CDI: 2016 Results Announcement

DIRECTORS’ REVIEW

Financial Performance

CDL Investments New Zealand Limited (“CDLI”) is pleased to report a profit after tax of $27.0 million for
the year ended 31 December 2016, an increase of 54.7% from the previous year (2015: $17.5 million).
This result is the seventh consecutive year of profit growth for the company.

Profit before tax also increased to $37.5 million (2015: $24.2 million). Property sales & other income
totalled $74.5 million (2015: $47.6 million).

Shareholders’ funds as at 31 December 2016 increased to $161.8 million (2015: $140.3 million) and the
Company’s total assets stood at $168.3 million (2015: $142.7 million). The net tangible asset per share
(at book value) was 58.4 cents (2015: 50.8 cents).

Dividend Announcement

Reflecting the record result, the Company has resolved to increase its fully imputed ordinary dividend to
3.0 cents per share (2015: 2.2 cents per share) payable on 19 May 2017. The record date will be 5 May
2017. The Dividend Reinvestment Plan will apply to this dividend.

Land portfolio

At 31 December 2016, the independent market value of CDLI’s land holdings was $297.0 million (2015:
$265.0 million). CDLI’s accounting policies require the company to carry the value of its land portfolio at
the lower of cost or net realisable value and at 31 December 2016, the land portfolio at cost was $117.8
million (2015:$126.6 million).

Summary and Outlook

The Board is conscious that in 2017 the Company needs to maintain its sales activity but also ensure that
the Company continues to grow by acquiring additional land for development in the future.

That said, land prices, especially in the major metropolitan areas and surrounds remain at historically high
levels. When assessing acquisitions, we will remain disciplined in land investment fundamentals. Our
strong balance sheet gives us an added advantage when seeking and assessing these opportunities. In
the meantime, we will continue to drive sales activity at our existing subdivisions with the aim of delivering
another year of growth in 2017.

Management and staff

The Board and I sincerely thank the Company’s management and staff for their hard work during 2016 to
deliver this outstanding result.



Wong Hong Ren
Chairman
17 February 2017

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55% PROFIT GROWTH FOR
CDL INVESTMENTS NEW ZEALAND

Property development company CDL Investments New Zealand Limited (NZX: CDI) today
reported its results for the year ended 31 December 2016.

CDI increased its profit after tax by 54.7% to $27.0 million with property sales & other income
increasing by 56.5% to $74.5 million over 2015.

“We are very pleased to report a seventh consecutive year of increased profit performance” said
managing director Mr. B K Chiu. “In 2016 our sales activity continued to be strong as was our
subdivision development for the 2017 and 2018 pipeline of sections.”

CDI’s Board resolved to increase its dividend to 3.0 cents per share (from 2.2 cents in 2015)
fully imputed which would be released to shareholders on 19 May 2017. The Record Date would
be 5 May 2017 and the Dividend Reinvestment Plan would apply to this dividend.

Mr. Chiu said that in 2017 CDI would be looking to increase its sales activity and ensure that the
Company continued to grow by acquiring additional land for development in the future.

“Our recent land purchase in Westgate/Whenuapai West Auckland looks promising under the
Auckland Unitary Plan. We remain mindful and disciplined with regard to the fundamentals of
land investment and its development in an environment of high land price expectations. In the
meantime, the land development work established through 2015 and 2016, and moving into
2017 will better enable us to deliver profitable growth in 2017 from our existing subdivisions at
Greville Road (Auckland), Magellan Heights (Hamilton), and Prestons Park (Christchurch)”, he
said.

Summary of results:

• Profit after tax $27.0 million (2015: $17.5 million)
• Profit before tax $37.5 million (2015: $24.2 million)
• Total revenue & other income $74.5 million (2015: $47.6 million)
• Shareholders’ funds $161.8 million (2015: $140.3 million)
• Total assets $168.3 million (2015: $142.7 million)
• Net tangible asset value (at book value) 58.4 cents per share (2015: 50.8cps)
• Earnings per share 9.77 cents per share (2015: 6.33cps)


About CDL Investments New Zealand Limited:

CDL Investments New Zealand Limited (CDI) has a proud track record of acquiring and
developing residential sections in New Zealand for two decades. With a focus on creating and
developing a range of high-quality residential sections to New Zealanders, CDI has over the past
twenty years successfully completed numerous subdivision projects in Auckland, Hamilton,
Tauranga, Hastings, Havelock North, Taupo, Nelson, Christchurch, Rolleston (Canterbury) and
Queenstown. CDI is a majority-owned subsidiary of NZX-listed Millennium & Copthorne Hotels
New Zealand Limited.

ENDS

Issued by CDL Investments New Zealand Limited

Enquiries to:
B K Chiu, Managing Director
(09) 353 5058

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Reporting Period
12 months to 31 December 2016
Previous Reporting Period
12 months to 31 December 2015
74,471NZ$ Up56.45%
27,028NZ$ Up54.68%
27,028NZ$ Up54.68%
9.77c Up54.25%
9.77c Up54.25%
58.42c Up14.97%
Final Dividend
* No interim dividend was declared
Record Date
Dividend Payment Date
Comments:
Results for announcement to the market
CDL INVESTMENTS NEW ZEALAND LIMITED
Profit (loss) from ordinary activities after tax
attributable to security holders
Revenue from ordinary activities
Please refer to the attached Directors' Review.
Net profit (loss) attributable to security holders
Interim*/Final Dividend
Amount (000s)Percentage change
Amount per security Imputed amount per security
Ordinary dividend of 3.0 cents
per share
5 May 2017
19 May 2017
3.0 cents per share
Basic Earnings per share (cents)
Diluted Earnings per share (cents)
Net Tangible Assets per share (cents)
Page 1 of 3

Details of the reporting period and the previous corresponding reporting period:
This report is for the full year ended 31 December 2016 and should be read in conjunction with the most recent
annual financial report. Comparatives are in respect of the full year ended 31 December 2015.
Information prescribed by NZX:
Please refer to “Results for announcement to the market” and below.
--Statement of Financial Performance
Refer to the Annual Financial Statements.
--Statement of Financial Position
Refer to the Annual Financial Statements.
--Statement of Cash Flows
Refer to the Annual Financial Statements.
--Details of individual and total dividends or distributions and dividend or distribution payments
Distributions declared
8.31NZ$ 3.00c
Last distribution paid
6.07NZ$ 2.20c
--Details of Dividend Reinvestment Plans in operation
--Net Tangible Assets per security (with comparatives for the previous corresponding period)
Ordinary shares58.42c50.81c
--Details of entities over which control has been gained or lost during the period
Nil.
--Details of associates and joint ventures
% Held
Current Full
Year
% Held
Previous
Corresponding
Full Year
Contributions
to Net Profit
Current Full
Year
Contributions
to Net Profit
Previous Full
Year
Prestons Road Limited33.33%33.33%-$ -$
Name
In 1998, the Company adopted a Dividend Reinvestment Plan pursuant to which shareholders may elect to receive
ordinary dividends in the form of either cash or additional shares in the Company. The additional shares are issued at
the weighted average market price for the shares traded over the first five business days immediately following the
Record Date.
On 3 February 2017, the Directors declared a final dividend of 3.00 cents per ordinary share payable on 19 May 2017.
The dividend reinvestment plan will apply to this dividend. The total dividend payable will be $8.31 million. The
dividend will be fully imputed and supplementary dividends will be paid to non-resident shareholders. The dividend has
not been recognised for in the 31 December 2016 financial statements.
Final dividend for the 2016 Financial Year (ordinary
shares)
Final dividend for the 2015 Financial Year (ordinary
shares)
NZ cents per shareCurrent full yearPrevious full year
NZ$ (million)NZ cents per share
Page 2 of 3

Basis of preparation of financial statements:
Accounting Policies:
Refer to the Annual Financial Statements.
Changes in accounting policies:
There are no changes to accounting policies during the period.
Audit Report:
The Independent Auditor’s report is at pages 17 to 19 of the Annual Financial Statements.
Additional Information:
None.
DATE:17 February 2017
The financial statements have been prepared in accordance with New Zealand Generally Accepted Accounting
Practice (NZ GAAP). They comply with the New Zealand equivalents to International Financial Reporting Standards
(NZ IFRSs) as appropriate for Tier 1 profit-oriented entities. The financial statements also comply with International
Financial Reporting Standards (IFRSs).
Page 3 of 3

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Ex Date:
Commence Quoting Rights:Security Code:
Cease Quoting Rights 5pm:
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Cease Quoting Old Security 5pm:
19/05/17
N/AN/A
05/05/17
N/A
$0.001500$0.011667
$
NZD$0.005294
$8,308,420
Date Payable
19/05/17
N/A
Enter N/A if not
applicable
X
KZ KGLE 000 1S8
In dollars and cents
Cashflow
$0.030
09 353 500509 309 3244
17022017
Ordinary
EMAIL: announce@nzx.com
Notice of event affecting securities
1
CDL INVESTMENTS NEW ZEALAND LIMITED
TROY DANDY, GROUP COMPANY SECRETARYBOARD RESOLUTION