2009 annual report/media/... · 2009 totaled $425.1 million (2008: $434.5 million) with total...
TRANSCRIPT
2009 Annual ReportMILLENNIUM & COPTHORNE HOTELS
NEW ZEALAND LIMITED
Head OfficeInternational SalesCorporate Sales – AucklandLevel 13, 280 Centre, 280 Queen StreetPO Box 5640, Wellesley St, Auckland
Head Office Phone: (09) 309 4411International Sales Phone: (09) 913 8075Corporate Sales Auckland Phone: (09) 913 8070
Corporate Sales – WellingtonCopthorne Hotel Wellington Oriental Bay100 Oriental Parade, Oriental BayPO Box 9555, Wellington Phone: (04) 385 0279
Corporate Sales – ChristchurchMillennium Hotel Christchurch14 Cathedral SquarePO Box 1445, ChristchurchPhone: (03) 374 4862
Corporate SalesAuckland, Wellington and ChristchurchEmail: [email protected]
National Conference OfficeMillennium Hotel Christchurch14 Cathedral SquarePO Box 1445, ChristchurchPhone: 0800 4 MEETINGS (0800 4 633 846)Email: [email protected]
Central ReservationsPhone: 0800 808 228Email: [email protected]
For online bookings and hotel information Visit www.millenniumhotels.co.nz
Earnings Per Share
Total Liabilities: Total Asset Ratio
Net Asset Backing Per Share Excluding Minority Interests
Group Net Profit After Taxation
Total Assets
Ordinary Dividends Per Share
2005 2006 2007 2008 2009 2005 2006 2007 2008 2009 2005 2006 2007 2008 2009
2005 2006 2007 2008 2009
2005 2006 2007 2008 2009
2005 2006 2007 2008 20092005 2006 2007 2008 2009
2005 2006 2007 2008 20092005 2006 2007 2008 2009
Total Revenue
Profit Before Other Items and Taxation
Group Equity
0
50,000
100,000
150,000
200,000
Do
llars
($
'000
)
0
10,000
20,000
30,000
40,000
60,000
Do
llars
($
'000
)
0
10,000
20,000
30,000
Do
llars
($
'000
)
400,000
450,000
500,000
550,000
600,000
650,000
Do
llars
($
'000
)
250,000
270,000
290,000
310,000
330,000
350,000
370,000
390,000
410,000
430,000
450,000
Do
llars
($
'000
)
0
0.5
1
1.5
2
2.5
Cen
ts p
er s
har
e
0.00
2.00
4.00
6.00
8.00
Cen
ts p
er s
har
e
0
20
40
60
80
100
120
140
Cen
ts p
er s
har
e
12.50
13.00
13.50
14.00
14.50
15.00
15.50
16.00
16.50
Perc
enta
ge
(%)
50,000
Results at a glance For the year ended 31 December 2009
Dollars in thousands (unless otherwise stated) 2005 2006 2007 2008 2009 (NZ IFRS) (NZ IFRS) (NZ IFRS) (NZ IFRS) (NZ IFRS) Total revenue 152,740 187,264 168,047 123,680 107,951
Profit (before other items and taxation) 50,758 47,322 46,071 27,519 20,536
Group net profit (after taxation) 25,560 26,907 24,208 17,770 12,372
Earnings per share before other items and taxation (cents per share) 7.31c 7.70c 6.93c 5.09c 3.54c
Ordinary dividends per share 2.10c 2.50c 2.50c 1.20c 1.20c
Net assets backing per share 92.8cps 101.7cps 113.3cps 124.29cps 121.6cps (excluding minority interests)
Total liabilities: Total asset ratio 15.46% 13.95% 15.64% 16.15% 14.22%
Total assets 520,954 560,929 604,854 631,896 610,759
Group equity 324,267 355,412 396,054 434,506 107,951
Financial Summary For the year ended 31 December 2009
Earnings Per Share
Total Liabilities: Total Asset Ratio
Net Asset Backing Per Share Excluding Minority Interests
Group Net Profit After Taxation
Total Assets
Ordinary Dividends Per Share
2005 2006 2007 2008 2009 2005 2006 2007 2008 2009 2005 2006 2007 2008 2009
2005 2006 2007 2008 2009
2005 2006 2007 2008 2009
2005 2006 2007 2008 20092005 2006 2007 2008 2009
2005 2006 2007 2008 20092005 2006 2007 2008 2009
Total Revenue
Profit Before Other Items and Taxation
Group Equity
0
50,000
100,000
150,000
200,000
Do
llars
($
'000
)
0
10,000
20,000
30,000
40,000
60,000
Do
llars
($
'000
)
0
10,000
20,000
30,000
Do
llars
($
'000
)
400,000
450,000
500,000
550,000
600,000
650,000 D
olla
rs (
$ '0
00)
250,000
270,000
290,000
310,000
330,000
350,000
370,000
390,000
410,000
430,000
450,000
Do
llars
($
'000
)
0
0.5
1
1.5
2
2.5
Cen
ts p
er s
har
e
0.00
2.00
4.00
6.00
8.00
Cen
ts p
er s
har
e
0
20
40
60
80
100
120
140
Cen
ts p
er s
har
e
12.50
13.00
13.50
14.00
14.50
15.00
15.50
16.00
16.50
Perc
enta
ge
(%)
50,000
Earnings Per Share
Total Liabilities: Total Asset Ratio
Net Asset Backing Per Share Excluding Minority Interests
Group Net Profit After Taxation
Total Assets
Ordinary Dividends Per Share
2005 2006 2007 2008 2009 2005 2006 2007 2008 2009 2005 2006 2007 2008 2009
2005 2006 2007 2008 2009
2005 2006 2007 2008 2009
2005 2006 2007 2008 20092005 2006 2007 2008 2009
2005 2006 2007 2008 20092005 2006 2007 2008 2009
Total Revenue
Profit Before Other Items and Taxation
Group Equity
0
50,000
100,000
150,000
200,000
Do
llars
($
'000
)
0
10,000
20,000
30,000
40,000
60,000
Do
llars
($
'000
)
0
10,000
20,000
30,000
Do
llars
($
'000
)
400,000
450,000
500,000
550,000
600,000
650,000 D
olla
rs (
$ '0
00)
250,000
270,000
290,000
310,000
330,000
350,000
370,000
390,000
410,000
430,000
450,000
Do
llars
($
'000
)
0
0.5
1
1.5
2
2.5
Cen
ts p
er s
har
e
0.00
2.00
4.00
6.00
8.00
Cen
ts p
er s
har
e
0
20
40
60
80
100
120
140
Cen
ts p
er s
har
e
12.50
13.00
13.50
14.00
14.50
15.00
15.50
16.00
16.50
Perc
enta
ge
(%)
50,000
This booklet is printed using vegetable inks on certified forest paper.
Millennium & Copthorne Hotels New Zealand Limited Annual Report 2009 | 1
The report is dated 26 March 2010 and is signed on behalf of the Board of Millennium & Copthorne Hotels New Zealand by:
HR Wong BK Chiu
Chairman Managing Director
CALENDAR:
Annual Report issued 26 March 2010
Dividend paid 14 May 2010
Annual Meeting late May 2010
Half Year End 30 June 2010
Interim Results August 2010
Financial Year End 31 December 2010
Chairman's Review 2Managing Director's Review 5Board of Directors 10Hotel Ownership / Operational Structure 11Corporate Governance 12
Financial Statements FIN 1 - 31Audit Report FIN 32Regulatory Disclosures FIN 33 - 35
Contents
Our Conference and Incentives team and guests share a moment to treasure on the balcony of Copthorne Hotel and Resort Queenstown, Lakefront.
Photo courtesy of Queenstown Group Photos.
2 | Millennium & Copthorne Hotels New Zealand Limited Annual Report 2009
Financial Performance
For the year ended 31 December 2009, Millennium & Copthorne Hotels New Zealand Limited (“MCHNZ”) has reported a profit attributable to equity holders of the parent of $12.4 million (2008: $17.8 million). Operating profit before tax, minorities and associates was $18.9 million (2008: $26.6 million) with the New Zealand hotel operations contributing 82.1 percent, CDL Investments New Zealand Limited contributing 9.6 percent and the Australian operations contributing 6.9 percent.
Group revenue (excluding finance income) for the period under review was $108.0 million. This was a decrease of 12.7 per cent on the previous year (2008: $123.7 million). Gross profit decreased by 14.3 per cent to $62.0 million (2008: $72.4 million). Earnings per share were 3.54 cents per share (2008: 5.09 cents ).
The most significant factor affecting revenue and profitability was the ongoing weaker tourism market in New Zealand, though a gradual recovery is expected over the medium term.
Financial Position
Shareholders’ funds excluding non-controlling interests as at 31 December 2009 totaled $425.1 million (2008: $434.5 million) with total assets at $610.8 million (2008: $631.9 million). Net asset backing (with land and building revaluations and before distributions) as at 31 December 2009 was 121.6 cents per share compared to 124.3 cents per share as at 31 December 2008.
New Zealand Hotel Operations
Revenue for the New Zealand hotel operations (17 owned/leased/operated
hotels excluding 13 franchised properties) for the period under review was $100.1 million (2008: $116.9 million). Hotel occupancy for the period was 62.4 percent across the Group.
CDL Investments New Zealand Limited (“CDLI”)
CDLI announced an operating profit after tax for the year ended 31 December 2009 of $1.3 million (2008: $1.7 million). Challenging market conditions continue to affect CDLI’s trading, but a market pick-up in the later part of 2009 resulted in increased section sales and CDLI sold 34 sections in 2009 (2008: 23). Its land portfolio still remains robust and is valued at $171.6 million (2008: $169.7 million). CDLI has no debt and despite a half year loss in 2009, has withstood market turbulence.
Chairman’s Review
Millennium Hotel Christchurch, our Qualmark 5-star hotel.
Millennium & Copthorne Hotels New Zealand Limited Annual Report 2009 | 3
Its focus for 2010 will be on sales and marketing in selected markets.
CDLI has declared an ordinary dividend of 0.2 cents per share and a special dividend of 1.0 cents per share. MCHNZ’s stake in CDLI is currently 65.16%.
Australian Operations
Short term leasing of the units at the Zenith Residences continued during 2009 and over 95% of the units are now occupied.
The Company did not receive the funds held on trust in respect of the sale of the Birkenhead Point Marina in 2009. Final negotiations for the new lease between NSW Maritime (previously Waterways) and the purchaser remain ongoing and the latest advice received is that completion is expected within 2010. Regrettably, these discussions are beyond our control.
Joint Venture in China (First Sponsor / i-vale)
First Sponsor Capital Limited (“FSCL”), the Group’s 34% associate, reported a net attributable profit of USD 3.0 million for the financial year ended 31 December 2009. The Group’s share of that profit is NZD 1.6 million.
During 2009, development works continued at the Fogang Cityspring and Lianzhou Cityspring sites in Guangdong province. As sales revenue can only be recognised upon completion of the development and delivery of apartments to the buyers, revenue was recognised only for the sales of apartments in relation to Phase 2 of the Fogang Cityspring project. Phase 2 of the Fogang Cityspring project is substantially sold and the last phase of development has already been launched for sale. We expect the entire residential component of this project comprising approximately 970 units to
be substantially sold by this year. The commercial centre which constitutes approximately 15% of the entire project will be kept as a long term investment. No revenue was recognised from the Lianzhou Cityspring project in 2009. Only approximately 20% of the project launched (Phase 1 and part of Phase 2) has been sold to-date. Phase 3 of the Lianzhou Cityspring project has been held back as a result. Phase 3 of the Fogang Cityspring and Phase 2 of the Lianzhou Cityspring are expected to be completed within 2010. Development works in Chengdu Cityspring in the Sichuan province have commenced. The project comprises of residential, SOHO, retail and service apartments. The service apartments will be held as a long term investment. The project is expected to be launched in the second quarter of 2010 and development works are expected to be completed by late 2011 or early 2012.
Copthorne Hotel Wellington, Oriental Bay where the 'million dollar views' abound.
4 | Millennium & Copthorne Hotels New Zealand Limited Annual Report 2009
The FSCL group was involved in a number of litigations concerning its investment in a Hainan resort hotel. These mainly stem from the current financially-troubled status of the developer/ vendor from which the FSCL group had acquired the hotel, and the breach of representations and warranties in the sale and purchase agreement by the developer/ vendor. Legal advice has been sought and the FSCL group is taking vigorous measures to pursue its remedies and to protect its interests. As a result of certain strategic decisions arrived at late last year, a redeployment of financial and human resources will take place over time. The FSCL group is currently in a net cash position and is expected to remain profitable.
Dividend Announcement
The Company has resolved to pay a fully imputed ordinary dividend of 1.2 cents per share payable on 14 May
2010 (2009: 1.2 cents per share). The record date will be 7 May 2010. The level of the dividend reflects the current profitability of the Company as well as the Board’s cautious and prudent approach in response to the ongoing difficult economic climate.
Outlook
While we do not expect 2010 to be as difficult as 2009, we remain cautious as to trading conditions for the next twelve months. While global economic commentators are speculating that the worst of the downturn is over, this has not been reflected in a significant upswing in visitor numbers to New Zealand from key markets and a sustainable increase in those numbers is not expected in the short term. Confidence in key market segments remains fragile and a broader recovery in the wider economy still remains some way off. Our approach to the next eighteen months is therefore to remain prudent.
In 2009, we took far-reaching steps early in the year to protect the underlying business and to maintain our market share in key market segments. Those initiatives proved to be generally successful against the backdrop of some of the most challenging trading conditions ever encountered. We therefore expect 2010 to be a profitable year but we still have much work to do in order to ensure that the ground we gained in 2009 is not lost.
Management and staff
On behalf of the Board, I thank the Company’s management and staff for their work and commitment during a difficult 2009.
Wong Hong Ren Chairman 19 February 2010
Relax and enjoy the spectacular views of Lake Wakatipu from Copthorne Hotel and Resort Queenstown, Lakefront.
Chairman’s Review continued
Millennium & Copthorne Hotels New Zealand Limited Annual Report 2009 | 5
Millennium Hotels & Resorts New Zealand hosts a conference organisers lunch at St Matthews In The City during the Meetings 2009 expo.
Managing Director’s Review
From the outset, it was clear that 2009 was going to be a difficult year. As part of global initiatives across our wider group, we implemented some dramatic measures to minimise negative impacts, namely:
• Arrest revenue decline to the extent possible andmaintain profit conversion;
• Ensureasmuch staff retentionaspossiblewithoutredundancies;
• Continue to deliver maximum service experiencewithout compromise.
Management put a lot of hard work into these three key goals in the first three months of the year. That included putting in place a hiring freeze and a pay freeze at all levels and looked at how we could get the most out of our current resources at every level. Executive bonuses were not paid.
Despite the economic down turn, costs such as utilities, local body rates and food continued to increase above the Consumer Price Index. Faced with these increases as well as the difficult trading conditions, we asked each hotel to make
productivity improvements in every department where possible without compromising service delivery. We also indicated that we wished to achieve these targets with the minimum impact as possible on staff.
Although we could not avoid a sharp decline in revenue due to fewer visitors, the measures we put in place arrested what could otherwise have been dramatic declines in profitability. The results can be seen in an increased Operating Profit in our financial statements and is an outstanding result in very difficult trading conditions. I would therefore like to sincerely thank our staff and our management team for their very hard work and their understanding over the course of a difficult 2009.
Sales and Marketing
Over the past three years, our domestic winter campaign Moments To Treasure has been well received and this was again the case in 2009. The campaign was expanded to include selected television adverts.
Away To Go, our online gift voucher programme continues to perform satisfactorily and make ideal presents for people seeking a romantic or indulgent trip away. Also through
6 | Millennium & Copthorne Hotels New Zealand Limited Annual Report 2009
Managing Director’s Review continued
Roy Clifton at Copthorne Hotel & Resort, Bay of Islands' herb garden of angelica, basil, chervil, lemongrass, parsley, sage, rosemary, Vietnamese Mint…
the Away To Go platform and through local print and online media, we have had good results from our packaged accommodation deals under the Colours of New Zealand™ and Colours of New Zealand Plus™ banners. These have proved very useful and popular with the Australian market in particular and we are looking at ways of expanding this programme in 2010.
With travellers becoming more net savvy and looking for the best deals online, we recognise the importance of providing this internet choice to our guests. The level of internet bookings continues to grow year on year including bookings to our own website. (www.millenniumhotels.co.nz).
Sustainability and the Environment
Over the past few years, our impact on the environment and how we can improve our use of materials and energy in order to lessen our impact has been an area of focus for us. The development and implementation of a formal Environmental Policy over the past few years was a good start and, as we have noted in previous reports, we have taken up the challenge with enthusiasm. Notable highlights
in 2009 have included staff from our Queenstown hotels being involved with the Queenstown Lakes District Council in volunteering their time for the restoration of Pigeon Island. Nine staff spent their day on the island clearing vegetation and planting native Southern Rata Trees, helping with track maintenance and walking around the island with a wheelbarrow, cement and sign posts to replace existing signage. The team at Kingsgate Hotel, The Avenue Wanganui are proud to be associated with the Bushy Park’s Kiwi Creche programme in Wanganui and the Copthorne Hotel & Resort, Bay of Islands is involved with “Project Island Song” and getting involved in beach clean-up projects as well.
Our successes in this area are reflected by the Enviro ratings awarded to our hotels by Qualmark as part of their Qualmark Green programme. Qualmark is New Zealand tourism’s official mark of quality and all businesses that display Qualmark star gradings are assessed on their environmental performance as part of Qualmark Green. Our hotels have had to meet minimum requirements including having facilities in place for recycling and/or reduction in waste, completing and using an environmental checklist and the ability to verify all environmental claims.
Millennium & Copthorne Hotels New Zealand Limited Annual Report 2009 | 7
Adam, Simon, Varni and Felicity from our Queenstown hotels volunteered their time on Pigeon Island as part of the hotels environmental contributions and awareness initatives.
EnviroGold hotels:
• MillenniumHotelRotorua
• MillenniumHotelQueenstown
• CopthorneHotel&Resort,BayofIslands
EnviroSilver hotels:
• MillenniumHotelChristchurch
• CopthorneHotelAuckland,Harbourcity
• CopthorneHotelAucklandCity
• CopthorneHotelChristchurch,Central
• CopthorneHotel&ResortQueenstown,Lakefront
• KingsgateHotelRotorua
EnviroBronze hotels:
• KingsgateHotelHamilton
• KingsgateHotelWellington
• KingsgateHotelTerraces,Queenstown
• KingsgateHotelTeAnau
Human Resources and Training
2009 was a busy and productive year for the human resources teams and training across our organisation. For the second year in a row, we were delighted to win the prestigious Hospitality Standards Institute Excellence in Training - Organisation prize, a testament to the quality of our training programmes. Copthorne Hotel Christchurch, Durham Street was also awarded HSI’s Training Workplace of the Year which was an excellent result for that hotel’s team.
During 2009, we created and implemented our Business Basics literacy and numeracy workplace education programme. With the support of the Tertiary Education Commission, we now have over 300 employees currently engaged in the programme which targets improvement of core literacy and numeracy skills. We have noticed a positive effect on employee retention as a result of the programme and have incorporated ESOL modules where this is seen to be of benefit. In addition to the Business Basics programme, thirteen of our staff including human resources personnel, hotel management staff and department heads undertook the National Certificate in Adult Literacy Education (Vocational) and graduated at the end of last year.
8 | Millennium & Copthorne Hotels New Zealand Limited Annual Report 2009
Managing Director’s Review continued
Our food and beverage staff across a number of hotels also collected a number of silver and bronze awards as the Culinary Fare in August 2009, the Modern Apprentice Competition of the Year and CPIT’s Salon Culinaire Competition.
2010 Outlook
While it will not be necessary to repeat the drastic measures put in place in 2009 to meet the crisis, we do not yet believe that key market segments are robust enough to say that a true recovery is now under way despite recent statistics showing increasing visitor numbers. The areas that will continue to be affected most will be those which are heavily reliant on inbound tourism such as Rotorua, Christchurch and Queenstown. We therefore expect our yields and revenue from those areas and from international market segments to reflect continuing weak demand, albeit with a small amount of growth from lower yielding business from countries such as China and South East Asia.
Australia has emerged as the most important international market for New Zealand tourism generally and, like other major operators, we will look to expand our marketing especially to key leisure and conference and incentive markets. We are also working with our global network and partners to increase exposure of our New Zealand network
and to promote our hotels and New Zealand as a vibrant and must-see destination.
Domestically, we believe that 2010 will see the start of a recovery in the corporate markets as businesses start to relax restrictions on spending and travel. Similarly, we expect that we will see some continued growth in the domestic leisure market as people continue to take their holidays within New Zealand as opposed to overseas.
Thank you
I wish to take this opportunity to thank our loyal shareholders, stakeholders and all of our guests who stayed at a Millennium, Copthorne or Kingsgate hotel or resort in New Zealand during the last year. Your ongoing custom and support during a difficult 2009 was greatly appreciated and we look forward to welcoming you again in the near future.
BK ChiuManaging Director
MCK's Class of 2009 graduating together on completion of the National Certificate in Adult Literacy Education.
Millennium & Copthorne Hotels New Zealand Limited Annual Report 2009 | 9
21
Bay of Islands
Rotorua
New Plymouth
Palmerston North
Wairarapa
Dunedin
Oamaru
Christchurch
Greymouth
Marlborough
Queenstown
Te Anau
Wellington
Wanganui
Taupo
Hamilton
Whangarei
Auckland
PaihiaHokianga
11
2
3
21
2
33
4
4
4
55
66
13
10
11
12
13 11
12
9
9
10
7
788
Millennium Hotels & Resorts
Copthorne Hotels & Resorts
Kingsgate Hotels & Resorts
Millennium Hotels & Resorts throughout New Zealand
Email: [email protected] Web: www.millenniumhotels.co.nz0800 808 228 (toll-free within NZ) 1 800 124 420 (toll-free from Australia)
1 Millennium Hotel RotoruaCnr Eruera Hinemarua Streets, Rotorua
Phone +64 7 347 1234Fax +64 7 348 1234
2 Millennium Hotel & Resort Manuels Taupo243 Lake Terrace, TaupoPhone +64 7 378 5110
Fax +64 7 378 [email protected]
3 Millennium Hotel Christchurch14 Cathedral Square, Christchurch
Phone +64 3 365 1111Fax +64 3 365 7676
4 Millennium Hotel QueenstownCnr Frankton Road & Stanley Street, Queenstown
Phone +64 3 441 8888Fax +64 3 441 8889
8 Kingsgate Hotel Wellington24 Hawkstone Street, Thorndon, Wellington
Phone +64 4 473 2208Fax +64 4 473 3892
9 Kingsgate Hotel Greymouth32 Mawhera Quay, Greymouth
Phone +64 3 768 5085Fax +64 3 768 5844
10 Kingsgate Hotel Brydone Oamaru115 Thames Street, Oamaru
Phone +64 3 434 0011Fax +64 3 434 0010
11 Kingsgate Hotel Terraces Queenstown88 Frankton Road, Queenstown
Phone +64 3 442 7950Fax +64 3 442 8066
12 Kingsgate Hotel Dunedin10 Smith Street, Dunedin
Phone +64 3 477 6784Fax +64 3 474 0115
13 Kingsgate Hotel Te Anau20 Lakefront Drive, Te Anau
Phone +64 3 249 7421Fax +64 3 249 8037
1 Copthorne Hotel & Resort Bay of IslandsTau Henare Drive, Paihia
Phone +64 9 402 7411Fax +64 9 402 8200
2 Copthorne Hotel & Resort HokiangaS.H 12 Omapere, Hokianga
Phone +64 9 405 8737Fax +64 9 405 8801
3 Copthorne Hotel Auckland HarbourCity196-200 Quay Street, Auckland
Phone +64 9 377 0349Fax +64 9 307 8159
4 Copthorne Hotel Auckland City150 Anzac Avenue, Auckland
Phone +64 9 379 8509Fax +64 9 379 8582
5 Copthorne Hotel Taupo100 Lake Terrace, TaupoPhone +64 7 376 0116
Fax +64 7 377 [email protected]
6 Copthorne Hotel Grand Central New Plymouth
42 Powderham Street, New PlymouthPhone +64 6 758 7495
Fax +64 6 758 [email protected]
7 Copthorne Hotel & Resort Solway Park WairarapaHigh Street, South Masterton
Phone +64 6 370 0500Fax +64 6 370 0501
8 Copthorne Hotel Wellington, Oriental Bay100 Oriental Parade, Wellington
Phone +64 4 385 0279Fax +64 4 384 5324
9 Copthorne Hotel Marlborough20 Nelson Street, Blenheim
Phone+64 3 577 7333Fax +64 3 577 7337
10 Copthorne Hotel Christchurch Central776 Colombo Street, Christchurch
Phone +64 3 379 5880Fax +64 3 365 4806
11 Copthorne Hotel Christchurch Durham Street
Cnr Durham & Kilmore Streets, ChristchurchPhone +64 3 365 4699
Fax +64 3 366 [email protected]
12 Copthorne Hotel Commodore Christchurch Airport
449 Memorial Avenue, ChristchurchPhone +64 3 358 8129
Fax +64 3 358 [email protected]
13 Copthorne Hotel & Resort Queenstown Lakefront
Cnr Adelaide Street and Frankton Road, QueenstownPhone +64 3 442 8123
Fax +64 3 442 [email protected]
1 Kingsgate Hotel Autolodge PaihiaMarsden Road, PaihiaPhone +64 9 402 7416
Fax +64 9 402 [email protected]
2 Kingsgate Hotel Whangarei9 Riverside Drive, Whangarei
Phone +64 9 438 0284Fax +64 9 438 4320
3 Kingsgate Hotel Parnell Auckland92-102 Gladstone Road, Parnell, Auckland
Phone +64 9 377 3619Fax +64 9 303 3716
4 Kingsgate Hotel Hamilton100 Garnett Avenue, Te Rapa, Hamilton
Phone +64 7 849 0860Fax +64 7 849 0660
5 Kingsgate Hotel RotoruaFenton Street, RotoruaPhone +64 7 348 0199
Fax +64 7 346 [email protected]
6 Kingsgate Hotel The Avenue Wanganui379 Victoria Avenue, Wanganui
Phone +64 6 349 0044Fax +64 6 345 3250
7 Kingsgate Hotel Palmerston North110 Fitzherbert Avenue, Palmerston North
Phone +64 6 356 8059Fax +64 6 356 8604
10 | Millennium & Copthorne Hotels New Zealand Limited Annual Report 2009
WONG HONG REN (Chairman and
Non-Executive Director)
Mr. Wong is also an
Executive Director
of Millennium &
Copthorne Hotels
plc and Chairman
of CDL Investments
New Zealand Limited
and M&C REIT
Management Limited.
He is the Executive
Vice President (Group
Investment) for the
Hong Leong Group
of Companies in
Singapore.
B K CHIU (Managing Director
& Member of Audit
Committee)
Mr. Chiu is also the
Managing Director of
CDL Investments New
Zealand Limited. He
was formerly Regional
Vice - President and
Managing Director,
Asia of Merisant
Company and holds
a Masters degree in
agricultural economics
and marketing from
Massey University,
Palmerston North.
VINCENT YEO (Non-Executive
Director)
Mr. Yeo is Chief
Executive Officer and
Executive Director
of M&C REIT
Management Limited.
From 1993 to 1998, he
was Managing Director
of CDL Hotels New
Zealand Limited
(now Millennium &
Copthorne Hotels
New Zealand Limited)
and CDL Investments
New Zealand Limited
and was subsequently
appointed as an
Executive Director
of Millennium &
Copthorne Hotels
plc in London and
President, Millennium
& Copthorne Hotels
Asia Pacific Region.
RICHARD BOBB (Independent Director
& Chair of the Audit
Committee)
Mr. Bobb is a
Chartered Accountant
with over thirty years
experience. He is
currently a member
of the Professional
Conduct Tribunal
of the Institute of
Chartered Accountants
in Australia and was
a member of New
South Wales Joint
State Taxes Committee
of the Institute of
Chartered Accountants
in Australia and the
CPA Australia. He is
admitted as a Barrister
in New South Wales.
GRAHAM
MCKENZIE (Independent Director
& Member of the Audit
Committee)
Mr. McKenzie is a
Barrister and Solicitor
with over thirty years
experience and is a
former Partner and
Consultant to Bell
Gully, a leading New
Zealand law firm. He
specialises in corporate
and commercial law.
Board of Directors
Millennium & Copthorne Hotels New Zealand Limited Annual Report 2009 | 11
MANAGED / FRANCHISED
• Copthorne Hotel & Resort Hokianga • Kingsgate Hotel Hamilton • Kingsgate Hotel Brydone, Oamaru
OWNED
• Millennium Hotel Rotorua • Copthorne Hotel & Resort, Bay of Islands (49%) • Copthorne Hotel Auckland, Harbourcity • Copthorne Hotel Christchurch, Central • Copthorne Hotel & Resort Queenstown, Lakefront • Kingsgate Hotel Greymouth • Kingsgate Hotel Te Anau
LEASED
• Millennium Hotel Christchurch
ROOMS (BY ENTITY) (as at 31/12/2008)
MCK Owned 1169 MCK Leased 179
Quantum Owned 875 Quantum Leased 275
Franchised 817
Managed 218
ROOMS (BY BRAND) (as at 31/12/2008)
Millennium 677 Copthorne 1539
Kingsgate 1317
MILLENNIUM & COPTHORNE HOTELS NEW ZEALAND
LIMITED
HOSPITALITY SERVICESLIMITED
Hotel Ownership and Operational Structureas at 31 December 2009
OWNED
• Millennium Hotel Queenstown • Copthorne Hotel Auckland, Anzac Avenue • Copthorne Hotel Oriental Bay, Wellington • Kingsgate Hotel Rotorua • Kingsgate Hotel Palmerston North • Kingsgate Hotel Terraces, Queenstown • Kingsgate Hotel Dunedin
LEASED
• Copthorne Hotel Christchurch, Durham Street • Kingsgate Hotel Parnell, Auckland
FRANCHISED
• Millennium Hotel & Resort Manuels, Taupo • Copthorne Hotel Grand Central, New Plymouth • Copthorne Hotel & Resort Solway Park, Wairarapa • Copthorne Hotel Malrborough • Copthorne Hotel Commodore Christchurch, Airport • Kingsgate Hotel Autolodge, Paihia • Kingsgate Hotel Whangarei • Kingsgate Hotel The Avenue, Wanganui • Kingsgate Hotel Wellington
QUANTUM LIMITED
70.00%
100.00%
OWNED
• MillenniumHotelRotorua
• CopthorneHotel&Resort
Bay of Islands (49%)
• CopthorneHotelAuckland
Harbourcity
• CopthorneHotelChristchurch
Central
• CopthorneHotel&Resort
Queenstown Lakefront
• KingsgateHotelGreymouth
• KingsgateHotelTeAnau
LEASED
• MillenniumHotelChristchurch
ROOMS (BY ENTITY)
MCK Owned 1169
MCK Leased 179
Quantum Owned 875
Quantum Leased 273
Franchised 824
Managed 229
ROOMS (BY BRAND)
(as at 31/12/2009)
Millennium 677
Copthorne 1548
Kingsgate 1324
MANAGED / FRANCHISED
• CopthorneHotel&Resort
Hokianga
• KingsgateHotelHamilton
• KingsgateHotelBrydone,Oamaru
OWNED
• MillenniumHotelQueenstown
• CopthorneHotelAucklandCity
• CopthorneHotelOrientalBay
Wellington
• KingsgateHotelRotorua
• KingsgateHotelPalmerstonNorth
• KingsgateHotelTerraces
Queenstown
• KingsgateHotelDunedin
LEASED
• CopthorneHotelChristchurch
Durham Street
• KingsgateHotelParnellAuckland
FRANCHISED
• MillenniumHotel&Resort
Manuels Taupo
• CopthorneHotelTaupo
• CopthorneHotelGrandCentral
New Plymouth
• CopthorneHotel&ResortSolway
Park Wairarapa
• CopthorneHotelMalrborough
• CopthorneHotelCommodore
Christchurch Airport
• KingsgateHotelAutolodgePaihia
• KingsgateHotelWhangarei
• KingsgateHotelTheAvenue
Wanganui
• KingsgateHotelWellington
12 | Millennium & Copthorne Hotels New Zealand Limited Annual Report 2009
We are committed to maintaining high standards of corporate governance in line with best practice. As an NZSX-listed company, we have had regard to the NZX Corporate Governance Best Practice Code (‘NZX Code’) and the Corporate Governance Principles and Guidelines from the Securities Commission. These are our Corporate Governance policies and processes.
ROLE AND FUNCTION OF THE BOARD OF DIRECTORSThe Board has overall control and oversight of the activities, the strategic direction and the governance of the Company and the Group. Its role includes control and oversight of the company’s businesses, risk management and compliance, the performance of management, approving and monitoring financial and other reports and capital expenditure and reporting to shareholders. It also approves the Group’s budgets and business plans as well as significant projects.
The Board has statutory obligations for certain matters, such as the payments of distributions and the issue of shares.
Attendances of DirectorsDirector Meetings Attended
H R Wong (Chair) 3/4
B K Chiu 4/4
VWE Yeo 4/4
R Bobb 4/4
G A McKenzie 4/4
The Board meets on a regular basis each quarter and additional meetings are convened when required. Agendas and papers are circulated in advance to enable informed deliberation at meetings and decisions are made by consensus.
Certain powers are delegated to Board Committees. Day-to-day management is delegated to the Managing Director and senior management. The levels of authority are approved by the Board.
BOARD COMPOSITIONAs at 31 December 2009, the Board consisted of Messrs. H R Wong (Chairman / Non-Executive Director), B K Chiu (Managing Director), V W E Yeo (Non-Executive Director), R Bobb (Independent Director) and G A McKenzie (Independent Director). The Company’s Constitution mandates a minimum number of 3 directors with a requirement that at least 2 be ordinarily resident in New Zealand.
The Board does not impose a restriction on the tenure of any Director as it considers that such a restriction may lead to the loss of experience and expertise from the Board.
In line with NZSX Listing Rules, we are required to have at least two Independent Directors and the Board is also required to
determine who the Independent Directors are (NZSX Listing Rules 3.3.1 and 3.3.2). The Board has determined that Messrs Bobb and McKenzie are both Independent Directors as neither have a Disqualifying Relationship with the Company. Messrs Wong, Chiu, and Yeo are not considered to be Independent Directors.
ETHICAL STANDARDSThe Board has a Code of Ethics. This states that:
• All Directors shall undertake their duties with care anddiligence at all times and will conduct themselves honestly and with integrity. All Directors shall not do or cause anything to be done anything which may or does bring the Company or the Board into disrepute.
• To the best of their ability, all Directors will use reasonableendeavours to ensure that the Company’s records and documents (including its financial reports) are true and complete and comply with the requisite reporting standards and controls.
• So that the Board may determine a Director’s independenceand to ensure that there are no conflicts of interest, all Directors shall disclose all relevant business and / or personal interests they may have to the Board as well as any relationships they may have with the Company.
• All Directors shall ensure that they do not support anyorganisation other than in a personal capacity without the prior approval of the Chairman.
• Directors shall not accept gifts or personal benefits fromexternal parties if it could be perceived that this could compromise or influence any decision by the Board or by the Company.
• AllDirectorsshallmaintainandprotecttheconfidentialityofall information about the Company at all times except where disclosure is permitted or required by law.
• All Directors shall ensure that they do not use CompanyInformation and Property for personal gain or profit. All Directors shall use and / or retain Company Information and Property only for business purposes in their capacity as Directors of the Company or to meet legal obligations.
• AllDirectors shall complywith the lawsandregulations thatapply to the Company including any disclosure requirements.
• AllDirectorsshallreportanyillegalorunethicalbehaviourofwhich they become aware to the Chairman of the Board and to the Chairman of the Audit Committee.
All employees of the Company are expected to act in the best interests of the Company and to enhance the reputation of the Company, its brands and its hotels. Guidance is provided to management and employees by way of code of conduct policies. The Company has a current Insider Trading Policy and a Whistleblowing Policy. The Whistleblowing Policy facilitates the disclosure and impartial investigation of any serious wrongdoing.
Corporate Governance
Millennium & Copthorne Hotels New Zealand Limited Annual Report 2009 | 13
BOARD COMMITTEESThe Board has one formally constituted Committee and constitutes other ad-hoc committees as required:
Audit CommitteePursuant to NZSX Listing Rule 3.6, we maintain an Audit Committee. Its responsibilities include monitoring accounting policies and financial reporting, internal controls, risk management and corporate governance. The Committee also engages the Company’s external auditors and monitors their independence. The Committee has a written charter outlining its role and responsibilities.
During 2009, the members of this Committee were Messrs. Bobb (Chair), McKenzie and Chiu.
Attendance at Audit CommitteeDirector Meetings Attended
R Bobb (Chair) 2/2
B K Chiu 2/2
GA McKenzie 2/2
Nomination Committee The Board does not have a Nominations Committee. All nominations for the Board are considered by the Board as a whole. All Directors are involved in the selection and appointment process for any new Board members. The Board periodically reviews its composition to ensure that it is equipped with appropriate experience and skills.
Remuneration Committee The Board does not have a Remuneration Committee. The Board considers its current level of remuneration sufficient to meet its current requirements. The Board last recommended to shareholders an increase in the total amount available for Directors fees in 1996.
The remuneration of the Managing Director and Senior Management is reviewed annually by the Board. The Group has a performance-based approach to remuneration and remuneration reviews are linked to and carried out after performance reviews.
EXTERNAL AUDITORS AND AUDITOR INDEPENDENCEWe have a written policy regarding auditor independence. The policy covers:
• provisionofservicesbytheCompany’sexternalauditors;
• externalauditorrotation;
• thehiringofstafffromtheexternalauditfirm;and
• relationships between the external auditor and theCompany.
The policy states that:
The Audit Committee shall only recommend to the Board a firm to be external auditor if that firm:
• would be regarded by a reasonable investor, with fullknowledge of all relevant facts and circumstances, as capable of exercising objective and impartial judgment on all issues encompassed within the auditor’s engagement;
• auditpartner’saremembersoftheNewZealandInstituteofChartered Accountants (NZICA);
• has not, within two years prior to the commencement ofthe audit, had as a member of its audit engagement team the Company’s Managing Director, Vice President Finance, Financial Controller, or any member of the Company’s management who act in a financial oversight role.
• doesnotallowthedirectcompensationofitsauditpartnersfor selling non-audit services to the Company.
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 and external audit should be maintained.
The Company’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 Company’s auditors to provide the following services:
• duediligence(butnotvaluations)onproposedtransactions;
• reviewoffinancialinformationwherethirdpartyverificationis required or deemed necessary (outside the normal audit process);
• completionaudits/reviews;
• financialmodelpreparationorreview;
• accountingpolicyadvice(includingopinionsoncompliancewith New Zealand and international Generally Accepted Accounting Practice);
• listingadvice;
• accounting/technicaltraining;and
• taxation services of an assurance nature (e.g. review of taxcomputations and returns prior to filing and advice on interpretation and application of Inland Revenue’s rulings and policies).
14 | Millennium & Copthorne Hotels New Zealand Limited Annual Report 2009
It is not considered appropriate for the Company’s external auditors to provide:
• book keeping services related to accounting records orfinancial statements;
• taxplanningandstrategyservicesunlessspecificallyapprovedby the Audit Committee;
• appraisal / valuation services including opinions as tofairness;
• provisionofpayrollservices;
• the design or implementation of financial informationsystems;
• outsourcedinternalauditandriskmanagementservices;
• legalservices(theseareservicesthatcouldonlybeprovidedby a person who is qualified in law);
• managementfunctions;
• broker / dealer / investment adviser / investment bankingservices;
• advocacyfortheCompany;
• actuarialservices;and
• assistanceintherecruitmentofseniormanagement.
These prohibitions apply to all offices of the audit firm, including overseas offices and affiliates.
The billing arrangements for services provided by the Company’s external auditors should not include any contingent fees.
It is expected that the Company’s external auditors will rigorously comply with their own internal policies on independence and all relevant professional guidance, including independence rules and guidance issued by NZICA.
While this policy does not prescribe any particular ratio of non-audit service fees to audit fees, this ratio will be monitored by the Audit Committee. Accordingly, the nature of services provided by the Company’s auditors and the level of fees incurred should be reported to the Audit Committee Chairman semi-annually (or sooner where requested) to enable the Committee to perform its oversight role and report back to the Board.
Development of local and overseas practice with regard to auditor independence shall be monitored by the Audit Committee to ensure that this policy remains consistent with best practice and meets the Company’s needs.
The continued appointment of the Company’s external auditors is to be 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). Accordingly it is expected that such a policy will be adopted by the Company’s auditors.
The hiring by the Company of any former lead audit partner or audit manager must first be approved by the Chairman of the
Audit Committee. There are no other restrictions on the hiring of other staff from the audit firm.
KPMG were appointed as external auditors to the Company in 1985. The lead external audit engagement partner was last rotated in 2008. The role of the external auditor is to plan and carry out an audit of the Company’s annual financial reports and review the half-yearly reports. The Audit Committee reviews the performance and independence of the external auditors.
The Company’s external auditors attend the Company’s Annual Meeting to answer any questions from shareholders as to the audit and the content of the report.
INTERNAL CONTROLS AND RISK MANAGEMENTWe have 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. We have an internal audit function to conduct audits and reviews of the Company’s operations. We also keep current insurances appropriate to our business with global insurers with a high prudential rating.
SHAREHOLDER COMMUNICATIONSWe are committed to providing shareholders and stakeholders with information on the Company’s activities and performance. We do this through a number of channels including the annual and interim reports, our website (www.millenniumhotels.co.nz), through presentations to the annual meeting of shareholders and through announcements made to the NZX in accordance with the requirements at law and under the NZSX Listing Rules.
OCCUPATIONAL HEALTH AND SAFETY:We are tertiary accredited under the Workplace Safety Management Programme (WSMP) with ACC (Accident Compensation Corporation) and have been since 2001. Tertiary accreditation recognises best practice across all aspects of workplace health and safety.
Corporate Governance - continued
Millennium & Copthorne Hotels New Zealand Limited Annual Report 2009 | 15
Financial Statements – Contents
Consolidated Income Statement FIN 1
Consolidated Statement of Comprehensive Income FIN 1
Consolidated Statement of Changes in Equity FIN 2-4
Consolidated Statement of Financial Position FIN 5
Consolidated Statement of Cash Flows FIN 6-7
Notes to the Consolidated Financial Statements FIN 8-31
Audit Report FIN 32
Regulatory Disclosures and Statutory Information – Contents
Shareholder Information FIN 33
Waivers from the New Zealand Exchange (NZX) FIN 33
Statutory Information FIN 34 - 35
The accompanying notes form part of, and should be read in conjunction with these financial statements.
FIN 1 | Millennium & Copthorne Hotels New Zealand Limited Annual Report 2009
Millennium & Copthorne Hotels New Zealand Limited Annual Report 2009 | FIN 2
The
acco
mp
anyi
ng n
otes
for
m p
art
of,
and
sho
uld
be
read
in c
onju
nctio
n w
ith t
hese
fin
anci
al s
tate
men
ts.
FIN 3 | Millennium & Copthorne Hotels New Zealand Limited Annual Report 2009
The
acco
mp
anyi
ng n
otes
for
m p
art
of,
and
sho
uld
be
read
in c
onju
nctio
n w
ith t
hese
fin
anci
al s
tate
men
ts.
The accompanying notes form part of, and should be read in conjunction with these financial statements.
Millennium & Copthorne Hotels New Zealand Limited Annual Report 2009 | FIN 4
The accompanying notes form part of, and should be read in conjunction with these financial statements.
R BoBB, DiRecToR
19 February 2010
BK chiu, Managing DiRecToR
19 February 2010
FIN 5 | Millennium & Copthorne Hotels New Zealand Limited Annual Report 2009
The accompanying notes form part of, and should be read in conjunction with these financial statements.
Millennium & Copthorne Hotels New Zealand Limited Annual Report 2009 | FIN 6
The accompanying notes form part of, and should be read in conjunction with these financial statements.
FIN 7 | Millennium & Copthorne Hotels New Zealand Limited Annual Report 2009
Millennium & Copthorne Hotels New Zealand Limited Annual Report 2009 | FIN 8
FIN 9 | Millennium & Copthorne Hotels New Zealand Limited Annual Report 2009
Millennium & Copthorne Hotels New Zealand Limited Annual Report 2009 | FIN 10
•
•
•
FIN 11 | Millennium & Copthorne Hotels New Zealand Limited Annual Report 2009
• •
•
Millennium & Copthorne Hotels New Zealand Limited Annual Report 2009 | FIN 12
FIN 13 | Millennium & Copthorne Hotels New Zealand Limited Annual Report 2009
Millennium & Copthorne Hotels New Zealand Limited Annual Report 2009 | FIN 14
• • • • • •
FIN 15 | Millennium & Copthorne Hotels New Zealand Limited Annual Report 2009
Millennium & Copthorne Hotels New Zealand Limited Annual Report 2009 | FIN 16
FIN 17 | Millennium & Copthorne Hotels New Zealand Limited Annual Report 2009
Millennium & Copthorne Hotels New Zealand Limited Annual Report 2009 | FIN 18
FIN 19 | Millennium & Copthorne Hotels New Zealand Limited Annual Report 2009
Millennium & Copthorne Hotels New Zealand Limited Annual Report 2009 | FIN 20
FIN 21 | Millennium & Copthorne Hotels New Zealand Limited Annual Report 2009
Millennium & Copthorne Hotels New Zealand Limited Annual Report 2009 | FIN 22
FIN 23 | Millennium & Copthorne Hotels New Zealand Limited Annual Report 2009
Millennium & Copthorne Hotels New Zealand Limited Annual Report 2009 | FIN 24
FIN 25 | Millennium & Copthorne Hotels New Zealand Limited Annual Report 2009
Millennium & Copthorne Hotels New Zealand Limited Annual Report 2009 | FIN 26
FIN 27 | Millennium & Copthorne Hotels New Zealand Limited Annual Report 2009
Millennium & Copthorne Hotels New Zealand Limited Annual Report 2009 | FIN 28
FIN 29 | Millennium & Copthorne Hotels New Zealand Limited Annual Report 2009
Millennium & Copthorne Hotels New Zealand Limited Annual Report 2009 | FIN 30
FIN 31 | Millennium & Copthorne Hotels New Zealand Limited Annual Report 2009
Millennium & Copthorne Hotels New Zealand Limited Annual Report 2009 | FIN 32
Audit report
To the shareholders of Millennium & Copthorne Hotels New Zealand Limited
We have audited the financial statements on pages FIN 1 to FIN 31. The financial statements provide information about the past financial performance and financial position of the company and group as at 31 December 2009. This information is stated in accordance with the accounting policies set out on pages FIN 8 to FIN 12.
Directors’ responsibilities
The Directors are responsible for the preparation of financial statements which give a true and fair view of the financial position of the company and group as at 31 December 2009 and the results of their operations and cash flows for the year ended on that date.
Auditors’ responsibilities
It is our responsibility to express an independent opinion on the financial statements presented by the Directors and report ouropinion to you.
Basis of opinion
An audit includes examining, on a test basis, evidence relevant to the amounts and disclosures in the financial statements. It also includes assessing:
the significant estimates and judgements made by the Directors in the preparation of the financial statements;
whether the accounting policies are appropriate to the company’s and group’s circumstances, consistently applied and adequately disclosed.
We conducted our audit in accordance with New Zealand Auditing Standards. We planned and performed our audit so as to obtain all the information and explanations which we considered necessary in order to provide us with sufficient evidence to obtain reasonable assurance that the financial statements are free from material misstatements, whether caused by fraud or error. In forming our opinion we also evaluated the overall adequacy of the presentation of information in the financial statements.
Our firm has also provided other services to the company and certain of its subsidiaries in relation to taxation and general accounting services. Partners and employees of our firm may also deal with the company and group on normal terms within the ordinary course of trading activities of the business of the company and group. These matters have not impaired our independence as auditors of the company and group. The firm has no other relationship with, or interest in, the company or any of its subsidiaries.
Unqualified opinion
We have obtained all the information and explanations we have required.
In our opinion:
proper accounting records have been kept by the company as far as appears from our examination of those records;
the financial statements on pages FIN 1 to FIN 31:
- comply with New Zealand generally accepted accounting practice;
- give a true and fair view of the financial position of the company and group as at 31 December 2009 and the results of their operations and cash flows for the year ended on that date.
Our audit was completed on 19 February 2010 and our unqualified opinion is expressed as at that date.
Auckland
FIN 33 | Millennium & Copthorne Hotels New Zealand Limited Annual Report 2009
Millennium & Copthorne Hotels New Zealand Limited Annual Report 2009 | FIN 34
FIN 35 | Millennium & Copthorne Hotels New Zealand Limited Annual Report 2009
AUDITORSKPMG, Auckland
BANKERSANZ Banking Group (New Zealand) LimitedHong Kong & Shanghai Banking Corporation Limited
SOLICITORSBell Gully
SHARE REGISTRARComputershare Investor Services Limited,Level 2, 159 Hurstmere Road, Takapuna,Private Bag 92119, Auckland 1020, New ZealandTelephone: +64 9 488 8700Facsimile: +64 9 488 8787email: [email protected]
STOCK EXCHANGE LISTING:New Zealand Exchange (NZX)Company Code: MCK
BOARD OF DIRECTORSWong Hong Ren (Chairman)BK Chiu (Managing Director)Vincent Yeo (Non-Executive Director)Richard Bobb (Independent Director)Graham McKenzie (Independent Director)
SENIOR MANAGEMENTGreg Borrageiro (Director, Information Technology)Brendan Davies (Director, International Sales & Marketing)Kieran Davis (Asset Development Manager)Ellie Hayward (Director, Human Resources)Takeshi Ito (Group Company Secretary)Karl Luxon (Director of Sales, New Zealand)Philip Pharo (Marketing Manager, New Zealand)Boon Pua (Vice President Finance)Alison Rogers (National Director of Sales, Conferences and Incentives)Matt Taplin (Vice President Operations)
REGISTERED OFFICE & CONTACT DETAILSLevel 13, 280 Queen Street, Auckland, New ZealandPO Box 5640, Wellesley Street, Auckland 1141Telephone: (09) 309 4411Facsimile: (09) 309 3244Website: www.millenniumhotels.com
2009 Annual ReportMILLENNIUM & COPTHORNE HOTELS
NEW ZEALAND LIMITED
Head OfficeInternational SalesCorporate Sales – AucklandLevel 13, 280 Centre, 280 Queen StreetPO Box 5640, Wellesley St, Auckland
Head Office Phone: (09) 309 4411International Sales Phone: (09) 913 8075Corporate Sales Auckland Phone: (09) 913 8070
Corporate Sales – WellingtonCopthorne Hotel Wellington Oriental Bay100 Oriental Parade, Oriental BayPO Box 9555, Wellington Phone: (04) 385 0279
Corporate Sales – ChristchurchMillennium Hotel Christchurch14 Cathedral SquarePO Box 1445, ChristchurchPhone: (03) 374 4862
Corporate SalesAuckland, Wellington and ChristchurchEmail: [email protected]
National Conference OfficeMillennium Hotel Christchurch14 Cathedral SquarePO Box 1445, ChristchurchPhone: 0800 4 MEETINGS (0800 4 633 846)Email: [email protected]
Central ReservationsPhone: 0800 808 228Email: [email protected]
For online bookings and hotel information Visit www.millenniumhotels.co.nz