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3rd Quarter Results

2 Nov 2018 07:00

RNS Number : 1152G
Millennium & Copthorne Hotels PLC
02 November 2018
 

For Immediate Release 2 November 2018

 

 

 

MILLENNIUM & COPTHORNE HOTELS plc

TRADING UPDATE

Nine months and third quarter results to 30 September 2018

LEI: 2138003EQ104LZ1JNH19

 

 

Nine months 2018:

 

 

9 mths

2018

Reported Currency

Constant Currency

9 mths

2017

Change

 

9 mths

2017

Change

RevPAR

£79.26

£82.41

£(3.15)

(3.8)%

£79.56

£(0.30)

(0.4)%

Revenue - total

£730m

£748m

£(18)m

(2.4)%

£722m

£8m

1.1%

Revenue - hotel

£627m

£649m

£(22)m

(3.4)%

£627m

-

-

Profit before tax (Note 1)

£99m

£118m

£(19)m

(16.1)%

£114m

£(15)m

(13.2)%

 

 

Third quarter 2018:

 

 

Q3

2018

Reported Currency

Constant Currency

Q3

2017

Change

 

Q3

2017

Change

RevPAR

£87.23

£89.75

£(2.52)

(2.8)%

£88.64

£(1.41)

(1.6)%

Revenue - total

£253m

£263m

£(10)m

(3.8)%

£259m

£(6)m

(2.3)%

Revenue - hotel

£223m

£231m

£(8)m

(3.5)%

£228m

£(5)m

(2.2)%

Profit before tax

£34m

£55m

£(21)m

(38.2)%

£53m

£(19)m

(35.8)%

 

Note 1: Pre-tax profit for the nine months of 2018 includes gain of £3m from the disposal of two Australian hotels that were owned by CDL Hospitality Trusts ("CDLHT"). During the same period last year, pre-tax profit included reversal of loan impairment of £12m and impairment of assets of £9m, with a net credit of £3m recognised in the income statement.

 

* Like-for-like comparisons exclude the impact of acquisitions, closures and refurbishments; and they are stated in constant currency terms.

 

 

· In reported currency, Group RevPAR for the nine months of 2018 decreased by 3.8% to £79.26 (2017: £82.41). In constant currency, it fell by just 0.4% mainly reflecting a stronger pound sterling against the Group's main trading currencies.

 

· Like-for-like* Group RevPAR for the nine months of 2018 increased by 1.5%. Like-for-like comparison excludes the Mayfair hotel which was impacted by its closure in July this year, the Millennium New Plymouth New Zealand which was acquired in March this year, and M Social Auckland which was re-opened in October 2017.

 

· In constant currency, hotel revenue for the nine months of 2018 was flat. Reported hotel revenue was down by £22m or 3.4%, reflecting the stronger pound.

 

· Reported total revenue for the first nine months of 2018 fell by £18m or 2.4% to £730m (2017: £748m). The impact from the strengthening of the pound sterling was £26m. In constant currency, total revenue for the period increased by £8m or 1.1%.

 

· In reported currency, pre-tax profit for the nine months of 2018 decreased by £19m to £99m (2017: £118m). In constant currency, pre-tax profit for the period decreased by £15m (2017: £114m). As previously disclosed, the closure of the Mayfair hotel resulted in the reduction of the Group's revenue and a commensurate reduction in profit. The Group continued to incur certain fixed costs at the Mayfair hotel. In addition, the Group saw an increase in its operating costs mainly due to payroll expenditure.

 

· In Q3 2018, Group RevPAR fell by 2.8% in reported currency and down by 1.6% in constant currency. Like-for-like* Group RevPAR increased slightly by 0.6%. Excluding Mayfair, RevPAR for London was up by 5.6%. RevPAR for Australasia was up by 2.9%. RevPAR for New York and Singapore were flat.

 

· For the first 21 days of October 2018, like-for-like Group RevPAR was up by 7.3%.

 

 

Mr Kwek Leng Beng, Chairman commented: 

 

"The Group experienced mixed trading results for the first nine months of the year, with hotel revenues flat for the period on a like-for-like basis and lower profit due to continuing cost pressures.

 

The hospitality sector is facing challenging trading conditions, including significant supply growth, technological "disruption", industry consolidation and rising minimum wage requirements and labour costs in key jurisdictions. These challenges, which are impacting the availability of talent and reducing margins, are exacerbated by geopolitical headwinds, such as the uncertainty surrounding Brexit and global trade tensions.

 

The Group will address these issues through product innovation, tighter cost control and by flattening the management structure to enhance our competitiveness. The Group also continues to focus on delivering value from significant capital expenditure projects in addition to the repositioning of the Mayfair property as a 5-star deluxe hotel and the development of our new hotel and residential apartment complex in Sunnyvale California, which broke ground in October 2018.

 

After the departure of the last Group Chief Executive Officer in September, Tan Kian Seng has been reappointed as the interim Group Chief Executive Officer. The Board is confident that Mr Tan will provide stability during the transition with his experience and knowledge accumulated over the past two years as interim Group CEO, Group Chief of Staff and President of Asia. Mr Tan, a chartered accountant with more than 30 years of business experience, had been CFO and President of one of the largest electronic manufacturing companies listed on the Singapore stock exchange. His overall management skills and strong financial background will contribute positively to the Group. The Board will take time to consider and search carefully for the next Group CEO, who must not only have relevant experience, but must also embrace and drive forward the Group's business model as a niche owner-operator."

 

 

 

 

 

Enquiries

Millennium & Copthorne Hotels plc Tel: +44 (0)20 7872 2444

Tan Kian Seng, Interim Group Chief Executive Officer

Kok-Kee Chong, Chief Financial Officer

Jonathon Grech, Group General Counsel and Company Secretary

David Allchurch, Tulchan Communications LLP Tel: +44 (0)20 7353 4200

 

FINANCIAL PERFORMANCE

 

For the nine months ended 30 September 2018, Group reported revenue decreased by 2.4% to £730m (2017: £748m). On a constant currency basis, Group revenue increased by £8m or 1.1%.

 

 

 

9 mths 2018

£m

Reported Currency

Constant Currency

9 mths 2017

£m

Change

9 mths 2017

£m

Change

£m

%

£m

%

Hotel

627

649

(22)

(3.4)

627

-

-

Property

55

51

4

7.8

48

7

14.6

REIT

48

48

-

-

47

1

2.1

Total Revenue

730

748

(18)

(2.4)

722

8

1.1

 

In constant currency, hotel revenue for the first nine months of 2018 was flat compared to the same period last year. Higher contributions from Millennium Hilton New York One UN Plaza (re-branded in August 2017) and M Social Auckland (opened in October 2017); were partially offset by the closure of the Mayfair hotel due to refurbishment. In reported currency, hotel revenue for the nine months of 2018 decreased by £22m or 3.4% reflecting a stronger pound sterling against the Group's main trading currencies.

 

Revenues from property sector and CDL Hospitality Trusts ("CDLHT") increased by £7m and £1m respectively compared to the first nine months of 2017.

 

Central costs for the nine months of 2018 increased by £5m or 20% to £30m (2017: £25m) due mainly to higher payroll related costs.

 

As disclosed previously, the Group recorded a gain of £3m from the disposal of two Australian hotels that were owned by CDLHT. During the same period last year, pre-tax profit included reversal of loan impairment of £12m and impairment of assets of £9m, with a net credit of £3m recognised in the income statement.

 

Hotel operation

 

In constant currency, Group RevPAR for the nine months of 2018 decreased by 0.4% to £79.26 (2017: £79.56). However, like-for-like* Group RevPAR increased by 1.5%.

 

 

RevPAR

Occupancy

Average Room Rate

 

9 mths 2018

£

#9 mths 2017

£

Change

%

9 mths 2018

%

9 mths 2017

%

Change

%pts.

9 mths 2018

£

#9 mths 2017

£

Change

%

New York

153.18

147.74

3.7

85.1

84.0

1.1

179.95

175.92

2.3

Regional US

61.21

62.17

(1.5)

59.8

62.9

(3.1)

102.39

98.87

3.6

Total US

91.51

90.34

1.3

68.1

69.8

(1.7)

134.31

129.38

3.8

London

98.03

110.73

(11.5)

78.0

84.3

(6.3)

125.64

131.42

(4.4)

Rest of Europe

56.54

54.26

4.2

72.1

71.3

0.8

78.45

76.09

3.1

Total Europe

77.30

82.97

(6.8)

75.0

77.9

(2.9)

103.00

106.52

(3.3)

Singapore

82.91

83.05

(0.2)

86.2

86.8

(0.6)

96.18

95.73

0.5

Rest of Asia

62.49

60.76

2.8

66.5

64.6

1.9

93.99

94.00

-

Total Asia

70.40

69.39

1.5

74.1

73.2

0.9

94.98

94.79

0.2

Australasia

70.26

66.32

5.9

81.3

80.4

0.9

86.40

82.46

4.8

 

 

 

 

 

 

 

 

 

 

Total Group

79.26

79.56

(0.4)

73.1

73.9

(0.8)

108.39

107.59

0.7

 

 

 

RevPAR

Occupancy

Average Room Rate

 

Q3 2018

£

#Q3 2017

£

Change

%

Q3 2018

%

Q3 2017

%

Change

%pts.

Q3 2018

£

#Q3 2017

£

Change

%

New York

176.94

176.47

0.3

90.7

91.3

(0.6)

194.98

193.37

0.8

Regional US

72.97

74.01

(1.4)

66.4

70.0

(3.6)

109.92

105.71

4.0

Total US

107.25

107.74

(0.5)

74.4

77.0

(2.6)

144.11

139.91

3.0

London

125.47

129.13

(2.8)

92.1

89.6

2.5

136.30

144.10

(5.4)

Rest of Europe

60.22

58.60

2.8

74.9

74.6

0.3

80.44

78.57

2.4

Total Europe

91.17

94.74

(3.8)

83.0

82.3

0.7

109.83

115.14

(4.6)

Singapore

87.37

87.10

0.3

90.3

87.6

2.7

96.78

99.38

(2.6)

Rest of Asia

61.96

63.29

(2.1)

69.5

66.2

3.3

89.18

95.55

(6.7)

Total Asia

71.80

72.51

(1.0)

77.5

74.5

3.0

92.61

97.29

(4.8)

Australasia

61.67

59.96

2.9

75.1

74.8

0.3

82.15

80.20

2.4

 

 

 

 

 

 

 

 

 

 

Total Group

87.23

88.64

(1.6)

77.4

77.3

0.1

112.76

114.74

(1.7)

 

 

# In constant currency whereby 30 September 2017 RevPAR and average room rates have been translated at average exchange rates for the period ended 30 September 2018.

 

* Like-for-like comparisons exclude the impact of acquisitions, closures and refurbishments; and they are stated in constant currency terms.

 

US

 

US RevPAR for the first nine months of 2018 increased by 1.3% to £91.51 (2017: £90.34). Average room rate increased by 3.8% offset partially by decrease in occupancy of 1.7% points.

 

New York RevPAR increased by 3.7% as a result of increases in both occupancy and average room rate of 1.1% points and 2.3% respectively. RevPAR for Regional US decreased by 1.5% to £61.21 (2017: £62.17) due to decrease in occupancy by 3.1% points offset partially by increase in average room rate of 3.6%.

 

In Q3 2018, US RevPAR fell by 0.5%. For New York, RevPAR was higher slightly by 0.3%.

 

Europe

 

Europe RevPAR for the first nine months of 2018 fell by 6.8%. Excluding the Mayfair hotel, like-for-like RevPAR increased by 1.1% helped by the warm summer.

 

Like-for-like RevPAR for the nine months of 2018 for London decreased by 0.5% with lower occupancy of 1.9% points partially offset by higher average room rate of 1.7%. Like-for-like RevPAR for Rest of Europe during the first nine months of 2018 grew by 3.8% with increases in both occupancy and average room rate of 0.7% points and 2.8% respectively.

 

In Q3 2018, Europe RevPAR fell by 3.8%. On a like-for-like basis, Europe RevPAR was up by 4.6% reversing the trend in H1 2018.

 

Asia

 

Asia RevPAR for the first nine months of 2018 increased by 1.5% to £70.40 (2017: £69.39) driven by increases in both average room rates and occupancy of 0.2% and 0.9% points respectively.

 

Singapore RevPAR is relatively flat, reflecting a 0.6% points fall in occupancy offset by a 0.5% increase in average room rate. Rest of Asia saw an improvement in performance with higher RevPAR of 2.8% contributed mainly by the Group's hotels in Taipei and Beijing.

 

In Q3 2018, Asia RevPAR decreased by 1.0% with room rates down by 4.8% partially offset by an increase in occupancy of 3.0% points.

 

Australasia

 

Like-for-like Australasia RevPAR grew by 3.0% during the first nine months of 2018. With the inclusion of M Social Auckland and Millennium New Plymouth, Australasia RevPAR increased by 5.9%; with average room rate and occupancy increasing by 4.8% and 0.9% points respectively. The softness in the market, first seen in April this year, has receded in July. International visitor arrivals grew by 2.9% for the first nine months of this year. However, competition is increasing both from new inventory and non-traditional supply.

 

In Q3 2018, Australasia RevPAR increased by 2.9% with room rates up by 2.4% and occupancy up by 0.3% points. Like-for-like RevPAR was down by 0.2% with the exclusion of M Social Auckland which opened in early October last year.

 

 

Developments

The Sunnyvale California project comprises the construction of a 263-room hotel and a 250-unit residential apartment block on 35,717m2 mixed use freehold landsite. The ground-breaking ceremony was held on 16 October 2018. The project is scheduled to complete in Q1 2021. The construction cost is estimated at US$200m (£155m).

Key specialist consultants, including architect and engineers, have started to work and improve on the design proposal relating to the Yangdong development in Seoul. The construction cost will be determined once the new design is finalised.

 

Hotel refurbishments

The on-going refurbishment work at the Mayfair hotel, which started in November 2017, is on track, with the hotel to be re-opened as a 5-star deluxe property during Q1 2019. The total cost is now estimated to be around £50m following upgrades to the scope of the work.

The Group continues to work on plans for the staged refurbishment of key hotels in London, New York and Singapore.

Orchard Hotel Singapore has commenced work on its lobby and food & beverage outlets, which is expected to complete by Q4 2018. The hotel remains fully operational. In addition, the guest rooms in the Orchard wing and the ballroom & meeting spaces will also be renovated from Q4 2018 to Q2 2019.

Other Group operations

 

Joint ventures and associates contributed £14m to profit during the nine months of 2018 (2017: £11m).The Group has an effective interest of 36% in First Sponsor Group Limited, which is listed on the Singapore Exchange and reports its results publicly.

 

In April 2018, the Group subscribed for its full entitlement of FSGL's rights issue of new perpetual convertible capital securities ("PCCS") for a total cost of S$58.2m (£32m) and the PCCS were allotted on 19 April 2018.

 

Financial position

 

At 30 September 2018, the Group had net debt of £675m (Dec 2017: net debt of £650m). Excluding CDLHT, net debt at 30 September 2018 was £212m (Dec 2017: net debt of £186m).

 

Board and management changes

 

As previously announced, Jennifer Fox stepped down as Group Chief Executive Officer and as a member of the Board of Directors on 27 September 2018. Tan Kian Seng resumed the role of interim Group Chief Executive Officer on 28 September 2018. Sue Farr resigned as a non-executive director of the Company with effect from 31 October 2018.

 

Gervase McGregor notified the Company on 1 November 2018 of his intention to resign as a non-executive director with effect from 1 December 2018. Following these changes, the Board continues to be comprised of a majority of independent non-executive directors.

 

 

 

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 2018

 

 

 

 

 

 

 

 

Third Quarter

2018

£m

 

 

Third Quarter

2017

£m

 

 

Nine

Months

2018

£m

 

 

Nine

Months

2017

£m

 

 

Full

Year

2017

£m

 

Revenue

 

253

263

730

748

1,008

Cost of sales

 

(109)

(108)

(321)

(324)

(431)

Gross profit

 

144

155

409

424

577

 

 

 

 

 

 

 

Administrative expenses

 

(110)

(101)

(308)

(304)

(415)

Other operating income

 

-

-

3

12

30

Other operating expense

 

-

-

-

(9)

(47)

Operating profit

 

34

54

104

123

145

 

Share of profit of joint ventures and associates

 

 

6

5

14

11

22

 

 

 

 

 

 

 

Finance income

 

3

5

7

10

11

Finance expense

 

(9)

(9)

(26)

(26)

(31)

Net finance expense

 

(6)

(4)

(19)

(16)

(20)

 

 

 

 

 

 

 

Profit before tax

 

34

55

99

118

147

Income tax (expense)/credit

 

(5)

6

(17)

2

12

Profit for the period

 

29

61

82

120

159

 

Attributable to:

 

 

 

 

 

 

Equity holders of the parent

 

20

50

48

92

124

Non-controlling interests

 

9

11

34

28

35

 

 

29

61

82

120

159

 

 

 

 

 

 

 

 

 

 

 

 

 

 

The financial results above were derived from continuing activities.

 

 

Condensed consolidated statement of financial position (unaudited)

as at 30 September 2018

 

 

 

 

 

 

 

As at

30 Sept

 2018

£m

 

As at

30 Sept

 2017

£m

 

As at

31 Dec

 2017

£m

Non-current assets

 

 

 

 

Property, plant and equipment

 

3,126

3,141

3,129

Lease premium prepayment

 

100

102

103

Investment properties

 

578

610

577

Investment in joint ventures and associates

 

365

312

324

Other financial assets

 

3

-

-

 

 

4,172

4,165

4,133

Current assets

 

 

 

 

Inventories

 

4

4

4

Development properties

 

100

84

93

Lease premium prepayment

 

2

2

2

Trade and other receivables

 

111

97

88

Cash and cash equivalents

 

354

331

354

 

 

571

518

541

Assets held for sale

 

-

-

41

 

 

571

518

582

Total assets

 

4,743

4,683

4,715

 

Non-current liabilities

 

 

 

 

Interest-bearing loans, bonds and borrowings

 

(722)

(663)

(791)

Employee benefits

 

(17)

(23)

(19)

Provisions

 

(9)

(9)

(9)

Other financial liabilities

 

(1)

(2)

-

Other non-current liabilities

 

(13)

(13)

(13)

Deferred tax liabilities

 

(187)

(198)

(188)

 

 

(949)

(908)

(1,020)

Current liabilities

 

 

 

 

Interest-bearing loans, bonds and borrowings

 

(307)

(336)

(213)

Trade and other payables

 

(221)

(223)

(208)

Provisions

 

(2)

(1)

(2)

Income taxes payable

 

(12)

(14)

(23)

 

 

(542)

(574)

(446)

Total liabilities

 

(1,491)

(1,482)

(1,466)

Net assets

 

3,252

3,201

3,249

 

Equity

 

 

 

 

Issued share capital

 

97

97

97

Share premium

 

843

844

843

Translation reserve

 

419

428

431

Treasury share reserve

 

(4)

(4)

(4)

Retained earnings

 

1,340

1,272

1,309

Total equity attributable to equity holders of the parent

 

2,695

2,637

2,676

Non-controlling interests

 

557

564

573

Total equity

 

3,252

3,201

3,249

 

 

Notes to the condensed consolidated financial statements

 

1. Operating segment information

 

 

 

Nine months 2018

 

 

 

New York

£m

Regional US

£m

London

£m

Rest of Europe

£m

 

Singapore

£m

Rest of Asia

£m

Australasia

£m

Central

Costs

£m

Total Group

£m

Revenue

 

 

 

 

 

 

 

 

 

Hotel

110

105

77

53

95

126

61

-

627

Property operations

-

4

-

-

2

7

42

-

55

REIT

-

-

-

22

12

10

4

-

48

Total revenue

110

109

77

75

109

143

107

-

730

Hotel gross operating profit

13

22

33

12

38

41

29

-

188

Hotel fixed charges 1

(24)

(18)

(16)

(8)

(3)

(25)

(5)

-

(99)

Hotel operating profit/(loss)

(11)

4

17

4

35

16

24

-

89

Property operating profit

-

1

-

-

1

7

22

-

31

REIT operating profit/(loss)

-

-

-

8

(2)

1

4

-

11

Central costs

-

-

-

-

-

-

-

(30)

(30)

Other operating income - REIT

-

-

-

-

-

-

3

-

3

 Operating profit/(loss)

(11)

5

17

12

34

24

53

(30)

104

Share of joint ventures and

 

 

 

 

 

 

 

 

 

associates profit

-

-

-

3

-

11

-

-

14

Add: Depreciation and amortisation

7

9

5

3

9

15

2

2

52

EBITDA 2

(4)

14

22

18

43

50

55

(28)

170

Less: Depreciation, amortisation & impairment

 

 

 

 

 

 

 

 

(52)

Net finance expense

 

 

 

 

 

 

 

 

(19)

Profit before tax

 

 

 

 

 

 

 

 

99

 

 

 

 

Nine months 2017

 

 

 

New York

£m

Regional US

£m

London

£m

Rest of Europe

£m

 

Singapore

£m

Rest of Asia

£m

Australasia

£m

Central

Costs

£m

Total Group

£m

Revenue

 

 

 

 

 

 

 

 

 

Hotel

111

113

91

52

98

127

57

-

649

Property operations

-

4

-

-

2

7

38

-

51

REIT

-

-

-

15

12

15

6

-

48

Total revenue

111

117

91

67

112

149

101

-

748

Hotel gross operating profit

14

26

45

12

40

42

28

-

207

Hotel fixed charges 1

(26)

(16)

(17)

(7)

(3)

(27)

(4)

-

(100)

Hotel operating profit/(loss)

(12)

10

28

5

37

15

24

 

107

Property operating profit

-

-

-

-

1

7

21

-

29

REIT operating profit/(loss)

-

-

-

3

(3)

4

5

-

9

Central costs

-

-

-

-

-

-

-

(25)

(25)

Other operating income

-

-

-

-

-

12

-

-

12

Other operating expense

-

-

-

(4)

-

(5)

-

-

(9)

 Operating profit/(loss)

(12)

10

28

4

35

33

50

(25)

123

Share of joint ventures and

 

 

 

 

 

 

 

 

 

associates profit

-

-

-

2

-

9

-

-

11

Add: Depreciation and amortisation

7

10

5

5

10

17

2

2

58

Add: Impairment

-

-

-

4

-

5

-

-

9

EBITDA 2

(5)

20

33

15

45

64

52

(23)

201

Less: Depreciation, amortisation & impairment

 

 

 

 

 

 

 

 

(67)

Net finance expense

 

 

 

 

 

 

 

 

(16)

Profit before tax

 

 

 

 

 

 

 

 

118

           

 

 

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 and, depreciation and amortisation.

 

 

 

APPENDIX 1: Key OPERATING STATISTICS

for the nine months ended 30 September 2018

 

Owned or leased hotels*

 

Nine Months

2018

Reported

currency

Nine Months

2017

Constant

currency

Nine Months

2017

Reported

currency

 

Full Year 2017

Reported

currency

 

Occupancy (%)

 

 

 

 

 

 

New York

85.1

 

84.0

 

85.3

 

Regional US

59.8

 

62.9

 

60.0

 

Total US

68.1

 

69.8

 

68.3

 

London

78.0

 

84.3

 

83.0

 

Rest of Europe

72.1

 

71.3

 

70.5

 

Total Europe

75.0

 

77.9

 

76.9

 

Singapore

86.2

 

86.8

 

85.6

 

Rest of Asia

66.5

 

64.6

 

66.4

 

Total Asia

74.1

 

73.2

 

73.9

 

Australasia

81.3

 

80.4

 

81.2

 

Total Group

73.1

 

73.9

 

73.5

 

 

 

 

 

 

 

 

 

Average Room Rate (£)

 

 

 

 

 

 

 

New York

179.95

175.92

186.19

 

193.18

 

Regional US

102.39

98.87

104.64

 

103.23

 

Total US

134.31

129.38

136.93

 

140.23

 

London

125.64

131.42

131.42

 

132.47

 

Rest of Europe

78.45

76.09

75.77

 

76.16

 

Total Europe

103.00

106.52

106.38

 

107.15

 

Singapore

96.18

95.73

97.59

 

97.91

 

Rest of Asia

93.99

94.00

96.08

 

96.93

 

Total Asia

94.98

94.79

96.77

 

97.37

 

Australasia

86.40

82.46

89.38

 

90.01

 

Total Group

108.39

107.59

111.46

 

112.68

 

 

 

 

 

 

 

 

 

RevPAR (£)

 

 

 

 

 

 

 

New York

153.18

147.74

156.36

 

164.84

 

Regional US

61.21

62.17

65.80

 

61.90

 

Total US

91.51

90.34

95.62

 

95.79

 

London

98.03

110.73

110.73

 

109.98

 

Rest of Europe

56.54

54.26

54.03

 

53.66

 

Total Europe

77.30

82.97

82.86

 

82.35

 

Singapore

82.91

83.05

84.67

 

83.83

 

Rest of Asia

62.49

60.76

62.11

 

64.39

 

Total Asia

70.40

69.39

70.84

 

71.91

 

Australasia

70.26

66.32

71.88

 

73.06

 

Total Group

79.26

79.56

82.41

 

82.78

 

 

 

 

 

 

 

 

 

Gross Operating Profit Margin (%)

 

 

 

 

 

 

 

New York

11.8

 

 

12.7

 

15.1

 

Regional US

21.6

 

 

23.2

 

21.2

 

Total US

16.6

 

 

18.0

 

18.0

 

London

42.6

 

 

49.8

 

49.5

 

Rest of Europe

22.8

 

 

22.6

 

22.2

 

Total Europe

34.6

 

 

39.9

 

39.6

 

Singapore

39.2

 

 

40.8

 

40.5

 

Rest of Asia

32.6

 

 

32.9

 

34.1

 

Total Asia

35.4

 

 

36.3

 

36.9

 

Australasia

47.6

 

 

48.6

 

49.1

 

Total Group

30.0

 

 

31.9

 

32.2

 

          

 

For comparability, the 30 September 2017 Average Room Rate and RevPAR have been translated at average exchange rates for the period ended 30 September 2018.

 

* excluding managed, franchised and investment hotels.

 

 

APPENDIX 2: Key OPERATING STATISTICS

for the quarter ended 30 September 2018

 

Owned or leased hotels*

 

Q3 2018

Reported

currency

Q3 2017

Constant

currency

Q3 2017

Reported

currency

 

FY 2017

Reported

currency

 

Occupancy (%)

 

 

 

 

 

 

New York

90.7

 

91.3

 

85.3

 

Regional US

66.4

 

70.0

 

60.0

 

Total US

74.4

 

77.0

 

68.3

 

London

92.1

 

89.6

 

83.0

 

Rest of Europe

74.9

 

74.6

 

70.5

 

Total Europe

83.0

 

82.3

 

76.9

 

Singapore

90.3

 

87.6

 

85.6

 

Rest of Asia

69.5

 

66.2

 

66.4

 

Total Asia

77.5

 

74.5

 

73.9

 

Australasia

75.1

 

74.8

 

81.2

 

Total Group

77.4

 

77.3

 

73.5

 

 

 

 

 

 

 

 

 

Average Room Rate (£)

 

 

 

 

 

 

 

New York

194.98

193.37

196.04

 

193.18

 

Regional US

109.92

105.71

107.15

 

103.23

 

Total US

144.11

139.91

141.83

 

140.23

 

London

136.30

144.10

144.10

 

132.47

 

Rest of Europe

80.44

78.57

78.59

 

76.16

 

Total Europe

109.83

115.14

115.15

 

107.15

 

Singapore

96.78

99.38

99.58

 

97.91

 

Rest of Asia

89.18

95.55

95.88

 

96.93

 

Total Asia

92.61

97.29

97.57

 

97.37

 

Australasia

82.15

80.20

86.74

 

90.01

 

Total Group

112.76

114.74

116.18

 

112.68

 

 

 

 

 

 

 

 

 

RevPAR (£)

 

 

 

 

 

 

 

New York

176.94

176.47

178.91

 

164.84

 

Regional US

72.97

74.01

75.01

 

61.90

 

Total US

107.25

107.74

109.22

 

95.79

 

London

125.47

129.13

129.13

 

109.98

 

Rest of Europe

60.22

58.60

58.62

 

53.66

 

Total Europe

91.17

94.74

94.75

 

82.35

 

Singapore

87.37

87.10

87.28

 

83.83

 

Rest of Asia

61.96

63.29

63.51

 

64.39

 

Total Asia

71.80

72.51

72.71

 

71.91

 

Australasia

61.67

59.96

64.85

 

73.06

 

Total Group

87.23

88.64

89.75

 

82.78

 

 

 

 

 

 

 

 

 

Gross Operating Profit Margin (%)

 

 

 

 

 

 

 

New York

18.4

 

 

22.3

 

15.1

 

Regional US

27.0

 

 

28.4

 

21.2

 

Total US

22.6

 

 

25.3

 

18.0

 

London

49.5

 

 

54.3

 

49.5

 

Rest of Europe

26.8

 

 

25.2

 

22.2

 

Total Europe

40.6

 

 

44.1

 

39.6

 

Singapore

39.4

 

 

41.0

 

40.5

 

Rest of Asia

30.1

 

 

33.7

 

34.1

 

Total Asia

34.2

 

 

36.9

 

36.9

 

Australasia

44.1

 

 

45.3

 

49.1

 

Total Group

32.1

 

 

35.0

 

32.2

 

          

 

For comparability, the 30 September 2017 Average Room Rate and RevPAR have been translated at average exchange rates for the period ended 30 September 2018.

 

* excluding managed, franchised and investment hotels.

 

 

APPENDIX 3: HOTEL ROOM COUNT AND PIPELINE

as at 30 September 2018

 

 

Hotels

 

Rooms

 

Hotel and room count

30 Sep

 2018

31 Dec

2017

Change

30 Sep

2018

31 Dec

2017

Change

 

 

 

 

 

 

 

Analysed by region:

 

 

 

 

 

 

New York

4

4

-

2,238

2,238

-

Regional US

15

15

-

4,559

4,559

-

London

7

8

(1)

2,266

2,649

(383)

Rest of Europe

22

21

1

3,655

3,528

127

Middle East

35

31

4

11,657

10,346

1,311

Singapore

7

7

-

3,011

3,011

-

Rest of Asia

23

25

(2)

9,006

9,240

(234)

Australasia

24

25

(1)

3,461

3,831

(370)

Total

137

136

1

39,853

39,402

451

 

 

 

 

 

 

 

Analysed by ownership type:

 

 

 

 

 

 

Owned or Leased

66

66

-

19,376

19,672

(296)

Managed

14

15

 (1)

3,537

4,098

(561)

Franchised

43

38

5

12,739

10,982

1,757

Investment

14

17

(3)

4,201

4,650

(449)

Total

137

136

1

39,853

39,402

451

 

 

 

 

 

 

 

Analysed by brand:

 

 

 

 

 

 

Grand Millennium

10

9

1

3,986

3,734

252

Millennium

54

52

2

17,481

17,415

66

Copthorne

34

33

1

6,639

6,469

170

Kingsgate

7

7

-

671

671

-

Other M&C

15

15

-

5,253

4,838

415

Third Party

17

20

(3)

5,823

6,275

(452)

Total

137

136

1

39,853

39,402

451

        

 

 

 

 

Pipeline

 

30 Sep

2018

Hotels

31 Dec

 2017

 

Change

 

30 Sep

 2018

Rooms

31 Dec

 2017

 

Change

 

 

 

 

 

 

 

Analysed by region:

 

 

 

 

 

 

Middle East

11

10

1

4,276

3,239

1,037

Asia

6

4

2

1,770

1,594

176

Regional US

1

1

-

263

263

-

London

1

-

1

336

-

336

Rest of Europe

1

1

-

318

184

134

Australasia

-

1

(1)

-

42

(42)

Total

20

17

3

6,963

5,322

1,641

 

 

 

 

 

 

 

Analysed by ownership type:

 

 

 

 

 

 

Managed

4

3

1

1,191

1,052

139

Franchised

12

11

1

4,594

3,423

1,171

Owned

3

3

-

1,141

847

294

Investment

1

-

1

37

-

37

Total

20

17

3

6,963

5,322

1,641

 

 

 

 

 

 

 

Analysed by brand:

 

 

 

 

 

 

Grand Millennium

1

1

-

318

251

67

Millennium

12

9

3

4,520

2,789

1,731

Copthorne

1

2

(1)

502

666

(164)

Other M&C

5

5

-

1,586

1,616

(30)

Third Party

1

-

1

37

-

37

Total

20

17

3

6,963

5,322

1,641

        

 

 

The Group's worldwide pipeline comprises 20 hotels offering 6,963 rooms, which are mainly franchise contracts.

 

 

 

 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.
 
END
 
 
QRTEAEFFEADPFAF
Date   Source Headline
9th Oct 20195:04 pmRNSDirector/PDMR Shareholding
8th Oct 201910:30 amRNSCompulsory Acquisition of Offeree Shares
1st Oct 20195:47 pmRNSTotal Voting Rights
1st Oct 201911:42 amBUSForm 8.5 (EPT/NON-RI) - MILLENNIUM & COPTHORNE HOTELS PLC
30th Sep 201911:28 amBUSFORM 8.5 (EPT/NON-RI) - MILLENNIUM & COPTHORNE HOTELS PLC
27th Sep 20196:05 pmRNSExtension of Final Offer & Compulsory Acquisition
27th Sep 20194:36 pmRNSDirector/PDMR Shareholding
27th Sep 20191:43 pmBUSFORM 8.5 (EPT/NON-RI) - MILLENNIUM & COPTHORNE HOTELS PLC
27th Sep 201911:31 amRNSForm 8.5 (EPT/RI) Millennium&Copthorne Hotels
27th Sep 201910:29 amRNSForm 8.5 (EPT/RI)
26th Sep 201911:28 amRNSForm 8.5 (EPT/RI) Millennium&Copthorne Hotels
26th Sep 201911:26 amRNSForm 8.5 (EPT/NON-RI) Millennium&Copthorne Hotels
26th Sep 201910:48 amRNSForm 8.5 (EPT/RI)
26th Sep 201910:13 amBUSForm 8.5 (EPT/NON-RI) - Millennium & Copthorne Hotels plc
25th Sep 201911:51 amBUSForm 8.5 (EPT/NON-RI) - MILLENNIUM & COPTHORNE HOTELS PLC
25th Sep 201911:47 amRNSForm 8.5 (EPT/RI) Millennium&Copthorne Hotels
25th Sep 201910:57 amRNSForm 8.5 (EPT/RI)
24th Sep 201911:44 amBUSForm 8.5 (EPT/NON-RI) - Millennium & Copthorne Hotels plc
24th Sep 201911:37 amRNSForm 8.5 (EPT/RI) Millennium&Copthorne Hotels
24th Sep 201910:49 amRNSForm 8.5 (EPT/RI)
23rd Sep 20193:30 pmRNSForm 8.3 - MLC LN
23rd Sep 201911:47 amRNSForm 8.5 (EPT/RI)
23rd Sep 201911:20 amRNSForm 8.5 (EPT/RI) Millennium&Copthorne Hotels
23rd Sep 201911:18 amBUSFORM 8.5 (EPT/NON-RI) - MILLENNIUM & COPTHORNE HOTELS PLC
20th Sep 201911:39 amBUSFORM 8.5 (EPT/NON-RI) - MILLENNIUM & COPTHORNE HOTELS PLC
20th Sep 201911:22 amRNSForm 8.5 (EPT/RI) Millennium&Copthorne Hotels
20th Sep 201911:19 amRNSForm 8.5 (EPT/NON-RI) Millennium&Copthorne Hotels
19th Sep 201911:27 amBUSFORM 8.5 (EPT/NON-RI) - MILLENNIUM & COPTHORNE HOTELS PLC
19th Sep 201911:25 amRNSForm 8.5 (EPT/RI) Millennium&Copthorne Hotels
19th Sep 201910:34 amRNSForm 8.5 (EPT/RI)
18th Sep 20193:30 pmRNSForm 8.3 - MLC LN
18th Sep 201911:34 amBUSFORM 8.5 (EPT/NON-RI) - MILLENNIUM & COPTHORNE HOTELS PLC
18th Sep 201911:32 amRNSForm 8.5 (EPT/RI) Millennium&Copthorne Hotels
18th Sep 201911:11 amRNSForm 8.5 (EPT/RI)
17th Sep 20195:43 pmRNSDirector/PDMR Shareholding
17th Sep 20195:34 pmRNSDirector/PDMR Shareholding
17th Sep 20195:04 pmRNSDirector/PDMR Shareholding
17th Sep 20193:36 pmRNSDirector/PDMR Shareholding
17th Sep 20192:55 pmRNSDirector/PDMR Shareholding
17th Sep 201911:47 amBUSFORM 8.5 (EPT/NON-RI) - MILLENNIUM & COPTHORNE HOTELS PLC
17th Sep 201911:43 amRNSForm 8.5 (EPT/RI) Millennium&Copthorne Hotels
17th Sep 201910:35 amRNSForm 8.5 (EPT/RI)
16th Sep 201911:26 amRNSForm 8.5 (EPT/RI) Millennium&Copthorne Hotels
16th Sep 201911:18 amBUSForm 8.5 (EPT/NON-RI) - MILLENNIUM & COPTHORNE HOTELS PLC
13th Sep 20195:30 pmRNSMillennium & Copthorne Hotels
13th Sep 20193:30 pmRNSForm 8.3 - MLC LN
13th Sep 201911:41 amBUSFORM 8.5 (EPT/NON-RI) - MILLENNIUM & COPTHORNE HOTELS PLC
13th Sep 201911:21 amRNSForm 8.5 (EPT/RI) Millennium&Copthorne Hotels Plc
12th Sep 20196:32 pmRNSOffer Update
12th Sep 20196:20 pmRNSM&C offer declared unconditional in all respects

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