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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Millennium & Copthorne Hotels Plc | LSE:MLC | London | Ordinary Share | GB0005622542 | ORD 30P |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 687.00 | 685.00 | 689.00 | 0.00 | 01:00:00 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| 0 | 0 | N/A | 0 |
From Apr 2019 to Apr 2024
TIDMMLC
RNS Number : 0520O
Millennium & Copthorne Hotels PLC
02 November 2016
For Immediate Release 2 November 2016
MILLENNIUM & COPTHORNE HOTELS plc
TRADING UPDATE
Nine months and third quarter results to 30 September 2016
Highlights for the nine months 2016:
Hot Features
Premium
Reported Currency Constant Currency
----------------- ------------ ---------------------------------- ------------------------------------
9 mths 9 mths Change 9 mths Change
2016 2015 2015
----------------- ------------ ------------ -------------------- ----------- -----------------------
RevPAR GBP73.94 GBP71.43 GBP2.51 3.5% GBP76.37 GBP(2.43) (3.2)%
----------------- ------------ ------------ ----------- ------- ----------- ------------ ---------
Revenue -
total GBP665m GBP615m GBP50m 8.1% GBP658m GBP7m 1.1%
----------------- ------------ ------------ ----------- ------- ----------- ------------ ---------
Revenue -
hotel GBP581m GBP559m GBP22m 3.9% GBP598m GBP(17)m (2.8)%
----------------- ------------ ------------ ----------- ------- ----------- ------------ ---------
Profit before
tax GBP102m GBP98m GBP4m 4.1% GBP105m GBP(3)m (2.9)%
----------------- ------------ ------------ ----------- ------- ----------- ------------ ---------
Highlights for the third quarter 2016:
Reported Currency Constant Currency
----------------- ------------ ----------------------------------- ------------------------------------
Q3 Q3 Change Q3 Change
2016 2015 2015
----------------- ------------ ------------ --------------------- ----------- -----------------------
RevPAR GBP85.78 GBP77.66 GBP8.12 10.5% GBP87.23 GBP(1.45) (1.7)%
----------------- ------------ ------------ ----------- -------- ----------- ------------ ---------
Revenue -
total GBP247m GBP211m GBP36m 17.1% GBP240m GBP7m 2.9%
----------------- ------------ ------------ ----------- -------- ----------- ------------ ---------
Revenue -
hotel GBP221m GBP194m GBP27m 13.9% GBP220m GBP1m 0.5%
----------------- ------------ ------------ ----------- -------- ----------- ------------ ---------
Profit before
tax GBP46m GBP36m GBP10m 27.8% GBP42m GBP4m 9.5%
----------------- ------------ ------------ ----------- -------- ----------- ------------ ---------
-- The steep fall in the value of sterling after the 23 June 2016 referendum had a significant impact on Group's results, with exchange gains adding GBP43m and GBP7m to Group reported revenue and profit before tax respectively for the first nine months of 2016.
-- Group RevPAR in reported currency was up 3.5% but in constant currency fell by 3.2% in the first nine months of 2016 compared to the same period last year.
-- Total revenue in reported currency for the first nine months grew by 8.1% to GBP665m, due to higher land sales and REIT revenue and exchange gains; partially offset by lower hotel revenue. In constant currency, revenue grew slightly by 1.1% for the same period.
-- Hotel revenue in constant currency declined by 2.8% to GBP581m during the first nine months of 2016. In reported currency, hotel revenue increased by 3.9% to GBP581m (2015: GBP559m).
-- Third-quarter occupancy increased by 4.8% points for the Group's London hotels, reflecting higher inbound tourism.
-- Profit before tax in constant currency for the third quarter of 2016 increased by 9.5% and by 27.8% in reported currency. For the first nine months of 2016, profit before tax increased by 4.1% in reported currency and decreased by 2.9% in constant currency.
Mr Kwek Leng Beng, Chairman commented:
"Our London hotels have seen some positive benefits from leisure travellers following the EU referendum in June 2016 although the outlook for the UK economy is uncertain. We have also seen an improving trend in the regional US and growth in the New Zealand markets; and benefitted from favourable foreign exchange movements. However, trading of our New York and Singapore hotels was disappointing and we continued to focus on improving margins. We are monitoring the performance in all our markets closely and the Group's financial position remains strong. The Group has a long term perspective and considers asset ownership as key to its strategy."
Enquiries
Millennium & Copthorne Hotels plc Tel: +44 (0) 2078722444
Aloysius Lee, Chief Executive Officer
Jonathon Grech, Group General Counsel and Company Secretary
Peter Krijgsman, Financial Communications (Media)
FINANCIAL PERFORMANCE
Reported Currency Constant Currency
----------------- --------- --------------------------- ----------------------------
9 mths Change 9 mths Change
2015 2015
GBPm GBPm
----------------- --------- ---------------- --------- -----------------
9 mths GBPm %
2016
GBPm GBPm %
----------------- --------- --------- ------- ------- --------- ------- --------
Hotel 581 559 22 3.9 598 (17) (2.8)
----------------- --------- --------- ------- ------- --------- ------- --------
Property 42 23 19 82.6 25 17 68.0
----------------- --------- --------- ------- ------- --------- ------- --------
REIT 42 33 9 27.3 35 7 20.0
----------------- --------- --------- ------- ------- --------- ------- --------
Total Revenue 665 615 50 8.1 658 7 1.1
----------------- --------- --------- ------- ------- --------- ------- --------
Reported Currency Constant Currency
----------------- ---------- ----------------------------- ----------------------------
Q3 2015 Change Q3 2015 Change
GBPm GBPm
----------------- ---------- ----------------- ---------- ----------------
Q3 2016 GBPm %
GBPm GBPm %
----------------- ---------- ---------- ------- -------- ---------- ------- -------
Hotel 221 194 27 13.9 220 1 0.5
----------------- ---------- ---------- ------- -------- ---------- ------- -------
Property 13 6 7 116.7 7 6 85.7
----------------- ---------- ---------- ------- -------- ---------- ------- -------
REIT 13 11 2 18.2 13 - -
----------------- ---------- ---------- ------- -------- ---------- ------- -------
Total Revenue 247 211 36 17.1 240 7 2.9
----------------- ---------- ---------- ------- -------- ---------- ------- -------
For the nine months ended 30 September 2016, Group revenue increased by 8.1% to GBP665m (2015: GBP615m). This was a result of higher property revenue, increased contribution from the REIT and a positive foreign exchange impact of GBP43m. Excluding exchange gains, Group revenue rose by 1.1% (2015: GBP658m).
Hotel revenue in constant currency fell by 2.8% to GBP581m (2015: GBP598m) during the first nine months of 2016, compared to the same period last year. This was due mainly to continued weak trading in New York and Singapore. London recorded a stronger revenue performance in Q3 2016, supported by RevPAR growth of 2.4%.
Property revenue in constant currency for the period increased by 68.0% to GBP42m (2015: GBP25m), mainly because of increased land sales in New Zealand primarily during the first half of this year and an increased contribution from Millennium Mitsui Garden Hotel Tokyo. Revenue from the REIT in constant currency increased by 20.0% to GBP42m (2015: GBP35m) mainly because of the contribution from its first UK hotel, Hilton Cambridge City Centre which was acquired in October 2015.
Hotel Operations
In constant currency, Group RevPAR for the first nine months of 2016 fell by 3.2% to GBP73.94 (2015: GBP76.37) due to decreases in both occupancy and average room rate of 0.5% points and 2.4% respectively. In the third quarter of 2016 Group RevPAR decreased by 1.7% in constant currency, with occupancy up by 1.1% points and average room rate down by 3.1%.
RevPAR Occupancy Average Room
Rate
------------------------- ----------------------- -------------------------
9 mths YTDQ3 #YTDQ3 YTDQ3 YTDQ3 YTDQ3 #YTDQ3
2016 2016 2015 Change 2016 2015 Change 2016 2015 Change
GBP GBP % % % %pts GBP GBP %
-------------- ------- ------- ------- ------ ------ ------- ------- ------- -------
New York 130.32 152.94 (14.8) 74.8 82.3 (7.5) 174.14 185.80 (6.3)
Regional
US 58.80 56.32 4.4 61.1 61.2 (0.1) 96.23 91.98 4.6
-------------- ------- ------- ------- ------ ------ ------- ------- ------- -------
Total US 82.35 88.15 (6.6) 65.6 68.2 (2.6) 125.49 129.30 (2.9)
-------------- ------- ------- ------- ------ ------ ------- ------- ------- -------
London 105.29 107.68 (2.2) 81.1 80.6 0.5 129.78 133.66 (2.9)
Rest of
Europe 52.67 53.42 (1.4) 72.8 74.3 (1.5) 72.32 71.94 0.5
-------------- ------- ------- ------- ------ ------ ------- ------- ------- -------
Total Europe 79.32 81.45 (2.6) 77.0 77.5 (0.5) 102.96 105.08 (2.0)
-------------- ------- ------- ------- ------ ------ ------- ------- ------- -------
Singapore 79.60 88.03 (9.6) 84.8 87.5 (2.7) 93.83 100.58 (6.7)
Rest of
Asia 57.88 55.69 3.9 64.1 62.1 2.0 90.26 89.61 0.7
-------------- ------- ------- ------- ------ ------ ------- ------- ------- -------
Total Asia 66.29 68.22 (2.8) 72.1 72.0 0.1 91.88 94.78 (3.1)
-------------- ------- ------- ------- ------ ------ ------- ------- ------- -------
Australasia 51.92 44.70 16.2 79.4 74.9 4.5 65.37 59.68 9.5
-------------- ------- ------- ------- ------ ------ ------- ------- ------- -------
Total Group 73.94 76.37 (3.2) 71.7 72.2 (0.5) 103.18 105.75 (2.4)
-------------- ------- ------- ------- ------ ------ ------- ------- ------- -------
RevPAR Occupancy Average Room
Rate
------------------------- ----------------------- -------------------------
Q3 2016 Q3 #Q3 Q3 Q3 Q3 #Q3
2016 2015 Change 2016 2015 Change 2016 2015 Change
GBP GBP % % % %pts GBP GBP %
-------------- ------- ------- ------- ------ ------ ------- ------- ------- -------
New York 158.04 182.10 (13.2) 82.1 89.1 (7.0) 192.54 204.27 (5.7)
Regional
US 73.10 67.79 7.8 68.5 67.0 1.5 106.79 101.23 5.5
-------------- ------- ------- ------- ------ ------ ------- ------- ------- -------
Total US 101.06 105.45 (4.2) 72.9 74.3 (1.4) 138.56 141.98 (2.4)
-------------- ------- ------- ------- ------ ------ ------- ------- ------- -------
London 132.48 129.37 2.4 92.0 87.2 4.8 144.01 148.35 (2.9)
Rest of
Europe 57.13 59.65 (4.2) 76.9 79.9 (3.0) 74.30 74.66 (0.5)
-------------- ------- ------- ------- ------ ------ ------- ------- ------- -------
Total Europe 95.29 95.40 (0.1) 84.5 83.6 0.9 112.72 114.06 (1.2)
-------------- ------- ------- ------- ------ ------ ------- ------- ------- -------
Singapore 87.51 95.55 (8.4) 90.1 89.9 0.2 97.13 106.34 (8.7)
Rest of
Asia 60.07 56.97 5.4 64.8 60.7 4.1 92.63 93.89 (1.3)
-------------- ------- ------- ------- ------ ------ ------- ------- ------- -------
Total Asia 70.70 71.91 (1.7) 74.6 72.0 2.6 94.74 99.91 (5.2)
-------------- ------- ------- ------- ------ ------ ------- ------- ------- -------
Australasia 52.43 44.02 19.1 74.1 67.7 6.4 70.79 64.99 8.9
-------------- ------- ------- ------- ------ ------ ------- ------- ------- -------
Total Group 85.78 87.23 (1.7) 76.4 75.3 1.1 112.29 115.89 (3.1)
-------------- ------- ------- ------- ------ ------ ------- ------- ------- -------
# In constant currency whereby 30 September 2015 RevPAR and average room rates have been translated at average exchange rates for the period ended 30 September 2016.
US
US RevPAR for the first nine months of 2016 was down by 6.6% GBP82.35 (2015: GBP88.15) with decreases in both occupancy and average room rate. In the third quarter of 2016, US RevPAR decreased by 4.2%.
In New York, RevPAR fell by 14.8% as a result of a 7.5% points fall in occupancy and 6.3% fall in average room rate. Excluding ONE UN New York whose east tower was closed for refurbishment from November last year to early September 2016, RevPAR for US and New York fell by 2.0% and 7.8% respectively.
RevPAR for Regional US increased by 4.4% to GBP58.80 (2015: GBP56.32) for the first nine months of 2016. For the third quarter of 2016, RevPAR increased by 7.8% to GBP73.10 (2015: GBP67.79) largely due to positive returns from newly refurbished hotels.
Europe
Europe RevPAR for the first nine months of 2016 dropped by 2.6% to GBP79.32 (2015: GBP81.45). In the third quarter Europe RevPAR was marginally lower compared to the same period, reflecting improvement in the London in-bound market, following the sharp fall in sterling against other currencies after the EU referendum on 23 June.
London RevPAR fell by 2.2% for the first nine months of 2016, compared to the same period last year, with a 0.5% point rise in occupancy and 2.9% fall in average room rate. In the third quarter of 2016, London RevPAR grew by 2.4% mainly due to an increase in occupancy of 4.8% points.
RevPAR for the Rest of Europe decreased by 1.4% during the first nine months of 2016 mainly due to lower occupancy.
Asia
Asia RevPAR for the first nine months of 2016 fell by 2.8% to GBP66.29 (2015: GBP68.22) driven mainly by lower average room rate. Singapore RevPAR fell by 9.6% with decreases in both occupancy and average room rate.
Rest of Asia RevPAR grew by 3.9% in the nine months of 2016, driven by an increase in both occupancy and average room rate. For the third quarter of 2016, RevPAR increased by 5.4% to GBP60.07 (2015: 56.97) mainly due to improved performance in Millennium Seoul Hilton following completion of refurbishment of guest rooms.
Australasia
Australasia RevPAR grew by 16.2% in the first nine months of 2016 with average room rate increasing by 9.5% to GBP65.37 (2015: GBP59.68) and occupancy up by 4.5% points reflecting positive results from the management of sales channels and market segments. For the third quarter of 2016 RevPAR increased by 19.1% to GBP52.43 (2015: GBP44.02) with the continued growth in the number of in-bound tourists into New Zealand.
Development
The building permit application for Seoul Yangdong development project has been lodged and approval is anticipated to be received by the end of this year for the construction work to commence in early 2017. The main contract tender process is expected to be completed by the end of this year and subject to the outcome of the building permit application a recommendation will be made for the award of the main contract.
The Sunnyvale project in California is progressing with continuous effort to improve the design, space planning as well as costing. The proposed development comprises a 263-room hotel and a 250-unit residential apartment block on the 35,717m(2) mixed-use freehold landsite.
Hotel Refurbishments
The refurbishment programme for Millennium Hotel London Mayfair is planned to commence around the end of this year. To minimise the impact on London occupancy, there will be a gap of at least 12 months before Millennium Hotel London Knightsbridge undertakes smaller scale refurbishment work.
The refurbishment of guest rooms in the east tower of ONE UN New York was completed in early September 2016 and the tower was re-opened in time for the UN General Assembly.
Work on the main lobby and food and beverage outlets at the main entrance level of the Grand Copthorne Waterfront Hotel in Singapore, which started in December 2015, was substantially completed in May 2016 and the outlets opened for business in June 2016. The remaining works left under the current contract mainly relate to the refurbishment of some function rooms at level two, which started in September and is scheduled for completion by end November 2016.
Soft refurbishment of the guestrooms at Grand Millennium Kuala Lumpur, from level 9 to level 19, has been completed, with the remaining level 7 and level 8 being planned for next year.
Soft refurbishment of the guestrooms at M Hotel Singapore, from level 12 to level 28, has been substantially completed, except for one floor at level 25 which is scheduled for completion by end 2016.
Copthorne Hotel Auckland Harbour City in New Zealand closed for a major NZ$40m (GBP22m) refurbishment programme in Q3 2015. The construction stage has progressed with seismic strengthening completed, all windows for the 190 guest rooms installed, façade plastering and painting completed and scaffolding taken down to ground level. The installation of major services, fitting of internal partitions, bathroom tiling is progressing well. The hotel will be rebranded under the Group's M Social brand and is expected to re-open in the middle of next year.
The Group assumed the lease of Rendezvous Grand Hotel Auckland with effect from 7 September 2016. The hotel, the largest in New Zealand with a total of 452 guestrooms, is owned by the REIT and is the Group's first Grand Millennium hotel in New Zealand.
Asset Disposals
The Group has in place a number of contractual arrangements with the developer of Birmingham's Paradise Circus redevelopment scheme pursuant to which the developer has a right to acquire the existing site of the Copthorne Hotel Birmingham in accordance with an agreed process and the Group has an option to sell the existing site to the developer and, as applicable, an option to acquire an alternative site in the redevelopment area for the construction of a new hotel. The Group continues to review its options and discussions with the developer are on-going.
With regard to the Millennium Hotel Glasgow, it was previously reported that in September 2015 the Group received notice of an application from Network Rail Infrastructure Limited ("Network Rail") for an order to temporarily close and possess the Millennium Hotel Glasgow, and permanently take a portion of the hotel, in connection with the redevelopment of the Queen Street Station in Glasgow. The Group objected to various components of the application and a public inquiry was held in May and June 2016. A final decision on the proposed order is awaited from the Scottish Ministers. Pending that, the Group continues to pursue commercial discussions with Network Rail and will assess options once the decision has been issued.
Other Group Operations
Joint ventures and associates contributed GBP9m to profit in the first nine months of 2016 (2015: GBP9m). The Group has an effective interest of 36% in First Sponsor Group Limited, which is listed on the Singapore Exchange and reports its results independently.
Board Changes
The Board has agreed to the request of Director and Group Chief Executive Officer, Aloysius Lee to retire from the Group in Q1 2017. His successor will be announced in due course.
Daniel Desbaillets joined the Board as an Independent Non-Executive Director on 14 September 2016. He has been in the hospitality industry since 1973 holding senior positions with InterContinental Hotel Group, Hilton and Shangri-La. He previously served on the boards of CDL Hospitality Trusts as an Independent Non-Executive Director.
Financial Position
At 30 September 2016, the Group had net debt of GBP720m (Dec 2015: net debt GBP605m). Excluding the REIT, the net debt was GBP230m (Dec 2015: net debt GBP201m).
The Group has a total of GBP541m of undrawn committed bank facilities at 30 September 2016 (Dec 2015: GBP406m). Excluding the REIT, the total undrawn committed bank facilities was GBP321m (Dec 2015: GBP280m). Most of the facilities are unsecured, with unencumbered assets representing 92.1% of fixed assets and investment properties.
Current Trading
On a constant currency basis, Group RevPAR fell by 8.6% for the three weeks ended 21 October 2016, with London down by 15.0%, New York down by 14.2% and Singapore down by 14.0%; partially offset by RevPAR growth in Australasia of 17.3%. However on a reported currency basis taking into account exchange gains, Group RevPAR for the same period was down by 2.3%, with London down by 15.0%, New York down by 5.2%, Singapore down by 6.1% and Australasia up by 25.3%.
This trading update 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.
Condensed consolidated income statement (unaudited)
for the nine months ended 30 September 2016
Third Quarter Third Quarter Nine Nine Full
2016 2015 Months Months Year
GBPm GBPm 2016 2015 2015
GBPm GBPm GBPm
Revenue 247 211 665 615 847
Cost of sales (101) (85) (283) (257) (350)
------------------------------------------------- ---------------- ---------------- --------- --------- -------
Gross profit 146 126 382 358 497
Administrative expenses (99) (88) (274) (256) (342)
Other operating income - - 2 - 41
Other operating expense - - (4) - (84)
Operating profit 47 38 106 102 112
Share of profit of joint ventures and
associates 4 3 9 9 17
Finance income 6 2 10 5 5
Finance expense (11) (7) (23) (18) (25)
------------------------------------------------- ---------------- ---------------- --------- --------- -------
Net finance expense (5) (5) (13) (13) (20)
Profit before tax 46 36 102 98 109
Income tax expense (7) (7) (15) (17) (12)
------------------------------------------------- ---------------- ---------------- --------- --------- -------
Profit for the period 39 29 87 81 97
------------------------------------------------- ---------------- ---------------- --------- --------- -------
Attributable to:
Equity holders of the parent 29 24 59 60 65
Non-controlling interests 10 5 28 21 32
------------------------------------------------- ---------------- ---------------- --------- --------- -------
39 29 87 81 97
------------------------------------------------ ---------------- ---------------- --------- --------- -------
The financial results above were derived from continuing activities.
Condensed consolidated statement of financial position (unaudited)
as at 30 September 2016
As at As at As at
30 Sept 30 Sept 31 Dec
2016 2015 2015
GBPm GBPm GBPm
------------------------------- ---------- ---------- ---------
Non-current assets
Property, plant and equipment 3,217 2,707 2,764
Lease premium prepayment 107 93 94
Investment properties 556 457 506
Investment in joint ventures
and associates 293 246 255
4,173 3,503 3,619
------------------------------- ---------- ---------- ---------
Current assets
Inventories 4 4 4
Development properties 92 72 81
Lease premium prepayment 2 2 2
Trade and other receivables 94 158 76
Cash and cash equivalents 308 211 238
500 447 401
------------------------------- ---------- ---------- ---------
Total assets 4,673 3,950 4,020
-------------------------------- ---------- ---------- ---------
Non-current liabilities
Interest-bearing loans,
bonds and borrowings (964) (529) (665)
Employee benefits (13) (15) (13)
Provisions (9) (7) (8)
Other non-current liabilities (14) (12) (12)
Deferred tax liabilities (238) (219) (210)
-------------------------------- ---------- ---------- ---------
(1,238) (782) (908)
------------------------------- ---------- ---------- ---------
Current liabilities
Interest-bearing loans,
bonds and borrowings (64) (303) (178)
Trade and other payables (218) (203) (187)
Provisions (2) (3) (2)
Income taxes payable (29) (27) (33)
(313) (536) (400)
------------------------------- ---------- ---------- ---------
Total liabilities (1,551) (1,318) (1,308)
-------------------------------- ---------- ---------- ---------
Net assets 3,122 2,632 2,712
-------------------------------- ---------- ---------- ---------
Equity
Issued share capital 97 97 97
Share premium 843 843 843
Translation reserve 490 144 196
Treasury share reserve (4) (4) (4)
Retained earnings 1,184 1,143 1,144
Total equity attributable
to equity holders of the
parent 2,610 2,223 2,276
Non-controlling interests 512 409 436
-------------------------------- ---------- ---------- ---------
Total equity 3,122 2,632 2,712
-------------------------------- ---------- ---------- ---------
Operating Segment Information
9 months 2016
Rest Rest Central
New Regional of Singapore of Costs Total
York US London Europe GBPm Asia Australasia GBPm Group
GBPm GBPm GBPm GBPm GBPm GBPm GBPm
----------------------- ------ --------- ------- -------- ------------ ------ ------------ -------- -------
Revenue
Hotel 92 103 88 56 92 115 35 - 581
Property operations - 3 - - 2 7 30 - 42
REIT - - - 8 10 14 10 - 42
----------------------- ------ --------- ------- -------- ------------ ------ ------------ -------- -------
Total revenue 92 106 88 64 104 136 75 - 665
----------------------- ------ --------- ------- -------- ------------ ------ ------------ -------- -------
Hotel gross
operating profit 11 23 45 13 38 38 15 - 183
Hotel fixed
charges (1) (22) (17) (16) (7) (3) (25) (3) - (93)
----------------------- ------ --------- ------- -------- ------------ ------ ------------ -------- -------
Hotel operating
profit/(loss) (11) 6 29 6 35 13 12 - 90
Property operating
profit/(loss) - (1) - - 1 6 17 - 23
REIT operating
profit/(loss) - - - 2 (4) 5 9 - 12
Central costs - - - - - - - (17) (17)
Other operating
income - - - - - - 2 - 2
Other operating
expense - - - - (4) - - - (4)
Operating
profit/(loss) (11) 5 29 8 28 24 40 (17) 106
Share of joint
ventures and - - - 3 - 6 - - 9
associates profit
Add: Depreciation
and amortisation 6 8 5 4 9 16 1 1 50
Add: Revaluation
deficit - - - - 4 - - - 4
EBITDA (2) (5) 13 34 15 41 46 41 (16) 169
Less: Depreciation,
amortisation
& revaluation
deficit (54)
Net finance
expense (13)
Profit before
tax 102
----------------------- ------ --------- ------- -------- ------------ ------ ------------ -------- -------
9 months 2015
Rest Rest Central
New Regional of Singapore of Costs Total
York US London Europe GBPm Asia Australasia GBPm Group
GBPm GBPm GBPm GBPm GBPm GBPm GBPm
----------------------- ------ --------- ------- -------- ------------ ------ ------------ -------- -------
Revenue
Hotel 100 90 91 53 90 106 29 - 559
Property operations - 2 - - 2 4 15 - 23
REIT - - - - 9 15 9 - 33
----------------------- ------ --------- ------- -------- ------------ ------ ------------ -------- -------
Total revenue 100 92 91 53 101 125 53 - 615
----------------------- ------ --------- ------- -------- ------------ ------ ------------ -------- -------
Hotel gross
operating profit 22 20 46 14 40 32 12 - 186
Hotel fixed
charges (1) (20) (14) (15) (7) (2) (25) (3) - (86)
----------------------- ------ --------- ------- -------- ------------ ------ ------------ -------- -------
Hotel operating
profit 2 6 31 7 38 7 9 - 100
Property operating
profit/(loss) - (1) - - 1 3 7 - 10
REIT operating
profit/(loss) - - - (1) (3) 5 9 - 10
Central costs - - - - - - - (18) (18)
Operating
profit/(loss) 2 5 31 6 36 15 25 (18) 102
Share of joint
ventures and - - - - - 9 - - 9
associates profit
Add: Depreciation
and amortisation 6 6 5 2 8 17 1 1 46
EBITDA (2) 8 11 36 8 44 41 26 (17) 157
Less: Depreciation
and amortisation (46)
Net finance
expense (13)
Profit before
tax 98
----------------------- ------ --------- ------- -------- ------------ ------ ------------ -------- -------
(1) Hotel fixed charges include depreciation, amortisation of lease premium prepayments, property rent, taxes and insurance, operating lease rentals and management fees.
(2) EBITDA is earnings before interest, tax, depreciation and amortisation.
APPIX 1: Key OPERATING STATISTICS
for the nine months ended 30 September 2016
Nine Months Nine Months Nine Months Full Year
2016 2015 2015 2015
Reported Constant Reported Reported
Owned or leased hotels* currency currency currency currency
------------------------ ----------- ----------- ----------- ---------
Occupancy (%)
New York 74.8 82.3 82.1
Regional US 61.1 61.2 58.2
------------------------ ----------- ----------- ----------- ---------
Total US 65.6 68.2 66.1
------------------------ ----------- ----------- ----------- ---------
London 81.1 80.6 80.2
Rest of Europe 72.8 74.3 72.7
------------------------ ----------- ----------- ----------- ---------
Total Europe 77.0 77.5 76.5
------------------------ ----------- ----------- ----------- ---------
Singapore 84.8 87.5 87.1
Rest of Asia 64.1 62.1 64.5
------------------------ ----------- ----------- ----------- ---------
Total Asia 72.1 72.0 73.2
------------------------ ----------- ----------- ----------- ---------
Australasia 79.4 74.9 77.1
------------------------ ----------- ----------- ----------- ---------
Total Group 71.7 72.2 71.8
------------------------ ----------- ----------- ----------- ---------
Average Room Rate
(GBP)
New York 174.14 185.80 168.17 173.99
Regional US 96.23 91.98 83.25 84.00
------------------------ ----------- ----------- ----------- ---------
Total US 125.49 129.30 117.03 120.84
------------------------ ----------- ----------- ----------- ---------
London 129.78 133.66 133.66 135.51
Rest of Europe 72.32 71.94 69.84 70.96
------------------------ ----------- ----------- ----------- ---------
Total Europe 102.96 105.08 104.10 105.72
------------------------ ----------- ----------- ----------- ---------
Singapore 93.83 100.58 92.09 91.67
Rest of Asia 90.26 89.61 84.33 84.31
------------------------ ----------- ----------- ----------- ---------
Total Asia 91.88 94.78 87.99 87.70
------------------------ ----------- ----------- ----------- ---------
Australasia 65.37 59.68 55.99 56.18
------------------------ ----------- ----------- ----------- ---------
Total Group 103.18 105.75 98.91 100.19
------------------------ ----------- ----------- ----------- ---------
RevPAR (GBP)
New York 130.32 152.94 138.43 142.92
Regional US 58.80 56.32 50.98 48.92
------------------------ ----------- ----------- ----------- ---------
Total US 82.35 88.15 79.79 79.89
------------------------ ----------- ----------- ----------- ---------
London 105.29 107.68 107.68 108.68
Rest of Europe 52.67 53.42 51.86 51.56
------------------------ ----------- ----------- ----------- ---------
Total Europe 79.32 81.45 80.70 80.92
------------------------ ----------- ----------- ----------- ---------
Singapore 79.60 88.03 80.61 79.85
Rest of Asia 57.88 55.69 52.41 54.35
------------------------ ----------- ----------- ----------- ---------
Total Asia 66.29 68.22 63.33 64.23
------------------------ ----------- ----------- ----------- ---------
Australasia 51.92 44.70 41.94 43.33
------------------------ ----------- ----------- ----------- ---------
Total Group 73.94 76.37 71.43 71.98
------------------------ ----------- ----------- ----------- ---------
Gross Operating Profit
Margin (%)
New York 11.9 21.8 23.9
Regional US 22.6 22.9 21.2
------------------------ ----------- ----------- ----------- ---------
Total US 17.5 22.3 22.7
------------------------ ----------- ----------- ----------- ---------
London 50.5 50.5 50.8
Rest of Europe 22.9 26.5 26.7
------------------------ ----------- ----------- ----------- ---------
Total Europe 39.8 41.7 41.7
------------------------ ----------- ----------- ----------- ---------
Singapore 41.0 44.2 44.3
Rest of Asia 32.8 30.2 33.1
------------------------ ----------- ----------- ----------- ---------
Total Asia 36.5 36.6 38.1
------------------------ ----------- ----------- ----------- ---------
Australasia 43.1 40.9 42.5
------------------------ ----------- ----------- ----------- ---------
Total Group 31.3 33.3 34.1
------------------------ ----------- ----------- ----------- ---------
For comparability, the 30 September 2015 Average Room Rate and RevPAR have been translated at average exchange rates for the period ended 30 September 2016.
* excluding managed, franchised and investment hotels.
APPIX 2: Key OPERATING STATISTICS
for the quarter year ended 30 September 2016
Third Quarter Third Quarter Third Quarter
2016 2015 2015
Reported Constant Reported
Owned or leased hotels* currency currency currency
------------------------ ------------- ------------- -------------
Occupancy (%)
New York 82.1 89.1
Regional US 68.5 67.0
------------------------ ------------- ------------- -------------
Total US 72.9 74.3
------------------------ ------------- ------------- -------------
London 92.0 87.2
Rest of Europe 76.9 79.9
------------------------ ------------- ------------- -------------
Total Europe 84.5 83.6
------------------------ ------------- ------------- -------------
Singapore 90.1 89.9
Rest of Asia 64.8 60.7
------------------------ ------------- ------------- -------------
Total Asia 74.6 72.0
------------------------ ------------- ------------- -------------
Australasia 74.1 67.7
------------------------ ------------- ------------- -------------
Total Group 76.4 75.3
------------------------ ------------- ------------- -------------
Average Room Rate (GBP)
New York 192.54 204.27 177.61
Regional US 106.79 101.23 88.08
------------------------ ------------- ------------- -------------
Total US 138.56 141.98 123.49
------------------------ ------------- ------------- -------------
London 144.01 148.35 148.35
Rest of Europe 74.30 74.66 71.24
------------------------ ------------- ------------- -------------
Total Europe 112.72 114.06 112.46
------------------------ ------------- ------------- -------------
Singapore 97.13 106.34 89.80
Rest of Asia 92.63 93.89 79.98
------------------------ ------------- ------------- -------------
Total Asia 94.74 99.91 84.73
------------------------ ------------- ------------- -------------
Australasia 70.79 64.99 49.23
------------------------ ------------- ------------- -------------
Total Group 112.29 115.89 103.17
------------------------ ------------- ------------- -------------
RevPAR (GBP)
New York 158.04 182.10 158.33
Regional US 73.10 67.79 58.98
------------------------ ------------- ------------- -------------
Total US 101.06 105.45 91.71
------------------------ ------------- ------------- -------------
London 132.48 129.37 129.37
Rest of Europe 57.13 59.65 56.91 ------------------------ ------------- ------------- ------------- Total Europe 95.29 95.40 94.06 ------------------------ ------------- ------------- ------------- Singapore 87.51 95.55 80.69 Rest of Asia 60.07 56.97 48.53 ------------------------ ------------- ------------- ------------- Total Asia 70.70 71.91 60.98 ------------------------ ------------- ------------- ------------- Australasia 52.43 44.02 33.34 ------------------------ ------------- ------------- ------------- Total Group 85.78 87.23 77.66 ------------------------ ------------- ------------- ------------- Gross Operating Profit Margin (%) New York 18.9 27.8 Regional US 30.0 29.4 ------------------------ ------------- ------------- ------------- Total US 24.7 28.6 ------------------------ ------------- ------------- ------------- London 55.4 53.5 Rest of Europe 26.5 27.7 ------------------------ ------------- ------------- ------------- Total Europe 44.9 44.5 ------------------------ ------------- ------------- ------------- Singapore 41.7 44.3 Rest of Asia 31.3 28.0 ------------------------ ------------- ------------- ------------- Total Asia 36.1 35.8 ------------------------ ------------- ------------- ------------- Australasia 38.5 36.5 ------------------------ ------------- ------------- ------------- Total Group 34.4 35.6 ------------------------ ------------- ------------- -------------
For comparability, the 30 September 2015 Average Room Rate and RevPAR have been translated at average exchange rates for the period ended 30 September 2016.
* excluding managed, franchised and investment hotels.
APPENDIX 3: HOTEL ROOM COUNT AND PIPELINE
as at 30 September 2016
Hotels Rooms
Hotel and 30 Sept 31 Dec Change 30 Sept 31 Dec Change
room count 2016 2015 2016 2015
------------------ -------- ------- ------- -------- ------- -------
Analysed
by region:
New York 4 4 - 2,238 2,238 -
Regional
US 15 15 - 4,467 4,463 4
London 8 8 - 2,651 2,651 -
Rest of Europe 18 18 - 2,867 2,867 -
Middle East 26 22 4 7,345 6,450 895
Singapore 7 6 1 3,011 2,716 295
Rest of Asia 26 26 - 9,427 9,430 (3)
Australasia 25 27 (2) 3,641 3,903 (262)
------------------ -------- ------- ------- -------- ------- -------
Total 129 126 3 35,647 34,718 929
------------------ -------- ------- ------- -------- ------- -------
Analysed
by ownership
type:
Owned or
leased 66 65 1 19,442 18,984 458
Managed 41 37 4 11,250 10,212 1,038
Franchised 7 8 (1) 1,091 1,206 (115)
Investment 15 16 (1) 3,864 4,316 (452)
------------------ -------- ------- ------- -------- ------- -------
Total 129 126 3 35,647 34,718 929
------------------ -------- ------- ------- -------- ------- -------
Analysed
by brand:
Grand Millennium 9 8 1 3,732 3,277 455
Millennium 49 48 1 15,869 15,657 212
Copthorne 35 34 1 6,945 6,804 141
Kingsgate 7 9 (2) 671 933 (262)
Other M&C 11 9 2 2,941 2,431 510
Third Party 18 18 - 5,489 5,616 (127)
------------------ -------- ------- ------- -------- ------- -------
Total 129 126 3 35,647 34,718 929
------------------ -------- ------- ------- -------- ------- -------
Hotels Rooms
Pipeline 30 Sept 31 Dec Change 30 Sept 31 Dec Change
2016 2015 2016 2015
------------------ -------- ------- ------- -------- ------- -------
Analysed
by region:
Middle East 17 16 1 5,734 4,663 1,071
Asia 3 3 - 1,389 1,674 (285)
Regional
US 1 1 - 263 263 -
Total 21 20 1 7,386 6,600 786
------------------ -------- ------- ------- -------- ------- -------
Analysed
by ownership
type:
Managed 19 18 1 6,581 5,830 751
Owned 2 2 - 805 770 35
Total 21 20 1 7,386 6,600 786
------------------ -------- ------- ------- -------- ------- -------
Analysed
by brand:
Grand Millennium 2 2 - 847 887 (40)
Millennium 11 10 1 3,537 3,140 397
Copthorne 2 2 - 666 307 359
Other M&C 4 4 - 1,777 1,707 70
Kingsgate 2 2 - 559 559 -
Total 21 20 1 7,386 6,600 786
------------------ -------- ------- ------- -------- ------- -------
The Group's worldwide pipeline comprises 21 hotels offering 7,386 rooms, which are mainly management contracts.
This information is provided by RNS
The company news service from the London Stock Exchange
END
QRTEANFFEAEKFFF
(END) Dow Jones Newswires
November 02, 2016 03:00 ET (07:00 GMT)
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