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Millennium & Copthorne Hotels Millennium & Copthorne Hotels plc plc Hotels Copthorne & Millennium Millennium & Copthorne Hotels plc Annual report 2013 accounts and Annual report and accounts 2013 Introduction Our vision is to be the leading global hospitality real estate ownership group for gateway cities with effective, in-built and unique asset management skills. 01 Overview Who we are How we make money 01 How we performed in 2013 02 The Group at a glance We are a global hospitality management We earn profits through the efficient 03 Hotel and room count analysed by ownership and real estate group, currently serving operation of our hotels and effective type 04 Chairman’s statement customers at 114 hotels in over 70 management of our substantial 05 Strategic report attractive business and leisure property portfolio. 06 Business review and strategy destinations in Asia, Australasia, Europe, 10 Key performance indicators In each of our distinctive brand the Middle East and North America. 11 Financial performance offerings, we aim to provide guests 14 Regional performance – Asia 16 Regional performance – Europe Our strategy with consistently high levels of service 18 Regional performance – US at well-appointed and conveniently 20 Regional performance – Australasia Our strategy and mission is to create located hotels and hospitality outlets. 22 Corporate social responsibility value by improving hotel profitability 26 Our risks Lean operations and low central costs 31 Governance through capital investment, consistent 32 Board of Directors service delivery, lean operations and a are our business hallmarks. Combined 34 Directors' Report motivated workforce. with our clearly articulated strategy and 37 Corporate Governance Report distinctive business model, this enables 41 Audit Committee Report We build and generate underlying 45 Remuneration Committee Report us to deliver good annual returns to 59 Nominations Committee Report long-term value through dynamic shareholders. 60 Statement of Directors’ Responsibilities management of our property portfolio. 61 Independent Auditors' Report 65 Group financial statements 66 Consolidated income statement 67 Consolidated statement of comprehensive income 68 Consolidated statement of financial position 70 Consolidated statement of changes in equity 71 Consolidated statement of cash flows 73 Notes to the consolidated financial statements 133 Company financial statements 134 Company balance sheet 135 Notes to the Company financial statements 141 Further information 142 Key operating statistics 144 Group financial record 145 Major Group properties 153 Millennium & Copthorne hotels worldwide 156 Shareholder information Cover 1 Copthorne Hotel & Resort Queenstown Lakefront, NZ. 2 Copthorne King’s Hotel, Singapore. 3 Millennium Bailey’s Hotel London Kensington, UK. 4 Millennium Knickerbocker Hotel Chicago, US. 5 The Glyndebourne condominiums, Singapore. How we performed in 2013 Hotel and room count Overview “In 2013, the Group’s performance was boosted significantly by the recognition of profit from the Glyndebourne development. We remain cautiously optimistic about the Group’s full year performance in 2014 despite uncertainty affecting some regions and poor weather conditions in the US and UK in the first quarter. The Group’s performance will be further impacted by our refurbishment programme and the resulting temporary removal of rooms from inventory.” Strategic report Kwek Leng Beng, Chairman RevPAR UÊ 2013 Group revenue increased to the record level of £1,037.5m (2012: £768.3m), following recognition of £273.7m of revenue from the +3.4% Glyndebourne development in Singapore. 2013: £69.58 2012: £67.32 Average room rate UÊ Hotel revenue fell by 1.5% to £738.0m (2012: £749.4m) in 12 months to +1.2% 31 December 2013 reflecting: 2013: £96.25 2012: £95.08 – challenging conditions in Asian markets; and Governance – the impact of temporary room closures as a result of the Group’s refurbishment Occupancy programme, especially affecting Grand Hyatt Taipei and Millennium Hotel +1.5 percentage points Minneapolis. 2013: 72.3% 2012: 70.8% Group revenue UÊ 2013 Group RevPAR increased by 3.4% to £69.58 (2012: £67.32), driven by: +35.0% – overall improvement in room rates in the US; and 2013: £1,037.5m 2012: £768.3m – increased occupancy in all regions except Singapore and some Asian destinations. Hotel revenue -1.5% UÊ Profit before tax increased to a record £263.6m (2012: £171.3m) for the year Group financial statements 2013: £738.0m 2012: £749.4m ended 31 December 2013 driven by the Glyndebourne development profit of £139.3m. Profit before tax +53.9% UÊ In December 2013, the Group announced the proposed acquisition of a 2013: £263.6m 2012: £171.3m 5-star all-suite London hotel, located at Chelsea Harbour, for £65.0m. Post Dividend per share 31 December 2013, the Group further announced the proposed acquisition of the 4-star Novotel New York Times Square for $273.6m (£167.0m). These +67.3% acquisitions are scheduled to complete in the first and second quarters of 2013: 22.74p 2012: 13.59p 2014 respectively. Net cash +£29.1m UÊ The Board proposes a final dividend of 11.51p per share and a special information Further dividend of 9.15p per share, giving a total dividend payout for the year of 2013: £81.3m 2012: £52.2m 22.74p per share (2012: 13.59p), an increase of 67.3%. Net asset value +£105.7m 2013: £2,468.5m 2012: £2,362.8m 1 Millennium & Copthorne Hotels plc Annual report and accounts 2013 The Group at a glance As at 31 December 2013 Asia Europe US Australasia Total Sub regions Singapore London New York Rest of Asia Rest of Europe Regional US Middle East Hotel locations Bangkok Phuket Aberdeen London Anchorage Los Angeles Auckland New Plymouth Beijing Qingdao Abu Dhabi Manchester Avon Minneapolis Bay of Islands Palmerston Cameron Highlands Seoul Birmingham Newcastle Boulder Nashville Brisbane North Chengdu Shanghai Cardiff Oman Boston New York Christchurch Perth Fuqing Singapore Doha Paris Buffalo Santa Fe Dunedin Queenstown Hong Kong Taichung Dubai Plymouth Chagrin Falls Scottsdale Greymouth Rotorua Jakarta Taipei Dudley Reading Chicago St Louis Hamilton Taupo Kuala Lumpur Taichung Gatwick Sheffield Cincinnati Hokianga Te Anau Maldives Wuxi Glasgow Slough Durham Wairarapa Manila Xiamen Hannover Kissimmee Wanganui Penang Iraq Wellington Jordan Whangerei Kuwait Numbers of hotels 27 39 19 29 114 Number of rooms 10,610 10,004 6,696 4,423 31,733 Hotel revenue (£m) 297.0 180.9 217.3 42.8 738.0 Hotel operating net 848.1 580.4 568.4 195.5 2,192.4 assets (£m) Occupancy (%) 76.9% 77.8% 65.9% 67.5% 72.3% Average room rate (£) 97.62 99.33 104.12 56.96 96.25 RevPAR (£) 75.08 77.29 68.59 38.46 69.58 Group operating 41.2% 42.2% 20.6% 42.8% 35.4% profit margin (%) Tanglin Shopping Centre, Singapore Biltmore Court & Tower, Landbank sites in New Zealand Land site in Ginza, Tokyo Los Angeles Zenith Residences, Sydney Property locations 3 Glyndebourne condominiums, Land site at Sunnyvale, Singapore California Property revenue 276.2 nil 1.8 21.5 299.5 (£m) Property operating 344.9 nil 27.2 66.0 438.1 net assets (£m) Joint ventures and Name Activity Ownership Activity locations associates Singapore, Australia, CDL Hospitality Trusts Real estate investment trust 35.5% New Zealand and Maldives Hotel and property development First Sponsor Capital Limited 39.3% China in China New Unity Holdings Limited Hotel owner 50.0% Hong Kong Fena Estate Company Limited Hotel owner and operator 50.0% Thailand 2 Millennium & Copthorne Hotels plc Annual report and accounts 2013 Hotel and room count analysed by ownership type Hotel and room count Overview As at 31 December 2013 Group Hotels Change Room Count Change 2013 2012 2013 2012 Owned or Leased 62 63 (1) 18,434 19,229 (795) Managed 28 25 3 7,984 6,543 1,441 Franchised 11 11 – 1,564 1,564 – Investment 13 11 2 3,751 3,603 148 Tot al 114 110 4 31,733 30,939 794 Strategic report Asia Hotels Change Room Count Change 2013 2012 2013 2012 Owned or Leased 12 12 – 5,508 5,508 – Managed 7 522,381 1,496 885 Franchised 2 2–780 780 – Investment 6 421,941 1,793 148 Tot al 27 23 4 10,610 9,577 1,033 Europe (includes Middle East) Governance Hotels Change Room Count Change 2013 2012 2013 2012 Owned or Leased 19 19 – 4,548 4,548 – Managed 20 18 2 5,456 4,851 605 Franchised – ––– –– Investment – ––– –– Tot al 39 37 2 10,004 9,399 605 United States Hotels Change Room Count Change 2013 2012 2013 2012 Owned or Leased 18 18 – 6,477 7,093 (616) Managed – ––– ––Group financial statements Franchised – ––– –– Investment 1 1–219 219 – Tot al 19 19 – 6,696 7,312 (616) Australasia Hotels Change Room Count Change 2013 2012 2013 2012 Owned or Leased 13 14 (1) 1,901 2,080 (179) Managed 1 2 (1) 147 196 (49) Franchised 9 9–784 784 – Investment 6 6–1,591 1,591 – Further information Further Tot al 29 31 (2) 4,423 4,651 (228) 3 Millennium & Copthorne Hotels plc Annual report and accounts 2013 Chairman's statement In 2013, the Group made good progress against its key strategic objectives, whilst delivering record revenue and profit for the year due to recognition of profits from the Glyndebourne development. This performance demonstrates the strength of the Group’s business model as an owner and operator of hotels, with gains generated through timely and opportunistic asset management, in addition to income from hospitality services. The biggest single element driving in the first and second quarters of capital whilst growing the business. growth in annual revenue and profit 2014 respectively, have a total value We are looking forward to a year in was the impact of the Glyndebourne of £232m.
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