WELCOME TO OUR WORLD OF HOSPITALITY

Transcription

1 WELCOME TO OUR WORLD OF HOSPITALITY M Social Auckland MILLENNIUM & COPTHORNE HOTELS PLC 2017 PRELIMINARY RESULTS PRESENTATION 08 th FEBRUARY 2018 M Social Singapore

2 Introduction Kwek Leng Beng, Chairman M Social Auckland

3 FY 2017 HIGHLIGHTS m FY 2017 FY 2016 % Change Revenue 1, % - at constant rates 1, % Profit before tax % - at constant rates % Net Assets 3,249 3, % Basic EPS 38.1p 24.0p 58.8% Ordinary dividend per share 6.50p 7.74p (16.0)%

4 FINANCIAL REVIEW Kok-Kee Chong, Chief Financial Officer Premier Times Square New York

5 TOTAL REVENUE REVENUE GROWTH OF 8.9% (reported rate) m REVENUE FY16 to FY17 1,025 1, Revenue FY 2016 Hotel REIT Property Forex impact 1,008 Revenue FY 2017 Revenue at reported rate is up 82m or 8.9%. Revenue at constant rate is up 36m or 3.7%. Hotel revenues have increased 27m or 3.2% at constant currency. Like-for-like hotel revenue is flat in constant currency. REIT revenues are up by 7m. Property revenues are up by 2m at constant currency largely due to contribution of NZ land bank sales. The weakening of the pound sterling is having a positive translation forex impact of 46m on our overseas income streams.

6 HOTEL REVENUE HOTEL REVENUE GROWTH OF 8.1% (reported rate) m Hotel Revenue FY16 to FY (0) Hotel revenue FY 2016 GM Auckland One UN Hotel/Room closures Underlying Forex impact Hotel revenue FY 2017 Grand Millennium Auckland was added to the Australasian hotel portfolio in Sep Full year trading in One UN New York had been closed for refurbishment during 2016 (Nov15 to Sep16). Full year trading in Underlying hotel revenues at constant rates are flat. The weaker pound sterling had a positive translation forex impact on overseas income streams. Excluding forex impact, hotel revenues are up 27m (3.2%).

7 OPERATING PROFIT AND PROFIT BEFORE TAX OPERATING PROFIT UP 35.5% (reported rate) PBT UP 36.1% (reported rate) m Operating Profit FY16 to FY Op Profit FY Hotels REIT & Property (8) Central costs Other Inc Impairment Forex Op Profit FY Operating profit is up 38m (35.5%) from 2016 in reported rate. At constant rate it is up 32m (28.3%). Hotel operating profit is up 12m, the main factor being Grand Millennium Auckland. Positive property (incl REIT) movement of 3m. m PBT FY16 to FY (4) Central costs increase by 8m being the only negative contributor. Other Income and Impairment/Revaluations in combination added further 25m to the operating profit. PBT FY 2016 Operating Profit Share of JV/Associates Net Finance cost Forex Impact PBT FY 2017

8 BUSINESS REVIEW Tan Kian Seng, Interim Group CEO Orchard Hotel Singapore Hua Ting

9 REGIONAL REVPAR TRENDS GROUP REVPAR UP 3.2% AT CONSTANT RATES New York: Excl One UN, the RevPAR increase is only 0.2%. London: All London hotels except Chelsea Harbour experienced RevPAR growth. Recently refurbished Bailey s enjoyed double digit growth in RevPAR. 2.6% (0.3%) % Singapore: RevPAR down due to reduced room rates. Higher occupancy partly offsets the decline % (0.9%) * Restated at FY 2017 rates Rest of Asia: RevPAR down in most hotels. Seoul 7.5% down compensated by5.5%growthintaipei (1.0%) FY 2016* FY % London Rest of Europe New York Regional US Singapore Rest of Asia Australasia Rest of Europe: RevPAR declined largely due to Rome experiencing lower occupancy. Regional US: RevPAR up in recently refurbished properties. Mix results else where. Overall positive RevPAR growth. Australasia: Excl Grand Millennium Auckland and recently opened M Social, the RevPAR increase is 7.7%. Growth is driven by increased * Restated at 2017 rates overseas visitors.

10 THANK YOU M Social Auckland This presentation contains certain statements that are or may be forward-looking with respect to the financial condition, results or operations and business of Millennium & Copthorne Hotels plc. By their nature forward-looking statements involve risk and uncertainty because they relate to events and depend on circumstances that will occur in the future. There are a number of factors that could cause actual results and developments to differ materially from those expressed or implied by such forward-looking statements. Undue reliance should not be placed on forward looking statements which speak only as of the date of this document. The Group accepts no obligation to publicly revise or update these forward-looking statements or adjust them to future events or developments, whether as a result of new information, future events or otherwise, except to the extent legally required.