the period under review, the following entries were recorded:
USE OF COMPANY INFORMATION (section 145 Companies Act 1993)
During 2025, the Board did not receive any notices from any Directors of the Company requesting the use of company information which they would have received
in their capacity as Directors which would not otherwise have been available to them.
SHARE DEALING (section 148, Companies Act 1993)
No share dealings by Directors occurred during 2025.
DIRECTORS’ AND ASSOCIATED PERSONS SHAREHOLDINGS (as at 31 December 2025)
Director 2024 2025
Colin Sim Nil Nil
Kevin Hangchi Nil Nil
Stuart Harrison Nil Nil
Eik Sheng Kwek Nil Nil
Graham McKenzie Nil Nil
Leslie Preston Nil Nil
- 2 -
DOMICILE OF ORDINARY SHAREHOLDERS (as at 2 March 2026)
Number Number of shares Percentage of Issued Capital
New Zealand 920 103,854,567 98.37
Overseas holders 74 1,723,723 1.63
Total 994 105,578,290 100.00
DOMICILE OF REDEEMABLE PREFERENCE SHAREHOLDERS (as at 2 March 2026)
Number Number of shares Percentage of Issued Capital
New Zealand 136 51,924,515 98.45
Overseas holders 12 815,028 1.54
Total 148 52,739,543 100.00
SUBSTANTIAL PRODUCT HOLDERS
According to notices given to the Company under the Financial Markets Conduct Act 2013, as at 2 March 2026, the substantial product holders in the Company
are noted below:
Securities Class %
CDL Hotels Holdings New Zealand Limited 88,520,974 Ordinary Shares 83.84%
Accident Compensation Corporation 7,712.800 Ordinary Shares 7.31%
CDL Hotels Holdings New Zealand Limited is a wholly owned subsidiary of Millennium & Copthorne Hotels Limited (formerly Millennium & Copthorne Hotels plc).
As at 2 March 2026, the total number of issued voting securities of Millennium & Copthorne Hotels New Zealand Limited (all of which are ordinary shares) was
105,578,290. The Company holds 99,547 repurchased ordinary shares as treasury stock.
The total number of non-voting redeemable preference shares was 52,739,543. As these securities are non-voting securities, there is no requirement to provide
substantial product holder notices.
STATUTORY INFORMATION
DIRECTORS (section 211 (1)(i) Companies Act 1993)
As at 31 December 2025, the Company’s Directors were Messrs. C Sim, SNB Harrison, K Hangchi, ES Kwek, GA McKenzie and Ms. LS Preston. Messrs.
Harrison, Hangchi and Kwek were appointed by Millennium & Copthorne Hotels Limited.
The gender breakdown of the Board at balance date was 5 male directors, 1 female director and 0 gender diverse directors. (2024: 5 male directors, 1 female
director and 0 gender diverse directors). MCK currently has 3 female, 4 male and 0 gender diverse officers (2024: 3 female, 5 male and 0 gender diverse officers).
INTERESTS REGISTER (sections 189 (1) (c) and 211(1)(e) Companies Act 1993)
The Company maintains an Interests Register as required under the Companies Act 1993. For the period under review, the following entries were recorded:
USE OF COMPANY INFORMATION (section 145 Companies Act 1993)
During 2025, the Board did not receive any notices from any Directors of the Company requesting the use of company information which they would have received
in their capacity as Directors which would not otherwise have been available to them.
SHARE DEALING (section 148, Companies Act 1993)
No share dealings by Directors occurred during 2025.
DIRECTORS’ AND ASSOCIATED PERSONS SHAREHOLDINGS (as at 31 December 2025)
Director 2024 2025
Colin Sim Nil Nil
Kevin Hangchi Nil Nil
Stuart Harrison Nil Nil
Eik Sheng Kwek Nil Nil
Graham McKenzie Nil Nil
Leslie Preston Nil Nil
- 2 -
DOMICILE OF ORDINARY SHAREHOLDERS (as at 2 March 2026)
Number Number of shares Percentage of Issued Capital
New Zealand 920 103,854,567 98.37
Overseas holders 74 1,723,723 1.63
Total 994 105,578,290 100.00
DOMICILE OF REDEEMABLE PREFERENCE SHAREHOLDERS (as at 2 March 2026)
Number Number of shares Percentage of Issued Capital
New Zealand 136 51,924,515 98.45
Overseas holders 12 815,028 1.54
Total 148 52,739,543 100.00
SUBSTANTIAL PRODUCT HOLDERS
According to notices given to the Company under the Financial Markets Conduct Act 2013, as at 2 March 2026, the substantial product holders in the Company
are noted below:
Securities Class %
CDL Hotels Holdings New Zealand Limited 88,520,974 Ordinary Shares 83.84%
Accident Compensation Corporation 7,712.800 Ordinary Shares 7.31%
CDL Hotels Holdings New Zealand Limited is a wholly owned subsidiary of Millennium & Copthorne Hotels Limited (formerly Millennium & Copthorne Hotels plc).
As at 2 March 2026, the total number of issued voting securities of Millennium & Copthorne Hotels New Zealand Limited (all of which are ordinary shares) was
105,578,290. The Company holds 99,547 repurchased ordinary shares as treasury stock.
The total number of non-voting redeemable preference shares was 52,739,543. As these securities are non-voting securities, there is no requirement to provide
substantial product holder notices.
STATUTORY INFORMATION
DIRECTORS (section 211 (1)(i) Companies Act 1993)
As at 31 December 2025, the Company’s Directors were Messrs. C Sim, SNB Harrison, K Hangchi, ES Kwek, GA McKenzie and Ms. LS Preston. Messrs.
Harrison, Hangchi and Kwek were appointed by Millennium & Copthorne Hotels Limited.
The gender breakdown of the Board at balance date was 5 male directors, 1 female director and 0 gender diverse directors. (2024: 5 male directors, 1 female
director and 0 gender diverse directors). MCK currently has 3 female, 4 male and 0 gender diverse officers (2024: 3 female, 5 male and 0 gender diverse officers).
INTERESTS REGISTER (sections 189 (1) (c) and 211(1)(e) Companies Act 1993)
The Company maintains an Interests Register as required under the Companies Act 1993. For the period under review, the following entries were recorded:
USE OF COMPANY INFORMATION (section 145 Companies Act 1993)
During 2025, the Board did not receive any notices from any Directors of the Company requesting the use of company information which they would have received
in their capacity as Directors which would not otherwise have been available to them.
SHARE DEALING (section 148, Companies Act 1993)
No share dealings by Directors occurred during 2025.
DIRECTORS’ AND ASSOCIATED PERSONS SHAREHOLDINGS (as at 31 December 2025)
Director 2024 2025
Colin Sim Nil Nil
Kevin Hangchi Nil Nil
Stuart Harrison Nil Nil
Eik Sheng Kwek Nil Nil
Graham McKenzie Nil Nil
Leslie Preston Nil Nil
- 2 -
DOMICILE OF ORDINARY SHAREHOLDERS (as at 2 March 2026)
Number Number of shares Percentage of Issued Capital
New Zealand 920 103,854,567 98.37
Overseas holders 74 1,723,723 1.63
Total 994 105,578,290 100.00
DOMICILE OF REDEEMABLE PREFERENCE SHAREHOLDERS (as at 2 March 2026)
Number Number of shares Percentage of Issued Capital
New Zealand 136 51,924,515 98.45
Overseas holders 12 815,028 1.54
Total 148 52,739,543 100.00
SUBSTANTIAL PRODUCT HOLDERS
According to notices given to the Company under the Financial Markets Conduct Act 2013, as at 2 March 2026, the substantial product holders in the Company
are noted below:
Securities Class %
CDL Hotels Holdings New Zealand Limited 88,520,974 Ordinary Shares 83.84%
Accident Compensation Corporation 7,712.800 Ordinary Shares 7.31%
CDL Hotels Holdings New Zealand Limited is a wholly owned subsidiary of Millennium & Copthorne Hotels Limited (formerly Millennium & Copthorne Hotels plc).
As at 2 March 2026, the total number of issued voting securities of Millennium & Copthorne Hotels New Zealand Limited (all of which are ordinary shares) was
105,578,290. The Company holds 99,547 repurchased ordinary shares as treasury stock.
The total number of non-voting redeemable preference shares was 52,739,543. As these securities are non-voting securities, there is no requirement to provide
substantial product holder notices.
STATUTORY INFORMATION
DIRECTORS (section 211 (1)(i) Companies Act 1993)
As at 31 December 2025, the Company’s Directors were Messrs. C Sim, SNB Harrison, K Hangchi, ES Kwek, GA McKenzie and Ms. LS Preston. Messrs.
Harrison, Hangchi and Kwek were appointed by Millennium & Copthorne Hotels Limited.
The gender breakdown of the Board at balance date was 5 male directors, 1 female director and 0 gender diverse directors. (2024: 5 male directors, 1 female
director and 0 gender diverse directors). MCK currently has 3 female, 4 male and 0 gender diverse officers (2024: 3 female, 5 male and 0 gender diverse officers).
INTERESTS REGISTER (sections 189 (1) (c) and 211(1)(e) Companies Act 1993)
The Company maintains an Interests Register as required under the Companies Act 1993. For the period under review, the following entries were recorded:
USE OF COMPANY INFORMATION (section 145 Companies Act 1993)
During 2025, the Board did not receive any notices from any Directors of the Company requesting the use of company information which they would have received
in their capacity as Directors which would not otherwise have been available to them.
SHARE DEALING (section 148, Companies Act 1993)
No share dealings by Directors occurred during 2025.
DIRECTORS’ AND ASSOCIATED PERSONS SHAREHOLDINGS (as at 31 December 2025)
Director 2024 2025
Colin Sim Nil Nil
Kevin Hangchi Nil Nil
Stuart Harrison Nil Nil
Eik Sheng Kwek Nil Nil
Graham McKenzie Nil Nil
Leslie Preston Nil Nil
- 2 -
DOMICILE OF ORDINARY SHAREHOLDERS (as at 2 March 2026)
Number Number of shares Percentage of Issued Capital
New Zealand 920 103,854,567 98.37
Overseas holders 74 1,723,723 1.63
Total 994 105,578,290 100.00
DOMICILE OF REDEEMABLE PREFERENCE SHAREHOLDERS (as at 2 March 2026)
Number Number of shares Percentage of Issued Capital
New Zealand 136 51,924,515 98.45
Overseas holders 12 815,028 1.54
Total 148 52,739,543 100.00
SUBSTANTIAL PRODUCT HOLDERS
According to notices given to the Company under the Financial Markets Conduct Act 2013, as at 2 March 2026, the substantial product holders in the Company
are noted below:
Securities Class %
CDL Hotels Holdings New Zealand Limited 88,520,974 Ordinary Shares 83.84%
Accident Compensation Corporation 7,712.800 Ordinary Shares 7.31%
CDL Hotels Holdings New Zealand Limited is a wholly owned subsidiary of Millennium & Copthorne Hotels Limited (formerly Millennium & Copthorne Hotels plc).
As at 2 March 2026, the total number of issued voting securities of Millennium & Copthorne Hotels New Zealand Limited (all of which are ordinary shares) was
105,578,290. The Company holds 99,547 repurchased ordinary shares as treasury stock.
The total number of non-voting redeemable preference shares was 52,739,543. As these securities are non-voting securities, there is no requirement to provide
substantial product holder notices.
STATUTORY INFORMATION
DIRECTORS (section 211 (1)(i) Companies Act 1993)
As at 31 December 2025, the Company’s Directors were Messrs. C Sim, SNB Harrison, K Hangchi, ES Kwek, GA McKenzie and Ms. LS Preston. Messrs.
Harrison, Hangchi and Kwek were appointed by Millennium & Copthorne Hotels Limited.
The gender breakdown of the Board at balance date was 5 male directors, 1 female director and 0 gender diverse directors. (2024: 5 male directors, 1 female
director and 0 gender diverse directors). MCK currently has 3 female, 4 male and 0 gender diverse officers (2024: 3 female, 5 male and 0 gender diverse officers).
INTERESTS REGISTER (sections 189 (1) (c) and 211(1)(e) Companies Act 1993)
The Company maintains an Interests Register as required under the Companies Act 1993. For the period under review, the following entries were recorded:
USE OF COMPANY INFORMATION (section 145 Companies Act 1993)
During 2025, the Board did not receive any notices from any Directors of the Company requesting the use of company information which they would have received
in their capacity as Directors which would not otherwise have been available to them.
SHARE DEALING (section 148, Companies Act 1993)
No share dealings by Directors occurred during 2025.
DIRECTORS’ AND ASSOCIATED PERSONS SHAREHOLDINGS (as at 31 December 2025)
Director 2024 2025
Colin Sim Nil Nil
Kevin Hangchi Nil Nil
Stuart Harrison Nil Nil
Eik Sheng Kwek Nil Nil
Graham McKenzie Nil Nil
Leslie Preston Nil Nil
- 2 -
DOMICILE OF ORDINARY SHAREHOLDERS (as at 2 March 2026)
Number Number of shares Percentage of Issued Capital
New Zealand 920 103,854,567 98.37
Overseas holders 74 1,723,723 1.63
Total 994 105,578,290 100.00
DOMICILE OF REDEEMABLE PREFERENCE SHAREHOLDERS (as at 2 March 2026)
Number Number of shares Percentage of Issued Capital
New Zealand 136 51,924,515 98.45
Overseas holders 12 815,028 1.54
Total 148 52,739,543 100.00
SUBSTANTIAL PRODUCT HOLDERS
According to notices given to the Company under the Financial Markets Conduct Act 2013, as at 2 March 2026, the substantial product holders in the Company
are noted below:
Securities Class %
CDL Hotels Holdings New Zealand Limited 88,520,974 Ordinary Shares 83.84%
Accident Compensation Corporation 7,712.800 Ordinary Shares 7.31%
CDL Hotels Holdings New Zealand Limited is a wholly owned subsidiary of Millennium & Copthorne Hotels Limited (formerly Millennium & Copthorne Hotels plc).
As at 2 March 2026, the total number of issued voting securities of Millennium & Copthorne Hotels New Zealand Limited (all of which are ordinary shares) was
105,578,290. The Company holds 99,547 repurchased ordinary shares as treasury stock.
The total number of non-voting redeemable preference shares was 52,739,543. As these securities are non-voting securities, there is no requirement to provide
substantial product holder notices.
STATUTORY INFORMATION
DIRECTORS (section 211 (1)(i) Companies Act 1993)
As at 31 December 2025, the Company’s Directors were Messrs. C Sim, SNB Harrison, K Hangchi, ES Kwek, GA McKenzie and Ms. LS Preston. Messrs.
Harrison, Hangchi and Kwek were appointed by Millennium & Copthorne Hotels Limited.
The gender breakdown of the Board at balance date was 5 male directors, 1 female director and 0 gender diverse directors. (2024: 5 male directors, 1 female
director and 0 gender diverse directors). MCK currently has 3 female, 4 male and 0 gender diverse officers (2024: 3 female, 5 male and 0 gender diverse officers).
INTERESTS REGISTER (sections 189 (1) (c) and 211(1)(e) Companies Act 1993)
The Company maintains an Interests Register as required under the Companies Act 1993. For the period under review, the following entries were recorded:
USE OF COMPANY INFORMATION (section 145 Companies Act 1993)
During 2025, the Board did not receive any notices from any Directors of the Company requesting the use of company information which they would have received
in their capacity as Directors which would not otherwise have been available to them.
SHARE DEALING (section 148, Companies Act 1993)
No share dealings by Directors occurred during 2025.
DIRECTORS’ AND ASSOCIATED PERSONS SHAREHOLDINGS (as at 31 December 2025)
Director 2024 2025
Colin Sim Nil Nil
Kevin Hangchi Nil Nil
Stuart Harrison Nil Nil
Eik Sheng Kwek Nil Nil
Graham McKenzie Nil Nil
Leslie Preston Nil Nil
- 2 -
DOMICILE OF ORDINARY SHAREHOLDERS (as at 2 March 2026)
Number Number of shares Percentage of Issued Capital
New Zealand 920 103,854,567 98.37
Overseas holders 74 1,723,723 1.63
Total 994 105,578,290 100.00
DOMICILE OF REDEEMABLE PREFERENCE SHAREHOLDERS (as at 2 March 2026)
Number Number of shares Percentage of Issued Capital
New Zealand 136 51,924,515 98.45
Overseas holders 12 815,028 1.54
Total 148 52,739,543 100.00
SUBSTANTIAL PRODUCT HOLDERS
According to notices given to the Company under the Financial Markets Conduct Act 2013, as at 2 March 2026, the substantial product holders in the Company
are noted below:
Securities Class %
CDL Hotels Holdings New Zealand Limited 88,520,974 Ordinary Shares 83.84%
Accident Compensation Corporation 7,712.800 Ordinary Shares 7.31%
CDL Hotels Holdings New Zealand Limited is a wholly owned subsidiary of Millennium & Copthorne Hotels Limited (formerly Millennium & Copthorne Hotels plc).
As at 2 March 2026, the total number of issued voting securities of Millennium & Copthorne Hotels New Zealand Limited (all of which are ordinary shares) was
105,578,290. The Company holds 99,547 repurchased ordinary shares as treasury stock.
The total number of non-voting redeemable preference shares was 52,739,543. As these securities are non-voting securities, there is no requirement to provide
substantial product holder notices.
STATUTORY INFORMATION
DIRECTORS (section 211 (1)(i) Companies Act 1993)
As at 31 December 2025, the Company’s Directors were Messrs. C Sim, SNB Harrison, K Hangchi, ES Kwek, GA McKenzie and Ms. LS Preston. Messrs.
Harrison, Hangchi and Kwek were appointed by Millennium & Copthorne Hotels Limited.
The gender breakdown of the Board at balance date was 5 male directors, 1 female director and 0 gender diverse directors. (2024: 5 male directors, 1 female
director and 0 gender diverse directors). MCK currently has 3 female, 4 male and 0 gender diverse officers (2024: 3 female, 5 male and 0 gender diverse officers).
INTERESTS REGISTER (sections 189 (1) (c) and 211(1)(e) Companies Act 1993)
The Company maintains an Interests Register as required under the Companies Act 1993. For the period under review, the following entries were recorded:
USE OF COMPANY INFORMATION (section 145 Companies Act 1993)
During 2025, the Board did not receive any notices from any Directors of the Company requesting the use of company information which they would have received
in their capacity as Directors which would not otherwise have been available to them.
SHARE DEALING (section 148, Companies Act 1993)
No share dealings by Directors occurred during 2025.
DIRECTORS’ AND ASSOCIATED PERSONS SHAREHOLDINGS (as at 31 December 2025)
Director 2024 2025
Colin Sim Nil Nil
Kevin Hangchi Nil Nil
Stuart Harrison Nil Nil
Eik Sheng Kwek Nil Nil
Graham McKenzie Nil Nil
Leslie Preston Nil Nil
DIRECTORS’ AND ASSOCIATED PERSONS SHAREHOLDINGS (as at 31 December 2025)
REG 3 | MILLENNIUM & COPTHORNE HOTELS NEW ZEALAND LIMITED ANNUAL REPORT 2025
- 3 -
REMUNERATION (section 161 and 211(1)(f), Companies Act 1993)
The total remuneration and value of other benefits earned by each of the Directors of the Company for the year ending 31 December 2025 was:
Director Remuneration
C Sim 97,000
K Hangchi 60,000
SNB Harrison (*) 641,990
ES Kwek (*) Nil
GA McKenzie 67,000
LS Preston 69,000
(*)Mr. Kwek is the Executive Director of Millennium & Copthorne Hotels Limited. Mr. Kwek does not receive remuneration as a director of the company and Mr.
Harrison did not receive remuneration as a director of any of the Company’s subsidiaries.
INDEMNITY AND INSURANCE (section 162, Companies Act 1993)
In accordance with the Company’s constitution, the Company has insured all its Directors and the Directors of its subsidiaries against liabilities to other parties
(except the Company or a related party of the Company) that may arise from their positions as Directors. The insurance does not cover liabilities arising from
criminal actions.
GENERAL DISCLOSURES OF INTEREST (section 140(2), Companies Act 1993)
As at 31 December 2025, the Directors of the Company have made general disclosures of interest in the following companies:
C SIM
Director of: Autocaps (Aust) Pty Ltd Autocaps Pastoral Division Pty Limited
Builders Recycling Properties Pty Ltd Builders Recycling Operations Pty Ltd Desert Rose Group Pty Limited
Desert Rose Holdings Pty Limited DMM Investments (NSW) Pty Ltd East Quarter Group Pty Ltd
East Quarter Hurstville Pty Limited EQ Equity Pty Ltd EQ Gosford Pty Ltd
EQ Projects Pty Ltd EQ Projects Holdings Pty Ltd EQ Revesby Pty Ltd
EQ Riverside Pty Ltd EQ Zetland Pty Ltd Hurstville NSW Pty Limited
Naxta Pty Ltd New Dale Sim Pty Ltd PBD Phoenix Pty Limited
PCC Devco 1 Pty Limited Phoenix Palm Developments Pty Limited SSK Investments Pty Ltd
SSK Investments No 2 Pty Ltd SSK Investments O/S Pty Ltd TECH5 Australia Pty Ltd
Waterbrook Bayview Pty Ltd Waterbrook Bayview Investment Pty Ltd
Waterbrook Bayview Village Management Pty Ltd West Quarter Hurstville Pty Limited A.C.N. 666 186 750 Pty Ltd
K HANGCHI
Director of: CDL Hotels Holdings New Zealand Limited KIN Holdings Limited
Hong Leong Finance Limited Hong Leong Finance Nominees Pte Ltd Hong Leong Management Services Pte Ltd
Hong Leong Nominees (Private) Limited Millennium Securities Nominees Pte Ltd Millennium Securities Pte Ltd
Pagsan Investments Pte. Ltd Singapore Nominees Private Ltd Sun Yuan Holdings Pte Ltd
SNB HARRISON
Chair of: Waitangi Resort Joint Venture Committee
Director of: All Seasons Hotels & Resorts Ltd Context Securities Ltd
Hospitality Group Ltd Hospitality Leases Ltd Hospitality Services Ltd
Kingsgate Hotels Limited Kingsgate Hotels & Resorts Ltd Kingsgate International Corporation Limited
Marquee Brisbane Hotel Pty. Ltd. Marquee Brisbane Hotel 2 Pty. Ltd. Marquee Hotel Holdings Pty. Ltd.
Marquee Hotel Operations Pty. Ltd. Mayfair Luxury Hotels Limited Millennium & Copthorne NZ Ltd
QINZ (Anzac Avenue) Ltd Quantum Ltd
E
ESS KKwweekk
Chairman / Director / President of: Grand Plaza Hotel Corporation;
Chairman and Director of: Millennium Hotels Italy Holdings srl; Millennium Hotels Palace Management srl; Millennium Hotels Property srl
Director / President of:
Five Star Assurance Inc. , The Philippine Fund Limited
Managing Director of: ATOS Holdings GmbH
President of: Chalon Heritage Hotel Holdings SAS
Director of:
125 OBS (Nominees 1) Limited 125 OBS (Nominees 2) Limited 125 OBS GP Limited
58 High Street Pty Ltd Actas Holdings Pte. Ltd Adelanto Investments Pte. Limited
Aircoa Equity Interests Inc. Aircoa GP Corporation Aircoa LLC
Allinvest Holding Pte. Ltd Allsgate Properties Limited Alphagate Holdings Limited
Androgate Properties Limited Aquarius Properties Pte. Ltd Archyfield Limited
Ascent View Holdings Pte. Ltd Aster Land Development Pte Ltd Atlasgate SG Holdings Pte. Ltd
Atlasgate UK Holdings Pte. Ltd Atlasgate UK Holdings Limited
Avon Wynfield LLC Baynes Investments Pte Ltd Beaumont Properties Limited
Beijing Fortune Hotel Co. Ltd Bellevue Properties Pte. Ltd Bestro Holdings Limited
Biltmore Place Operations Corporation Bloomshine Holdings Limited BOP Luxembourg (125 Obs) 2 SARL
Branbury Investments Ltd Bravogate Holdings SARL Bridge North Limited
Camborne Developments Pte. Ltd Canterbury Riverside Opco Limited Canterbury Riverside Propco Limited
CDL (New York) LLC CDL (NYL) Limited CDL Ace Pte Ltd
CDL Acquisitions Pte. Ltd CDL Aquila Pte. Ltd CDL Arctic Pte. Ltd
CDL Atlantic Pte. Ltd CDL Australia Holdings Pty. Ltd CDL Centroid Pte Ltd
CDL Cityscape Pte Ltd CDL Commercial REIT Management Pte. Ltd CDL Conservo Pte Ltd
CDL Constellation Pte. Ltd CDL Crestview Holdings Pte. Ltd CDL Crown REIT Management Pte. Ltd
CDL Divine Pte Ltd CDL Draco Pte Ltd CDL Entertainment & Leisure Pte. Ltd
CDL Evergreen Pte. Ltd CDL Galliard Grand GP Limited CDL Hotels (Chelsea) Ltd
CDL Hotels (Korea) Ltd CDL Hotels (Malaysia) Sdn. Bhd CDL Hotels (U.K.) Ltd
CDL Hotels Australia Holdings (SG) Pte Ltd CDL Hotels Australia Holdings Pty Ltd CDL Hotels Holdings New Zealand Limited
CDL Hotels Japan Pte. Ltd CDL Hotels USA Inc. CDL Infinity Pte. Ltd
CDL Investments New Zealand Limited CDL Kingtse Pte Ltd CDL Land Pte. Ltd
CDL Libra Commercial Pte. Ltd CDL Libra Pte. Ltd CDL Management Services Pte. Ltd
CDL Netherlands Investments BV CDL Pavona Pte Ltd CDL Pegasus Pte. Ltd
CDL Perseus Pte. Ltd CDL Pisces Commercial Pte. Ltd CDL Pisces Services Residences Pte. Ltd
CDL Polaris Commercial Pte. Ltd CDL Polaris Properties Pte. Ltd CDL Properties BV
CDL Queensray Pte Ltd CDL Real Estate Asset Managers Pte Ltd CDL Real Estate Investment Managers Pte Ltd
CDL Regulus Pte. Ltd CDL Sakura Pte Ltd CDL Selesta Pte Ltd
CDL Shanghai Holdings Pte. Ltd CDL Stellar Pte Ltd CDL Triton Pte Ltd
CDL West 45
th
Street LLC CDL Suzhou Investment Pte. Ltd Central Mall Pte. Ltd
Centro Investment Holding Pte Ltd Centro Property Holding Pte Ltd Chania Holdings Limited
Chicago Hotel Holdings Inc. City Apex Pte. Ltd City Bonsai Pte Ltd
City Boost Pte. Ltd City Century Pte. Ltd City Condominiums Pte. Ltd
City Connected Communities Pte. Ltd City Delta Pte. Ltd City Developments Investments Pte. Ltd
City Developments Realty Limited City Elite Pte. Ltd City Gemini Pte Ltd
City Grand Investments Limited City Hotels Pte Limited City Ikonik Pte. Ltd
Mr Harrison did not receive remuneration as a director of any of the Company’s subsidiaries.
- 3 -
REMUNERATION (section 161 and 211(1)(f), Companies Act 1993)
The total remuneration and value of other benefits earned by each of the Directors of the Company for the year ending 31 December 2025 was:
Director Remuneration
C Sim 97,000
K Hangchi 60,000
SNB Harrison (*) 641,990
ES Kwek (*) Nil
GA McKenzie 67,000
LS Preston 69,000
(*)Mr. Kwek is the Executive Director of Millennium & Copthorne Hotels Limited. Mr. Kwek does not receive remuneration as a director of the company and Mr.
Harrison did not receive remuneration as a director of any of the Company’s subsidiaries.
INDEMNITY AND INSURANCE (section 162, Companies Act 1993)
In accordance with the Company’s constitution, the Company has insured all its Directors and the Directors of its subsidiaries against liabilities to other parties
(except the Company or a related party of the Company) that may arise from their positions as Directors. The insurance does not cover liabilities arising from
criminal actions.
GENERAL DISCLOSURES OF INTEREST (section 140(2), Companies Act 1993)
As at 31 December 2025, the Directors of the Company have made general disclosures of interest in the following companies:
C SIM
Director of: Autocaps (Aust) Pty Ltd Autocaps Pastoral Division Pty Limited
Builders Recycling Properties Pty Ltd Builders Recycling Operations Pty Ltd Desert Rose Group Pty Limited
Desert Rose Holdings Pty Limited DMM Investments (NSW) Pty Ltd East Quarter Group Pty Ltd
East Quarter Hurstville Pty Limited EQ Equity Pty Ltd EQ Gosford Pty Ltd
EQ Projects Pty Ltd EQ Projects Holdings Pty Ltd EQ Revesby Pty Ltd
EQ Riverside Pty Ltd EQ Zetland Pty Ltd Hurstville NSW Pty Limited
Naxta Pty Ltd New Dale Sim Pty Ltd PBD Phoenix Pty Limited
PCC Devco 1 Pty Limited Phoenix Palm Developments Pty Limited SSK Investments Pty Ltd
SSK Investments No 2 Pty Ltd SSK Investments O/S Pty Ltd TECH5 Australia Pty Ltd
Waterbrook Bayview Pty Ltd Waterbrook Bayview Investment Pty Ltd
Waterbrook Bayview Village Management Pty Ltd West Quarter Hurstville Pty Limited A.C.N. 666 186 750 Pty Ltd
K HANGCHI
Director of: CDL Hotels Holdings New Zealand Limited KIN Holdings Limited
Hong Leong Finance Limited Hong Leong Finance Nominees Pte Ltd Hong Leong Management Services Pte Ltd
Hong Leong Nominees (Private) Limited Millennium Securities Nominees Pte Ltd Millennium Securities Pte Ltd
Pagsan Investments Pte. Ltd Singapore Nominees Private Ltd Sun Yuan Holdings Pte Ltd
SNB HARRISON
Chair of: Waitangi Resort Joint Venture Committee
Director of: All Seasons Hotels & Resorts Ltd Context Securities Ltd
Hospitality Group Ltd Hospitality Leases Ltd Hospitality Services Ltd
Kingsgate Hotels Limited Kingsgate Hotels & Resorts Ltd Kingsgate International Corporation Limited
Marquee Brisbane Hotel Pty. Ltd. Marquee Brisbane Hotel 2 Pty. Ltd. Marquee Hotel Holdings Pty. Ltd.
Marquee Hotel Operations Pty. Ltd. Mayfair Luxury Hotels Limited Millennium & Copthorne NZ Ltd
QINZ (Anzac Avenue) Ltd Quantum Ltd
EESS KKwweekk
Chairman / Director / President of: Grand Plaza Hotel Corporation;
Chairman and Director of: Millennium Hotels Italy Holdings srl; Millennium Hotels Palace Management srl; Millennium Hotels Property srl
Director / President of:
Five Star Assurance Inc. , The Philippine Fund Limited
Managing Director of: ATOS Holdings GmbH
President of: Chalon Heritage Hotel Holdings SAS
Director of:
125 OBS (Nominees 1) Limited 125 OBS (Nominees 2) Limited 125 OBS GP Limited
58 High Street Pty Ltd Actas Holdings Pte. Ltd Adelanto Investments Pte. Limited
Aircoa Equity Interests Inc. Aircoa GP Corporation Aircoa LLC
Allinvest Holding Pte. Ltd Allsgate Properties Limited Alphagate Holdings Limited
Androgate Properties Limited Aquarius Properties Pte. Ltd Archyfield Limited
Ascent View Holdings Pte. Ltd Aster Land Development Pte Ltd Atlasgate SG Holdings Pte. Ltd
Atlasgate UK Holdings Pte. Ltd Atlasgate UK Holdings Limited
Avon Wynfield LLC Baynes Investments Pte Ltd Beaumont Properties Limited
Beijing Fortune Hotel Co. Ltd Bellevue Properties Pte. Ltd Bestro Holdings Limited
Biltmore Place Operations Corporation Bloomshine Holdings Limited BOP Luxembourg (125 Obs) 2 SARL
Branbury Investments Ltd Bravogate Holdings SARL Bridge North Limited
Camborne Developments Pte. Ltd Canterbury Riverside Opco Limited Canterbury Riverside Propco Limited
CDL (New York) LLC CDL (NYL) Limited CDL Ace Pte Ltd
CDL Acquisitions Pte. Ltd CDL Aquila Pte. Ltd CDL Arctic Pte. Ltd
CDL Atlantic Pte. Ltd CDL Australia Holdings Pty. Ltd CDL Centroid Pte Ltd
CDL Cityscape Pte Ltd CDL Commercial REIT Management Pte. Ltd CDL Conservo Pte Ltd
CDL Constellation Pte. Ltd CDL Crestview Holdings Pte. Ltd CDL Crown REIT Management Pte. Ltd
CDL Divine Pte Ltd CDL Draco Pte Ltd CDL Entertainment & Leisure Pte. Ltd
CDL Evergreen Pte. Ltd CDL Galliard Grand GP Limited CDL Hotels (Chelsea) Ltd
CDL Hotels (Korea) Ltd CDL Hotels (Malaysia) Sdn. Bhd CDL Hotels (U.K.) Ltd
CDL Hotels Australia Holdings (SG) Pte Ltd CDL Hotels Australia Holdings Pty Ltd CDL Hotels Holdings New Zealand Limited
CDL Hotels Japan Pte. Ltd CDL Hotels USA Inc. CDL Infinity Pte. Ltd
CDL Investments New Zealand Limited CDL Kingtse Pte Ltd CDL Land Pte. Ltd
CDL Libra Commercial Pte. Ltd CDL Libra Pte. Ltd CDL Management Services Pte. Ltd
CDL Netherlands Investments BV CDL Pavona Pte Ltd CDL Pegasus Pte. Ltd
CDL Perseus Pte. Ltd CDL Pisces Commercial Pte. Ltd CDL Pisces Services Residences Pte. Ltd
CDL Polaris Commercial Pte. Ltd CDL Polaris Properties Pte. Ltd CDL Properties BV
CDL Queensray Pte Ltd CDL Real Estate Asset Managers Pte Ltd CDL Real Estate Investment Managers Pte Ltd
CDL Regulus Pte. Ltd CDL Sakura Pte Ltd CDL Selesta Pte Ltd
CDL Shanghai Holdings Pte. Ltd CDL Stellar Pte Ltd CDL Triton Pte Ltd
CDL West 45
th
Street LLC CDL Suzhou Investment Pte. Ltd Central Mall Pte. Ltd
Centro Investment Holding Pte Ltd Centro Property Holding Pte Ltd Chania Holdings Limited
Chicago Hotel Holdings Inc. City Apex Pte. Ltd City Bonsai Pte Ltd
City Boost Pte. Ltd City Century Pte. Ltd City Condominiums Pte. Ltd
City Connected Communities Pte. Ltd City Delta Pte. Ltd City Developments Investments Pte. Ltd
City Developments Realty Limited City Elite Pte. Ltd City Gemini Pte Ltd
City Grand Investments Limited City Hotels Pte Limited City Ikonik Pte. Ltd
The total remuneration and value of other benefits earned by each of the Directors of the Company for the year ending 31 December 2025 was:
- 3 -
REMUNERATION (section 161 and 211(1)(f), Companies Act 1993)
The total remuneration and value of other benefits earned by each of the Directors of the Company for the year ending 31 December 2025 was:
Director Remuneration
C Sim 97,000
K Hangchi 60,000
SNB Harrison (*) 641,990
ES Kwek (*) Nil
GA McKenzie 67,000
LS Preston 69,000
(*)Mr. Kwek is the Executive Director of Millennium & Copthorne Hotels Limited. Mr. Kwek does not receive remuneration as a director of the company and Mr.
Harrison did not receive remuneration as a director of any of the Company’s subsidiaries.
INDEMNITY AND INSURANCE (section 162, Companies Act 1993)
In accordance with the Company’s constitution, the Company has insured all its Directors and the Directors of its subsidiaries against liabilities to other parties
(except the Company or a related party of the Company) that may arise from their positions as Directors. The insurance does not cover liabilities arising from
criminal actions.
GENERAL DISCLOSURES OF INTEREST (section 140(2), Companies Act 1993)
As at 31 December 2025, the Directors of the Company have made general disclosures of interest in the following companies:
C SIM
Director of: Autocaps (Aust) Pty Ltd Autocaps Pastoral Division Pty Limited
Builders Recycling Properties Pty Ltd Builders Recycling Operations Pty Ltd Desert Rose Group Pty Limited
Desert Rose Holdings Pty Limited DMM Investments (NSW) Pty Ltd East Quarter Group Pty Ltd
East Quarter Hurstville Pty Limited EQ Equity Pty Ltd EQ Gosford Pty Ltd
EQ Projects Pty Ltd EQ Projects Holdings Pty Ltd EQ Revesby Pty Ltd
EQ Riverside Pty Ltd EQ Zetland Pty Ltd Hurstville NSW Pty Limited
Naxta Pty Ltd New Dale Sim Pty Ltd PBD Phoenix Pty Limited
PCC Devco 1 Pty Limited Phoenix Palm Developments Pty Limited SSK Investments Pty Ltd
SSK Investments No 2 Pty Ltd SSK Investments O/S Pty Ltd TECH5 Australia Pty Ltd
Waterbrook Bayview Pty Ltd Waterbrook Bayview Investment Pty Ltd
Waterbrook Bayview Village Management Pty Ltd West Quarter Hurstville Pty Limited A.C.N. 666 186 750 Pty Ltd
K HANGCHI
Director of: CDL Hotels Holdings New Zealand Limited KIN Holdings Limited
Hong Leong Finance Limited Hong Leong Finance Nominees Pte Ltd Hong Leong Management Services Pte Ltd
Hong Leong Nominees (Private) Limited Millennium Securities Nominees Pte Ltd Millennium Securities Pte Ltd
Pagsan Investments Pte. Ltd Singapore Nominees Private Ltd Sun Yuan Holdings Pte Ltd
SNB HARRISON
Chair of: Waitangi Resort Joint Venture Committee
Director of: All Seasons Hotels & Resorts Ltd Context Securities Ltd
Hospitality Group Ltd Hospitality Leases Ltd Hospitality Services Ltd
Kingsgate Hotels Limited Kingsgate Hotels & Resorts Ltd Kingsgate International Corporation Limited
Marquee Brisbane Hotel Pty. Ltd. Marquee Brisbane Hotel 2 Pty. Ltd. Marquee Hotel Holdings Pty. Ltd.
Marquee Hotel Operations Pty. Ltd. Mayfair Luxury Hotels Limited Millennium & Copthorne NZ Ltd
QINZ (Anzac Avenue) Ltd Quantum Ltd
EESS KKwweekk
Chairman / Director / President of: Grand Plaza Hotel Corporation;
Chairman and Director of: Millennium Hotels Italy Holdings srl; Millennium Hotels Palace Management srl; Millennium Hotels Property srl
Director / President of:
Five Star Assurance Inc. , The Philippine Fund Limited
Managing Director of: ATOS Holdings GmbH
President of: Chalon Heritage Hotel Holdings SAS
Director of:
125 OBS (Nominees 1) Limited 125 OBS (Nominees 2) Limited 125 OBS GP Limited
58 High Street Pty Ltd Actas Holdings Pte. Ltd Adelanto Investments Pte. Limited
Aircoa Equity Interests Inc. Aircoa GP Corporation Aircoa LLC
Allinvest Holding Pte. Ltd Allsgate Properties Limited Alphagate Holdings Limited
Androgate Properties Limited Aquarius Properties Pte. Ltd Archyfield Limited
Ascent View Holdings Pte. Ltd Aster Land Development Pte Ltd Atlasgate SG Holdings Pte. Ltd
Atlasgate UK Holdings Pte. Ltd Atlasgate UK Holdings Limited
Avon Wynfield LLC Baynes Investments Pte Ltd Beaumont Properties Limited
Beijing Fortune Hotel Co. Ltd Bellevue Properties Pte. Ltd Bestro Holdings Limited
Biltmore Place Operations Corporation Bloomshine Holdings Limited BOP Luxembourg (125 Obs) 2 SARL
Branbury Investments Ltd Bravogate Holdings SARL Bridge North Limited
Camborne Developments Pte. Ltd Canterbury Riverside Opco Limited Canterbury Riverside Propco Limited
CDL (New York) LLC CDL (NYL) Limited CDL Ace Pte Ltd
CDL Acquisitions Pte. Ltd CDL Aquila Pte. Ltd CDL Arctic Pte. Ltd
CDL Atlantic Pte. Ltd CDL Australia Holdings Pty. Ltd CDL Centroid Pte Ltd
CDL Cityscape Pte Ltd CDL Commercial REIT Management Pte. Ltd CDL Conservo Pte Ltd
CDL Constellation Pte. Ltd CDL Crestview Holdings Pte. Ltd CDL Crown REIT Management Pte. Ltd
CDL Divine Pte Ltd CDL Draco Pte Ltd CDL Entertainment & Leisure Pte. Ltd
CDL Evergreen Pte. Ltd CDL Galliard Grand GP Limited CDL Hotels (Chelsea) Ltd
CDL Hotels (Korea) Ltd CDL Hotels (Malaysia) Sdn. Bhd CDL Hotels (U.K.) Ltd
CDL Hotels Australia Holdings (SG) Pte Ltd CDL Hotels Australia Holdings Pty Ltd CDL Hotels Holdings New Zealand Limited
CDL Hotels Japan Pte. Ltd CDL Hotels USA Inc. CDL Infinity Pte. Ltd
CDL Investments New Zealand Limited CDL Kingtse Pte Ltd CDL Land Pte. Ltd
CDL Libra Commercial Pte. Ltd CDL Libra Pte. Ltd CDL Management Services Pte. Ltd
CDL Netherlands Investments BV CDL Pavona Pte Ltd CDL Pegasus Pte. Ltd
CDL Perseus Pte. Ltd CDL Pisces Commercial Pte. Ltd CDL Pisces Services Residences Pte. Ltd
CDL Polaris Commercial Pte. Ltd CDL Polaris Properties Pte. Ltd CDL Properties BV
CDL Queensray Pte Ltd CDL Real Estate Asset Managers Pte Ltd CDL Real Estate Investment Managers Pte Ltd
CDL Regulus Pte. Ltd CDL Sakura Pte Ltd CDL Selesta Pte Ltd
CDL Shanghai Holdings Pte. Ltd CDL Stellar Pte Ltd CDL Triton Pte Ltd
CDL West 45
th
Street LLC CDL Suzhou Investment Pte. Ltd Central Mall Pte. Ltd
Centro Investment Holding Pte Ltd Centro Property Holding Pte Ltd Chania Holdings Limited
Chicago Hotel Holdings Inc. City Apex Pte. Ltd City Bonsai Pte Ltd
City Boost Pte. Ltd City Century Pte. Ltd City Condominiums Pte. Ltd
City Connected Communities Pte. Ltd City Delta Pte. Ltd City Developments Investments Pte. Ltd
City Developments Realty Limited City Elite Pte. Ltd City Gemini Pte Ltd
City Grand Investments Limited City Hotels Pte Limited City Ikonik Pte. Ltd
129,917
62,917
99,917
101,917
MILLENNIUM & COPTHORNE HOTELS NEW ZEALAND LIMITED ANNUAL REPORT 2025 | REG 4
- 4 -
City Ikonik Pte. Ltd Japan Branch City Leo Pte Ltd City Lux Pte. Ltd
City Montage Pte. Ltd City Oasis Pte. Ltd City Orchard Pte. Ltd
City REIT Management Pte. Ltd City Resyde Pte. Ltd City Sceptre Investments Pte. Ltd
City Serviced Offices Pte. Ltd City Sol Luna Holdings Pte. Ltd City Sol Pte. Ltd
City Strategic Equity Pte. Ltd City Sunshine Holdings Pte. Ltd City Symphony Pte. Ltd
City Thrive Pte. Ltd Citydev Real Estate (Singapore) Pte. Ltd Citydev Venture Holdings Ltd
CityNexus (UK) Limited CityNexus Pte. Ltd. Cityview Place Holdings Pte. Ltd
Cityzens Developments Pte Ltd Copthorne (Nominees) Limited Copthorne Aberdeen Limited
Copthorne Hotel (Birmingham) Limited Copthorne Hotel (Cardiff) Limited Copthorne Hotel (Effingham Park) Limited
Copthorne Hotel (Gatwick) Limited Copthorne Hotel (Manchester) Limited
Copthorne Hotel (Merry Hill) Construction Limited Copthorne Hotel (Merry Hill) Limited Copthorne Hotel (Newcastle) Limited
Copthorne Hotel (Plymouth) Limited Copthorne Hotel (Slough) Limited Copthorne Hotel Holdings Limited
Copthorne Hotels Limited Copthorne Orchid Hotel Singapore Pte Ltd Copthorne Orchid Hotel Penang Sd. Bhd.
Crescent View Developments Pte Ltd Delfi One Investments Pte Ltd Delfi Three Investments Pte Ltd
Delfi Two Investments Pte Ltd Diplomat Hotel Holding Company Limited Eastwest Portfolio Pte Ltd
Easy Thrive Ventures Limited Educado Company Limited Elite Hotel Management Services Pte Ltd
Ellinois Management Services Pte Ltd Euroform (S) Pte Ltd Ferguson Hotels Holdings Limited
Ferguson Investment Corp. Finite Properties Investment Limited Four Peaks Management Company
Friars Road Manco Limited Gateway Holdings Corporation I Gateway Hotels Holdings Inc.
Gateway Regal Holdings LLC GHL CDL Morden Limited Grande Strategic Pte. Ltd
Grange 100 Pte Ltd Granmill Holdings Pte Ltd Greystand Holdings Limited
Guan Realty (Private) Limited Harbour Land Corporation Harbour View Hotel Pte Ltd
Harrow Entertainment Pte Ltd Heritage Pro International Limited Highline Holdings Limited
Highline Investments GP Limited Highline Properties GP Limited Hoko Fitzroy Pty Ltd
Hoko Kenmore Pty Ltd Hoko Macaulay Pty Ltd Hoko Mina Pty Ltd
Hoko Spencer Pty Ltd Hoko Toowong Pty Ltd Hong Bee Hardware Company Sdn Berhad
Hong Leong Enterprises Pte Ltd Hong Leong Foundation Hong Leong Hotel Development Limited
Hong Leong International Hotel (Singapore) Pte Ltd Hong Leong Properties Pte Limited Hospitality Holdings Pte Ltd
Hospitality Ventures Pte Ltd Hotel Liverpool Limited Hotel Liverpool Management Limited
HSRE Crosslane (Coventry) Limited HSRE Crosslane (Leeds) Limited HSU JV Holdco Limited
HThree City Jade Pte Ltd Iconique Tokutei Mokuteki Kaisha Infinity Properties Limited
Island Glades Developments Pte Ltd Jayland Properties Limited Kensington Unity Hotel Limited
Keygate Holdings Limited King’s Tanglin Shopping Pte Ltd Kwek Holdings Pte Ltd
Kwek Hong Png Investment Pte Ltd Landco Properties Limited Le Grove Management Pte Ltd
Legend Commercial Pte Ltd Legend Commercial Trustee Pte Ltd Legend Investment Holdings Pte Ltd
Legend Quay Pte Ltd Lingo Enterprises Limited Lingo Enterprises Limited (Singapore Branch)
London Britannia Hotel Limited London Tara Hotel Limited Lukestone Properties Limited
M&C (CB) Limited M&C (CD) Limited M&C Finance (1) Limited
M&C Management Holdings Limited M&C Management Services (USA) Inc. M&C NZ Limited
M&C Reservations Services Limited M&C Asia Finance (UK) Limited M&C Asia Holdings (UK) Limited
M&C Business Trust Management Limited (as trustee-manager of CDL Hospitality Business Trust, stapled together with CDL Real Estate Investment
Trust as CDL Hospitality Trusts)
M&C Capital Pte Ltd M&C Colorado Hotel Corporation M&C Crescent Interests LLC
M&C Galiant Holdings Limited M&C Holdings (Thailand) Limited M&C Hotel Interests Inc.
M&C Hotel Investments Pte Limited M&C Hotels Holdings Japan Pte Limited M&C Hotels Holdings Limited
M&C Hotels Holdings USA Limited M&C Hotels Japan Pte Limited M&C New York (Times Square) EAT II LLC
M&C New York (Times Square) LLC M&C New York Finance (UK) Limited
M&C REIT Management Limited (manager of CDL Hospitality Real Estate Investment Trust, stapled together with CDL Hospitality Business Trust as
CDL Hospitality Trusts)
M&C Restaurants (London) Limited M&C Sakura Holdings Pte Ltd M&C Sakura Hotel Pte Ltd
M&C Sakura TMK M&C Singapore Finance (UK) Limited M&C Singapore Holdings (UK) Limited
M&C Sponsorship Limited Marquee Brisbane Hotel 2 Pty Limited Marquee Brisbane Hotel Pty Limited
Marquee Hotel Holdings Pty Limited Max Office (SKD) General Partner Limited Melvale Holdings Limited
Millennium Bostonian Inc. Millennium & Copthorne (Austrian Holdings) Limited
Millennium & Copthorne (Jersey Holdings) Limited Millennium & Copthorne Hotels Limited
Millennium & Copthorne Hotels Management (Shanghai) Limited Millennium & Copthorne International Limited
Millennium & Copthorne Share Trustees Limited Millennium Hotel Holdings EMEA Limited Millennium Hotels & Resorts Services Limited
Millennium Hotels (West London) Limited Millennium Hotels (West London) Management Limited Millennium Hotels Europe Holdings Limited
Millennium Hotels Limited Millennium Hotels London Limited Morden Wharf Limited
MPG St Katharine GP Limited MPG St Katharine Limited MPG St Katharine LP Limited
MPG St Katharine Nominee Limited MPG St Katharine Nominee Two Limited New Bath Court (Opco) Limited
New Bath Court Limited New Empire Investments Pte Ltd New Unity Holdings Ltd.
New Vista Realty Pte Ltd NEW York Sign LLC Newbury Investments Pte Ltd
Newmarket Property Holdings Limited Northgate Investments Limited Novel Developments Pte Ltd
Palmerston Holdings Sdn. Bhd. Paradise Investments Limited Paradise OpCo Limited
Park Plaza Hotel Corporation Pavo Properties Pte Ltd Pinenorth Properties Limited
Qaiser Holdings Limited Queensway Hotel Holdings Limited Queensway Hotel Limited
Rainbow North Limited Redvale Developments Pte Ltd Redvale Investments Pte Ltd
Redvale Properties Pte Ltd Regal Grand Holdings Corporation I Regal Hotel Management Inc.
Rehi Normanby Pty Limited Republic Hotels and Resorts Limited Republic Iconic Hotel Pte Ltd
Republic Plaza City Club (Singapore) Pte Ltd Reselton Properties Limited RHH Operating LLC
RHI Boston Holdings Corporation I RHI Boston Holdings Corporation II RHM Aurora LLC
RHM Holdings Corporation I RMH Management LLC RHM Ranch LLC
RHM Wynfield LLC RHM-88 LLC Richfield Holdings Corporation I
Richfield Holdings Inc. Richmond Hotel Pte Ltd Richview Holdings Pte Ltd
Rogo Investments Pte Ltd Rogo Realty Corporation SS Restaurant Corporation
Scentview Holding Limited Serangoon Green Pte Ltd Siena Commercial Development Pte Ltd
Siena Residential Development Pte Ltd Siena Trustee Pte Ltd Silkparc Holdings Limited
Singapura Developments (Private) Limited SKD Marina Limited SKIL Four Limited
SKIL Three Limited Sol TMK Sonic Investment Pte. Limited
Summervale Properties Pte Ltd Sunmaster Holdings Pte Ltd Sunny Vista Developments Pte Ltd
Sunshine Plaza Pte Ltd Sycamore House Manco Limited TC Development Pte Ltd
TOSCAP Limited Treasure Realm Limited Trentworth Properties Limited
Trimark Hotel Corporation Verwood Holdings Pte Ltd Vinemont Investments Pte Ltd
Welland Investments Limited WHB Biltmore LLC WHB Corporation
White City Investments Limited White City OpCo Limited Whitehall Holdings Limited
Wynfield GP Corporation Zatrio Pte Ltd
General Manager of : M& C Hotels France SAS
Manager of : M&C Hotels France Management SARL Chalon Heritage Hotel SNC
Alternate Director of: Mount V Development Pte
G A MCKENZIE
Director of: Cranley Farms Limited CMO Energy NZ
GMACK Consulting Ltd
Independent Trustee of: Development West Coast
L S PRESTON
Director of: 3M6 Property Limited Active New Zealand General Partner Limited
Ingenio Group Holdings Limited Ingenio Services Limited Kinross Trading Post Limited
Rose And Thorne Design Limited
REG 5 | MILLENNIUM & COPTHORNE HOTELS NEW ZEALAND LIMITED ANNUAL REPORT 2025
- 5 -
EMPLOYEE REMUNERATION (section 211(1) (g) Companies Act 1993)
The number of employees or former employees of the Company and its subsidiaries (excluding publicly listed subsidiaries) who received remuneration and any
other benefits in their capacity as employees, the value of which was or exceeded $100,000 per annum in 2025 are as follows:
Remuneration and value
of other benefits
Number of
employees
100001 - 110000 11
110001 - 120000 12
120001 - 130000 10
130001 - 140000 8
140001 - 150000 6
150001 - 160000 4
160001 - 170000 5
170001 - 180000 4
180001 - 190000 1
200001 - 210000 3
220001 - 230000 1
230001 - 240000 1
240001 - 250000 3
250001 - 260000 1
260001 - 270000 1
270001 - 280000 2
280001 - 290000 1
330001 - 340000 1
640001 - 650000 1
DONATIONS (section 211(1)(h) and (2)
The Company and its subsidiaries made donations to charity totaling $120,450 during the year.
AUDIT FEES (section 211(1)(j) and (2)
During the period under review, the following amounts were payable to the external auditors KPMG:
2024 ($’000) 2025 ($’000)
New Zealand Australia New Zealand Australia
Annual Audit 497 32 404 32
KPMG Other Services 170 - 85 -
SUBSIDIARY COMPANIES AND DIRECTORS (section 211(2) of the Companies Act 1993)
The Company’s subsidiaries and their directors as at 31 December 2025 are listed below:
NAME DIRECTORS OWNERSHIP ACTIVITY
All Seasons Hotels and Resorts Ltd SNB Harrison, AP Rambhai 100% Non-trading
CDL Investments New Zealand Ltd (▼)
JE Elrick, DJ Jameson, ES Kwek, JTB
Smith, VWE Yeo
65.12% Holding Company
CDL Land New Zealand Ltd JC Adams, ACC Wong 65.12% Property Investment & Development Company
Context Securities Ltd SNB Harrison, AP Rambhai 100% Investment Holding Company
Hospitality Group Ltd SNB Harrison, N Hood 100% Holding Company
Hospitality Leases Ltd SNB Harrison, AP Rambhai 100% Lessee Company
Hospitality Services Ltd SNB Harrison, AP Rambhai 100% Hotel Management Company
Hotelcorp New Zealand Ltd AP Rambhai, JSS Tan 100% Holding Company (Australia)
KIN Holdings Ltd AP Rambhai, K Hangchi 100% Holding company
Kingsgate Holdings Pty Ltd AP Rambhai, JSS Tan 100% Holding Company
Kingsgate Hotels And Resorts Ltd SNB Harrison, AP Rambhai 100% Franchise Holder
Kingsgate Hotels Ltd SNB Harrison, AP Rambhai 100% Non-trading
Kingsgate Hotel Pty Ltd AP Rambhai, JSS Tan 100% Non-trading (Australia)
Kingsgate Investments Pty Ltd AP Rambhai, JSS Tan 100% Residential Apartment Owner (Australia)
Kingsgate International Corporation Ltd SNB Harrison, AP Rambhai, 100% Holding Company
Mayfair Luxury Hotels Limited (formerly
known as QINZ Holdings (New Zealand)
Ltd)
SNB Harrison, AP Rambhai
100%
Holding Company
Millennium & Copthorne NZ Ltd SNB Harrison, AP Rambhai 100% Non-trading
Marquee Brisbane Hotel Pty Ltd SNB Harrison, ES Kwek, DKO Ling,
JSS Tan, KS Yam
50% Investment Holding Company (Australia)
Marquee Brisbane Hotel 2 Pty Ltd SNB Harrison, ES Kwek, DKO Ling,
JSS Tan, KS Yam
50% Investment Holding Company (Australia)
Marquee Hotel Holdings Pty Ltd SNB Harrison, ES Kwek, DKO Ling,
JSS Tan, KS Yam
50% Investment Holding Company (Australia)
Marquee Hotel Operations Pty Ltd SNB Harrison, JSS Tan, KS Yam 50% Property Management Company(Australia)
Millennium & Copthorne Hotels Pty Ltd
AP Rambhai, JSS Tan 100% Non-trading (Australia)
QINZ (Anzac Avenue) Ltd SNB Harrison, AP Rambhai 100% Hotel Owner
Quantum Ltd SNB Harrison, AP Rambhai, 100% Holding company
(▼) Listed on the New Zealand Stock Exchange
--Where the directors of the Company’s subsidiaries are employees of the Company, they do not receive any remuneration or other benefits as a director. Their
remuneration and other benefits are received as employees and are included in the relevant banding under Employee Remuneration.
--The following persons received remuneration as Directors of the Company’s subsidiaries during 2025: JE Elrick ($42,004), J Henderson ($14,583), DJ Jameson
($51,049), JTB Smith ($2,205) VWE Yeo ($35,000).
- 5 -
EMPLOYEE REMUNERATION (section 211(1) (g) Companies Act 1993)
The number of employees or former employees of the Company and its subsidiaries (excluding publicly listed subsidiaries) who received remuneration and any
other benefits in their capacity as employees, the value of which was or exceeded $100,000 per annum in 2025 are as follows:
Remuneration and value
of other benefits
Number of
employees
100001 - 110000 11
110001 - 120000 12
120001 - 130000 10
130001 - 140000 8
140001 - 150000 6
150001 - 160000 4
160001 - 170000 5
170001 - 180000 4
180001 - 190000 1
200001 - 210000 3
220001 - 230000 1
230001 - 240000 1
240001 - 250000 3
250001 - 260000 1
260001 - 270000 1
270001 - 280000 2
280001 - 290000 1
330001 - 340000 1
640001 - 650000 1
DONATIONS (section 211(1)(h) and (2)
The Company and its subsidiaries made donations to charity totaling $120,450 during the year.
AUDIT FEES (section 211(1)(j) and (2)
During the period under review, the following amounts were payable to the external auditors KPMG:
2024 ($’000) 2025 ($’000)
New Zealand Australia New Zealand Australia
Annual Audit 497 32 404 32
KPMG Other Services 170 - 85 -
SUBSIDIARY COMPANIES AND DIRECTORS (section 211(2) of the Companies Act 1993)
The Company’s subsidiaries and their directors as at 31 December 2025 are listed below:
NAME DIRECTORS OWNERSHIP ACTIVITY
All Seasons Hotels and Resorts Ltd SNB Harrison, AP Rambhai 100% Non-trading
CDL Investments New Zealand Ltd (▼)
JE Elrick, DJ Jameson, ES Kwek, JTB
Smith, VWE Yeo
65.12% Holding Company
CDL Land New Zealand Ltd JC Adams, ACC Wong 65.12% Property Investment & Development Company
Context Securities Ltd SNB Harrison, AP Rambhai 100% Investment Holding Company
Hospitality Group Ltd SNB Harrison, N Hood 100% Holding Company
Hospitality Leases Ltd SNB Harrison, AP Rambhai 100% Lessee Company
Hospitality Services Ltd SNB Harrison, AP Rambhai 100% Hotel Management Company
Hotelcorp New Zealand Ltd AP Rambhai, JSS Tan 100% Holding Company (Australia)
KIN Holdings Ltd AP Rambhai, K Hangchi 100% Holding company
Kingsgate Holdings Pty Ltd AP Rambhai, JSS Tan 100% Holding Company
Kingsgate Hotels And Resorts Ltd SNB Harrison, AP Rambhai 100% Franchise Holder
Kingsgate Hotels Ltd SNB Harrison, AP Rambhai 100% Non-trading
Kingsgate Hotel Pty Ltd AP Rambhai, JSS Tan 100% Non-trading (Australia)
Kingsgate Investments Pty Ltd AP Rambhai, JSS Tan 100% Residential Apartment Owner (Australia)
Kingsgate International Corporation Ltd SNB Harrison, AP Rambhai, 100% Holding Company
Mayfair Luxury Hotels Limited (formerly
known as QINZ Holdings (New Zealand)
Ltd)
SNB Harrison, AP Rambhai
100%
Holding Company
Millennium & Copthorne NZ Ltd SNB Harrison, AP Rambhai 100% Non-trading
Marquee Brisbane Hotel Pty Ltd SNB Harrison, ES Kwek, DKO Ling,
JSS Tan, KS Yam
50% Investment Holding Company (Australia)
Marquee Brisbane Hotel 2 Pty Ltd SNB Harrison, ES Kwek, DKO Ling,
JSS Tan, KS Yam
50% Investment Holding Company (Australia)
Marquee Hotel Holdings Pty Ltd SNB Harrison, ES Kwek, DKO Ling,
JSS Tan, KS Yam
50% Investment Holding Company (Australia)
Marquee Hotel Operations Pty Ltd SNB Harrison, JSS Tan, KS Yam 50% Property Management Company(Australia)
Millennium & Copthorne Hotels Pty Ltd
AP Rambhai, JSS Tan 100% Non-trading (Australia)
QINZ (Anzac Avenue) Ltd SNB Harrison, AP Rambhai 100% Hotel Owner
Quantum Ltd SNB Harrison, AP Rambhai, 100% Holding company
(▼) Listed on the New Zealand Stock Exchange
--Where the directors of the Company’s subsidiaries are employees of the Company, they do not receive any remuneration or other benefits as a director. Their
remuneration and other benefits are received as employees and are included in the relevant banding under Employee Remuneration.
--The following persons received remuneration as Directors of the Company’s subsidiaries during 2025: JE Elrick ($42,004), J Henderson ($14,583), DJ Jameson
($51,049), JTB Smith ($2,205) VWE Yeo ($35,000).
- 5 -
EMPLOYEE REMUNERATION (section 211(1) (g) Companies Act 1993)
The number of employees or former employees of the Company and its subsidiaries (excluding publicly listed subsidiaries) who received remuneration and any
other benefits in their capacity as employees, the value of which was or exceeded $100,000 per annum in 2025 are as follows:
Remuneration and value
of other benefits
Number of
employees
100001 - 110000 11
110001 - 120000 12
120001 - 130000 10
130001 - 140000 8
140001 - 150000 6
150001 - 160000 4
160001 - 170000 5
170001 - 180000 4
180001 - 190000 1
200001 - 210000 3
220001 - 230000 1
230001 - 240000 1
240001 - 250000 3
250001 - 260000 1
260001 - 270000 1
270001 - 280000 2
280001 - 290000 1
330001 - 340000 1
640001 - 650000 1
DONATIONS (section 211(1)(h) and (2)
The Company and its subsidiaries made donations to charity totaling $120,450 during the year.
AUDIT FEES (section 211(1)(j) and (2)
During the period under review, the following amounts were payable to the external auditors KPMG:
2024 ($’000) 2025 ($’000)
New Zealand Australia New Zealand Australia
Annual Audit 497 32 404 32
KPMG Other Services 170 - 85 -
SUBSIDIARY COMPANIES AND DIRECTORS (section 211(2) of the Companies Act 1993)
The Company’s subsidiaries and their directors as at 31 December 2025 are listed below:
NAME DIRECTORS OWNERSHIP ACTIVITY
All Seasons Hotels and Resorts Ltd SNB Harrison, AP Rambhai 100% Non-trading
CDL Investments New Zealand Ltd (▼)
JE Elrick, DJ Jameson, ES Kwek, JTB
Smith, VWE Yeo
65.12% Holding Company
CDL Land New Zealand Ltd JC Adams, ACC Wong 65.12% Property Investment & Development Company
Context Securities Ltd SNB Harrison, AP Rambhai 100% Investment Holding Company
Hospitality Group Ltd SNB Harrison, N Hood 100% Holding Company
Hospitality Leases Ltd SNB Harrison, AP Rambhai 100% Lessee Company
Hospitality Services Ltd SNB Harrison, AP Rambhai 100% Hotel Management Company
Hotelcorp New Zealand Ltd AP Rambhai, JSS Tan 100% Holding Company (Australia)
KIN Holdings Ltd AP Rambhai, K Hangchi 100% Holding company
Kingsgate Holdings Pty Ltd AP Rambhai, JSS Tan 100% Holding Company
Kingsgate Hotels And Resorts Ltd SNB Harrison, AP Rambhai 100% Franchise Holder
Kingsgate Hotels Ltd SNB Harrison, AP Rambhai 100% Non-trading
Kingsgate Hotel Pty Ltd AP Rambhai, JSS Tan 100% Non-trading (Australia)
Kingsgate Investments Pty Ltd AP Rambhai, JSS Tan 100% Residential Apartment Owner (Australia)
Kingsgate International Corporation Ltd SNB Harrison, AP Rambhai, 100% Holding Company
Mayfair Luxury Hotels Limited (formerly
known as QINZ Holdings (New Zealand)
Ltd)
SNB Harrison, AP Rambhai
100%
Holding Company
Millennium & Copthorne NZ Ltd SNB Harrison, AP Rambhai 100% Non-trading
Marquee Brisbane Hotel Pty Ltd SNB Harrison, ES Kwek, DKO Ling,
JSS Tan, KS Yam
50% Investment Holding Company (Australia)
Marquee Brisbane Hotel 2 Pty Ltd SNB Harrison, ES Kwek, DKO Ling,
JSS Tan, KS Yam
50% Investment Holding Company (Australia)
Marquee Hotel Holdings Pty Ltd SNB Harrison, ES Kwek, DKO Ling,
JSS Tan, KS Yam
50% Investment Holding Company (Australia)
Marquee Hotel Operations Pty Ltd SNB Harrison, JSS Tan, KS Yam 50% Property Management Company(Australia)
Millennium & Copthorne Hotels Pty Ltd
AP Rambhai, JSS Tan 100% Non-trading (Australia)
QINZ (Anzac Avenue) Ltd SNB Harrison, AP Rambhai 100% Hotel Owner
Quantum Ltd SNB Harrison, AP Rambhai, 100% Holding company
(▼) Listed on the New Zealand Stock Exchange
--Where the directors of the Company’s subsidiaries are employees of the Company, they do not receive any remuneration or other benefits as a director. Their
remuneration and other benefits are received as employees and are included in the relevant banding under Employee Remuneration.
--The following persons received remuneration as Directors of the Company’s subsidiaries during 2025: JE Elrick ($42,004), J Henderson ($14,583), DJ Jameson
($51,049), JTB Smith ($2,205) VWE Yeo ($35,000).
- 5 -
EMPLOYEE REMUNERATION (section 211(1) (g) Companies Act 1993)
The number of employees or former employees of the Company and its subsidiaries (excluding publicly listed subsidiaries) who received remuneration and any
other benefits in their capacity as employees, the value of which was or exceeded $100,000 per annum in 2025 are as follows:
Remuneration and value
of other benefits
Number of
employees
100001 - 110000 11
110001 - 120000 12
120001 - 130000 10
130001 - 140000 8
140001 - 150000 6
150001 - 160000 4
160001 - 170000 5
170001 - 180000 4
180001 - 190000 1
200001 - 210000 3
220001 - 230000 1
230001 - 240000 1
240001 - 250000 3
250001 - 260000 1
260001 - 270000 1
270001 - 280000 2
280001 - 290000 1
330001 - 340000 1
640001 - 650000 1
DONATIONS (section 211(1)(h) and (2)
The Company and its subsidiaries made donations to charity totaling $120,450 during the year.
AUDIT FEES (section 211(1)(j) and (2)
During the period under review, the following amounts were payable to the external auditors KPMG:
2024 ($’000) 2025 ($’000)
New Zealand Australia New Zealand Australia
Annual Audit 497 32 404 32
KPMG Other Services 170 - 85 -
SUBSIDIARY COMPANIES AND DIRECTORS (section 211(2) of the Companies Act 1993)
The Company’s subsidiaries and their directors as at 31 December 2025 are listed below:
NAME DIRECTORS OWNERSHIP ACTIVITY
All Seasons Hotels and Resorts Ltd SNB Harrison, AP Rambhai 100% Non-trading
CDL Investments New Zealand Ltd (▼)
JE Elrick, DJ Jameson, ES Kwek, JTB
Smith, VWE Yeo
65.12% Holding Company
CDL Land New Zealand Ltd JC Adams, ACC Wong 65.12% Property Investment & Development Company
Context Securities Ltd SNB Harrison, AP Rambhai 100% Investment Holding Company
Hospitality Group Ltd SNB Harrison, N Hood 100% Holding Company
Hospitality Leases Ltd SNB Harrison, AP Rambhai 100% Lessee Company
Hospitality Services Ltd SNB Harrison, AP Rambhai 100% Hotel Management Company
Hotelcorp New Zealand Ltd AP Rambhai, JSS Tan 100% Holding Company (Australia)
KIN Holdings Ltd AP Rambhai, K Hangchi 100% Holding company
Kingsgate Holdings Pty Ltd AP Rambhai, JSS Tan 100% Holding Company
Kingsgate Hotels And Resorts Ltd SNB Harrison, AP Rambhai 100% Franchise Holder
Kingsgate Hotels Ltd SNB Harrison, AP Rambhai 100% Non-trading
Kingsgate Hotel Pty Ltd AP Rambhai, JSS Tan 100% Non-trading (Australia)
Kingsgate Investments Pty Ltd AP Rambhai, JSS Tan 100% Residential Apartment Owner (Australia)
Kingsgate International Corporation Ltd SNB Harrison, AP Rambhai, 100% Holding Company
Mayfair Luxury Hotels Limited (formerly
known as QINZ Holdings (New Zealand)
Ltd)
SNB Harrison, AP Rambhai
100%
Holding Company
Millennium & Copthorne NZ Ltd SNB Harrison, AP Rambhai 100% Non-trading
Marquee Brisbane Hotel Pty Ltd SNB Harrison, ES Kwek, DKO Ling,
JSS Tan, KS Yam
50% Investment Holding Company (Australia)
Marquee Brisbane Hotel 2 Pty Ltd SNB Harrison, ES Kwek, DKO Ling,
JSS Tan, KS Yam
50% Investment Holding Company (Australia)
Marquee Hotel Holdings Pty Ltd SNB Harrison, ES Kwek, DKO Ling,
JSS Tan, KS Yam
50% Investment Holding Company (Australia)
Marquee Hotel Operations Pty Ltd SNB Harrison, JSS Tan, KS Yam 50% Property Management Company(Australia)
Millennium & Copthorne Hotels Pty Ltd
AP Rambhai, JSS Tan 100% Non-trading (Australia)
QINZ (Anzac Avenue) Ltd SNB Harrison, AP Rambhai 100% Hotel Owner
Quantum Ltd SNB Harrison, AP Rambhai, 100% Holding company
(▼) Listed on the New Zealand Stock Exchange
--Where the directors of the Company’s subsidiaries are employees of the Company, they do not receive any remuneration or other benefits as a director. Their
remuneration and other benefits are received as employees and are included in the relevant banding under Employee Remuneration.
--The following persons received remuneration as Directors of the Company’s subsidiaries during 2025: JE Elrick ($42,004), J Henderson ($14,583), DJ Jameson
($51,049), JTB Smith ($2,205) VWE Yeo ($35,000).
- 5 -
EMPLOYEE REMUNERATION (section 211(1) (g) Companies Act 1993)
The number of employees or former employees of the Company and its subsidiaries (excluding publicly listed subsidiaries) who received remuneration and any
other benefits in their capacity as employees, the value of which was or exceeded $100,000 per annum in 2025 are as follows:
Remuneration and value
of other benefits
Number of
employees
100001 - 110000 11
110001 - 120000 12
120001 - 130000 10
130001 - 140000 8
140001 - 150000 6
150001 - 160000 4
160001 - 170000 5
170001 - 180000 4
180001 - 190000 1
200001 - 210000 3
220001 - 230000 1
230001 - 240000 1
240001 - 250000 3
250001 - 260000 1
260001 - 270000 1
270001 - 280000 2
280001 - 290000 1
330001 - 340000 1
640001 - 650000 1
DONATIONS (section 211(1)(h) and (2)
The Company and its subsidiaries made donations to charity totaling $120,450 during the year.
AUDIT FEES (section 211(1)(j) and (2)
During the period under review, the following amounts were payable to the external auditors KPMG:
2024 ($’000) 2025 ($’000)
New Zealand Australia New Zealand Australia
Annual Audit 497 32 404 32
KPMG Other Services 170 - 85 -
SUBSIDIARY COMPANIES AND DIRECTORS (section 211(2) of the Companies Act 1993)
The Company’s subsidiaries and their directors as at 31 December 2025 are listed below:
NAME DIRECTORS OWNERSHIP ACTIVITY
All Seasons Hotels and Resorts Ltd SNB Harrison, AP Rambhai 100% Non-trading
CDL Investments New Zealand Ltd (▼)
JE Elrick, DJ Jameson, ES Kwek, JTB
Smith, VWE Yeo
65.12% Holding Company
CDL Land New Zealand Ltd JC Adams, ACC Wong 65.12% Property Investment & Development Company
Context Securities Ltd SNB Harrison, AP Rambhai 100% Investment Holding Company
Hospitality Group Ltd SNB Harrison, N Hood 100% Holding Company
Hospitality Leases Ltd SNB Harrison, AP Rambhai 100% Lessee Company
Hospitality Services Ltd SNB Harrison, AP Rambhai 100% Hotel Management Company
Hotelcorp New Zealand Ltd AP Rambhai, JSS Tan 100% Holding Company (Australia)
KIN Holdings Ltd AP Rambhai, K Hangchi 100% Holding company
Kingsgate Holdings Pty Ltd AP Rambhai, JSS Tan 100% Holding Company
Kingsgate Hotels And Resorts Ltd SNB Harrison, AP Rambhai 100% Franchise Holder
Kingsgate Hotels Ltd SNB Harrison, AP Rambhai 100% Non-trading
Kingsgate Hotel Pty Ltd AP Rambhai, JSS Tan 100% Non-trading (Australia)
Kingsgate Investments Pty Ltd AP Rambhai, JSS Tan 100% Residential Apartment Owner (Australia)
Kingsgate International Corporation Ltd SNB Harrison, AP Rambhai, 100% Holding Company
Mayfair Luxury Hotels Limited (formerly
known as QINZ Holdings (New Zealand)
Ltd)
SNB Harrison, AP Rambhai
100%
Holding Company
Millennium & Copthorne NZ Ltd SNB Harrison, AP Rambhai 100% Non-trading
Marquee Brisbane Hotel Pty Ltd SNB Harrison, ES Kwek, DKO Ling,
JSS Tan, KS Yam
50% Investment Holding Company (Australia)
Marquee Brisbane Hotel 2 Pty Ltd SNB Harrison, ES Kwek, DKO Ling,
JSS Tan, KS Yam
50% Investment Holding Company (Australia)
Marquee Hotel Holdings Pty Ltd SNB Harrison, ES Kwek, DKO Ling,
JSS Tan, KS Yam
50% Investment Holding Company (Australia)
Marquee Hotel Operations Pty Ltd SNB Harrison, JSS Tan, KS Yam 50% Property Management Company(Australia)
Millennium & Copthorne Hotels Pty Ltd
AP Rambhai, JSS Tan 100% Non-trading (Australia)
QINZ (Anzac Avenue) Ltd SNB Harrison, AP Rambhai 100% Hotel Owner
Quantum Ltd SNB Harrison, AP Rambhai, 100% Holding company
(▼) Listed on the New Zealand Stock Exchange
--Where the directors of the Company’s subsidiaries are employees of the Company, they do not receive any remuneration or other benefits as a director. Their
remuneration and other benefits are received as employees and are included in the relevant banding under Employee Remuneration.
--The following persons received remuneration as Directors of the Company’s subsidiaries during 2025: JE Elrick ($42,004), J Henderson ($14,583), DJ Jameson
($51,049), JTB Smith ($2,205) VWE Yeo ($35,000).
- 5 -
EMPLOYEE REMUNERATION (section 211(1) (g) Companies Act 1993)
The number of employees or former employees of the Company and its subsidiaries (excluding publicly listed subsidiaries) who received remuneration and any
other benefits in their capacity as employees, the value of which was or exceeded $100,000 per annum in 2025 are as follows:
Remuneration and value
of other benefits
Number of
employees
100001 - 110000 11
110001 - 120000 12
120001 - 130000 10
130001 - 140000 8
140001 - 150000 6
150001 - 160000 4
160001 - 170000 5
170001 - 180000 4
180001 - 190000 1
200001 - 210000 3
220001 - 230000 1
230001 - 240000 1
240001 - 250000 3
250001 - 260000 1
260001 - 270000 1
270001 - 280000 2
280001 - 290000 1
330001 - 340000 1
640001 - 650000 1
DONATIONS (section 211(1)(h) and (2)
The Company and its subsidiaries made donations to charity totaling $120,450 during the year.
AUDIT FEES (section 211(1)(j) and (2)
During the period under review, the following amounts were payable to the external auditors KPMG:
2024 ($’000) 2025 ($’000)
New Zealand Australia New Zealand Australia
Annual Audit 497 32 404 32
KPMG Other Services 170 - 85 -
SUBSIDIARY COMPANIES AND DIRECTORS (section 211(2) of the Companies Act 1993)
The Company’s subsidiaries and their directors as at 31 December 2025 are listed below:
NAME DIRECTORS OWNERSHIP ACTIVITY
All Seasons Hotels and Resorts Ltd SNB Harrison, AP Rambhai 100% Non-trading
CDL Investments New Zealand Ltd (▼)
JE Elrick, DJ Jameson, ES Kwek, JTB
Smith, VWE Yeo
65.12% Holding Company
CDL Land New Zealand Ltd JC Adams, ACC Wong 65.12% Property Investment & Development Company
Context Securities Ltd SNB Harrison, AP Rambhai 100% Investment Holding Company
Hospitality Group Ltd SNB Harrison, N Hood 100% Holding Company
Hospitality Leases Ltd SNB Harrison, AP Rambhai 100% Lessee Company
Hospitality Services Ltd SNB Harrison, AP Rambhai 100% Hotel Management Company
Hotelcorp New Zealand Ltd AP Rambhai, JSS Tan 100% Holding Company (Australia)
KIN Holdings Ltd AP Rambhai, K Hangchi 100% Holding company
Kingsgate Holdings Pty Ltd AP Rambhai, JSS Tan 100% Holding Company
Kingsgate Hotels And Resorts Ltd SNB Harrison, AP Rambhai 100% Franchise Holder
Kingsgate Hotels Ltd SNB Harrison, AP Rambhai 100% Non-trading
Kingsgate Hotel Pty Ltd AP Rambhai, JSS Tan 100% Non-trading (Australia)
Kingsgate Investments Pty Ltd AP Rambhai, JSS Tan 100% Residential Apartment Owner (Australia)
Kingsgate International Corporation Ltd SNB Harrison, AP Rambhai, 100% Holding Company
Mayfair Luxury Hotels Limited (formerly
known as QINZ Holdings (New Zealand)
Ltd)
SNB Harrison, AP Rambhai
100%
Holding Company
Millennium & Copthorne NZ Ltd SNB Harrison, AP Rambhai 100% Non-trading
Marquee Brisbane Hotel Pty Ltd SNB Harrison, ES Kwek, DKO Ling,
JSS Tan, KS Yam
50% Investment Holding Company (Australia)
Marquee Brisbane Hotel 2 Pty Ltd SNB Harrison, ES Kwek, DKO Ling,
JSS Tan, KS Yam
50% Investment Holding Company (Australia)
Marquee Hotel Holdings Pty Ltd SNB Harrison, ES Kwek, DKO Ling,
JSS Tan, KS Yam
50% Investment Holding Company (Australia)
Marquee Hotel Operations Pty Ltd SNB Harrison, JSS Tan, KS Yam 50% Property Management Company(Australia)
Millennium & Copthorne Hotels Pty Ltd
AP Rambhai, JSS Tan 100% Non-trading (Australia)
QINZ (Anzac Avenue) Ltd SNB Harrison, AP Rambhai 100% Hotel Owner
Quantum Ltd SNB Harrison, AP Rambhai, 100% Holding company
(▼) Listed on the New Zealand Stock Exchange
--Where the directors of the Company’s subsidiaries are employees of the Company, they do not receive any remuneration or other benefits as a director. Their
remuneration and other benefits are received as employees and are included in the relevant banding under Employee Remuneration.
--The following persons received remuneration as Directors of the Company’s subsidiaries during 2025: JE Elrick ($42,004), J Henderson ($14,583), DJ Jameson
($51,049), JTB Smith ($2,205) VWE Yeo ($35,000).
- 5 -
EMPLOYEE REMUNERATION (section 211(1) (g) Companies Act 1993)
The number of employees or former employees of the Company and its subsidiaries (excluding publicly listed subsidiaries) who received remuneration and any
other benefits in their capacity as employees, the value of which was or exceeded $100,000 per annum in 2025 are as follows:
Remuneration and value
of other benefits
Number of
employees
100001 - 110000 11
110001 - 120000 12
120001 - 130000 10
130001 - 140000 8
140001 - 150000 6
150001 - 160000 4
160001 - 170000 5
170001 - 180000 4
180001 - 190000 1
200001 - 210000 3
220001 - 230000 1
230001 - 240000 1
240001 - 250000 3
250001 - 260000 1
260001 - 270000 1
270001 - 280000 2
280001 - 290000 1
330001 - 340000 1
640001 - 650000 1
DONATIONS (section 211(1)(h) and (2)
The Company and its subsidiaries made donations to charity totaling $120,450 during the year.
AUDIT FEES (section 211(1)(j) and (2)
During the period under review, the following amounts were payable to the external auditors KPMG:
2024 ($’000) 2025 ($’000)
New Zealand Australia New Zealand Australia
Annual Audit 497 32 404 32
KPMG Other Services 170 - 85 -
SUBSIDIARY COMPANIES AND DIRECTORS (section 211(2) of the Companies Act 1993)
The Company’s subsidiaries and their directors as at 31 December 2025 are listed below:
NAME DIRECTORS OWNERSHIP ACTIVITY
All Seasons Hotels and Resorts Ltd SNB Harrison, AP Rambhai 100% Non-trading
CDL Investments New Zealand Ltd (▼)
JE Elrick, DJ Jameson, ES Kwek, JTB
Smith, VWE Yeo
65.12% Holding Company
CDL Land New Zealand Ltd JC Adams, ACC Wong 65.12% Property Investment & Development Company
Context Securities Ltd SNB Harrison, AP Rambhai 100% Investment Holding Company
Hospitality Group Ltd SNB Harrison, N Hood 100% Holding Company
Hospitality Leases Ltd SNB Harrison, AP Rambhai 100% Lessee Company
Hospitality Services Ltd SNB Harrison, AP Rambhai 100% Hotel Management Company
Hotelcorp New Zealand Ltd AP Rambhai, JSS Tan 100% Holding Company (Australia)
KIN Holdings Ltd AP Rambhai, K Hangchi 100% Holding company
Kingsgate Holdings Pty Ltd AP Rambhai, JSS Tan 100% Holding Company
Kingsgate Hotels And Resorts Ltd SNB Harrison, AP Rambhai 100% Franchise Holder
Kingsgate Hotels Ltd SNB Harrison, AP Rambhai 100% Non-trading
Kingsgate Hotel Pty Ltd AP Rambhai, JSS Tan 100% Non-trading (Australia)
Kingsgate Investments Pty Ltd AP Rambhai, JSS Tan 100% Residential Apartment Owner (Australia)
Kingsgate International Corporation Ltd SNB Harrison, AP Rambhai, 100% Holding Company
Mayfair Luxury Hotels Limited (formerly
known as QINZ Holdings (New Zealand)
Ltd)
SNB Harrison, AP Rambhai
100%
Holding Company
Millennium & Copthorne NZ Ltd SNB Harrison, AP Rambhai 100% Non-trading
Marquee Brisbane Hotel Pty Ltd SNB Harrison, ES Kwek, DKO Ling,
JSS Tan, KS Yam
50% Investment Holding Company (Australia)
Marquee Brisbane Hotel 2 Pty Ltd SNB Harrison, ES Kwek, DKO Ling,
JSS Tan, KS Yam
50% Investment Holding Company (Australia)
Marquee Hotel Holdings Pty Ltd SNB Harrison, ES Kwek, DKO Ling,
JSS Tan, KS Yam
50% Investment Holding Company (Australia)
Marquee Hotel Operations Pty Ltd SNB Harrison, JSS Tan, KS Yam 50% Property Management Company(Australia)
Millennium & Copthorne Hotels Pty Ltd
AP Rambhai, JSS Tan 100% Non-trading (Australia)
QINZ (Anzac Avenue) Ltd SNB Harrison, AP Rambhai 100% Hotel Owner
Quantum Ltd SNB Harrison, AP Rambhai, 100% Holding company
(▼) Listed on the New Zealand Stock Exchange
--Where the directors of the Company’s subsidiaries are employees of the Company, they do not receive any remuneration or other benefits as a director. Their
remuneration and other benefits are received as employees and are included in the relevant banding under Employee Remuneration.
--The following persons received remuneration as Directors of the Company’s subsidiaries during 2025: JE Elrick ($42,004), J Henderson ($14,583), DJ Jameson
($51,049), JTB Smith ($2,205) VWE Yeo ($35,000).
Holding company
STOCK EXCHANGE LISTING
New Zealand Exchange (NZX)
Company Code: MCK
CORPORATE DIRECTORY
BOARD OF DIRECTORS
Colin Sim (Independent Director/Chairman)
Stuart Harrison (Managing Director)
Kevin Hangchi (Non-Executive Director)
Eik Sheng Kwek (Non-Executive Director)
Graham McKenzie (Independent Director)
Leslie Preston (Independent Director/
Chair of Audit Committee)
SENIOR MANAGEMENT
Melanie Beattie (Vice President, Sales & Partnerships)
Louise Borton (Director, Property Management)
Hani Daher (Vice President Operations)
Takeshi Ito (Vice President Legal &
Company Secretary)
Nathan Kruger (Director, Information Technology)
Lisa Maclean (Director, Human Resources)
Anand Rambhai (Vice President Finance)
REGISTERED OFFICE & CONTACT DETAILS
Level 7, 23 Customs Street East, Auckland 1010
PO Box 5640, Victoria Street West, Auckland 1142
Telephone: (09) 353 5010
Email: sales.marketing@millenniumhotels.co.nz
Global Website: www.millenniumhotels.com
Investor Website: www.mckhotels.co.nz/investors/
AUDITORS
KPMG, Auckland
BANKERS
ANZ Banking Group (New Zealand) Limited
Hong Kong & Shanghai Banking Corporation Limited
SOLICITORS
Bell Gully
SHARE REGISTRAR
Computershare Investor Services Limited
Level 2, 159 Hurstmere Road, Takapuna, Auckland
Private Bag 92119, Auckland 1020, New Zealand
Telephone: +64 9 488 8700
Facsimile: +64 9 488 8787
Email: enquiry@computershare.co.nz
SUPPORT OFFICE
Ph: (09) 353 5010
Level 7, 23 Customs Street East, Auckland 1010
PO Box 5640, Victoria Street West, Auckland 1142
NATIONAL CONFERENCE OFFICE
Ph: 0800 4 MEETINGS (0800 4 633 846)
Email: meetings@millenniumhotels.co.nz
www.meetingsnz.co.nz
SALES
Email: sales.marketing@millenniumhotels.co.nz
International Sales Tel: (09) 353 5085
Corporate Sales Auckland Tel: (09) 353 5010
Corporate Sales Wellington Tel: (04) 382 0770
CENTRAL RESERVATIONS
Ph: 0800 808 228
Email: central.res@millenniumhotels.co.nz
www.millenniumhotels.com
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.