Millenium Hotels

Statements of Movements in Equity

Years ended 31st December

Balance at the beginning of the year

Profit
Other Comprehensive Expense
Total Comprehensive income/(expense)
Dividends- equity holders
Dividends- non-controlling interests
Share-based payment transactions (net of tax)
Purchase of own shares
Contribution by non-controlling interests
Transactions with owners
Balance at the end of the year

2014

2013

2012

2011

2,468.0
151.0
40.0
191.0

2,363.0
265.0
(95.0)
170.0

2,247.6
146.7
(4.4)
142.3

2,118.7
165.1
(30.0)
135.1

(73.0)
(35.0)

(44.0)
(40.0)
1.0
0.5

(52.5)
(4.4)
1.1
0.5

(31.3)
(5.0)
(0.3)
0.9
9.3

(135.0)
2,735.0

(83.0)
2,679.0

(27.1)
2,362.8

(6.2)
2,247.6

2014

2013

2012

2011

2,753.0
98.0
479.0
235.0

2,020.8
43.0
163.5
441.5

5.0
3,570.0

7.8
2,676.6

2,051.7
44.4
169.1
439.5
29.1
7.9
2,742.1

2,044.1
47.3
173.9
422.8
50.9
7.8
2,746.8

(2.0)
3.0

Millenium Hotels
Balance Sheets
as at 31st December

Non-current assets
Property, plant and equipment
Lease premium prepayment
Investment properties
Investment in joint ventures and associates
Loans due from associate
Other financial assets
Total Non-current assets

Current Assets
Inventories
Development properties
Lease premium prepayment
Trade and other receivables
Loans due from associate
Cash and cash equivalents
Total Current Assets
Total Assets
Non-current liabilities
Loans due to associate
Interestbearing loans, bonds and borrowings
Employee benefits
Provisions
Other non-current liabilites
Deferred tax liabilities
Total non-current liabilities
Current liabilities
Interest-bearing loans, bonds and burrowings
Trade and other payables
Other current financial liabilities
Provisions
Income taxes payable
Total current liabilites
Total liabilities
Net assets
Equity
Cash flow hedge reserve
Issued share capital
Share premium
Translation reserve
Treasury share reserve

4.0
72.0
2.0
104.0

3.5
71.1
1.3
178.9
424.0
678.8
3,355.4

3.8
172.6
1.4
67.6
18.5
396.7
660.6
3,402.7

4.0
148.3
1.4
70.1
18.1
332.2
574.1
3,320.9

392.0
574.0
4,144.0
0.0
0.0
518.0
15.0
7.0
11.0
221.0
772.0
0.0
0.0
399.0
197.0
0.0
6.0
35.0
637.0
0.0
1,409.0
2,735.0

0.0
0.0
229.6
17.5
7.3
115.0
202.8
572.2
0.0
0.0
113.1
154.0
0.9
6.2
40.5
314.7
0.0
886.9
2,468.5

0.0
16.4
152.6
17.2
7.5
238.0
228.1
659.8
0.0
0.0
191.9
154.6
2.4
6.3
24.9
380.1
0.0
1,039.9
2,362.8

0.0
11.8
311.6
17.5
7.8
186.7
236.4
771.8
0.0
0.0
120.8
146.0
0.9
7.6
26.2
301.5
0.0
1,073.3
2,247.6

97.0
843.0
210.0
(4.0)

(0.1)
97.4
843.2
191.4
2.2

(0.2)
97.4
843.0
262.6
(0.2)

(0.5)
95.3
844.3
262.5
(2.2)

Retained earnings
Total equity attributable to equity holders of the parent
Non-controlling interests

1,117.0
2,263.0
472.0

1,160.0
2,289.7
178.8

975.4
2,176.0
186.8

867.1
2,066.5
181.1

Total equity

2,735.0

2,468.5

2,362.8

2,247.6

2014

2013

2012

2011

Revenue
Cost of Sales

826.0
(333.0)

1,064.0
(457.0)

768.3
(305.7)

820.5
(318.3)

Gross Profit
Administrative expenses
Other operating income
Other operating expense

493.0
(325.0)
29.0
(2.0)

607.0
(313.0)
23.0
(23.0)

462.6
(335.8)
1.8

502.2
(361.1)
1.0
(0.1)

Operating Profit
Share of profit of joint ventures and associates
Finance income
Finance expense
Net finance expense

195.0
10.0
7.0
(24.0)
(17.0)

294.0
14.0
6.0
(19.0)
(13.0)

128.6
37.2
6.6
(12.2)
(5.6)

142.0
37.5
5.5
(12.2)
(6.7)

Profit before tax

Income tax expense

188.0
(37.0)

295.0
(30.0)

171.3
(24.6)

193.3
(28.2)

Profit for the year

Attributable to:
Equity holders of the parent
Non-Controlling interests

151.0

265.0

146.7

165.1

110.0
41.0

224.0
41.0

135.0
11.7

160.9
4.2

Basic earnings per share (pence)

Diluted earnings per share (pence)

34.0p
33.9p

69.4p
69.0p

42.0p
41.8p

51.0p
50.8p

Millenium Hotels
Income Statements
Years ended 31st December

Working Area
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(1.0)

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Millenium Hotels
Restated Statements of Movements in Equity
Years ended 31st December
2014

2013

Balance at the beginning of the year

Profit
Other Comprehensive expense
Total Comprehensive income (CI)

2,468.0
151.0
40.0
191.0

2012

2,363.0
265.0
(95.0)
170.0

2,248.0
146.7
(4.0)
142.3

(1.0)
0.0

(4.4)
1.0

Items that are not reclassified subsequently to income statement

Remeasure of defined benefit plan actuarial net gains/(losses)
Income tax on items that are not reclassified to income statement
Items that may be reclassified susequently to income statement
Foreign currency transalation differences-foreign operations
Foreign currency translation differences equity accounted investees
Net (loss)/gain on hedge of net investments in foreign operations

47.0
7.0
(17.0)

(100.0)
1.0
5.0

(5.5)
0.8
3.0

Transactions with owners, recorded directly with equity

Dividends-equity holders
Dividends-non-controlling interests

(73.0)
(35.0)

(44.1)
(4.0)

(52.5)
28.0

1.0
0.0

1.1
0.5

3.0

Share-based payment transactions (net of tax)

Purchase of own shares
Contribution by non-controlling interests
Total transactions with owners

(2.0)
3.0
(135.0)

(83.0)

(27.1)

Balance at the end of the year`

2,735.0

2,679.0

2,363.0

Millenium Hotels
Restated Statements of Financial Position
as at 31st December
2014

2013

2012

Operating Assets
Inventories
Trade and other receivables
Cash and cash equivalents
Property, plant and equipment
Lease premium prepayment
Total Operating Assets (OA)

4.0
104.0
392.0
2,753.0
100.0
3,353.0

3.5
178.9
424.0
2,020.8
44.3
2,671.5

3.8
67.6
396.7
2,051.7
45.8
2,565.6

Operating Liabilities
Provisions
Deferred tax liabilities
Provisions
Other non current liabilites
Income taxes payable
Trade and other payables
Employee benefits
Total Operating Liabilites (OL )
Net Operating Assets (NOA)

7.0
221.0
6.0
11.0
35.0
197.0
15.0
492.0
2,861.0

7.3
202.8
6.2
115.0
40.5
154.0
17.5
543.3
2,128.2

7.5
228.1
6.3
238.0
24.9
154.6
17.2
676.6
1,889.0

0.0

0.0

16.4

Financial Obligations
Loans due to associate

Interestbearing loans, bonds and borrowings

Interestbearing loans, bonds and borrowings
Other current financial liabilities
Total financial obligations (FO)

518.0
399.0
0.0
917.0

229.6
113.1
0.9
343.6

152.6
191.9
2.4
363.3

479.0
235.0

163.5
441.5

5.0
72.0
791.0
126.0

7.8
71.1
683.9
(340.3)

169.1
439.5
29.1
18.5
7.9
172.6
836.7
(473.4)

Equity
Cash flow hedge reserve
Issued share capital
Share premium
Translation reserve
Treasury share reserve
Retained earnings
Total equity attributable to equity holders of the parent
Non-controlling interests

97.0
843.0
210.0
(4.0)
1,117.0
2,263.0
472.0

(0.1)
97.4
843.2
191.4
2.2
1,160.0
2,289.7
178.8

(0.2)
97.4
843.0
262.6
(0.2)
975.4
2,176.0
186.8

Total Equity
Total assets
Total liabilities
Total NFO+Equity

2,735.0
4,144.0
1,409.0
2,861.0

2,468.5
3,355.4
886.9
2,128.2

2,362.8
3,402.3
1,039.9
1,889.4

Financial Assets
Investment properties
Investment in joint ventures and associates
Loans due from associate
Loans due from associate
Other financial assets
Development properties
Total financial assets (FA)
Net Financial Obligations (NFO)

Millenium Hotels
Restated Statements of Financial Performance
Years ended 31st December
2014

2013

2012

826.0
29.0
10.0
865.0

1,064.0
23.0
14.0
1,101.0

768.3
1.8
37.2
807.3

(333.0)
(325.0)
(2.0)
(660.0)
0.0
205.0
0.0
(37.0)
(5.1)
(42.1)

(457.0)
(313.0)
(23.0)
(793.0)
0.0
308.0
0.0
(30.0)
(3.9)
(33.9)

(305.7)
(335.8)
0.0
(641.5)
0.0
165.8
11.1
(24.6)
(1.7)
(26.3)

Comprehensive Income after Tax (OI)

162.9

274.1

150.6

Other financial Comprehensive expense

Finance Expense
Finance Income
Net Finance Expense

40.0
(24.0)
7.0
(17.0)

(95.0)
(19.0)
6.0
(13.0)

(4.4)
(12.2)
6.6
(5.6)

Revenue
Other operating income
Share of profit of joint ventures and associates
Total Operating Income
Cost of Sales
Administrative expenses
Other operating expenses
Total Operating Expenses
Other operating Comprehensive income
Operating profit before Tax
Non-Operating Income
Income Tax
Tax Benefit
Tax Expense

Tax Benefit

5.1

3.9

1.7

28.1

(104.1)

(8.3)

191.0

170.0

142.3

Tax Benefit Calculation*

Tax rates for the company
Financial Expense (from the annual reports)
Financial Income (from the annual reports)

30%
(24.0)
7.0

30%
(19.0)
6.0

30%
(12.2)
6.6

Net Interest Expense

(17.0)

(13.0)

(5.6)

5.1

3.9

1.7

Net Financial Expense after Tax (NFE)

Comprehensive Net Profit After Tax (CI)

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Tax Benefit

-1

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2011
m

2,119.0
165.1
(30.0)
135.1

(2.3)
2.4
(25.8)
(3.7)
3.9

(31.3)
(4.9)
(0.3)
0.9
9.3
(6.2)
2,248.0

Notes Area

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Hopefully this will save you the hassle of attempting to find the
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2011
m

4.0
70.1
332.2
2,044.1
48.7
2,499.1

7.8
236.4
7.6
186.7
26.2
146.0
17.5
628.2
1,870.9

11.8

311.6
120.8
0.9
445.1

173.9
422.8
50.9
18.1
7.8
148.3
821.8
(376.7)

(0.5)
95.3
844.3
262.5
(2.2)
867.1
2,066.5
181.1
2,247.6
3,320.9
1,073.3
1,870.9

2011
m

820.5
1.0
37.5
859.0
(318.3)
(361.1)
(0.1)
(679.5)
0.0
179.5
20.5
(28.2)
(2.0)
(30.2)
169.8
(30.0)
(12.2)
5.5
(6.7)

2.0
(34.7)
135.1

30%
(12.2)
5.5
(6.7)
2.0

Millenium Hotels
RATIOS
Years ended 31st December
2014

2013

2012

2011

18.3%
3.6%

24.9%
7.9%

19.1%
4.3%

20.1%
5.0%

Profitability Ratios
Net Profit Margin
Return on Assets

Net profit after tax/sales

Net profit after tax/total assets

Efficiency (or Asset Management) Ratios

Total Asset Turnover Ratio

Sales/total assets

0.20

0.32

0.23

0.25

Current Ratio

Current assets/current liabilities

0.90

2.16

1.74

1.90

Financial Structure Ratios

Debt/Equity Ratio
Equity Ratio

Debt/equity
Equity/total assets

51.5%
66.0%

35.9%
73.6%

44.0%
69.4%

47.8%
67.7%

Market Ratios
Earnings per Share (EPS)
Dividends per Share (DPS)
Price Earnings Ratio

Net profit after tax/nos of issued ordinary shares

Dividends/number of issued ordinary shares
Market price per share/earnings per share

0.47
0.22
12.68

0.82
0.14
6.81

0.45
0.16
10.60

0.52
0.10
9.79

6.98%
5.69%
22.30%
19.72%
0.29
(123.2)

6.35%
12.88%
30.59%
25.76%
0.50
61.3

6.02%
7.97%
1.76%
19.60%
0.41
(38.3)

6.01%
9.08%
9.21%
20.69%
0.44
(17.3)

Liquidity Ratios

Ratios Based on Reformulated Financial Statements

Return on Equity (ROE)
Comprehensive Income/shareholders' equity
Return on Net Operating Assets (RNOA)
Operating income after tax (OI)/net operating assets (NOA)
Net Borrowing Cost (NBC)
Net fin. expenses after tax/net financial obligations
Profit Margin (PM)
Operating income after tax (OI)/sales
Asset Turnover (ATO)
Sales/net operating assets (NOA)
Economic profit
(RNOA - cost of capital) x net operating assets (NOA)

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Ordinary Shares
Share Price
Cost Of Capital

2014
324.672061
5.895
10.00%

2013
324.618187
5.56
10.00%

2012
324.548313
4.79
10.00%

2011
317.56313
5.09
10.00%

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Notes Area

Discount Rate

10%

m
Year 1
25.0

NPV

m
Year 0
(500.0)
17.3

m
Year 1
25.0

IRR

m
Year 0
(500.0)
11%
m
Year 0
(500.0)

m
Year 1
25.0
(475.0)

Discount Rate

10%

m
Year 1
50.0

NPV

m
Year 0
(600.0)
194.8

m
Year 1
50.0

IRR

m
Year 0
(600.0)
17%
m
Year 0
(600.0)

m
Year 1
50.0
(550.0)

OPTION 1- RESORT IN DUBAI

Cumulative Cash flow

Payback Occurs in

OPTION 2- RESORT IN HAWAI

Cumulative Cash flow

Payback Occurs in

m
Year 2
50.0

m
Year 3
100.0

m
Year 4
110.0

m
Year 5
150.0

m
Year 6
190.0

m
Year 7
200.0

m
Year 2
50.0

m
Year 3
100.0

m
Year 4
110.0

m
Year 5
150.0

m
Year 6
190.0

m
Year 7
200.0

m
Year 2
50.0
(425.0)

m
Year 3
100.0
(325.0)

m
Year 4
110.0
(215.0)

m
Year 5
150.0
(65.0)
5 Years

m
Year 6
190.0
125.0
4.1052631579

m
Year 7
200.0
325.0
months

m
Year 2
75.0

m
Year 3
150.0

m
Year 4
175.0

m
Year 5
200.0

m
Year 6
300.0

m
Year 7
315.0

m
Year 2
75.0

m
Year 3
150.0

m
Year 4
175.0

m
Year 5
200.0

m
Year 6
300.0

m
Year 7
315.0

m
Year 2
75.0
(475.0)

m
Year 3
150.0
(325.0)

m
Year 4
175.0
(150.0)
4 Years

m
Year 5
200.0
50.0
9

m
Year 6
300.0
350.0
months

m
Year 7
315.0
665.0