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Key Concepts and Questions - Step 3

  • sallyvico1
  • Dec 13, 2025
  • 3 min read

The company that I have been assigned is My Millenium

 

 

 

 

 


 

My personal blog website is

 


 

Understanding My Company – MyMillennium



KCQ 1: What Kind of Business Is MyMillennium Really?


Working through MyMillennium’s 2024 Annual Report pushed me to look beyond seeing a business as simply what it does on the surface. At first glance, MyMillennium appears to be a global hotel operator, but as I read further, it became clear that it is equally a hospitality real estate business. The company owns, leases and manages hotel assets across key international markets, with revenue generated through accommodation, food and beverage services, and meetings and events. This distinction mattered to me, because it changed how I thought about performance. Rather than focusing only on occupancy rates or customer experience, I started to question whether long-term success is more closely tied to how effectively the company manages and invests in its physical assets.


This was one of my first moments in the unit where I began to see accounting as a way of understanding a business model, not just recording transactions.


KCQ 2: What Do the Financial Results Really Tell Me About Performance?


As I examined the financial performance, I noticed that although revenue increased in 2024, operating profit declined compared to the previous year. Initially, this felt contradictory. Reading further, I realised that the prior year’s result had been boosted by one-off gains from property sales. This was an important learning moment for me, as it highlighted how profit figures can be misleading if they are viewed in isolation.


I began to understand why accountants and analysts look beyond headline numbers and focus on underlying or core performance. In a business like MyMillennium, where asset sales, acquisitions and revaluations can significantly affect results, understanding the nature of revenue and expenses is critical to forming a realistic view of performance.



KCQ 3: Where Does the Business’s Value and Risk Really Sit?


Looking more closely at the Statement of Financial Position and the Statement of Changes in Equity helped me see where MyMillennium’s value is concentrated. The company’s equity is largely underpinned by property, plant and equipment rather than intangible balances. This reflects a strategy focused on owning and improving physical hotel assets and reinforced for me that the main accounting risks relate to asset valuation, depreciation, capital expenditure and potential impairments over time.


Climate risk appeared as an important but integrated consideration within this broader risk profile. Rather than being treated as a separate sustainability issue, climate-related risks are embedded within enterprise risk management and governance processes. Given the fixed location of hotel assets, exposure to extreme weather events and long-term environmental changes has direct implications for asset resilience and long-term value.



This step of the assessment marked a shift in my learning journey. As a mid-career student returning to formal study, I am beginning to see accounting less as a compliance exercise and more as a way of understanding how a business balances growth, risk and long-term sustainability. MyMillennium’s Annual Report helped me connect the business model, financial results and balance sheet into a single story about how value is created and protected over time.


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Studiosity Feedback


I used Studiosity to review a draft section of my Step 3 work and was surprised by how fast the turnaround was, with feedback provided almost immediately. The comments I received were focused mainly on grammatical and sentence level issues rather than on the content or structure of my ideas. While this was helpful in improving clarity and accuracy, it did not significantly change my understanding of the task or my analysis of the company. However, I can see the value in using Studiosity as a final check for writing quality, particularly when preparing work for submission, and I would consider using it again for this purpose.

 
 
 

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