CDI: 2020 Interim Report

FINANCIAL PERFORMANCE:
CDL Investments New Zealand Limited (“CDI”) can report that the Company has made an unaudited
operating profit after tax of $13.74 million for the six month period ending 30 June 2020 (2019: $15.10
million). Operating profit before tax was $19.09 million (2019: $20.98 million).
The result is particularly creditable given the fact that New Zealand as a whole was in a lockdown for six
weeks from 26 March through to 14 May. Despite the restrictions on physical movement, online sales and
promotional activity was able to continue which demonstrated that in the first six months of this year,
interest in CDI’s subdivisions and sections has not waned.
Property sales and other income for the period was $40.96 million which exceeded last year’s figure of
$40.29 million. Net Asset Backing (at cost) for the period under review was 85.9 cents per share (2019:
77.6 cents per share).
PORTFOLIO UPDATE:
All 91 sections in the Dominion Road, Papakura subdivision have been sold after the initial launch in
December 2019.
While COVID-19 has meant delays with its commercial developments at Stonebrook (Rolleston) and
Prestons Park (Christchurch), we are still targeting completion and occupancy by the end of this year for
the Stonebrook Local Centre development and Q2 2021 for the Prestons Park Urban Village development.
COMMENTARY AND OUTLOOK:
While we are happy with our sales performance to date, the second half of this year may be weaker than
the first.
The fact that the sales we have settled to date have mainly come from our Kewa Road and Prestons Park
developments in Auckland and Christchurch, respectively, is encouraging and vindicates our strategy to
progress developments which are more likely to sell quickly. New stages are therefore being developed to
meet demand and we believe that these will also sell well during this year. The same approach is being
adopted across our other developments where we will only develop and complete as many sections as we
believe to meet the demand.
CDI did not seek government assistance such as the Wage Subsidy and we are in the fortunate position in
that we have not had to make any redundancies or reduce our employees’ hours. We are very aware that
several of the businesses we are dealing with have had to take steps to deal with the crisis and we are
looking to support them where practicable.
Our target is to deliver another positive result and a dividend to shareholders once again but the economic
effects of COVID-19 are expected to be significant and long-lasting. While the New Zealand property
market has passed its peak, we remain quietly confident about our prospective sales for the rest of the year.
The Board and Management are monitoring the sales and development programmes very carefully and will
not hesitate to make decisions where necessary to ensure that CDI is able to perform to its maximum potential
during extremely challenging times while remaining mindful of CDI’s long term investment strategy.




Colin Sim
Chairman
29 July 2020
CONDENSED INTERIM STATEMENT
OF COMPREHENSIVE INCOME
The accompanying notes form part of, and should be read in conjunction with these financial statements.
CONDENSED INTERIM STATEMENT
OF FINANCIAL POSITION
DIRECTORS’ REVIEW
CDL INVESTMENTS NEW ZEALAND LIMITED AND ITS SUBSIDIARY – INTERIM REPORT 2020
AS AT 30 JUNE 2020
In thousands of dollarsNote
Unaudited
as at
30/06/20
Audited
as at
31/12/19
Unaudited
as at
30/06/19
SHAREHOLDERS' EQUITY
Issued capital56,65455,374 55,374
Retained earnings184,119180,136 161,098
Total Equity240,773235,510 216,472
Represented by:
NON CURRENT ASSETS
Property, plant and equipment3232 36
Development property137,251145,138 138,119
Investment in associate 2 2 2
Total Non Current Assets137,285145,172 138,157
CURRENT ASSETS
Cash and cash equivalents18,85034,435 16,594
Short term deposits48,50019,620 21,120
Trade and other receivables2,1393,932 3,314
Development property37,265 37,541 41,377
Total Current Assets106,75495,528 82,405
Total Assets244,039240,700 220,562
NON CURRENT LIABILITIES
Deferred tax liabilities6363 71
Lease liabilities610 17
Total Non Current Liabilities6973 88
CURRENT LIABILITIES
Trade and other payables1,692984 2,888
Employee entitlements4638 37
Income tax payable1,4484,081 1,064
Lease liabilities1114 13
Total Current Liabilities3,1975,117 4,002
Total Liabilities3,2665,190 4,090
Net Assets240,773235,510 216,472
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CONDENSED INTERIM STATEMENT
OF CHANGES IN EQUITY
In thousands of dollarsNote
Unaudited
Share
Capital

GROUP
Unaudited
Retained
Earnings
Unaudited
Total
Equity
Balance at 1 January 201954,864155,730210,594
Total comprehensive income/(expense) for the period
Profit/(loss) for the period - 15,10215,102
Total comprehensive income/(expense) for the period - 15,10215,102
Shares issued under dividend reinvestment plan2510 - 510
Dividend to shareholders2 - (9,734)(9,734)
Supplementary dividend - (309) (309)
Foreign investment tax credits - 309 309
Balance at 30 June 201955,374161,098216,472
Balance at 1 January 202055,374180,136235,510
Total comprehensive income/(expense) for the period
Profit/(loss) for the period - 13,74113,741
Total comprehensive income/(expense) for the period - 13,74113,741
Shares issued under dividend reinvestment plan21,280 - 1,280
Dividend to shareholders2 - (9,758)(9,758)
Supplementary dividend - (286)(286)
Foreign investment tax credits - 286286
Balance at 30 June 202056,654184,119240,773
The accompanying notes form part of, and should be read in conjunction with these financial statements.
The accompanying notes form part of, and should be read in conjunction with these financial statements.
CDL INVESTMENTS NEW ZEALAND LIMITED AND ITS SUBSIDIARY – INTERIM REPORT 2020
CDL INVESTMENTS NEW ZEALAND LIMITED AND ITS SUBSIDIARY – INTERIM REPORT 2020CDL INVESTMENTS NEW ZEALAND LIMITED AND ITS SUBSIDIARY – INTERIM REPORT 2020
CDL INVESTMENTS NEW ZEALAND LIMITED AND ITS SUBSIDIARY – INTERIM REPORT 2020
CONDENSED INTERIM STATEMENT
OF CASH FLOWS
In thousands of dollarsNote
Unaudited
6 months
to 30/06/20
Unaudited
6 months
to 30/06/19
CASH FLOWS FROM OPERATING ACTIVITIES
Cash was provided from:
Receipts from customers42,895 38,731
Interest received357 754
Cash was applied to:
Payments to suppliers(13,206) (20,990)
Payments to employees(282) (272)
Purchase of development land- (7,624)
Income tax paid(7,691) (9,242)
Net Cash Inflow from Operating Activities22,073 1,357
CASH FLOWS FROM INVESTING ACTIVITIES
Cash was provided from:
Short Term Deposit Maturities19,620 38,620
Cash was applied to:
Purchase of plant, equipment and furniture (6) (2)
Short term deposits(48,500) (21,120)
Net Cash Inflow From Investing Activities(28,886) 17,498
CASH FLOWS FROM FINANCING ACTIVITIES
Cash was applied to:
Dividend paid(8,478) (9,224)
Principal repayment of lease liability(8)(8)
Supplementary dividend paid(286) (309)
Net Cash Outflow from Financing Activities(8,772)(9,541)
Net Increase/(Decrease) in Cash and Cash Equivalents(15,585) 9,314
Add Opening Cash and Cash Equivalents34,435 7,280
Closing Cash and Cash Equivalents18,850 16,594
RECONCILIATION OF CASH FLOWS FROM OPERATING ACTIVITIES
Net profit after taxation13,741 15,102
Adjusted for non cash items:
Depreciation of plant & equipment12
Depreciation of right-of-use assets66
Income tax expense5,344 5,873
Adjustments for movements in working capital:
(Increase)/Decrease in receivables1,793 (1,330)
(Increase)/Decrease in development properties8,163 (9,772)
Increase in payables716 718
Cash generated from Operations29,764 10,599
Income tax paid(7,691) (9,242)
Cash Inflows from Operating Activities22,073 1,357
The accompanying notes form part of, and should be read in conjunction with these financial statements.
FOR THE HALF YEAR ENDED 30 JUNE 2020FOR THE HALF YEAR ENDED 30 JUNE 2020FOR THE HALF YEAR ENDED 30 JUNE 2020
In thousands of dollarsNote
Unaudited
6 months
to 30/06/20
Unaudited
6 months
to 30/06/19
Revenue40,883 40,181
Cost of sales(20,004) (17,725)
Gross profit20,879 22,456
Other income72 110
Administrative expenses(146) (134)
Property expenses(177) (171)
Selling expenses(1,180) (1,099)
Other expenses(866) (709)
Results from operating activities18,582 20,453
Finance income504 524
Finance costs
(1) (2)
Net finance income
503 522
Profit before income tax19,085 20,975
Income tax expense(5,344) (5,873)
Profit/(loss) for the period13,741 15,102
Total comprehensive income/(expense) for the period
13,741 15,102
Profit/(loss) Attributable to:
Equity holders of the Parent13,741 15,102
Total comprehensive income/(expense) for the period13,741 15,102
Earnings per share3
4.91c5.42c

1. SIGNIFICANT ACCOUNTING POLICIES
Reporting Entity
CDL Investments New Zealand Limited (the “Company”) is a company domiciled in New Zealand, registered
under the Companies Act 1993 and listed on the New Zealand Stock Exchange. The Company is a FMC
Reporting Entity in terms of the Financial Markets Conduct Act 2013 and the Financial Reporting Act 2013.
The condensed interim financial statements of the Company as at and for the half year ended 30 June 2020
comprises the Company and its subsidiary (together referred to as the “Group”).
The principal activity of the Group is the development and sale of residential land properties.
(a) Statement of compliance
The condensed interim financial statements have been prepared in accordance with New Zealand Generally
Accepted Accounting Practice (“NZ GAAP”). They comply with NZ IAS 34
Interim Financial Reporting. The
condensed interim financial statements do not include all of the information required for full annual financial
statements.
The accounting policies applied by the Group in these condensed financial statements are the same as those
applied by the Group in its consolidated financial statements for the year ended 31 December 2019.
The condensed interim financial statements were authorised for issuance on 29 July 2020.
2. CAPITAL & RESERVES
Share Capital
Under the Company’s Dividend Reinvestment Plan, an additional 1,629,555 shares were issued on 15 May
2020 (2019: 687,093) at a strike price of $0.7854 (2019: $0.7422).
At 30 June 2020, the authorised share capital consisted of 280,435,135 fully paid ordinary shares (2019:
278,805,580).
Dividends
The following dividends were declared and paid during the period ending 30 June:
In thousands of dollars 2020 2019
3.5 cents per qualifying ordinary share (2019: 3.5 cents) 9,758 9,734
9,758 9,734
3. EARNINGS PER SHARE
The calculation of basic and diluted earnings per share at 30 June 2020 of 4.91 cents (2019: 5.42 cents)
was based on the profit attributable to ordinary shareholders of $13,741,000 (2019: $15,102,000); and
weighted average number of shares of 279,891,950 (2019: 278,576,549) on issue in the period.
4. SEGMENT REPORTING
Operating segments
The single operating segment of the Group consists of property operations, comprising the development and
sale of residential land sections.
The Group has determined that its chief operating decision maker is the Board of Directors on the basis that
it is this group which determines the allocation of resources to segments and assesses their performance.
Geographical segments
Segment revenue is based on the geographical location of the segment assets. All segment revenues are
derived in New Zealand.
Segment assets are based on the geographical location of the development property. All segment assets are
located in New Zealand. The Group has no major customer representing greater than 10% of the Group’s
total revenues.
5. MATERIAL EVENTS SUBSEQUENT TO THE END OF THE INTERIM PERIOD
There were no material events subsequent to the end of the six month period ended 30 June 2020 (2019:
Nil) that would require disclosure.
6. CHANGES IN CONTINGENT LIABILITIES AND CONTINGENT ASSETS SINCE LAST
ANNUAL BALANCE SHEET DATE
There were no changes in contingent liabilities and contingent assets that would require disclosure for the
six month period ended 30 June 2020 (2019: Nil). There were no contingent liabilities or contingent assets
as at 30 June 2020 (2019: Nil).
7. RELATED PARTY TRANSACTIONS
CDL Investments New Zealand Limited is a subsidiary of Millennium & Copthorne Hotels New Zealand
Limited by virtue of Millennium & Copthorne Hotels New Zealand Limited owning 65.87% (2019: 66.26%)
of the Company and having three out of six of the Directors on the Board. Millennium & Copthorne Hotels
New Zealand Limited is 70.79% (2019: 70.79%) owned by CDL Hotels Holdings New Zealand Limited
(computed on voting shares), which is a wholly owned subsidiary of Millennium & Copthorne Hotels plc in
the United Kingdom. The ul timate holding company is Hong Leong Investment Holdings Pte Ltd in Singapore.
During the six month period ending 30 June 2020 CDL Investments New Zealand Limited has reimbursed
its parent, Millennium & Copthorne Hotels New Zealand Limited, $161,000 (2019: $159,000) for expenses
incurred by the parent on behalf of the Group.
% Holding by
CDL Investments New Zealand
Subsidiary Principal Activity Limited Balance Date
CDL Land New Zealand Property Investment 100.00 31 December

Limited and Development

% Holding by
CDL Land New Zealand
Associate Principal Activity Limited Balance Date
Prestons Road Limited Service Provider 33.33 31 March
NOTES TO THE CONDENSED INTERIM
FINANCIAL STATEMENTS
FOR THE HALF YEAR ENDED 30 JUNE 2020 (UNAUDITED)FOR THE HALF YEAR ENDED 30 JUNE 2020 (UNAUDITED)FOR THE HALF YEAR ENDED 30 JUNE 2020 (UNAUDITED)
NOTES TO THE CONDENSED INTERIM
FINANCIAL STATEMENTS
NOTES TO THE CONDENSED INTERIM
FINANCIAL STATEMENTS
CDL INVESTMENTS NEW ZEALAND LIMITED AND ITS SUBSIDIARY – INTERIM REPORT 2020CDL INVESTMENTS NEW ZEALAND LIMITED AND ITS SUBSIDIARY – INTERIM REPORT 2020CDL INVESTMENTS NEW ZEALAND LIMITED AND ITS SUBSIDIARY – INTERIM REPORT 2020
8. COMMITMENTS
As at 30 June 2020, the Group had entered into contractual commitments for development expenditure and
purchases of land. Contractual agreements for the purchase of land are subject to a satisfactory outcome of
the Group’s due diligence process, board approval, and OIO approval. Development expenditure represents
amounts contracted and forecast to be incurred in the remainder of 2020 in accordance with the Group’s
development programme.
In thousands of dollars 2020 2019
Development expenditure 19,160 21,252
Land purchases 1,272 33,717
20,432 54,969
INTERIM REPORT 2020