Millenium HotelsStatements of Movements in EquityYears ended 31st December

2014 2013 2012 2011

m m m m

Balance at the beginning of the year 2,468.0 2,363.0 2,247.6 2,118.7Profit 151.0 265.0 146.7 165.1Other Comprehensive Expense 40.0 (95.0) (4.4) (30.0)Total Comprehensive income/(expense) 191.0 170.0 142.3 135.1

Dividends- equity holders (73.0) (44.0) (52.5) (31.3)Dividends- non-controlling interests (35.0) (40.0) (4.4) (5.0)Share-based payment transactions (net of tax) 1.0 1.1 (0.3)Purchase of own shares (2.0) 0.5 0.5 0.9Contribution by non-controlling interests 3.0 9.3

Transactions with owners (135.0) (83.0) (27.1) (6.2)Balance at the end of the year 2,735.0 2,679.0 2,362.8 2,247.6

Millenium HotelsBalance Sheetsas at 31st December

2014 2013 2012 2011

m m m m

Non-current assetsProperty, plant and equipment 2,753.0 2,020.8 2,051.7 2,044.1Lease premium prepayment 98.0 43.0 44.4 47.3Investment properties 479.0 163.5 169.1 173.9Investment in joint ventures and associates 235.0 441.5 439.5 422.8Loans due from associate 29.1 50.9Other financial assets 5.0 7.8 7.9 7.8Total Non-current assets 3,570.0 2,676.6 2,742.1 2,746.8

Current AssetsInventories 4.0 3.5 3.8 4.0Development properties 72.0 71.1 172.6 148.3Lease premium prepayment 2.0 1.3 1.4 1.4Trade and other receivables 104.0 178.9 67.6 70.1Loans due from associate 18.5 18.1Cash and cash equivalents 392.0 424.0 396.7 332.2Total Current Assets 574.0 678.8 660.6 574.1Total Assets 4,144.0 3,355.4 3,402.7 3,320.9

Non-current liabilities 0.0 0.0 0.0 0.0Loans due to associate 0.0 0.0 16.4 11.8Interestbearing loans, bonds and borrowings 518.0 229.6 152.6 311.6Employee benefits 15.0 17.5 17.2 17.5Provisions 7.0 7.3 7.5 7.8Other non-current liabilites 11.0 115.0 238.0 186.7Deferred tax liabilities 221.0 202.8 228.1 236.4Total non-current liabilities 772.0 572.2 659.8 771.8

0.0 0.0 0.0 0.0Current liabilities 0.0 0.0 0.0 0.0Interest-bearing loans, bonds and burrowings 399.0 113.1 191.9 120.8Trade and other payables 197.0 154.0 154.6 146.0Other current financial liabilities 0.0 0.9 2.4 0.9Provisions 6.0 6.2 6.3 7.6Income taxes payable 35.0 40.5 24.9 26.2Total current liabilites 637.0 314.7 380.1 301.5

0.0 0.0 0.0 0.0Total liabilities 1,409.0 886.9 1,039.9 1,073.3Net assets 2,735.0 2,468.5 2,362.8 2,247.6

EquityCash flow hedge reserve (0.1) (0.2) (0.5)Issued share capital 97.0 97.4 97.4 95.3Share premium 843.0 843.2 843.0 844.3Translation reserve 210.0 191.4 262.6 262.5Treasury share reserve (4.0) 2.2 (0.2) (2.2)

Retained earnings 1,117.0 1,160.0 975.4 867.1Total equity attributable to equity holders of the parent 2,263.0 2,289.7 2,176.0 2,066.5Non-controlling interests 472.0 178.8 186.8 181.1

Total equity 2,735.0 2,468.5 2,362.8 2,247.6

Millenium HotelsIncome StatementsYears ended 31st December

2014 2013 2012 2011

m m m m

Revenue 826.0 1,064.0 768.3 820.5Cost of Sales (333.0) (457.0) (305.7) (318.3)

Gross Profit 493.0 607.0 462.6 502.2Administrative expenses (325.0) (313.0) (335.8) (361.1)Other operating income 29.0 23.0 1.8 1.0Other operating expense (2.0) (23.0) (0.1)

Operating Profit 195.0 294.0 128.6 142.0Share of profit of joint ventures and associates 10.0 14.0 37.2 37.5Finance income 7.0 6.0 6.6 5.5Finance expense (24.0) (19.0) (12.2) (12.2)Net finance expense (17.0) (13.0) (5.6) (6.7)

Profit before tax 188.0 295.0 171.3 193.3Income tax expense (37.0) (30.0) (24.6) (28.2)

Profit for the year 151.0 265.0 146.7 165.1Attributable to:Equity holders of the parent 110.0 224.0 135.0 160.9Non-Controlling interests 41.0 41.0 11.7 4.2

Basic earnings per share (pence) 34.0p 69.4p 42.0p 51.0pDiluted earnings per share (pence) 33.9p 69.0p 41.8p 50.8p

Working Area

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(1.0)

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Millenium HotelsRestated Statements of Movements in EquityYears ended 31st December

2014 2013 2012

m m m

Balance at the beginning of the year 2,468.0 2,363.0 2,248.0Profit 151.0 265.0 146.7Other Comprehensive expense 40.0 (95.0) (4.0)Total Comprehensive income (CI) 191.0 170.0 142.3

Items that are not reclassified subsequently to income statementRemeasure of defined benefit plan actuarial net gains/(losses) 3.0 (1.0) (4.4)Income tax on items that are not reclassified to income statement 0.0 1.0Items that may be reclassified susequently to income statementForeign currency transalation differences-foreign operations 47.0 (100.0) (5.5)Foreign currency translation differences equity accounted investees 7.0 1.0 0.8Net (loss)/gain on hedge of net investments in foreign operations (17.0) 5.0 3.0

Transactions with owners, recorded directly with equityDividends-equity holders (73.0) (44.1) (52.5)Dividends-non-controlling interests (35.0) (4.0) 28.0

Share-based payment transactions (net of tax) 1.0 1.1Purchase of own shares (2.0) 0.0 0.5Contribution by non-controlling interests 3.0Total transactions with owners (135.0) (83.0) (27.1)

Balance at the end of the year` 2,735.0 2,679.0 2,363.0

Millenium HotelsRestated Statements of Financial Positionas at 31st December

2014 2013 2012

m m m

Operating AssetsInventories 4.0 3.5 3.8Trade and other receivables 104.0 178.9 67.6Cash and cash equivalents 392.0 424.0 396.7Property, plant and equipment 2,753.0 2,020.8 2,051.7Lease premium prepayment 100.0 44.3 45.8Total Operating Assets (OA) 3,353.0 2,671.5 2,565.6

Operating LiabilitiesProvisions 7.0 7.3 7.5Deferred tax liabilities 221.0 202.8 228.1Provisions 6.0 6.2 6.3Other non current liabilites 11.0 115.0 238.0Income taxes payable 35.0 40.5 24.9Trade and other payables 197.0 154.0 154.6Employee benefits 15.0 17.5 17.2Total Operating Liabilites (OL ) 492.0 543.3 676.6Net Operating Assets (NOA) 2,861.0 2,128.2 1,889.0

Financial ObligationsLoans due to associate 0.0 0.0 16.4

Interestbearing loans, bonds and borrowings 518.0 229.6 152.6Interestbearing loans, bonds and borrowings 399.0 113.1 191.9Other current financial liabilities 0.0 0.9 2.4Total financial obligations (FO) 917.0 343.6 363.3

Financial AssetsInvestment properties 479.0 163.5 169.1Investment in joint ventures and associates 235.0 441.5 439.5Loans due from associate 29.1Loans due from associate 18.5Other financial assets 5.0 7.8 7.9Development properties 72.0 71.1 172.6Total financial assets (FA) 791.0 683.9 836.7Net Financial Obligations (NFO) 126.0 (340.3) (473.4)

EquityCash flow hedge reserve (0.1) (0.2)Issued share capital 97.0 97.4 97.4Share premium 843.0 843.2 843.0Translation reserve 210.0 191.4 262.6Treasury share reserve (4.0) 2.2 (0.2)Retained earnings 1,117.0 1,160.0 975.4Total equity attributable to equity holders of the parent 2,263.0 2,289.7 2,176.0Non-controlling interests 472.0 178.8 186.8

Total Equity 2,735.0 2,468.5 2,362.8Total assets 4,144.0 3,355.4 3,402.3Total liabilities 1,409.0 886.9 1,039.9Total NFO+Equity 2,861.0 2,128.2 1,889.4

Millenium HotelsRestated Statements of Financial PerformanceYears ended 31st December

2014 2013 2012

m m m

Revenue 826.0 1,064.0 768.3Other operating income 29.0 23.0 1.8Share of profit of joint ventures and associates 10.0 14.0 37.2Total Operating Income 865.0 1,101.0 807.3

Cost of Sales (333.0) (457.0) (305.7)Administrative expenses (325.0) (313.0) (335.8)Other operating expenses (2.0) (23.0) 0.0Total Operating Expenses (660.0) (793.0) (641.5)Other operating Comprehensive income 0.0 0.0 0.0Operating profit before Tax 205.0 308.0 165.8Non-Operating Income 0.0 0.0 11.1Income Tax (37.0) (30.0) (24.6)Tax Benefit (5.1) (3.9) (1.7)Tax Expense (42.1) (33.9) (26.3)

Comprehensive Income after Tax (OI) 162.9 274.1 150.6

Other financial Comprehensive expense 40.0 (95.0) (4.4)Finance Expense (24.0) (19.0) (12.2)Finance Income 7.0 6.0 6.6Net Finance Expense (17.0) (13.0) (5.6)

Tax Benefit 5.1 3.9 1.7

Net Financial Expense after Tax (NFE) 28.1 (104.1) (8.3)

Comprehensive Net Profit After Tax (CI) 191.0 170.0 142.3

Working Area

Tax Benefit Calculation*Tax rates for the company 30% 30% 30%Financial Expense (from the annual reports) (24.0) (19.0) (12.2)Financial Income (from the annual reports) 7.0 6.0 6.6

Net Interest Expense (17.0) (13.0) (5.6)

Tax Benefit 5.1 3.9 1.7

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-1

DocumentationMillenium HotelsRestated Statements of Movements in EquityYears ended 31st December

2011

m

2,119.0165.1(30.0)135.1

(2.3)2.4

(25.8)(3.7)3.9

(31.3)(4.9)

(0.3) Notes Area0.99.3

(6.2)

2,248.0

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Millenium HotelsRestated Statements of Financial Positionas at 31st December

2011

m

4.070.1

332.22,044.1

48.72,499.1

7.8236.4

7.6186.7

26.2146.017.5

628.21,870.9

11.8

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311.6120.8

0.9445.1

173.9422.850.918.17.8

148.3821.8

(376.7)

(0.5)95.3

844.3262.5(2.2)867.1

2,066.5181.1

2,247.63,320.91,073.31,870.9

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Millenium HotelsRestated Statements of Financial PerformanceYears ended 31st December

2011

m

820.51.0

37.5859.0

(318.3)(361.1)

(0.1)(679.5)

0.0179.5

20.5(28.2)(2.0)

(30.2)

169.8

(30.0)(12.2)

5.5(6.7)

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2.0

(34.7)

135.1

30%(12.2)

5.5

(6.7)

2.0

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Millenium HotelsRATIOSYears ended 31st December

2014 2013 2012 2011Profitability RatiosNet Profit Margin Net profit after tax/sales 18.3% 24.9% 19.1% 20.1%Return on Assets Net profit after tax/total assets 3.6% 7.9% 4.3% 5.0%

Efficiency (or Asset Management) RatiosTotal Asset Turnover Ratio Sales/total assets 0.20 0.32 0.23 0.25

Liquidity Ratios

Current Ratio Current assets/current liabilities 0.90 2.16 1.74 1.90

Financial Structure RatiosDebt/Equity Ratio Debt/equity 51.5% 35.9% 44.0% 47.8%Equity Ratio Equity/total assets 66.0% 73.6% 69.4% 67.7%

Market RatiosEarnings per Share (EPS) Net profit after tax/nos of issued ordinary shares 0.47 0.82 0.45 0.52Dividends per Share (DPS) Dividends/number of issued ordinary shares 0.22 0.14 0.16 0.10Price Earnings Ratio Market price per share/earnings per share 12.68 6.81 10.60 9.79

Ratios Based on Reformulated Financial StatementsReturn on Equity (ROE) Comprehensive Income/shareholders' equity 6.98% 6.35% 6.02% 6.01%Return on Net Operating Assets (RNOA) Operating income after tax (OI)/net operating assets (NOA) 5.69% 12.88% 7.97% 9.08%Net Borrowing Cost (NBC) Net fin. expenses after tax/net financial obligations 22.30% 30.59% 1.76% 9.21%Profit Margin (PM) Operating income after tax (OI)/sales 19.72% 25.76% 19.60% 20.69%Asset Turnover (ATO) Sales/net operating assets (NOA) 0.29 0.50 0.41 0.44Economic profit (RNOA - cost of capital) x net operating assets (NOA) (123.2) 61.3 (38.3) (17.3)

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2014 2013 2012 2011Ordinary Shares 324.672061 324.618187 324.548313 317.56313Share Price 5.895 5.56 4.79 5.09Cost Of Capital 10.00% 10.00% 10.00% 10.00%

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Discount Rate 10%

OPTION 1- RESORT IN DUBAI

m mYear 0 Year 1(500.0) 25.0

NPV 17.3

m mYear 0 Year 1(500.0) 25.0

IRR 11%

m mYear 0 Year 1(500.0) 25.0

Cumulative Cash flow (475.0)Payback Occurs in

Discount Rate 10%

OPTION 2- RESORT IN HAWAI

m mYear 0 Year 1(600.0) 50.0

NPV 194.8

m mYear 0 Year 1(600.0) 50.0

IRR 17%

m mYear 0 Year 1(600.0) 50.0

Cumulative Cash flow (550.0)Payback Occurs in

m m m m m mYear 2 Year 3 Year 4 Year 5 Year 6 Year 750.0 100.0 110.0 150.0 190.0 200.0

m m m m m mYear 2 Year 3 Year 4 Year 5 Year 6 Year 750.0 100.0 110.0 150.0 190.0 200.0

m m m m m mYear 2 Year 3 Year 4 Year 5 Year 6 Year 750.0 100.0 110.0 150.0 190.0 200.0

(425.0) (325.0) (215.0) (65.0) 125.0 325.05 Years 4.1052631579 months

m m m m m mYear 2 Year 3 Year 4 Year 5 Year 6 Year 775.0 150.0 175.0 200.0 300.0 315.0

m m m m m mYear 2 Year 3 Year 4 Year 5 Year 6 Year 775.0 150.0 175.0 200.0 300.0 315.0

m m m m m mYear 2 Year 3 Year 4 Year 5 Year 6 Year 775.0 150.0 175.0 200.0 300.0 315.0

(475.0) (325.0) (150.0) 50.0 350.0 665.04 Years 9 months

Financial StatementsRestated Financial StatementsRatiosNPV & IRR