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MILLENNIUM &COP

(MLC GB0005622542 GBX)

Value 460.000

Change Today 0.00

Updated18/05 16:35

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PROFILE

Registered Number	03004377
Registered Address	Victoria House Victoria Road Horley Surrey RH6 7AF
Head Office	Scarsdale Place Kensington London RH6 7AF
Phone Number	+44 (0) 207 8722444
Fax Number
Website	http://www.millenniumhotels.com
Activities	Operates and manages hotels and resorts
Country of Register	GB
Currency	GBX
Short Name	MILLENNIUM &COP
First Day Traded	31/10/2003
Industrial Sector	Hotels
Number of shares	318m

Key People

Richard Hartman	Chief Executive Officer
Hong Wong	Chief Executive Officer
Wong Ren	Director
Christopher Sneath	Non Executive Director
Nicholas George	Non Executive Director
Christopher Keljik	Non Executive Director

Major Shareholders

City Developments Ltd.	54.74%
Schroder Investment Management Ltd.	4.86%

Director Deals

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Income Statements £1K

	AR 2007	AR 2008	AR 2009	AR 2010	AR 2011
Fiscal Year End	31/12/2007	31/12/2008	31/12/2009	31/12/2010	31/12/2011
Duration (months)	12	12	12	12	12
Accounting Format	IFRS	IFRS	IFRS	IFRS	IFRS
Sales/Revenue	669.60	702.90	654	743.70	820.50
Cost of Goods Sold (COGS) incl. D&A	313.50	315.50	311.10	336.10	353.80
COGS excluding D&A	284.80	285.50	279	302.60	318.30
Depreciation & Amortization Expense	28.70	30	32.10	33.50	35.50
Depreciation	27.40	28.80	31	32.10	34.10
Amortization of Intangibles	0	0	0	0	0
Amortization of Deferred Charges	1.30	1.20	1.10	1.40	1.40
Gross Income	356.10	387.40	342.90	407.60	466.70
Selling, General & Administrative Expense	236	263.20	265.70	257.70	295.70
Research & Development	0	0	0	0	0
Other Selling, General & Administrative	236	263.20	265.70	257.70	295.70
Other Operating Expense	0	0	0	34.90	0
Non Operating Income/Expense	5.30	34.20	0	-0.10	19.70
Non-Operating Interest Income	8.60	5.80	2.40	2.70	4.20
Equity in Affiliates (Pretax)	0	0	0	0	0
EBIT	0	0	0	0	0
Unusual Expense	-1.70	35.10	2.20	5.30	29
EBIT after Unusual Expense	0	0	0	0	0
Interest Expense	22.90	18.60	9.70	8.50	10.10
Gross Interest Expense	22.90	18.90	9.80	8.50	10.10
Interest Capitalized	0	0.30	0.10	0	0
Pretax Income	112.80	110.50	67.70	103.80	155.80
Income Tax	-2.10	31.90	7.30	30.70	28.20
Income Tax - Current Domestic	16.20	32.80	19.90	25.10	38.80
Income Tax - Current Foreign	0	0	0	0	0
Income Tax - Deferred Domestic	-18.30	-0.90	-12.60	5.60	-10.60
Income Tax - Deferred Foreign	0	0	0	0	0
Income Tax Credits	0	0	0	0	0
Minority Interest Expense	10.10	6.90	4.50	1.70	4.20
Equity in Affiliates	44.60	-7.70	14.20	24.80	37.50
Other After Tax Income (Expense)	0	0	0	0	0
Net Income	149.40	64	70.10	96.20	160.90
Extraordinaries & Discontinued Operations	0	0	0	0	0
Extra Items & Gain/Loss Sale Of Assets	0	0	0	0	0
Cumulative Effect - Accounting Chg	0	0	0	0	0
Discontinued Operations	0	0	0	0	0
Net Income After Extraordinaries	149.40	64	70.10	96.20	160.90
Preferred Dividends	0	0	0	0	0
Net Income available to Common	149.40	64	70.10	96.20	160.90
Operational EPS	50.22	29.51	23.40	31.92	57.18
EPS (basic)	50.70	21.30	22.90	30.90	51.00
EPS (diluted)	50.63	21.33	22.90	30.73	50.77
EBITDA	148.80	154.20	109.30	148.50	206.50
EBIT	0	0	0	0	0
+Depreciation & Amortization Expense	28.70	30	32.10	33.50	35.50

Balance Sheet £1K

	AR 2007	AR 2008	AR 2009	AR 2010	AR 2011
Fiscal Year End	31/12/2007	31/12/2008	31/12/2009	31/12/2010	31/12/2011
Duration (months)	12	12	12	12	12
Accounting Format	IFRS	IFRS	IFRS	IFRS	IFRS
Cash & Short Term Investments	165.40	212.10	135.50	251.90	332.20
Cash Only	58.20	59.60	52	77.60	148.30
Short-Term Investments	107.20	152.50	83.50	174.30	183.90
Total Accounts Receivable	42.60	46.40	37.20	42.90	67.30
Accounts Receivables, Net	35.50	36.40	28.70	30.60	36.60
Accounts Receivables, Gross	35.50	36.40	28.70	30.60	36.60
Bad Debt/Doubtful Accounts	0	0	0	0	0
Other Receivables	7.10	10	8.50	12.30	30.70
Inventories	74.50	68.10	76.50	107.80	152.30
Finished Goods	0	0	0	0	0
Work in Progress	69.60	63.20	72.30	103.30	148.30
Raw Materials	4.90	4.90	4.20	4.50	4
Progress Payments & Other	0	0	0	0	0
Other Current Assets	16.70	17.80	20.30	26.90	22.30
Prepaid Expenses	0	0	1.40	1.80	1.40
Miscellaneous Current Assets	16.70	17.80	18.90	25.10	20.90
Total Current Assets	299.20	344.40	269.50	429.50	574.10
Net Property, Plant & Equipment	1,709	2,067.70	1,975.90	2,185.70	2,044.10
Property, Plant & Equipment - Gross	1,907.10	2,356.20	2,264.20	2,550.40	2,377.80
Buildings	1,678	2,022.50	1,964.20	2,222.10	2,128.30
Land & Improvements	0	0	0	0	0
Machinery & Equipment	70.40	104	102.70	197.40	142.40
Construction in Progress	3.10	30.40	22	12.60	14.80
Leases	0	0	0	0	0
Computer Software and Equipment	0	0	0	0	0
Leased Property	0	0	0	0	0
Transportation Equipment	0	0	0	0	0
Other Property, Plant & Equipment	155.60	199.30	175.30	118.30	92.30
Accumulated Depreciation	198.10	288.50	288.30	364.70	333.70
Buildings	67.50	98.60	105.90	163.90	199.70
Land & Improvements	0	0	0	0	0
Machinery & Equipment	23.80	30.30	34.60	161.20	110
Construction in Progress	0	7.40	1.70	0	0
Leases	0	0	0	0	0
Computer Software and Equipment	0	0	0	0	0
Leased Property	0	0	0	0	0
Transportation Equipment	0	0	0	0	0
Other Property, Plant & Equipment	106.80	152.20	146.10	39.60	24
Total Investments and Advances	314.60	422.70	414.10	496.30	601.30
LT Investment - Affiliate Companies	253	338.70	326.40	396.80	422.80
Other Long-Term Investments	61.60	84	87.70	99.50	178.50
Long-Term Note Receivable	1.40	2	2	2.30	54.10
Intangible Assets	0	0	0	0	0
Net Goodwill	0	0	0	0	0
Net Other Intangibles	0	0	0	0	0
Other Assets	90	95.80	93.60	71.50	47.30
Deferred Charges	90	95.80	93.60	71.50	47.30
Tangible Other Assets	0	0	0	0	0
Total Assets	2,431.20	2,951.20	2,777.30	3,208.30	3,343.70
ST Debt & Curr. Portion LT Debt	114.30	82.10	105	95.20	121.70
Short Term Debt	88.30	5.60	56.80	35.60	79.40
Current Portion of Long Term Debt	26	76.50	48.20	59.60	42.30
Accounts Payable	17	16.40	17.80	21.10	21.10
Income Tax Payable	17.40	30.50	29.70	32	26.20
Other Current Liabilities	97.10	117.20	104.40	160.60	132.50
Dividends Payable	0	0	0	0	0
Accrued Payroll	0	0	0	0	0
Miscellaneous Current Liabilities	97.10	117.20	104.40	160.60	132.50
Total Current Liabilities	245.80	246.20	256.90	308.90	301.50
Long-Term Debt	304.10	415.10	233	323.70	323.40
Long-Term Debt excl. Capitalized Leases	304	415.10	233	323.70	323.40
Non-Convertible Debt	304	415.10	233	323.70	323.40
Convertible Debt	0	0	0	0	0
Capitalized Lease Obligations	0.10	0	0	0	0
Provision for Risks & Charges	13.90	13.70	18.70	17.10	25.30
Deferred Taxes	205.80	258.10	230.60	251.80	236.40
Deferred Taxes - Credit	222.80	276.70	252.80	274.80	259.20
Deferred Taxes - Debit	-17	-18.60	-22.20	-23	-22.80
Accumulated Minority Interest	130.20	143.40	151.40	171.20	181.10
Other Liabilities	90.90	118.60	112.20	165.10	186.70
Deferred Tax Liability-Untaxed Reserves	0	0	0	0	0
Other Liabilities (excl. Deferred Income)	6.20	5.80	6.60	6.30	7.00
Deferred Income	84.70	112.80	105.60	158.80	179.70
Total Liabilities	877.50	1,070.30	873.60	1,089.60	1,096.10
Non-Equity Reserves	0	0	0	0	0
Preferred Stock (Carrying Value)	0	0	0	0	0
Redeemable Preferred Stock	0	0	0	0	0
Non-Redeemable Preferred Stock	0	0	0	0	0
Preferred Stock issues for ESOP	0	0	0	0	0
ESOP Guarantees - Preferred Stock	0	0	0	0	0
Common Equity (total)	1,423.50	1,737.50	1,752.30	1,947.50	2,066.50
Common Stock Par/Carry Value	88.90	90.70	92.90	94	95.30
Additional Paid-In Capital/Capital Surplus	848.80	847.70	845.60	844.70	844.30
Retained Earnings	513.40	568.30	628	721.40	867.10
ESOP Debt Guarantee	0	0	0	-2.20	-2.20
Cumulative Translation Adjustment/Unrealized For. Exch. Gain	-27.60	230.80	185.80	289.60	262
Unrealized Gain/Loss Marketable Securities	0	0	0	0	0
Revaluation Reserves	0	0	0	0	0
Other Appropriated Reserves	0	0	0	0	0
Unappropriated Reserves	0	0	0	0	0
Treasury Stock	0	0	0	0	0
Total Shareholders' Equity	1,423.50	1,737.50	1,752.30	1,947.50	2,066.50
Liabilities & Shareholders' Equity	2,431.20	2,951.20	2,777.30	3,208.30	3,343.70

Cash Flow £1K

	AR 2007	AR 2008	AR 2009	AR 2010	AR 2011
Fiscal Year End	31/12/2007	31/12/2008	31/12/2009	31/12/2010	31/12/2011
Duration (months)	12	12	12	12	12
Accounting Format	IFRS	IFRS	IFRS	IFRS	IFRS
Net Income before Extraordinaries	159.50	70.90	70.10	96.20	165.10
Depreciation, Depletion & Amortization	28.70	30	32.10	32.70	35.50
Depreciation and Depletion	27.40	28.80	31	31.30	34.10
Amortization of Intangible Assets	1.30	1.20	1.10	1.40	1.40
Deferred Taxes & Investment Tax Credit	0	0	0	0	0
Deferred Taxes	0	0	0	0	0
Investment Tax Credit	0	0	0	0	0
Other Funds	-56.80	28.90	-6	2.90	-26.10
Funds from Operations	131.40	129.80	96.20	131.80	174.50
Extraordinaries	0	0	0	0	0
Changes in Working Capital	3.40	-7.10	-0.30	50.30	9.90
Receivables	0	0	0	0	-3.50
Inventories	0	0	1.10	-29.30	1
Accounts Payable	7.60	-10.90	-0.10	79.60	12.40
Income Taxes Payable	0	0	0	0	0
Other Accruals	0	0	0	0	0
Other Assets/Liabilities	-4.20	3.80	-1.30	0	0
Net Operating Cash Flow	134.80	122.70	95.90	182.10	184.40
Capital Expenditures	56.80	64.60	17.50	18.90	107.70
Capital Expenditures (Fixed Assets)	56.80	64.60	17.50	18.90	107.70
Capital Expenditures (Other Assets)	0	0	0	0	0
Net Assets from Acquisitions	0	-1.90	0	-12.60	0
Sale of Fixed Assets & Businesses	0.30	28.10	0.10	0	78.70
Purchase/Sale of Investments	-63.60	-17.20	-5.20	-20.10	-92.20
Purchase of Investments	-65.20	-27.80	-5.20	-20.10	-93
Sale/Maturity of Investments	1.60	10.60	0	0	0.80
Other Uses	0	0	0	0	0
Other Sources	0	0	0	0	0
Net Investing Cash Flow	-120.10	-55.60	-22.60	-51.60	-121.20
Cash Dividends Paid - Total	-10.50	-15	-4	-4.10	-11.20
Common Dividends	-10.50	-15	-4	-4.10	-11.20
Preferred Dividends	0	0	0	0	0
Change in Capital Stock	1.40	0.70	0.10	-2	0.90
Repurchase of Common & Preferred Stk.	0	0	0	-2.20	0
Sale of Common & Preferred Stock	1.40	0.70	0.10	0.20	0.90
Proceeds from Stock Options	1.40	0.70	0.10	0.20	0.90
Other Proceeds from Sale of Stock	0	0	0	0	0
Issuance/Reduction of Debt, Net	-8.20	-30.20	-133.80	-20.40	-27.30
Change in Current Debt	0	2.40	0	0	0
Change in Long-Term Debt	-8.20	-32.60	-133.80	-20.40	-27.30
Issuance of Long-Term Debt	235.30	101.80	36.20	71.10	62.40
Reduction in Long-Term Debt	-243.50	-134.40	-170	-91.50	-89.70
Other Funds	-10.30	-12.80	-2.60	-2.60	3.60
Other Uses	-12.20	-12.80	-2.60	-2.60	-5.70
Other Sources	1.90	0	0	0	9.30
Net Financing Cash Flow	-27.60	-57.30	-140.30	-29.10	-34
Exchange Rate Effect	7.30	46	-7.40	15.20	-5.40
Miscellaneous Funds	-0.00	-0.00	-0.00	-0.00	0.00
Net Change in Cash	-5.60	55.80	-74.40	116.60	23.80
Free Cash Flow	67.50	43.10	74.40	159.10	65.50

Analysis Data

	2007	2008	2009	2010	2011
Fiscal Year End	2007-12-31	2008-12-31	2009-12-31	2010-12-31	2011-12-31
Valuation
Market Capitalisation	1,210.70	675.55	1,148.12	1,849.96	1,290.89
Price/Earnings	8.06	10.49	16.19	19.11	7.97
Price/Sales	1.80	0.95	1.74	2.48	1.56
Price/Book Value	0.85	0.39	0.66	0.95	0.62
Price/Cash Flow	8.94	5.47	11.83	10.15	6.99
Enterprise Value/EBIT	13.23	8.85	19.28	19.01	9.25
Enterprise Value/EBITDA	10.68	7.13	13.62	14.72	7.66
Enterprise Value/Sales	2.37	1.56	2.28	2.94	1.93
Total Debt/Enterprise Value	0.26	0.45	0.23	0.19	0.28
Total Debt/EBITDA	2.81	3.22	3.09	2.82	2.16
EPS (basic)	50.70	21.30	22.90	30.90	51.00
EPS (diluted) as stated	50.63	21.33	22.90	30.73	50.77
Profitability
Gross Margin (%)	53.18	55.11	52.43	54.81	56.88
Operating Margin (%)	17.94	17.67	11.80	15.46	20.84
Pretax Margin (%)	16.85	15.72	10.35	13.96	18.99
Net Margin (%)	22.31	9.11	10.72	12.94	19.61
Return on Assets (%)	6.45	2.38	2.45	3.21	4.91
Return on Equity (%)	11.10	4.05	4.02	5.20	8.02
Return on Avg. Total Capital (%)	8.46	3.14	3.24	4.32	6.60
Return on Avg. Invested Capital (%)	9.11	3.30	3.39	4.52	6.90
Efficiency
Revenue/Employee	0.05	0.06	0.06	0.07	0.08
Receivables Turnover	15.05	15.80	15.65	18.57	14.89
Days of Sales Outstanding (DSO) (%)	24.26	23.11	23.33	19.66	24.51
Inventory Turnover	4.25	4.42	4.30	3.65	2.72
Days of Inventory on Hand (DIO)	85.98	82.49	84.83	100.07	134.17
Total Asset Turnover	0.29	0.26	0.23	0.25	0.25
Working Capital Turnover	12.54	7.16	51.90	6.17	3.01
Liquidity
Current Ratio	1.22	1.40	1.05	1.39	1.90
Quick Ratio	0.91	1.12	0.75	1.04	1.40
Capital Structure
Debt-to-Total Equity (%)	29.39	28.62	19.29	21.51	21.54
Debt-to-Total Capital (%)	22.72	22.25	16.17	17.70	17.72
Debt-to-Total Assets (%)	17.21	16.85	12.17	13.06	13.31
Interest Coverage	5.24	6.57	7.88	13.53	16.93

Market data

Name	Latest	Var
FTSE 100	5,267.62(c)	+0.00%
FTSE 250	10,431.90(c)	+0.00%
DOW INDUSTRIALS	12,369.38(c)	-0.59%
HONG KONG HANG SENG INDIC	18,859.04	-0.49%
Nikkei 225	8,633.89(c)	+0.26%

Name	Latest	Var

Name	Latest	Var

Buys

Name	Latest	Var
AVIVA	264.90(c)	-1.05%
RED EMPEROR RES	14.88(c)	-17.36%
LLOYDS GRP.	25.95(c)	-6.15%
BP	391.95(c)	-1.18%
VODAFONE GRP.	164.30(c)	-0.96%

Sells

Name	Latest	Var
LLOYDS GRP.	25.95(c)	-6.15%
RED EMPEROR RES	14.88(c)	-17.36%
PV CRYSTALOX	9.45(c)	+121.31%
BARCLAYS	176.10(c)	-3.19%
AVIVA	264.90(c)	-1.05%

Selftrade is a trading name and Selftrade® a registered trademark of Talos Securities Limited, which is authorised and regulated by the Financial Services Authority (FSA Register number 208271) and is a member of the London Stock Exchange and PLUS Markets. Talos Securities Ltd is incorporated in England and Wales (Registration No. 4196325, Registered Address: Boatman's House, 2 Selsdon Way, London E14 9LA). VAT No. 629 2807 22.

Data: include Bondscape, Dow Jones, Factset, FTSE, Morningstar. Conditions may apply.

MILLENNIUM &COP

PROFILE

Key People

Major Shareholders

Director Deals

Income Statements £1K

Balance Sheet £1K

Cash Flow £1K

Analysis Data

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