CDI 2020 Annual Report

ANNUAL REPORT 2020

Cover: Prestons Park, Christchurch
Kewa Road subdivision, Auckland

CONTENTS
Directors’ Review 2
Board of Directors 3
Corporate Governance 4
Trend Statement & Financial Summary 10
Financial Statements 11
Independent Auditor's Report 30
Regulatory Disclosures 33
Statutory Information 35
Subdivision Location Map 40
Corporate Directory 41
The Directors of CDL Investments New Zealand Limited are pleased
to present the Annual Report of the Company for the year ended
31 December 2020.
Signed for and on behalf of the Board of Directors:

Colin Sim BK Chiu
Chairman Managing Director
19 March 2021
This booklet is printed using
vegetable inks on certified
forest paper.

2 | CDL Investments New Zealand Limited
DIRECTORS' REVIEW
FINANCIAL PERFORMANCE
CDL Investments New Zealand Limited (“CDI”) is pleased to report that after an extraordinary year, the company recorded a profit after tax of
$30.1 million (2019: $34.1 million) in 2020, which is a very creditable result under challenging circumstances.
Reflecting the fact that the company was able to trade during lockdown and also reflecting active demand in all regions during the year, CDI’s
property sales & other income totaled $88.8 million (2019: $91.8 million). Profit before tax was $41.8 million (2019: $47.4 million).
At 31 December 2020, CDI’s shareholders’ funds increased to $257.1 million (2019: $235.5 million) and total assets also increased to $265.0
million (2019: $240.7 million). Net tangible asset per share (at book value) was 91.7 cents (2019: 84.5 cents).
PROPERTY PORTFOLIO
Our Dominion Road (Papakura, South Auckland) and Kewa Road (North Shore, Auckland) subdivisions both sold well and further stages
commenced development in 2020. Demand was high and we expect that the new additional stages will sell quickly in 2021.
Sales at Prestons Park (Christchurch) were also very positive and we recorded additional sales at Magellan Heights (Hamilton)
and Northwood (Hastings).
During 2020, CDI acquired a total of 1.4 hectares of land in the Hawkes Bay region. Additional acquisitions are being considered in 2021 to
ensure that the company has sufficient development stock in areas where we forecast demand to remain high and which can be developed
and sold over the short to medium term.
The five unit Commercial Centre located at Stonebrook (Rolleston, Selwyn District) is complete and the first lease agreements were signed in Q4 2020
with the tenants commencing their operations during Q1 2021. Construction of the fifteen unit Commercial Centre at Prestons Park, Christchurch has
commenced with Block 1 (five units) scheduled to be completed in July 2021 and Block 2 (ten units) due to be completed in December 2021.
In addition, the company has entered into an agreement for a Design Build and Lease development at one of its commercially-zoned sites
in Wiri, Auckland. This is a very positive step for CDI’s diversification strategy and construction of the warehouse/ office is scheduled to
commence in February 2021.
CDI did not apply for assistance from the government Wage Subsidy programme.
As at 31 December 2020, the independent market value of CDI’s property holdings was $292.8 million (2019: $315.6 million). At cost, the
portfolio was valued at $164.8 million (2019:$182.7 million) in line with CDI’s accounting policies.
DIVIDEND ANNOUNCEMENT
The Board has resolved to maintain its fully imputed ordinary dividend at 3.5 cents per share payable on 14 May 2021. The amount reflects the
profit result achieved in 2020 but will also allow the company to retain earnings to acquire additional land during the course of this year.
The record date will be 30 April 2021. The Dividend Reinvestment Plan will apply to this dividend.
SUMMARY AND OUTLOOK
Shareholders should be pleased that CDI was able to achieve a result in 2020 which mirrored 2019 especially in a year which, to put it mildly,
was discombobulating. CDI with its geographically diverse portfolio of residential sections in Auckland, Hamilton and Christchurch benefitted
from unusually positive market conditions. While these conditions remain evident, the company is optimistic that 2021 will also see a solid
level of sales across New Zealand for residential sections. New stages will be developed and brought to market to meet this demand including
sections in Kewa Road and Dominion Road in Auckland, and Prestons Park in Christchurch.
Over the past seven years, we have selectively acquired 154.5 hectares of land for our core business of residential development. These
acquisitions will continue as more identified opportunities become available and announcements made in due course. In the past three years,
we have also embarked on strategies to diversify our development programme and revenue stream and we will continue with this where we
believe this is suitable and will deliver additional value to shareholders.
The Board is confident that the acquisitions made and those to be made in 2021 will ensure that the Company is able to secure a sufficient
pipeline of development land to maintain CDI’s future profitable operations.
On behalf of the Board, I thank our staff for their extraordinary work in an extraordinary year.

Colin Sim
Chairman

CDL Investments New Zealand Limited | 3

COLIN SIM
(Chairman & Non-Executive Director)
Mr Sim is the executive chairman of the East Quarter Group of companies (East Quarter Hurstville, EQ Projects and EQ Constructions) (EQ)
in Australia. EQ is currently involved in the development and construction of residential units across New South Wales. Mr Sim is also an
executive director of Waterbrook Lifestyle Resorts (Waterbrook); an award-winning creator, developer and operator or luxury resort lifestyles
for retirees. Mr Sim has strong analytical skills and extensive experience in construction and property development/investment in Australia.
He studied Mechanical Engineering in London and has lived in Sydney, Australia for the last 40 years.
Mr. Sim was elected as a director at the 2018 annual meeting of shareholders.
B K CHIU
(Managing Director / Member of the Audit Committee)
Mr Chiu is also the Managing Director of Millennium & Copthorne New Zealand Limited. Prior to joining the company, Mr. Chiu was Regional
Vice - President and Managing Director, Asia of Merisant Company. He holds a Masters degree in agricultural economics and marketing from
Massey University, Palmerston North.
Mr. Chiu was last elected as a director at the 2018 annual meeting of shareholders.
ROY AUSTIN
(Independent Non-Executive Director / Chairman of the Audit Committee)
Mr. Austin has been a principal at Northington Partners, a private investment bank and is currently a Consultant to that firm. He has
extensive investment banking experience across a wide range of industries covering mergers, acquisitions, divestments, capital raising and
IP commercialisation. His practical experience also includes participation in local and international manufacturing, marketing and European
and New Zealand based private equity funds. In 2017 he was awarded a Companion of the New Zealand Order of Merit. He is a Chartered
Accountant and a member of the New Zealand Institute of Directors and CAANZ (Chartered Accountants Australia & New Zealand).
Mr. Austin was last elected as a director at the 2020 annual meeting of shareholders.
JOHN HENDERSON
(Independent Non-Executive Director / Member of the Audit Committee)
Mr. Henderson is currently the Managing Director of John Henderson Resources Limited and an Independent Director of Te Hoiere Asset
Holding Company Limited, Maara Moana Limited and Ding Bay Limited. In 2015, he was appointed by NZ Department of Conservation to
the Waipu Cove Reserve Board and was elected Board Chair. Previously, Mr. Henderson had a 28 year career with the Starwood Hotels and
Resorts Group holding various senior corporate management positions across Asia Pacific, Europe, and North America.
Mr. Henderson was last elected as a director at the 2019 annual meeting of shareholders.
EIK SHENG KWEK
(Non-Executive Director)
Mr. Kwek is currently the Group Chief Strategy Officer of City Developments Limited (“CDL”) and has been in that role since 2018. Mr. Kwek
joined CDL in 2009, covering Business Development for overseas projects before being appointed as Head of Corporate Development. He
assumed his role as Chief Strategy Officer in 2014 and was additionally appointed Head, Asset Management in April 2016. Prior to joining
CDL, he was with the Hong Leong Group of companies in Singapore specialising in corporate finance roles since 2006.
He is also Executive Director of Millennium & Copthorne Hotels Limited, previously listed on the London Stock Exchange as Millennium
& Copthorne Hotels plc. He holds a Bachelor of Engineering in Electrical and Electronics Engineering from Imperial College of Science,
Technology and Medicine and a Master of Philosophy in Finance from Judge Business School, Cambridge University.
Mr. Kwek was appointed to the Board on 1 January 2020 and was elected as a director at the 2020 annual meeting of shareholders.
VINCENT YEO
(Non-Executive Director)
Mr. Yeo is Chief Executive Officer and Executive Director of M&C REIT Management Limited. From 1993 to 1998, he was Managing Director
of CDL Hotels New Zealand Limited (now Millennium & Copthorne Hotels New Zealand Limited) and CDL Investments New Zealand Limited.
He previously also served as an Executive Director of Millennium & Copthorne Hotels plc in London and President, Millennium & Copthorne
Hotels Asia Pacific Region.
Mr. Yeo was last elected as a director at the 2020 annual meeting of shareholders.
BOARD OF DIRECTORS

4 | CDL Investments New Zealand Limited
All of CDI’s employees are expected to act in the best interests
of CDI and to enhance the reputation of the company. CDI also
has a number of operational policies which must be followed
by employees and the CDI Code of Conduct forms part of each
employee’s employment agreement.
CDI also believes in fair dealing with its customers and suppliers,
shareholders, employees and other stakeholders and external
third parties.
CDI revised its Share Trading Policy in 2018 which applies to
Directors and Officers. It also has a global Whistleblowing
Policy which extends to all management and employees. The
Whistleblowing Policy facilitates the disclosure and impartial
investigation of any serious wrongdoing. This policy advises
employees of their right to disclose serious wrongdoing, and
sets out the Company’s internal procedures for receiving and
dealing with such disclosures. The policy is consistent with, and
facilitates, the Protected Disclosures Act 2000 and is supported
by the Board.
BOARD COMPOSITION AND PERFORMANCE
(PRINCIPLE 2)
To ensure an effective Board, there should be a
balance of independence, skills, knowledge, experience
and perspectives.
CDI’s Board has responsibility, control and oversight of the
business activities, strategic direction and the governance of
CDI and its subsidiary companies. It looks at how the company
is operating, how risk and compliance are managed, approving
financial and other reports and capital expenditure and reporting
to CDI’s shareholders. The Board approves CDI’s budgets and
business plans as well as significant projects and has statutory
obligations for other matters such as the payments of dividends
and the issue of shares. The Board is accountable to CDI’s
shareholders for the company’s performance.
Certain powers are delegated to Board Committees and
Subcommittees. The role of the Committees is detailed under
Principle 3.
Day-to-day management is delegated to the Managing Director
and senior management. The levels of authority are approved by
way of a Delegated Authorities Manual which is reviewed by the
Audit Committee and ultimately approved by the Board.
Appointments to the Board are considered by the Board and
the Board takes into account the skills required to allow it to
carry out its functions and governance role. The Board does not
impose a restriction on the tenure of any Director as it considers
that such a restriction may lead to the loss of experience and
expertise from the Board.
CDI’s Constitution specifies a minimum number of three
directors and a maximum number of nine directors at any
one time. Two directors must ordinarily be living in New
Zealand. In line with the NZX Main Board Listing Rules, CDI
CDL Investments New Zealand Limited is committed to maintaining
strong corporate governance in line with best practice at all times. Its
corporate governance framework, set out below, complies materially
with the NZX Corporate Governance Code (“the NZX Code”) as well
as the Financial Markets Authority Corporate Governance Principles
and Guidelines (the FMA Principles).
ETHICAL BEHAVIOUR
(PRINCIPLE 1)
Directors should set high standards of ethical behaviour, model
this behaviour and hold Management accountable for these
standards being followed throughout the organisation.
All of CDI’s directors are bound by the Board’s Code of Ethics which
is as follows:
• Directors shall undertake their duties with due care and
diligence at all times and will conduct themselves honestly and
with integrity. Directors shall not do anything, or cause anything
to be done, which may or does brings CDI or the Board into
disrepute.
• All Directors must act in the best interests of the company and
exercise independent and unfettered judgement. All Directors
must carry out their duties with integrity and honesty and
participate in open and constructive discussions.
• To the best of their ability, Directors will use reasonable
endeavours to ensure that CDI’s records and documents
(including its financial reports) are true and complete and
comply with the requisite reporting standards and controls.
• So that the Board may determine a Director’s independence
and to ensure that there are no conflicts of interest, all
Directors shall disclose all relevant business and / or personal
interests they may have to the Board forthwith as well as any
relationships they may have with CDI.
• All Directors shall ensure that they do not support any
organisation other than in a personal capacity without the prior
written approval of the Chairman.
• Directors shall not accept any gifts or personal benefits
from external parties if it could be perceived that this could
compromise or influence any decision by the Board or by CDI.
• All Directors shall maintain and protect the confidentiality of
all information about CDI at all times except where disclosure is
permitted or required by law.
• All Directors shall ensure that they do not use company
information and / or property for personal gain or profit.
All Directors shall use and / or retain Company information
and property only for business purposes in their capacity as
Directors of CDI or to meet legal obligations.
• All Directors shall comply with the laws and regulations that
apply to CDI;
• All Directors shall immediately report any illegal or unethical
behaviour of which they become aware to the Chairman of the
Board and to the Chairman of the Audit Committee.
CORPORATE GOVERNANCE

CDL Investments New Zealand Limited | 5

OUR FRAMEWORK FOR EMBRACING DIVERSITY:
a) Talent Recruitment & Selection Process
- All positions at CDLI are to be filled on the basis of merit
and qualifications.
- We recognise the importance of having a diverse
workforce and thus encouraging people from all
backgrounds to apply to work with our team
b) Learning & Development
- CDLI seeks to develop our employees and to hone their
technical, management and leadership skills.
- Management staff will receive training around Diversity
and EEO awareness .
REVIEW OF POLICY
The company will:
- undertake periodic reviews of its Diversity Policy and its
deliverables;
- obtain diversity metrics from other organisations and
compare them with sector and best practice guidelines;
and
- produce a report on diversity for CDI’s Board and Senior
Management annually.
The Board is in the process of determining its targets for promoting
diversity and is currently aiming for female board representation to
be at least 20% of the Board by 2023.
In terms of CDI’s permanent staff, 50% are male and 50% are female.
BOARD COMMITTEES
(PRINCIPLE 3)
The Board should use committees where this will enhance
its effectiveness in key areas while still retaining board
responsibility.
Committees help the Board in carrying out its responsibilities
and CDI currently has one standing committee being its Audit
Committee which is comprised solely of Independent Directors. The
current members of the Audit Committee are Roy Austin (Chair),
John Henderson and BK Chiu. Senior management attend only by
invitation.
The table below reports attendance of the Audit Committee members
during 2020:
DIRECTOR MEETINGS ATTENDED
Roy Austin (Chair) 3/3
John Henderson 3/3
BK Chiu 3/3
The Board also forms subcommittees as and when required.
The Audit Committee recently reviewed and revised its charter
which will be published shortly. The charter outlines the Committee’s
membership, role and responsibilities which include receiving reports
from the internal and external auditors, make recommendations
CORPORATE GOVERNANCE – continued
is required to have at least two Independent Directors. Currently,
CDI has determined that its Chair Colin Sim and Messrs. Austin
and Henderson are Independent Directors as none of them have
a Disqualifying Relationship (as that term is defined in the
NZX Main Board Listing Rules) or Substantial Product Holders.
Messrs Chiu, Kwek and Yeo are not considered by the Board to be
Independent Directors.
Board meetings are generally held quarterly with additional
meetings convened when required. The table below details directors’
attendances during 2020.
DIRECTOR MEETINGS ATTENDED
Colin Sim 3/3
BK Chiu 3/3
Roy Austin 3/3
John Henderson 3/3
Kian Seng Tan* 3/3
Vincent Yeo 3/3
* Mr. ES Kwek was appointed from 1 January 2020.
In 2018, the Board devised its own Skills Matrix to demonstrate the
skills, experience and diversity of its Board.
SKILL / ATTRIBUTE RELEVANT DIRECTOR
Sales, marketing and brand experience Chiu, Yeo
Governance experience Austin, Chiu, Henderson,
Kwek, Sim, Yeo
Large enterprise / Multinational business Chiu, Henderson,
or leadership experience Kwek, Sim, Yeo
Accounting / Finance / Tax experience Austin, Kwek
Business strategy experience Austin, Chiu, Henderson,
Kwek, Sim, Tan, Yeo
Property development / Chiu, Kwek, Sim, Yeo
management experience
The Board encourages all directors to undertake their own continuous
education so that they can perform their duties as directors and
provide maximum benefit to the Board and to shareholders.
In 2018, CDLI adopted a Diversity Policy with the following principles:
• We encourage diversity and inclusion in the workplace, not
just because it is best practice, but also because it makes good
business sense.
• We create a working environment free of harassment,
victimisation and unlawful discrimination and have a
whistleblowing policy in place. We promote dignity and respect
for all employees where individual differences and their
contributions are recognised and valued.
• These principles apply to our own staff, suppliers and
stakeholders and we aim to apply them in our local communities
as well.

6 | CDL Investments New Zealand Limited
about the audit services, oversee those audit services and reviewing
and recommending the Company’s financial statements (half-year
and full year) and corporate governance policies.
CDI formed a Nominations Committee of the Board comprising
Messrs. Austin and Chiu in 2020. The Committee has been
considering possible nominations for a new appointment to
the Board.
CDI does not currently have a Remuneration Committee. The Board
as a whole deals with the issues that would normally be dealt with
by these committees and conducts periodic reviews of its fees and
the remuneration of the Managing Director and senior management.
Vacancies and appointments to the Board are considered by the
Board as a whole. For those reasons, CDI does not consider it
necessary to form and maintain either Committee at this time.
The Board has not established a protocol which sets out procedures
to be followed in the event of a takeover offer being received by
the Company. This is because the Board considers that receipt of
a takeover offer to be a very unlikely event in light of CDL Hotels
Holdings New Zealand Limited’s long-term majority shareholding
in the Company. CDI is also the owner of property assets including
“sensitive land” (as defined under the Overseas Investment Act 2015)
which, if the subject of an overseas takeover offer, would require
regulatory and / or government approvals for their acquisition.
CDI’s Board believes that the Company would have sufficient time
to adopt protocols and procedures necessary to respond to any such
offer when received and to communicate those to shareholders. CDI’s
Board therefore believes that it is reasonable and appropriate for the
Company not to follow Recommendation 3.6 of the new Code at this
time but agrees with the principles behind Recommendation 3.6.
REPORTING & DISCLOSURE
(PRINCIPLE 4)
The Board should demand integrity in financial and
non-financial reporting and in the timeliness and balance
of corporate disclosures.
As an NZX-listed entity, CDI recognises the need to ensure that it
is fully compliant in terms of reporting and disclosure and has in
place a Continuous Disclosure Policy (CDP) which applies to CDI,
its subsidiaries (“Group”), and all their respective directors and
employees. The Board has appointed the Chairman, the Chairman
of the Audit Committee, the Managing Director, the Company
Secretary and the Vice President Finance to act as CDI’s Continuous
Disclosure Committee (the Disclosure Committee). A quorum of
the Disclosure Committee shall consist of no less than three (3) of
these persons.
The Disclosure Committee is responsible for:
• Determining what information amounts to material information
and must be disclosed;
• Determining the timing of disclosure of any information in
accordance with the CDP;
• Approving the content of any disclosure to NZX (including
matters not directly covered by the CDP);
• Ensuring that all employees and directors within the Group
whom the Committee considers appropriate receive a copy of
the CDP and appropriate training with respect to it;
• Developing mechanisms designed to identify potential material
information (e.g. agenda item on management meetings); and
• Liaising with legal advisers in respect of CDI’s compliance with
its continuous disclosure obligations.
The key points from the CDP are:
• No person may release material information concerning CDI
to any person who is not authorised to receive it without the
approval of the Disclosure Committee.
• The Board will consider at each Board meeting whether there
is any information that may require disclosure in accordance
with the CDP, and will note any disclosures made subsequent to
the prior meeting. Any employee or director of CDI must inform
a member of the Disclosure Committee as soon as practicable
after that person becomes aware of any material information.
• The CDP includes a list of incidents which should be disclosed
to a member of the Disclosure Committee. The Disclosure
Committee must confer, decide whether disclosure is required,
and coordinate disclosure of any material information in a form
specified by the Listing Rules as soon as practicable after it
becomes aware of the existence of material information, unless
it determines:
a) a reasonable person would not expect the information to be
disclosed; and
b) the information is confidential and its confidentiality is
maintained; and
c) one or more of the following applies:
i) it would breach the law to disclose the information; or
ii) the information concerns an incomplete proposal or
negotiation; or
iii) the information comprises matters of supposition or is
insufficiently definite to warrant disclosure; or
iv) the information is generated for internal management
purposes of CDI or its subsidiaries; or
v) the information is a trade secret.
The Disclosure Committee will ensure that all Board members, not
already aware of the information, are promptly provided with it.
• The Disclosure Committee is responsible for CDI’s obligations
under the Listing Rules to release material information to NZX
to the extent necessary to prevent development or subsistence
of a market for its listed securities which is materially influenced
by false or misleading information emanating from the issuer
or any associated person of the issuer; or other persons in
circumstances in each case which would give such information
substantial credibility.
CORPORATE GOVERNANCE – continued

CDL Investments New Zealand Limited | 7

RISK MANAGEMENT
(PRINCIPLE 6)
Directors should have a sound understanding of the material
risks faced by the issuer and how to manage them. The
Board should regularly verify that the issuer has appropriate
processes that identify and manage potential and material
risks.
CDI’s Board, Audit Committee and Management Team all have a role
in identifying areas of risk and understanding their impact on the
Company as well as how these areas are to be mitigated.
CDI’s Management Team is responsible for the day-to-day
identification, assessment and management of risks applicable to
the Company as well as the implementation of appropriate controls,
processes and policies to manage such risks. Management also
ensures that there are training programmes in place to identify,
mitigate or eliminate hazards and risks in the workplace.
The Audit Committee’s role is to review and report to the Board on
the adequacy of Management’s oversight and implementation of
risks with particular regard to financial and operational risks. The
Audit Committee also has oversight of the Company’s Internal Audit
function and reviews internal audit reports as part of its duties.
The Board is ultimately responsible for the oversight and
implementation of the Company’s responses to risk management.
CDI’s Board has identified four main risks areas being Market,
Operational, Financial and Global Risks. Market Risks may arise
through changes in demand from customers, competitor pricing
development trends and external events. Operational Risks may
arise from changes to the regulatory environment such as district
or local plan changes, health and safety issues, material changes
to CDI’s subdivisions and development plans or strategy, overseas
investment legislation, key personnel changes and other such events.
Financial Risks may arise where earnings or cashflow change or are
affected in some way due to adverse customer demand or other
market conditions or events within or outside CDI’s control. Global
Risks refer to situations like a global catastrophe, natural disaster or
crisis event which is beyond CDI’s control but have an impact on its
earnings and / or operations.
CDI has a series of internal controls in place covering such areas
as financial monitoring and reporting, human resources and risk
management. The primary responsibility for monitoring and reporting
against internal controls and remedying any deficiencies lies with
Management.
CDI also keeps current insurances appropriate to its business with
reputable global insurers.
• All employees of CDI, as soon as practicable after becoming
aware of a rumour or speculation that is “generally available
to the market”, must disclose the existence of that rumour or
speculation to a member of the Disclosure Committee.
• The Disclosure Committee is also responsible for co-ordinating
CDI’s responses to leaks and inadvertent disclosures. Even in
the event that leaked or inadvertently disclosed information is
not price sensitive, the Disclosure Committee should consider
whether the information should be released to NZX via its
market announcement platform in order to provide investors
with equal access.
• All external communications by CDI must comply with the
CDP, any media policy and the Company’s rules with respect
to confidential information. No material information is to be
disclosed to such persons before it is released to NZX.
• Slides and presentations used in briefings should be released to
NZX for immediate release to the market.
Prior to approval and release of CDI’s half year and full year results,
the Vice President Finance and Company Secretary are required to
provide a letter of representation to the Board (or its nominated
subcommittee) that the financial statements have been prepared
in accordance with generally accepted accounting practice and are
correct in all material respects.
Copies of annual reports and key corporate governance documents and
policies are available at https://cdlinvestments.co.nz/corporate_profile/.
REMUNERATION
(PRINCIPLE 5)
The remuneration of directors and executives should be
transparent, fair and reasonable.
The total pool for Directors’ Fees is capped at $180,000 and was
last approved by shareholders in 1996. All non-executive directors
receive a base fee of NZ$30,000 per annum. The Chair of the Audit
Committee receives a further NZ$5,000 per annum. Executive
Directors do not receive Directors’ or Committee fees.
Employee (including the Managing Director and senior management)
remuneration is made up of two primary components being a fixed
component and a short term incentive. Remuneration is determined
with reference to market information as well as the responsibilities
of the position, experience and overall performance. Short term
incentives are designed to reward high performing employees with
appropriate incentives which are measured on key performance
indicators which are reviewed and monitored regularly and company
performance. The Company reserves the right to suspend or adjust
incentives if targets are not met. CDI does not currently have an
employee share plan or a long term incentive scheme.
CORPORATE GOVERNANCE – continued

8 | CDL Investments New Zealand Limited
AUDITORS
(PRINCIPLE 7)
The Board should ensure the quality and independence of the
external audit process.
External Audit plays a critical role in ensuring the integrity of
financial reporting. The role of the external auditor is to plan and
carry out an audit of CDI’s annual financial reports and review the
half-yearly reports. The Audit Committee reviews the performance
and independence of the external auditors.
CDI has in place an External Auditor Independence Policy which deals
with the provision of services by the CDI’s external auditors, auditor
rotation and the relationships between the external auditor and the
Company. The policy states that:
The Audit Committee shall only recommend to the Board a firm to be
external auditor if that firm:
• would be regarded by a reasonable investor, with full knowledge
of all relevant facts and circumstances, as capable of exercising
objective and impartial judgment on all issues encompassed
within the auditor’s engagement;
• audit partners are members of Chartered Accountants Australia
New Zealand (CAANZ);
• has not, within two years prior to the commencement of the
audit, had as a member of its audit engagement team CDI’s
Managing Director, Vice President Finance, Group Accounting
Manager, or any member of the Company’s Management who
acts in a financial oversight role.
• does not allow the direct compensation of its audit partners for
selling non-audit services to CDI.
The general principles to be applied in assessing non-audit services
are as follows:
a) the external auditor should not have any involvement in the
production of financial information or preparation of financial
statements such that they might be perceived as auditing their own
work. This includes the provision of bookkeeping and payroll services
as well as valuation services where such valuation forms an input
into audited financial information;
b) the external auditor should not perform any function of
management, or be responsible for making management decisions;
c) the external auditor should not be responsible for the design or
implementation of financial information systems; and
d) the separation between internal audit and external audit should
be maintained.
CDI’s Audit Committee shall pre-approve all audit and related services
that are to be provided by the auditor. Aside from core external
audit services, it is appropriate for the CDI’s auditors to provide the
following services:
• due diligence (except valuations) on proposed transactions;
• review of financial information where third party verification
is required or deemed necessary (outside the normal audit
process);
• completion audits / reviews;
• financial model preparation or review;
• accounting policy advice;
• listing advice;
• accounting/technical training; and
• taxation services of an assurance nature
It is not considered appropriate for CDI’s external auditors to provide:
• book keeping services related to accounting records or financial
statements;
• tax planning and strategy services unless specifically approved
by the Audit Committee;
• appraisal / valuation services including opinions as to fairness;
• provision of payroll services;
• the design or implementation of financial information systems;
• outsourced internal audit and risk management services;
• legal services;
• management functions;
• broker / dealer / investment adviser / investment banking
services;
• advocacy for the Company;
• actuarial services; and
• assistance in the recruitment of senior management.
These prohibitions apply to all offices of the audit firm, including
overseas offices and affiliates.
The billing arrangements for services provided by CDI’s external
auditors should not include any contingent fees.
CDI’s expects that its external auditors will rigorously comply
with their own internal policies on independence and all relevant
professional guidance, including independence rules and guidance
issued by CAANZ.
The nature of services provided by CDI’s auditors and the level of
fees incurred should be reported to the Audit Committee Chairman
semi-annually (or sooner where requested) to enable the Committee
to perform its oversight role and report back to the Board. This policy
does not prescribe any particular ratio of non-audit service fees to
audit fees but the Committee shall monitor the fees and ratio.
CORPORATE GOVERNANCE – continued

CDL Investments New Zealand Limited | 9

The continued appointment of CDI’s external auditors is confirmed
annually by the Board on recommendation from the Audit
Committee.
Rotation of the lead audit partner or firm will be required every five
years. Lead audit partners who are rotated will be subject to a 2 year
cooling off period (i.e. 2 years must expire between the rotation
of an audit partner and that partner’s next engagement with the
Company).
The hiring by CDI of any former lead audit partner or audit manager
must first be approved by the Chairman of the Audit Committee.
There are no other restrictions on the hiring of other staff from the
audit firm.
KPMG are currently CDI’s external auditor and the lead external audit
engagement partner was rotated in 2018.
The Audit Committee monitors local and overseas practice on auditor
independence regularly to ensure that this policy remains consistent
with best practice and meets CDI’s requirements.
CDI’s external auditors also attend the Company’s Annual Meeting
to answer any questions from shareholders as to the audit and the
content of the Annual Report.
SHAREHOLDER RIGHTS & COMMUNICATION
(PRINCIPLE 8)
The Board should respect the rights of shareholders and foster
constructive relationships with shareholders that encourage
them to engage with the issuer.
CDI is committed to providing shareholders and stakeholders with
timely information on its activities and performance. CDI does this
through a number of channels including:
• announcements in accordance with continuous disclosure as
required under the Listing Rules;
• publication of the company’s annual and interim reports which
are sent to all shareholders; and
• encouraging shareholders to attend the Annual Meeting in May
of each year to hear the Chairman and the Managing Director
provide updates on the company’s performance, ask questions
of the Board and vote on the resolutions to be determined at
the meeting. Resolutions at shareholder meetings are usually
determined by poll where each ordinary shareholder has one
vote per share.
Relevant communications, copies of annual reports and key corporate
governance documents and policies are now available on a dedicated
webpage https://cdlinvestments.co.nz/corporate_profile/.
CORPORATE GOVERNANCE – continued

CDL INVESTMENTS NEW ZEALAND LIMITED
10 | CDL Investments New Zealand Limited
2016
2016
2016
2016
2017
2018
2020
2019
2018
2019
2020
2017
2018
2019
2020
2017
45,000
50,000
55,000
60,000
65,000
70,000
75,000
80,000
Property Sales & Other Income
Profit for the Year
18,000
15,000
21,000
24,000
27,000
33,000
30,000
Dollars ($ '000)
2018
2019
2020
2017
100,000
120,000
140,000
180,000
160,000
200,000
220,000
240,000
260,000
Dollars ($ '000)
Group Equity
50.0
60.0
70.0
90.0
80.0
100.0
Cents per share
Asset Backing Per Share (Before Distribution)
85,000
90,000
95,000
Dollars ($ '000)
36,000
2016
2016
2016
2016
2017
2018
2020
2019
2018
2019
2020
2017
2018
2019
2020
2017
45,000
50,000
55,000
60,000
65,000
70,000
75,000
80,000
Property Sales & Other Income
Profit for the Year
18,000
15,000
21,000
24,000
27,000
33,000
30,000
Dollars ($ '000)
2018
2019
2020
2017
100,000
120,000
140,000
180,000
160,000
200,000
220,000
240,000
260,000
Dollars ($ '000)
Group Equity
50.0
60.0
70.0
90.0
80.0
100.0
Cents per share
Asset Backing Per Share (Before Distribution)
85,000
90,000
95,000
Dollars ($ '000)
36,000
FINANCIAL SUMMARY
For the year ended 31 December 2020
TREND STATEMENT
For the year ended 31 December 2020
Property Sales & Other Income
Profit for the Year
Group Equity
Asset Backing Per Share (Before Distribution)
2016
2016
2016
2016
2017
2018
2020
2019
2018
2019
2020
2017
2018
2019
2020
2017
45,000
50,000
55,000
60,000
65,000
70,000
75,000
80,000
Property Sales & Other Income
Profit for the Year
18,000
15,000
21,000
24,000
27,000
33,000
30,000
Dollars ($ '000)
2018
2019
2020
2017
100,000
120,000
140,000
180,000
160,000
200,000
220,000
240,000
260,000
Dollars ($ '000)
Group Equity
50.0
60.0
70.0
90.0
80.0
100.0
Cents per share
Asset Backing Per Share (Before Distribution)
85,000
90,000
95,000
Dollars ($ '000)
36,000
2016
2016
2016
2016
2017
2018
2020
2019
2018
2019
2020
2017
2018
2019
2020
2017
45,000
50,000
55,000
60,000
65,000
70,000
75,000
80,000
Property Sales & Other Income
Profit for the Year
18,000
15,000
21,000
24,000
27,000
33,000
30,000
Dollars ($ '000)
2018
2019
2020
2017
100,000
120,000
140,000
180,000
160,000
200,000
220,000
240,000
260,000
Dollars ($ '000)
Group Equity
50.0
60.0
70.0
90.0
80.0
100.0
Cents per share
Asset Backing Per Share (Before Distribution)
85,000
90,000
95,000
Dollars ($ '000)
36,000
In thousands of dollars (unless otherwise stated) 2016 2017 2018 2019 2020
Property sales & other income 74,471 78,667 85,030 91,794 88,778
Profit before income tax 37,538 44,668 46,719 47,426 41,811
Profit for the year 27,028 32,161 33,641 34,140 30,099
Earnings per share 9.77c 11.60c 12.10c 12.26c 10.75c
Dividends per share 3.00c 3.50c 3.50c 3.50c 3.50c
Percentage of dividends per share over earnings per share 30.7% 30.2% 28.9% 28.5% 32.6%
Asset backing per share (before distributions) 58.4c 67.1c 75.7c 84.5c 91.7c
Total assets 168,277 191,706 217,614 240,700 265,005
Group equity 161,795 186,112 210,594 235,510 257,131

CDL Investments New Zealand Limited | 11

CDL INVESTMENTS NEW ZEALAND LIMITED
FINANCIAL STATEMENTS – CONTENTS
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME 12
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY 13
CONSOLIDATED STATEMENT OF FINANCIAL POSITION 14
CONSOLIDATED STATEMENT OF CASH FLOWS 15-16
NOTES TO THE FINANCIAL STATEMENTS 17-29
INDEPENDENT AUDITOR'S REPORT 30-32

REGULATORY DISCLOSURES 33-34
STATUTORY INFORMATION 35-39
REGULATORY DISCLOSURES & STATUTORY INFORMATION –
CONTENTS

12 | CDL Investments New Zealand Limited
CDL INVESTMENTS NEW ZEALAND LIMITED
The accompanying notes form part of, and should be read in conjunction with these financial statements.
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
For the year ended 31 December 2020
GROUP
In thousands of dollars Note 2020 2019
Revenue 88,633 91,610
Cost of sales (43,290) (40,861)
Gross Profit 45,343 50,749
Other income 145 184
Administrative expenses 3, 4 (256) (240)
Property expenses (417) (384)
Selling expenses (2,541) (2,559)
Other expenses 3, 4 (1,499) (1,349)
Results from operating activities 40,775 46,401
Finance income 5 1,038 1,029
Finance costs 5 (2) (4)
Net finance income 1,036 1,025
Profit before income tax 41,811 47,426
Income tax expense 6 (11,712) (13,286)
Profit for the period 30,099 34,140
Total comprehensive income for the period 30,099 34,140
Profit attributable to:
Equity holders of the parent 30,099 34,140
Total comprehensive income for the period 30,099 34,140
Earnings per share (cents per share) 14 10.75 12.26

CDL Investments New Zealand Limited | 13

CDL INVESTMENTS NEW ZEALAND LIMITED
The accompanying notes form part of, and should be read in conjunction with these financial statements.
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
For the year ended 31 December 2020
GROUP
In thousands of dollars Note Share Capital Retained Earnings Total Equity
Balance at 1 January 2019 54,864 155,730 210,594
Total comprehensive income for the period
Profit for the period - 34,140 34,140
Total comprehensive income for the period - 34,140 34,140
Transactions with owners of the Company
Shares issued under dividend reinvestment plan 13 510 - 510
Dividend to shareholders 13 - (9,734) (9,734)
Supplementary dividend - (309) (309)
Foreign investment tax credits - 309 309
Balance at 31 December 2019 55,374 180,136 235,510
Balance at 1 January 2020 55,374 180,136 235,510
Total comprehensive income for the period
Profit for the period - 30,099 30,099
Total comprehensive income for the period - 30,099 30,099
Transactions with owners of the Company
Shares issued under dividend reinvestment plan 13 1,280 - 1,280
Dividend to shareholders 13 - (9,758) (9,758)
Supplementary dividend - (286) (286)
Foreign investment tax credits - 286 286
Balance at 31 December 2020 56,654 200,477 257,131

14 | CDL Investments New Zealand Limited
CDL INVESTMENTS NEW ZEALAND LIMITED
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
As at 31 December 2020
GROUP
In thousands of dollars Note 2020 2019
SHAREHOLDERS’ EQUITY
Issued capital 13 56,654 55,374
Retained earnings 200,477 180,136
Total Equity 257,131 235,510
Represented by:
NON CURRENT ASSETS
Property, plant and equipment 23 32
Development property 8 119,096 145,138
Investment property 9 3,325 -
Investment in associate 17 2 2
Total Non Current Assets 122,446 145,172
CURRENT ASSETS
Cash and cash equivalents 12 10,111 34,435
Short term deposits 15 86,620 19,620
Trade and other receivables 11 3,486 3,932
Development property 8 42,342 37,541
Total Current Assets 142,559 95,528
Total Assets 265,005 240,700
NON CURRENT LIABILITIES
Deferred tax liabilities 10 59 63
Lease liability 3 10
Total Non Current liabilities 62 73
CURRENT LIABILITIES
Trade and other payables 3,932 984
Employee entitlements 52 38
Income tax payable 3,821 4,081
Lease liability 7 14
Total Current Liabilities 7,812 5,117
Total Liabilities 7,874 5,190
Net Assets 257,131 235,510
For and on behalf of the Board
R AUSTIN, DIRECTOR, 17 February 2021 BK CHIU, MANAGING DIRECTOR, 17 February 2021

CDL Investments New Zealand Limited | 15

CDL INVESTMENTS NEW ZEALAND LIMITED
CONSOLIDATED STATEMENT OF CASH FLOWS
For the year ended 31 December 2020
GROUP
In thousands of dollars Note 2020 2019
CASH FLOWS FROM OPERATING ACTIVITIES
Cash was provided from:
Receipts from customers 89,391 89,650
Interest received 871 1,225
Cash was applied to:
Payment to suppliers (21,979) (49,854)
Payment to employees (546) (527)
Deposits paid on unconditional contracts for development land - (78)
Purchase of development land (1,260) (9,060)
Income tax paid (11,690) (13,646)
Net Cash Inflow from Operating Activities 54,787 17,710
CASH FLOWS FROM INVESTING ACTIVITIES
Cash was provided from:
Short term deposits 19,620 38,620
Cash was applied to:
Development of investment property (3,325) -
Purchase of plant and equipment (6) (6)
Short term deposits (86,620) (19,620)
Net Cash Inflow/(Outflow) From Investing Activities (70,331) 18,994
CASH FLOWS FROM FINANCING ACTIVITIES
Cash was applied to:
Dividend paid (8,478) (9,224)
Principal repayment of lease liability (16) (16)
Supplementary dividend paid (286) (309)
Net Cash Outflow from Financing Activities (8,780) (9,549)
Net Increase/(Decrease) in Cash and Cash Equivalents (24,324) 27,155
Add Opening Cash and Cash Equivalents 34,435 7,280
Closing Cash and Cash Equivalents 12 10,111 34,435
The accompanying notes form part of, and should be read in conjunction with these financial statements.

16 | CDL Investments New Zealand Limited
CDL INVESTMENTS NEW ZEALAND LIMITED
CONSOLIDATED STATEMENT OF CASH FLOWS – continued
For the year ended 31 December 2020
GROUP
In thousands of dollars Note 2020 2019
RECONCILIATION OF PROFIT FOR THE PERIOD TO CASH FLOWS FROM OPERATING ACTIVITIES
Net Profit after Taxation 30,099 34,140
Adjusted for non cash items:
Depreciation 1 1
Depreciation of right-of-use assets 14 14
Income tax expense 6 11,712 13,286
Adjustments for movements in working capital:
(Increase)/Decrease in receivables 446 (1,948)
Increase in development properties 21,241 (12,955)
Increase/(Decrease) in payables 2,964 (1,182)
Cash generated from operating activities 66,477 31,356
Income tax paid (11,690) (13,646)
Cash Inflow from Operating Activities 54,787 17,710

CDL Investments New Zealand Limited | 17

CDL INVESTMENTS NEW ZEALAND LIMITED
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
For the year ended 31 December 2020
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 financial statements of the Company for the year ended 31 December 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 financial statements have been prepared in accordance with New Zealand Generally Accepted Accounting Practice (“NZ GAAP”). They
comply with New Zealand equivalents to International Financial Reporting Standards (“NZ IFRS”) and other applicable Financial Reporting
Standards, as appropriate for Tier 1 profit-oriented entities. The financial statements also comply with International Financial Reporting
Standards (“IFRS”).
The financial statements were authorised for issuance on 17 February 2021.
(b) Basis of preparation
The financial statements are presented in New Zealand Dollars ($), which is the Company’s functional currency. All financial information
presented in New Zealand dollars has been rounded to the nearest thousand.
The financial statements have been prepared on the historical cost basis.
The preparation of financial statements in conformity with NZ IFRS requires management to make judgements, estimates and assumptions
that affect the application of company policies and reported amounts of assets and liabilities, income and expenses. Estimates and
underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the
estimate is revised and in any future period affected.
In particular, information about significant areas of estimation uncertainty and critical judgements in applying accounting policies that
have the most significant effect on the amounts recognised in the financial statements are described in Note 2 – Accounting Estimates
and Judgements.
(c) Basis of consolidation
(i) Subsidiaries
Subsidiaries are entities controlled by the Company. The Company controls an entity when it is exposed to, or has rights to, variable
returns from its involvement with the entity and has the ability to affect those returns through its power over the entity. The financial
statements of subsidiaries are included in the consolidated financial statements from the date on which control commences until the date
on which control ceases.
(ii) Subsidiaries
Intragroup balances and any unrealised gains and losses or income and expenses arising from intragroup transactions, are eliminated in
preparing these consolidated financial statements.
(d) Property, plant and equipment
Items of property, plant and equipment are stated at cost less accumulated depreciation. The cost of purchased property, plant and
equipment is the value of the consideration given to acquire the assets and the value of other directly attributable costs, which have been
incurred in bringing the assets to the location and condition necessary for their intended service. Depreciation on assets is calculated using
the straightline method to allocate cost to their residual values over their estimated useful lives, as follows:
Plant and equipment 3 - 10 years
(e) Trade and other payables
Trade and other payables are stated at cost.
(f) Revenue
Revenue represents amounts derived from land and property sales, and is recognised when the customer obtains control of the property
and is able to direct and obtain the benefits from the property. The customer gains control of the property when the Company receives full
and final consideration for the property and the Company transfers over the Certificate of Title.

18 | CDL Investments New Zealand Limited
CDL INVESTMENTS NEW ZEALAND LIMITED
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS – continued
For the year ended 31 December 2020
SIGNIFICANT ACCOUNTING POLICIES – continued
(g) New standards and interpretations not yet adopted
The following new standards and amendments to standards are not yet effective for the year ended 31 December 2020, and have not been
applied in preparing these consolidated financial statements:
• Onerous Contracts – Cost of Fulfilling a Contract (Amendments to NZ IAS 37)
• Interest Rate Benchmark Reform – Phase 2 (Amendments to NZ IFRS 9, IAS 39, NZ IFRS 7, NZ IFRS 4 and NZ IFRS 16)
• COVID-19 Related Rent concessions (Amendment to NZ IFRS 16)
• Property, Plant and Equipment: Proceeds before Intended Use (Amendments to NZ IAS 16)
• Reference to Conceptual Framework (Amendments to NZ IFRS 3)
• Classification of Liabilities as Current or Non-current (Amendments to NZ IAS 1)
• NZ IFRS 17 Insurance Contracts and Amendments to NZ IFRS 17 Insurance Contracts
The Group has assessed the new standards and the adoption of these standards is not expected to have a material impact on the Group’s
financial statements.

CDL Investments New Zealand Limited | 19

CDL INVESTMENTS NEW ZEALAND LIMITED
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS – continued
For the year ended 31 December 2020
1. 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.
An operating segment is a distinguishable component of the Group:
• that is engaged in business activities from which it earns revenues and incurs expenses,
• whose operating results are regularly reviewed by the Group’s chief operating decision maker to make decisions on resource
allocation to the segment and assess its performance, and
• for which discrete financial information is available.
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.
2. ACCOUNTING ESTIMATES AND JUDGEMENTS
Management discussed with the Audit Committee the development, selection and disclosure of the Group’s critical accounting policies and
estimates and the application of these policies and estimates.
Key sources of estimation uncertainty
In Note 15, detailed analysis is given of the interest rate and credit risk exposure of the Group and risks in relation thereto. The Group is also
exposed to a risk of impairment to development properties should the carrying value exceed the market value due to market fluctuations in the
value of development properties. However, there is no indication of impairment as in Note 8 the carrying value of development properties is
$161,438,000 (2019: $182,679,000) while the market value determined by an independent registered valuer is $286,380,000 (2019: $315,620,000).
3. ADMINISTRATIVE AND OTHER EXPENSES
The following items of expenditure are included in administrative and other expenses: GROUP
In thousands of dollars Note 2020 2019
Auditors’ remuneration
- Audit fees 55 54
- Tax compliance & advisory fees 4 7
Depreciation 15 15
Directors’ fees 17 130 130
Rental payments 66 66
Other 939 790
Total excluding personnel expenses 1,209 1,062

20 | CDL Investments New Zealand Limited
CDL INVESTMENTS NEW ZEALAND LIMITED
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS – continued
For the year ended 31 December 2020
4. PERSONNEL EXPENSES
The following items of expenditure are included in administrative and other expenses: GROUP
In thousands of dollars 2020 2019
Wages and salaries 480 455
Employee related expenses and benefits 64 70
Increase in liability for long-service leave 2 2
546 527
The Group’s net obligation in respect of long-term service benefits, is the amount of future benefit that employees have earned in return for
their service in the current and prior periods. The obligation is calculated using their expected remunerations and an assessment of likelihood
the liability will arise.
5. NET FINANCE INCOME
GROUP
In thousands of dollars 2020 2019
Interest income 1,038 1,029
Finance income 1,038 1,029
Interest expense (2) (4)
Finance costs (2) (4)
Net finance income 1,036 1,025
Finance income comprises interest receivable on funds invested that are recognised in the profit or loss. Interest income is recognised in profit
or loss as it accrues, using the effective interest method.
Finance costs comprises interest costs on lease liabilities that are recognised in the income statement.
6. INCOME TAX EXPENSE
Recognised in the statement of comprehensive income
In thousands of dollars GROUP
Current tax expense 2020 2019
Current year 11,711 13,289
Adjustments for prior years 5 5
11,716 13,294
Deferred tax expense

Origination and reversal of temporary differences (4) (10)
Adjustments for prior years - 2
(4) (8)
Total income tax expense in the statement of comprehensive income 11,712 13,286

CDL Investments New Zealand Limited | 21

CDL INVESTMENTS NEW ZEALAND LIMITED
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS – continued
For the year ended 31 December 2020
6. INCOME TAX EXPENSE – continued
Reconciliation of effective tax rate
GROUP
In thousands of dollars 2020 2019
Profit before income tax 41,811 47,426
Income tax using the company tax rate of 28% (2019: 28%) 11,707 13,279
Adjusted for: Under/(over) provided in prior years 5 7
11,712 1 3,286
Effective tax rate 28% 28%
Income tax for the year comprises current and deferred tax. Income tax is recognised in profit or loss except to the extent that it relates to
items recognised directly in equity or other comprehensive income, in which case it is recognised in equity or in other comprehensive income.
Current tax is the expected tax payable on the taxable income for the year, using tax rates enacted or substantively enacted at the balance
date, and any adjustment to tax payable in respect of previous years.
Deferred tax is recognised in respect of temporary differences between the carrying amounts of assets and liabilities for financial reporting
purposes and the amounts used for taxation purposes. The temporary differences relating to investments in subsidiaries are not provided for to
the extent that they will probably not reverse in the foreseeable future. The amount of deferred tax provided is based on the expected manner of
realisation or settlement of the carrying amount of assets and liabilities, using tax rates enacted or substantively enacted at the balance date.
A deferred tax asset is recognised only to the extent that it is probable that future taxable profits will be available against which the asset can
be utilised. Deferred tax assets are reduced to the extent that it is no longer probable that the related tax benefit will be realised.
7. IMPUTATION CREDITS GROUP
In thousands of dollars 2020 2019
Imputation credits available for use in subsequent reporting periods 75,946 67,765
8. DEVELOPMENT PROPERTY GROUP
In thousands of dollars 2020 2019
Expected to settle greater than one year 119,096 145,138
Expected to settle within one year 42,342 37,541
Development property 161,438 182,679
Development property is carried at the lower of cost and net realisable value. Cost includes the cost of acquisition, development, and holding
costs such as interest. Interest and other holding costs incurred after completion of development are expensed as incurred. All holding costs are
written off through profit or loss in the year incurred with the exception of interest holding costs which are capitalised during the period when
active development is taking place. No interest (2019: nil) has been capitalised during the year. Development property includes deposits paid on
unconditional contracts for development land.
The Group’s inventory of development property is reviewed at each balance date to ensure its carrying amount is recorded at the lower of
its cost and net realisable value. The net realisable value of the development property is the estimated selling price in the ordinary course of
business less the estimated costs of completion and costs necessary to make the sale. The determination of net realisable value of inventory
involves estimates taking into consideration prevailing market conditions, current prices and expected date of commencement and completion
of the project, the estimated future selling price, cost to complete projects and selling costs. An impairment loss is recognised in the income
statement to the extent that the carrying value of development property exceeds its estimated net realisable value.
The value of development property held at 31 December 2020 was determined, on an open market existing use basis, by an independent
registered valuer, DM Koomen SPINZ of Extensor Advisory Limited as $286.4 million (2019: $315.6 million). The fair value is determined to
estimate the net realisable value.
The fair value of development property as determined by the independent valuer is categorised as Level 3 based on the inputs to the valuation
methodology. The basis of the valuation is the hypothetical subdivision approach and/or block land sales comparisons to derive the residual
block land values. The major unobservable inputs that are used in the valuation model that require judgement include the individual section
prices, allowances for profit and risk, projected completion and sell down periods and interest rates during the holding period. The estimated
fair value would increase or (decrease) if: the individual section prices were higher/(lower); the allowances for profit were higher/(lower); the
allowances for risk were lower/(higher); the projected completion and sell down periods were shorter/(longer); and the interest rate during the
holding period was lower/(higher).

22 | CDL Investments New Zealand Limited
CDL INVESTMENTS NEW ZEALAND LIMITED
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS – continued
For the year ended 31 December 2020
9. INVESTMENT PROPERTY GROUP
In thousands of dollars Freehold Land Buildings Work in Total
Progress
Cost
Balance at 1 January 2020 - - - -
Acquisitions 265 2,873 187 3,325
Balance at 31 December 2020 265 2,873 187 3,325
Depreciation and impairment losses
Balance at 1 January 2020 - - - -
Balance at 31 December 2020 - - - -
Carrying amounts
Balance at 1 January 2020 - - -
Balance at 31 December 2020 265 2,873 187 3,325
Investment properties consist of retail shops at Stonebrook in Rolleston and retail shops at Prestons Park in Christchurch. The former were
completed during December 2020 while the latter are currently under construction. The fair value of investment properties held at 31 December
2020 was determined by an independent registered valuer, DM Koomen SPINZ, of Extensor Advisory Limited as $6.43 million (2019: nil).
Investment properties are properties held either to earn rental income or capital appreciation or for both, but not for sale in the ordinary
course of business, use in the production or supply of goods and services, or for administrative purposes.
Investment properties are stated at cost less accumulated depreciation and accumulated impairment losses. Cost includes expenditure that is
directly attributable to the acquisition of the investment properties. Costs of self-constructed investment properties include costs of materials
and direct labour, any other costs directly attributable to bringing the investment properties to a working condition for their intended use and
capitalised borrowing costs. Gains and losses on disposal of investment properties (calculated as the difference between the net proceeds from
disposal and the carrying amounts of the investment properties) are recognised in the profit and loss.
The fair value of development property as determined by the independent valuer is categorised as Level 3 based on the inputs to the valuation
methodology. The basis of the valuation is the capitalisation of the assessed market rentals allowing for vacancies and leasing fees to derive
the fair values. The major unobservable inputs that are used in the valuation model that require judgement include the rental rate on the
individual tenancy, allowances for vacancies, estimation of leasing fees, and interest rates during the holding period. The estimated fair value
would increase or (decrease) if: the individual rental rates were higher/(lower); the allowances for vacancies were (higher)/lower; the allowances
of leasing fees were lower/(higher); and the interest rate during the holding period was lower/(higher).
10. DEFERRED TAX ASSETS AND LIABILITIES
Recognised deferred tax assets and liabilities
Deferred tax assets and liabilities are attributable to the following: GROUP
Assets Liabilities Net
In thousands of dollars 2020 2019 2020 2019 2020 2019
Development property - - (116) (118) (116) (118)
Employee benefits 50 48 - - 50 48
Trade and other payables 7 7 - - 7 7
Net tax assets/(liabilities) 57 55 (116) (118) (59) (63)

CDL Investments New Zealand Limited | 23

CDL INVESTMENTS NEW ZEALAND LIMITED
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS – continued
For the year ended 31 December 2020
10. DEFERRED TAX ASSETS AND LIABILITIES – continued
Movement in deferred tax balances during the year GROUP
In thousands of dollars Balance 1 Jan 2019 Recognised in profit or loss Balance 31 Dec 2019
Plant and equipment (1) 1 -
Development property (126) 8 (118)
Employee benefits 56 (8) 48
Trade and other payables - 7 7
(71) 8 (63)
GROUP
In thousands of dollars Balance 1 Jan 2020 Recognised in profit or loss Balance 31 Dec 2020
Development property (118) 2 (116)
Employee benefits 48 2 50
Trade and other payables 7 - 7
(63) 4 (59)
11. TRADE AND OTHER RECEIVABLES GROUP
In thousands of dollars 2020 2019
Trade receivables 86 29
Other receivables and prepayments 3,400 3,903
Trade and other receivables 3,486 3,932
None of the trade and other receivables are impaired.
Trade and other receivables are stated at their cost less impairment losses. The Group applies the simplified approach to providing for expected
credit losses prescribed by NZ IFRS 9, which permits the use of the lifetime expected credit loss provision for all trade receivables. The allowance
for doubtful debts on trade receivables are either individually or collective assessed based on number of days overdue. The Group takes into
account the historical loss experience and incorporate forward looking information and relevant macroeconomic factors.
12. CASH AND CASH EQUIVALENTS GROUP
In thousands of dollars 2020 2019
Bank balances 6,111 3,935
Call deposits 4,000 30,500
Cash and cash equivalents 10,111 34,435
Cash and cash equivalents comprise cash balances and call deposits with an original maturity of three months or less.

24 | CDL Investments New Zealand Limited
CDL INVESTMENTS NEW ZEALAND LIMITED
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS – continued
For the year ended 31 December 2020
13. CAPITAL AND RESERVES PARENT
Share capital 2020 2020 2019 2019
Shares ‘000s $000’s Shares ‘000s $000’s
Shares issued 1 January 278,806 55,374 278,119 54,864
Issued under dividend reinvestment plan 1,629 1,280 687 510
Total shares issued and outstanding 280,435 56,654 278,806 55,374
All shares carry equal rights and rank pari passu with regard to residual assets of the Company and do not have a par value. At 31 December
2020, the authorised share capital consisted of 280,435,135 fully paid ordinary shares (2019: 278,805,580).
Dividend Reinvestment Plan
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.
Accordingly, the Company issued 1,629,555 additional shares under the Dividend Reinvestment Plan on 15 May 2020 (2019: 687,093) at a
strike price of $0.7854 per share issued (2019: $0.7422).
Dividends
The following dividends were declared and paid during the year 31 December:
PARENT
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

After 31 December 2020 the following dividends were declared by the directors. The dividends have not been provided for and there are
no income tax consequences. It is anticipated that a portion of the dividends declared will be paid by way of shares through the Dividend
Reinvestment Plan.
In thousands of dollars
PARENT
3.5 cents ordinary dividend per qualifying ordinary share 9,815
3.5 cents total dividend per qualifying ordinary share 9,815

CDL Investments New Zealand Limited | 25

CDL INVESTMENTS NEW ZEALAND LIMITED
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS – continued
For the year ended 31 December 2020
14. EARNINGS PER SHARE
Basic and diluted earnings per share
The basic earnings per share and the diluted earnings per share are the same. The calculation of basic and diluted earnings per share at 31
December 2020 was based on the profit attributable to ordinary shareholders of $30,099,000 (2019: $34,140,000); and weighted average
number of ordinary shares outstanding during the year ended 31 December 2020 of 279,892,000 (2019: 278,577,000), calculated as follows:
Profit attributable to ordinary shareholders (basic & diluted) GROUP
In thousands of dollars 2020 2019
Profit for the period 30,099 34,140
Profit attributable to ordinary shareholders 30,099 34,140
Weighted average number of ordinary shares
PARENT
2020 2019
Shares ‘000s Shares ‘000s
Issued ordinary shares at 1 January 278,806 278,119
Effect of 1,629,555 shares issued in May 2020 1,086 -
Effect of 687,093 shares issued in May 2019 - 458
Weighted average number of ordinary shares at 31 December 279,892 278,577
15. FINANCIAL INSTRUMENTS
The Group only holds non-derivative financial instruments which comprise trade and other receivables, cash and cash equivalents, short term
deposits, and trade and other payables.
Non-derivative financial instruments are recognised initially at fair value plus, for instruments not at fair value through profit or loss, any
directly attributable transaction costs. Subsequent to initial recognition nonderivative financial instruments are measured as described below.
Financial assets are derecognised if the Group’s contractual rights to the cash flows from the financial assets expire or if the Group transfer the
financial asset to another party without retaining control or substantially all risks and rewards of the asset. Financial liabilities are derecognised
if the Group’s obligations specified in the contract expire or are discharged or cancelled.
GROUP
In thousands of dollars Note 2020 2019
Financial Assets
Cash and cash equivalents 12 10,111 34,435
Short term deposits 86,620 19,620
Trade and other receivables 11 3,486 3,932
Financial Liabilities
Trade and other payables 3,932 984
Exposure to credit and interest rate risks arises in the normal course of the Group’s business.

26 | CDL Investments New Zealand Limited
CDL INVESTMENTS NEW ZEALAND LIMITED
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS – continued
For the year ended 31 December 2020
15. FINANCIAL INSTRUMENTS – continued
Credit risk
Management has a credit policy in place and the exposure to credit risk is monitored on an ongoing basis. Credit evaluations are performed on
all customers requiring credit over a certain amount. The Group does not require collateral in respect of financial assets.
The key factor in managing risk is that the Certificate of Title is only transferred to the purchaser when all cash is received in full upon
settlement.
The Group’s exposure to credit risk is mainly influenced by its customer base. As such it is concentrated to the default risk of its industry.
However, geographically there is no credit risk concentration.
Cash, cash equivalents, and term deposits are allowed only in liquid securities and only with counterparties that have a credit rating equal to or
better than the Group. Given their high credit ratings, management does not expect any counterparty to fail to meet its obligations.
At the balance date there were no significant concentrations of credit risk. The maximum exposure to credit risk is represented by the carrying
amount of each financial asset.
Interest rate risk
The Group has no exposure to interest rate risk as there are no funding facilities (2019: nil). However, the Group is exposed to movements
in interest rates on short-term investments which is explained in the Sensitivity analysis. Interest income is earned on the cash and cash
equivalent balance and the short term deposits balance.
Sensitivity analysis
The Group manages interest rate risk by maximising its interest income through forecasting its cash requirements and cash inflows. Over the
longer-term, however, permanent changes in interest rates will have an impact on profit.
A decrease of one percentage point in interest rates would have decreased the Group’s profit before income tax by $579,000 (2019: $299,000)
in the current period.
Effective interest and repricing analysis
In respect of income earning financial assets, the following tables indicate the effective interest rates at the balance sheet date and the periods
in which they reprice.
Liquidity risk
Liquidity risk represents the Group’s ability to meet its contractual obligations. The Group evaluates its liquidity requirements on an ongoing
basis. In general, the Group generates sufficient cash flows from its operating activities to meet its obligations arising from its financial
liabilities. It is the Group’s policy to provide credit and liquidity enhancement only to wholly owned subsidiaries.
The following table sets out the contractual cash flows for all financial liabilities that are settled on a gross cash flow basis:
GROUP
20202019
In thousands of dollarsBalance Sheet6 months or less6-12 monthsBalance Sheet6 months or less6-12 months
Trade and other payables3,9323,932-984984-
3,9323,932-984984-
GROUP
2020
2019
Note Effective Total 6 months 6-12

In thousands of dollars interest rate or less months
Cash and cash equivalents 12 0.00% to 0.62% 10,111 10,111 -
Short term deposits 0.50% to 1.70% 86,620 86,500 120
96,731 96,611 120



Effective Total 6 months 6-12
interest rate or less months
0.00% to 1.68% 34,435 34,435 -
2.15% to 3.00% 19,620 19,500 120
54,055 53,935 120

CDL Investments New Zealand Limited | 27

CDL INVESTMENTS NEW ZEALAND LIMITED


Effective Total 6 months 6-12

interest rate or less months
0.00% to 1.68% 34,435 34,435 -
2.15% to 3.00% 19,620 19,500 120
54,055 53,935 120
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS – continued
For the year ended 31 December 2020
15. FINANCIAL INSTRUMENTS – continued
Estimation of fair values
The following summarises the major methods and assumptions used in estimating the fair values of financial instruments reflected in the
above tables.
(a) Cash, accounts receivable, accounts payable and related party receivables. The carrying amount for these balances approximate their
fair value because of the short maturities of these items.
Capital management
The Group’s capital includes share capital and retained earnings.
The Group’s policy is to maintain a strong capital base so as to maintain investor, creditor and market confidence and to sustain future
development of the business. The impact of the level of capital on shareholders’ return is also recognised and the Group recognises the need
to maintain a balance between the higher returns that might be possible with greater gearing and the advantages and security afforded by a
sound capital position.
The Group is not subject to any external imposed capital requirements.
The allocation of capital is, to a large extent, driven by optimisation of the return achieved on the capital allocated.
The Group’s policies in respect of capital management and allocation are reviewed regularly by the Board of Directors.
There have been no material changes in the Group’s management of capital during the period.
16. CAPITAL AND LAND DEVELOPMENT COMMITMENTS
As at 31 December 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 2021 in accordance with the Group’s
development programme.
GROUP
In thousands of dollars 2020 2019
Development expenditure 19,696 30,845
Land purchases 56,258 13,631
75,954 44,476

28 | CDL Investments New Zealand Limited
CDL INVESTMENTS NEW ZEALAND LIMITED
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS – continued
For the year ended 31 December 2020
17. RELATED PARTIES
Identity of related parties
The Company has a related party relationship with its subsidiary as well as a fellow subsidiary of its parent (see Note 18), and with its Directors and
executive officers.
Transactions with key management personnel
None of the Directors of the Company and their immediate relatives have control of the voting shares of the Company. Key management
personnel include the Board comprising non-executive directors and executive directors.
The total remuneration and value of other benefits earned by each of the Directors of the Company for the year ended 31 December 2020 was:
GROUP
In thousands of dollars 2020 2019
C Sim 35 35
VWE Yeo 30 30
ES Kwek - -
KS Tan - -
R Austin 35 35
J Henderson 30 30
Total for non-executive directors 130 130
BK Chiu - -
Total for executive directors - -
130 130
Non-executive directors receive director’s fees only. The executive directors do not receive remuneration or any other benefits as a director of
the Parent Company or of the Company’s subsidiary.
Total remuneration of non-executive directors is included in “administrative and other expenses” (see Note 3).
Investment in associate
The Company’s subsidiary, CDL Land New Zealand Limited, has a 33.33% investment in Prestons Road Limited. The principal activities of
Prestons Road Limited are as a service provider and in this regard, it is charged with engaging suitably qualified consultants in fields such as
geotechnical engineering, resource management compliance, subdivision of land, legal and regulatory compliance and related issues.
The associate has no revenue or expenses, therefore the Group’s share of profit in its associate for the year was nil (2019: nil).
The net assets of Prestons Road Limited, not adjusted for the percentage ownership held by the Group, is $6,000 with the Group’s share equal
to $2,000. Prestons Road Limited has a 31 March balance date. No adjustment is made for the difference in balance date of Prestons Road
Limited, because it has no profits to report.
Associates are those entities in which the Group has significant influence, but not control or joint control, over the financial and operating
policies. A joint venture is an arrangement in which the Group has joint control, whereby the Group has rights to the net assets of the
arrangement, rather than rights to its assets and obligations for its liabilities.
Interests in associates are accounted for using the equity method. They are initially recognised at cost, which includes transaction costs.
Subsequent to initial recognition, the consolidated financial statements include the Group’s share of the profit or loss and OCI of equity-
accounted investees, until the date on which significant influence or joint control ceases.
When the Group’s share of losses exceeds its interest in an equity accounted investee, the carrying amount of that interest (including any long-
term investments) is reduced to nil and the recognition of further losses is discontinued except to the extent that the Group has an obligation
or has made payments on behalf of the associate.

CDL Investments New Zealand Limited | 29

CDL INVESTMENTS NEW ZEALAND LIMITED
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS – continued
For the year ended 31 December 2020
18. GROUP ENTITIES
Control of the Group
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 ultimate
holding company is Hong Leong Investment Holdings Pte Ltd in Singapore.
During the year CDL Investments New Zealand Limited has reimbursed its parent, Millennium & Copthorne Hotels New Zealand Limited,
$323,000 (2019: $318,000) for expenses incurred by the parent on behalf of the Group.
During 2020, CDL Investments New Zealand Limited issued no additional shares (2019: nil) to its parent, Millennium & Copthorne Hotels
New Zealand Limited, under the Dividend Reinvestment Plan (see Note 13). The total shares on issue to Millennium & Copthorne Hotels New
Zealand Limited is 184,724,438 (2019: 184,724,438).
19. CONTINGENT LIABILITIES
CDL Investments New Zealand Limited has two bank guarantees in place; the first is a requirement of being listed on the New Zealand Stock
Exchange, and the second as a security to the Auckland Council for infrastructure development surrounding the Nesdale Pond. The combined
maximum value of these guarantees is $195,000 (2019: $195,000).

30



28

Independent Auditor’s Report
To the shareholders of CDL Investments New Zealand Limited
Report on the consolidated financial statements
Opinion
In our opinion, the accompanying consolidated
financial statements of CDL Investments New
Zealand Limited (the company) and its subsidiary
(the Group) on pages 12 to 27:
i. present fairly in all material respects the Group’s
financial position as at 31 December 2016 and
its financial performance and cash flows for the
year ended on that date; and
ii. comply with New Zealand Equivalents to
International Financial Reporting Standards and
International Financial Reporting Standards.
We have audited the accompanying
consolidated financial statements which
comprise:
— the consolidated statement of financial position
as at 31 December 2016;
— the consolidated statement of comprehensive
income, statement of changes in equity and
statement of cash flows for the year then
ended; and
— notes, including a summary of significant
accounting policies and other explanatory
information.

Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (New Zealand) (“ISAs (NZ)”). We
believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
We are independent of the group in accordance with Professional and Ethical Standard 1 (Revised) Code of
Ethics for Assurance Practitioners issued by the New Zealand Auditing and Assurance Standards Board and the
International Ethics Standards Board for Accountants’ Code of Ethics for Professional Accountants (IESBA
Code), and we have fulfilled our other ethical responsibilities in accordance with these requirements and the
IESBA Code.
Our responsibilities under ISAs (NZ) are further described in the Auditor’s Responsibilities for the Audit of the
consolidated financial statements section of our report.
Our firm has also provided other services to the group in relation to taxation compliance and tax advisory
services. Subject to certain restrictions, partners and employees of our firm may also deal with the group on
normal terms within the ordinary course of trading activities of the business of the group. These matters have
not impaired our independence as auditor of the group. The firm has no other relationship with, or interest in, the
group.
Materiality
The scope of our audit was influenced by our application of materiality. Materiality helped us to determine the
nature, timing and extent of our audit procedures and to evaluate the effect of misstatements, both individually
and on the consolidated financial statements as a whole.
© 2021 KPMG, a New Zealand Partnership and a member firm of the KPMG global organization of
independent member firms affiliated with KPMG International Limited, a private English company
limited by guarantee. All rights reserved.
Independent Auditor’s Report
To the shareholders of CDL Investments New Zealand Limited
Report on the audit of the consolidated financial statements
Opinion
In our opinion, the accompanying consolidated
financial statements of CDL Investments New
Zealand Limited (the ’company’) and its subsidiary
(the 'group') on pages 12 to 29:
i.present fairly in all material respects the
Group’s financial position as at 31 December
2020 and its financial performance and cash
flows for the year ended on that date; and
ii.comply with New Zealand Equivalents to
International Financial Reporting Standards and
International Financial Reporting Standards.
We have audited the accompanying consolidated
financial statements which comprise:
—the consolidated statement of financial
position as at 31 December 2020;
—the consolidated statements of
comprehensive income, changes in equity
and cash flows for the year then ended; and
—notes, including a summary of significant
accounting policies and other explanatory
information.
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (New Zealand) (‘ISAs (NZ)’). We
believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
We are independent of the group in accordance with Professional and Ethical Standard 1 International Code of
Ethics for Assurance Practitioners (Including International Independence Standards) (New Zealand) issued by the
New Zealand Auditing and Assurance Standards Board and the International Ethics Standards Board for
Accountants’ International Code of Ethics for Professional Accountants (including International Independence
Standards) (‘IESBA Code’), and we have fulfilled our other ethical responsibilities in accordance with these
requirements and the IESBA Code.
Our responsibilities under ISAs (NZ) are further described in the auditor’s responsibilities for the audit of the
consolidated financial statements section of our report.
Our firm has also provided other services to the group in relation to taxation compliance and taxation advisory.
Subject to certain restrictions, partners and employees of our firm may also deal with the group on normal terms
within the ordinary course of trading activities of the business of the group. These matters have not impaired our
independence as auditor of the group. The firm has no other relationship with, or interest in, the group.
Materiality
The scope of our audit was influenced by our application of materiality. Materiality helped us to determine the
nature, timing and extent of our audit procedures and to evaluate the effect of misstatements, both individually
and on the consolidated financial statements as a whole. The materiality for the consolidated financial
statements as a whole was set at $2m determined with reference to a benchmark of group profit before tax.
We chose the benchmark because, in our view, this is a key measure of the group’s performance.

© 2021 KPMG, a New Zealand Partnership and a member firm of the KPMG global organization of
independent member firms affiliated with KPMG International Limited, a private English company
limited by guarantee. All rights reserved.
Independent Auditor’s Report
To the shareholders of CDL Investments New Zealand Limited
Report on the audit of the consolidated financial statements
Opinion
In our opinion, the accompanying consolidated
financial statements of CDL Investments New
Zealand Limited (the ’company’) and its subsidiary
(the 'group') on pages 12 to 29:
i.present fairly in all material respects the
Group’s financial position as at 31 December
2020 and its financial performance and cash
flows for the year ended on that date; and
ii.comply with New Zealand Equivalents to
International Financial Reporting Standards and
International Financial Reporting Standards.
We have audited the accompanying consolidated
financial statements which comprise:
—the consolidated statement of financial
position as at 31 December 2020;
—the consolidated statements of
comprehensive income, changes in equity
and cash flows for the year then ended; and
—notes, including a summary of significant
accounting policies and other explanatory
information.
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (New Zealand) (‘ISAs (NZ)’). We
believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
We are independent of the group in accordance with Professional and Ethical Standard 1 International Code of
Ethics for Assurance Practitioners (Including International Independence Standards) (New Zealand) issued by the
New Zealand Auditing and Assurance Standards Board and the International Ethics Standards Board for
Accountants’ International Code of Ethics for Professional Accountants (including International Independence
Standards) (‘IESBA Code’), and we have fulfilled our other ethical responsibilities in accordance with these
requirements and the IESBA Code.
Our responsibilities under ISAs (NZ) are further described in the auditor’s responsibilities for the audit of the
consolidated financial statements section of our report.
Our firm has also provided other services to the group in relation to taxation compliance and taxation advisory.
Subject to certain restrictions, partners and employees of our firm may also deal with the group on normal terms
within the ordinary course of trading activities of the business of the group. These matters have not impaired our
independence as auditor of the group. The firm has no other relationship with, or interest in, the group.
Materiality
The scope of our audit was influenced by our application of materiality. Materiality helped us to determine the
nature, timing and extent of our audit procedures and to evaluate the effect of misstatements, both individually
and on the consolidated financial statements as a whole. The materiality for the consolidated financial
statements as a whole was set at $2m determined with reference to a benchmark of group profit before tax.
We chose the benchmark because, in our view, this is a key measure of the group’s performance.
31
Key audit matter
Key audit matters are those matters that, in our professional judgement, were of most significance in our audit
of the consolidated financial statements in the current period. We summarise below those matters and our key
audit procedures to address those matters in order that the shareholders as a body may better understand the
process by which we arrived at our audit opinion. Our procedures were undertaken in the context of and solely
for the purpose of our statutory audit opinion on the consolidated financial statements as a whole and we do not
express discrete opinions on separate elements of the consolidated financial statements.
The key audit matter How the matter was addressed in our audit
Capitalisation and Allocation of Development costs
Refer to note 8 of the consolidated financial
statements.
The group’s development property comprises land
and costs incurred to develop land into subdivisions
and individual properties for sale. At 31 December
2020 development properties amounted to $161.4
million representing 62.8% of net assets in the
consolidated statement of financial position.
Determining whether to capitalise or expense costs
relating to development of the land is subjective as it
depends whether the costs enhance the land or
maintain the current value. In addition there is
significant judgement in determining how to allocate
the costs to individual properties.
To assess the capitalisation of development costs we
examined the operating effectiveness of the Group’s
process to capitalise and record development costs.
We then obtained invoices for a sample of capitalised
costs to check whether the nature of the expense met
the capitalisation criteria in the accounting standards.
We found no exceptions.
Our procedures over the allocation of these
development costs involved considering the costs
capitalised to properties sold versus costs capitalised to
the remaining properties in the portfolio, and in
comparison to realised value upon sale. We also
checked for consistency in approach between periods.
The evidence we obtained demonstrated the allocation
of costs was in line with our expectations.
Other information
The Directors, on behalf of the group, are responsible for the other information included in the entity’s Annual
Report. Other information includes the Directors’ review, disclosures relating to corporate governance, the trend
statement and financial summary and the other information included in the Annual Report. Our opinion on the
consolidated financial statements does not cover any other information and we do not express any form of
assurance conclusion thereon.
In connection with our audit of the consolidated financial statements our responsibility is to read the other
information and, in doing so, consider whether the other information is materially inconsistent with the
consolidated financial statements or our knowledge obtained in the audit or otherwise appears materially
misstated. If, based on the work we have performed, we conclude that there is a material misstatement of this
other information, we are required to report that fact. We have received the Directors’ Review and have nothing
to report in regards to it. The Annual Report is expected to be made available to us after the date of this
Independent Auditor's Report and we will report the matters identified, if any, to those charged with
governance.
Use of this independent auditor’s report
This independent auditor’s report is made solely to the shareholders as a body. Our audit work has been
undertaken so that we might state to the shareholders those matters we are required to state to them in the
independent auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept
31

32
32
or assume responsibility to anyone other than the shareholders as a body for our audit work, this independent
auditor’s report, or any of the opinions we have formed.
Responsibilities of the Directors for the consolidated financial
statements
The Directors, on behalf of the company, are responsible for:
—the preparation and fair presentation of the consolidated financial statements in accordance with generally
accepted accounting practice in New Zealand (being New Zealand Equivalents to International Financial
Reporting Standards) and International Financial Reporting Standards;
—implementing necessary internal control to enable the preparation of a consolidated set of financial
statements that is fairly presented and free from material misstatement, whether due to fraud or error; and
—assessing the ability to continue as a going concern. This includes disclosing, as applicable, matters related
to going concern and using the going concern basis of accounting unless they either intend to liquidate or to
cease operations, or have no realistic alternative but to do so.
Auditor’s responsibilities for the audit of the consolidated financial
statements
Our objective is:
—to obtain reasonable assurance about whether the consolidated financial statements as a whole are free
from material misstatement, whether due to fraud or error; and
—to issue an independent auditor’s report that includes our opinion.
Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance
with ISAs NZ will always detect a material misstatement when it exists.
Misstatements can arise from fraud or error. They are considered material if, individually or in the aggregate,
they could reasonably be expected to influence the economic decisions of users taken on the basis of these
consolidated financial statements.
A further description of our responsibilities for the audit of these consolidated financial statements is located at
the External Reporting Board (XRB) website at:
http://www.xrb.govt.nz/standards-for-assurance-practitioners/auditors-responsibilities/audit-report-1/

This description forms part of our independent auditor’s report.
The engagement partner on the audit resulting in this independent auditor's report is Aaron Woolsey.
For and on behalf of
KPMG
Auckland
17 February 2021

CDL Investments New Zealand Limited | 33

CDL INVESTMENTS NEW ZEALAND LIMITED
REGULATORY DISCLOSURES
20 LARGEST SHAREHOLDERS (as at 28 February 2021) (Listing Rule 3.7.1c)
Rank Shareholder Number of Securities % of Issued Capital
1. MILLENNIUM & COPTHORNE HOTELS NEW ZEALAND LIMITED 184,724,438 65.87
2. ADRIAN HO 21,369,073 7.62
3. ACCIDENT COMPENSATION CORPORATION - NZCSD 13,602,074 4.85
4. HSBC NOMINEES (NEW ZEALAND) LIMITED - NZCSD 4,069,574 1.45
5. CHRISTINA SEET 2,434,559 0.87
6. CITIBANK NOMINEES (NEW ZEALAND) LIMITED - NZCSD 2,297,589 0.82
7. MFL MUTUAL FUND LIMITED - NZCSD 2,046,338 0.73
8. FARO EQUITIES LIMITED 1,940,000 0.69
9. HUGH GREEN LIMITED 1,205,486 0.43
10. GEOK LOO GOH 1,079,834 0.39
11. ROGER PARKER 801,032 0.29
12. NEW ZEALAND DEPOSITORY NOMINEE LIMITED 687,238 0.25
13. CALIBER TRUSTEE COMPANY LIMITED 641,573 0.23
14. STEVEN CHEONG KWOK WING 600,008 0.21
16. NATIONAL NOMINEES LIMITED - NZCSD 462,630 0.16
17. SIMON HUGH BERRY 417,825 0.15
18. TEA CUSTODIANS LIMITED CLIENT PROPERTY TRUST ACCOUNT - NZCSD 400,996 0.14
19. ROBERT WONG + CHRISTEIN JOE WONG 390,057 0.14
20. BRUCE LESLIE DAVISON + SHONA ELIZABETH DAVISON 381,088 0.14
21. CUSTODIAL SERVICES LIMITED 380,895 0.14
NZCSD provides a custodial depositary service to its clients and does not have a beneficial interest in the shares held in its name.
HOLDINGS SIZE (as at 28 February 2021)
Range Number of shareholders Number of shares % of Issued Capital
1 - 99 11 645 0.00
100 - 199 12 1,689 0.00
200 - 499 19 6,216 0.00
500 - 999 39 25,362 0.01
1,000 - 1,999 366 493,535 0.18
2,000 - 4,999 1,008 3,100,851 1.11
5,000 - 9,999 531 3,691,446 1.32
10,000 - 49,999 679 13,676,457 4.88
50,000 - 99,999 95 6,376,248 2.27
100,000 - 499,999 82 14,532,988 5.18
500,000 - 999,999 4 2,729,851 0.97
1,000,000 + 7 235,799,847 84.08
Rounding 0.00
Total 2,853 280,435,135 100.00
32
or assume responsibility to anyone other than the shareholders as a body for our audit work, this independent
auditor’s report, or any of the opinions we have formed.
Responsibilities of the Directors for the consolidated financial
statements
The Directors, on behalf of the company, are responsible for:
—the preparation and fair presentation of the consolidated financial statements in accordance with generally
accepted accounting practice in New Zealand (being New Zealand Equivalents to International Financial
Reporting Standards) and International Financial Reporting Standards;
—implementing necessary internal control to enable the preparation of a consolidated set of financial
statements that is fairly presented and free from material misstatement, whether due to fraud or error; and
—assessing the ability to continue as a going concern. This includes disclosing, as applicable, matters related
to going concern and using the going concern basis of accounting unless they either intend to liquidate or to
cease operations, or have no realistic alternative but to do so.
Auditor’s responsibilities for the audit of the consolidated financial
statements
Our objective is:
—to obtain reasonable assurance about whether the consolidated financial statements as a whole are free
from material misstatement, whether due to fraud or error; and
—to issue an independent auditor’s report that includes our opinion.
Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance
with ISAs NZ will always detect a material misstatement when it exists.
Misstatements can arise from fraud or error. They are considered material if, individually or in the aggregate,
they could reasonably be expected to influence the economic decisions of users taken on the basis of these
consolidated financial statements.
A further description of our responsibilities for the audit of these consolidated financial statements is located at
the External Reporting Board (XRB) website at:
http://www.xrb.govt.nz/standards-for-assurance-practitioners/auditors-responsibilities/audit-report-1/

This description forms part of our independent auditor’s report.
The engagement partner on the audit resulting in this independent auditor's report is Aaron Woolsey.
For and on behalf of
KPMG
Auckland
17 February 2021

34 | CDL Investments New Zealand Limited
CDL INVESTMENTS NEW ZEALAND LIMITED
REGULATORY DISCLOSURES – continued
DOMICILE OF SHAREHOLDERS (as at 28 February 2021)
Number of shareholders Number of shares % of Issued Capital
New Zealand 2,747 253,271,957 96.28
Australia and overseas 106 27,163,178 3.72
Total 2,853 280,435,135 100.00
ADOPTION OF NEW NZX LISTING RULES
No waivers were sought from NZX in 2020.
SUBSTANTIAL PRODUCT HOLDERS
According to notices given to the Company under the Financial Markets Conducts Act 2013, as at 26 February 2021, the substantial product
holders in the Company are noted below
Securities Class %
Millennium & Copthorne Hotels New Zealand Limited 184,724,438 Ordinary Shares 66.26
Adrian Ho 21,369,073 Ordinary Shares 7.62
As at 28 February 2021, the total number of issued voting securities of CDL Investments New Zealand Limited (all of which are ordinary shares)
was 280,435,135.

CDL Investments New Zealand Limited | 35

CDL INVESTMENTS NEW ZEALAND LIMITED
STATUTORY INFORMATION
DIRECTORS (section 211(1)(I) Companies Act 1993)
As at 31 December 2020, the Company’s Directors were Messrs. C Sim, BK Chiu, RJ Austin, JH Henderson, ES Kwek and VWE Yeo. Mr. KS Tan
retired as a director on 31 December 2019 and Mr. ES Kwek was appointed on 1 January 2020.
The gender breakdown of the Board is 6 male directors and 0 female directors (2019: 6 male directors and 0 female directors). CDI currently has
1 female and 3 male officers (2019: 1 female and 3 male officers).
INTERESTS REGISTER (sections 189(1)(c) and 211(1)(e), Companies Act 1993)
The Company maintains an Interests Register as required under the Companies Act 1993. For the period under review, the following entries
were recorded:
USE OF COMPANY INFORMATION (section 145, Companies Act 1993)
During the year, the Board did not receive any notices from any Directors of the Company requesting the use of company information which
they would have received in their capacity as Directors which would not otherwise have been available to them.
SHARE DEALING (section 148, Companies Act 1993)
No share dealings by Directors occurred during the year.
DIRECTORS’ AND ASSOCIATED PERSONS SHAREHOLDINGS (as at 31 December 2020)
Director 2019 2020
C Sim Nil Nil
BK Chiu Nil Nil
RJ Austin Nil Nil
J Henderson Nil Nil
ES Kwek NA Nil
VWE Yeo Nil Nil
REMUNERATION (sections 161 and 211(1)(f), Companies Act 1993)
The total remuneration and value of other benefits earned received by each of the Directors of the Company for the year ended 31 December
2020 was:
Director Remuneration
C Sim $35,000
BK Chiu Nil^
RJ Austin $35,000
J Henderson $30,000
ES Kwek Nil^
VWE Yeo $30,000
^ Mr ES Kwek, being the Executive Director of Millennium & Copthorne Hotels Limited, did not receive any fees as Chairman or as a Director of
the Company. Mr. BK Chiu, being the Managing Director of Millennium & Copthorne Hotels New Zealand Limited did not receive any fees as
Chairman or as a Director of the Company or its subsidiary.
INDEMNITY AND INSURANCE (section 162, Companies Act 1993)
In accordance with the Company’s constitution, the Company has insured all its Directors and the Directors of its subsidiary against liabilities to
other parties (except the Company or a related party of the Company) that may arise from their positions as Directors. The insurance does not
cover liabilities arising from criminal actions.
GENERAL DISCLOSURES OF INTEREST (section 140(2), Companies Act 1993)
As at 31 December 2020, the Directors of the Company have made general disclosures of interest in the following companies:
Colin Sim
Chairman/Director of:
Millennium & Copthorne Hotels New Zealand Limited
Director of:
Autocaps (Aust) Pty Ltd Autocaps Pastoral Division Pty Limited
Autocaps Vogue Pty Limited Bathurst Range Investments Pty Limited
Builders Recycling Properties Pty Ltd Builders Recycling Operations Pty Ltd
CS Investments No. 1 Pty Ltd Desert Rose Group Pty Limited

36 | CDL Investments New Zealand Limited
CDL INVESTMENTS NEW ZEALAND LIMITED
STATUTORY INFORMATION – continued
GENERAL DISCLOSURES OF INTEREST (section 140(2), Companies Act 1993) – continued
Desert Rose Holdings Pty Limited DMM Investments (NSW) Pty Ltd
East Quarter Group Pty Ltd East Quarter Hurstville Pty Limited
EQ Constructions Pty Ltd EQ Equity Pty Ltd
EQ Finance Services Pty Limited EQ Gosford Pty Ltd
EQ Projects Pty Ltd EQ Projects Holdings Pty Ltd
EQ Property Holdings Pty Ltd EQ Revesby Pty Ltd
EQ Riverside Pty Ltd EQ Zetland Pty Ltd
EQ Zetland Finance Pty Ltd Hurstville NSW Pty Limited
Llenruk Pty Ltd Naxta Pty Ltd
New Dale Sim Pty Ltd PBD Phoenix Pty Limited
PCC DevCo 1 Pty Limited Phoenix Palm Developments Pty Limited
Preslite Drive Technologies Pty Limited Proactive Management Systems Pty Ltd
SSK Investments Pty Ltd SSK Investments No 2 Pty Ltd
SSK Investments O/S Pty Ltd TECH5 Australia Pty Ltd
Waterbrook Bayview Pty Ltd Waterbrook Bayview Investment Pty Ltd
Waterbrook Bayview Village Management Pty Ltd Waterbrook Bowral Pty Ltd
Waterbrook Bowral Investment Pty Ltd Waterbrook Brand Pty Ltd
West Quarter Hurstville Pty Limited
BK Chiu
Chairman/Director of:
Quantum Limited Waitangi Resort Joint Venture Committee
Director of:
All Seasons Hotels & Resorts Limited CATG Limited
CDL Land New Zealand Limited Context Securities Limited Hospitality Group Limited
Hospitality Group Limited Hospitality Leases Limited
Hospitality Services Limited Kingsgate Hotels & Resorts Limited
Millennium & Copthorne NZ Limited Millennium & Copthorne Hotels New Zealand Limited
QINZ Holdings (New Zealand) Limited QINZ (Anzac Avenue) Limited
RJ Austin
Director of:
Austand Securities Limited Cure Kids Capital Limited
Cure Kids Ventures Limited Northington Investments Limited
Ohaupo Farms Limited Pastoral Management Limited
Trustee of:
Cure Kids
J Henderson
Director of:
Ding Bay Limited John Henderson Resources Limited
Maara Moana Limited Te Hoiere Asset Holding Company Limited
ES Kwek
Chairman / Director / President of:
Grand Plaza Hotel Corporation
Director / President of:
The Philippine Fund Limited
Director of:
125 OBS (Nominees 1) Limited 125 OBS (Nominees 2) Limited
125 OBS GP Limited Actas Holdigns Pte. Ltd
Adelais Properties Limited Adelanto Investments Pte. Limited
Adella Properties Pte. Ltd Adelphia Holdings Limited
Adisa Holdings Pte. Ltd. Allinvest Holding Pte. Ltd
Allsgate Properties Limited Alphagate Holdings Limited
Androgate Properties Limited Aquarius Properties Pte. Ltd
Archyfield Limited Asbury Holdings Pte. Ltd
Ascent View Holdings Pte. Ltd Aster Land Development Pte Ltd
Aston Properties Pte. Ltd Baynes Investments Pte Ltd
Beaumont Properties Limited Beijing Fortune Hotel Co. Ltd
Bellevue Properties Pte. Ltd Bestro Holdings Limited
Bloomshine Holdings Limited Bloomsville Investments Pte Ltd
Bop Luxembourg (125 Obs) 2 SARL Branbury Investments Ltd
Barvogate Holdings SARL Busy Bee Ventures Limited

CDL Investments New Zealand Limited | 37

CDL INVESTMENTS NEW ZEALAND LIMITED
STATUTORY INFORMATION – continued
GENERAL DISCLOSURES OF INTEREST (section 140(2), Companies Act 1993) – continued
Camborne Developments Pte. Ltd Canvey Developments Pte. Ltd
CDL Acquisitions Pte. Ltd CDL Aquila Pte. Ltd
CDL Australia Pte. Ltd CDL Constellation Pte. Ltd
CDL Crestview Holdings Pte. Ltd CDL Crown REIT Management Pte. Ltd
CDL Entertainment & Leisure Pte. Ltd CDL Evergreen Pte. Ltd
CDL Hotels (Chelsea) Ltd CDL Hotels (Labuan) Ltd
CDL Hotels (Malaysia) Ltd CDL Hotels (U.K.) Ltd
CDL Infinity Pte. Ltd CDL Hotels Japan Pte. Ltd
CDL Land Pte. Ltd CDL Management Services Pte. Ltd
CDL Netherlands Investments BV CDL Orion Investment Holdings Pte. Ltd
CDL Pegasus Pte. Ltd CDL Perseus Pte. Ltd
CDL Pro Star Development Pty Ltd CDL Properties BV
CDL Real Estate Managers Pte Ltd CDL Regulus Pte. Ltd
CDL Suzhou Investment Pte. Ltd Central Mall Pte. Ltd
Centro Investment Holding Pte Ltd Centro Property Holding Pte Ltd
Chania Holdings Limited Chester Properties Pte Ltd (in voluntary liquidation)
Chestnut Avenue Developments Pte Ltd Cideco Pte Ltd
City Boost Pte. Ltd City Century Pte. Ltd
City Condominiums Pte. Ltd City Connected Communities Pte. Ltd
City Delta Pte. Ltd City Developments Investments Pte. Ltd
City Elite Pte. Ltd City Hotels Pte. Ltd
City Ikonik Pte. Ltd City Lux Pte. Ltd
City Montage Pte. Ltd City Platinum Holdings Pte. Ltd
City REIT Management Pte. Ltd City Ridgeview Pte. Ltd
City Sceptre Holdings Pte. Ltd City Sceptre Investments Pte. Ltd
City Services Offices Pte. Ltd City Strategic Equity Pte. Ltd
City Sunshine Holdings Pte. Ltd Citydev Investments Pte. Ltd
Citydev Properties Pte. Ltd Citydev Real Estate (Singapore) Pte. Ltd
Citydev Venture Holdings Pte. Ltd Cityzens Developments Pte Ltd
Cliffmont Pte Ltd (in voluntary liquidation) Copthorne Aberdeen Limited
Copthorne Hotel (Birmingham) Limited Copthorne Hotel (Cardiff) Limited
Copthorne Hotel (Effingham Park) Limited Copthorne Hotel (Gatwick) Limited
Copthorne Hotel (Manchester) Limited Copthorne Hotel (Merry Hill) Construction Limited
Copthorne Hotel (Merry Hill) Limited Copthorne Hotel (Newcastle) Limited
Copthorne Hotel (Plymouth) Limited Copthorne Hotel (Slough) Limited
Copthorne Hotel Holdings Limited Copthorne Nominees Limited Copthorne
Orchid Hotel Singapore Pte Ltd Crescent View Developments Pte Ltd
Darien Properties Investment Limited Dathan Holdings Pte Ltd
Delfi One Investments Pte Ltd Delfi Three Investments Pte Ltd
Delfi Two Investments Pte Ltd Diplomat Hotel Holding Company Limited
Eastwest Portfolio Pte Ltd Easy Thrive Ventures Limited
Eccott Pte Ltd Edeva Holdings Limited
Educado Company Limited Elishan Investments Pte Ltd
Elite Holdings Private Limited Elite Hotel Management Services Pte Ltd
Ellinois Management Services Pte Ltd Eton Properties Pte. Ltd
Euroform (S) Pte Ltd Faber-Rhine Properties Pte Ltd
Fairsteps Properties Pte. Ltd Finite Properties Investment Limited
First Platinum Holdings Pte. Ltd Freshview Developments Pte Ltd
Glades Properties Pte. Ltd Glengary Pte. Ltd
Golden Crest Holdings Pte Ltd Grand Isle Holdings Pte Ltd
Grand Strategic Pte. Ltd Grand Terre Properties Pte Ltd
Grange 100 Pte Ltd Granmill Holdings Pte Ltd
Greystand Holdings Limited Guan Realty (Private) Limited
Harbour Land Corporation Harbour View Hotel Pte Ltd
Harrow Entertainment Pte Ltd Heritage Pro International Limited
Highline Holdings Limited Highline Investments GP Limited
Hong Leong Enterprises Pte Ltd Hong Leong Hotel Development Limited
Hong Leong International Hotel (Singapore) Pte Ltd Hong Leong Properties Pte Limited
Hospitality Holdings Pte Ltd Hospitality Ventures Pte Ltd
Hotel Liverpool Limited Hotel Liverpool Management Limited
Iconique Tokutei Mokuteki Kaisha Impac Holdings Pte Ltd
Iselin Limited Island City Garden Development Pte Ltd
Island Glades Developments Pte Ltd Jayland Properties Limited
Keygate Holdings Limited King’s Tanglin Shopping Pte Ltd
Landco Properties Limited Le Grove Management Pte Ltd

38 | CDL Investments New Zealand Limited
CDL INVESTMENTS NEW ZEALAND LIMITED
STATUTORY INFORMATION – continued
GENERAL DISCLOSURES OF INTEREST (section 140(2), Companies Act 1993) – continued
Lightspark Holdings Limited Lingo Enterprises Limited
London Britannia Hotel Limited London Tara Hotel Limited
Lukestone Properties Limited M&C (CB) Limited
M&C (CD) Limited M&C Finance (1) Limited
M&C Management Holdings Limited M&C NZ Limited
M&C Reservations Services Limited M&C Asia Finance (UK) Limited
M&C Asia Holdings (UK) Limited M&C Holdings (Thailand) Limited
M&C Hotel Investments Pte Limited M&C Hotels Holdings Japan Pte Limited
M&C Hotels Holdings Limited M&C Hotels Japan Pte Limited
M&C New York Finance (UK) Limited M&C Singapore Finance (UK) Limited
M&C Sponsorship Limited Melvale Holdings Limited
Merivale JV Pty Limited Millennium & Copthorne (Australian Holdings) Limited
Millennium & Copthorne (Jersey Holdings) Limited Millennium & Copthorne Hotels Limited
Millennium & Copthorne Hotels Management (Shanghai) Limited Millennium & Copthorne Hotels New Zealand Limited
Millennium & Copthorne International Limited Millennium & Copthorne Share Trustees Limited
Millennium Hotel Holdings EMEA Limited Millennium Hotels & Resorts Services Limited
Millennium Hotels (West London) Limited Millennium Hotels (West London) Management Limited
Millennium Hotels Europe Holdings Limited Millennium Hotels Limited
Millennium Hotels London Limited New Empire Investments Pte Ltd
New Synergy Investments Pte Ltd New Vista Realty Pte Ltd
Newbury Investments Pte Ltd Nin Investment Holdings Pte Ltd
Novel Developments Pte Ltd Palmerston Holdings Sdn. Bhd.
Pavo Properties Pte Ltd Pinenorth Properties Limited
Qaiser Holdings Limited Redvale Developments Pte Ltd
Redvale Investments Pte Ltd Redvale Properties Pte Ltd
Republic Iconic Hotel Pte Ltd Republic Plaza City Club (Singapore) Pte Ltd
Reselton Properties Limited Richmond Hotel Pte Ltd
Richview Holdings Pte Ltd Rogo Investments Pte Ltd
Rogo Realty Corporation Scentview Holding Limited
Scottsdale Properties Pte Ltd Serangoon Green Pte Ltd
Siena Commercial Development Pte Ltd Siena Residential Development Pte Ltd
Siena Trustee Pte Ltd Silkpark Holdings Limited
Singapura Developments (Private) Limited South Beach Consortium Pte Ltd
South Beach International Hotel Management Pte Ltd Southwaters Investment Pte Ltd
Sparkland Holdings Pte Ltd Summit Vistas Pte Ltd
Sunmaster Holdings Pte Ltd Sunny Vista Developments Pte Ltd
Sunshine Plaza Pte Ltd TC Development Pte Ltd
Tempus Platinum Investments Tokutei Mokuteki Kaisha TOSCAP Limited
Treasure Realm Limited Trentwell Management Pte Ltd
Trentworth Properties Limited Tucana Commercial Pte Ltd
Tucana Properties Pte Ltd Tucana Residential Pte Ltd
U-Paragon Holdings Limited Ventagrand Holdings Limited
Verspring Properties Pte Ltd Verwood Holdings Pte Ltd
Vinemont Investments Pte Ltd Welland Investments Limited
White Haven Properties Pte Ltd Whitehall Holdings Limited Zatrio Pte Ltd
Representative Director of:
CDL Hotels (Korea) Ltd
Alternate Director of:
Mount V Development Pte Ltd
VWE Yeo
Executive Director / Chief Executive Officer of:
M&C Business Trust Management Limited M&C REIT Management Limited
Director of:
CDL HBT Cambridge City Pte. Ltd CDL HBT Cambridge City (UK) Ltd
CDL HBT Cambridge City Hotel (UK) Ltd CDL HBT Hanei Pte. Ltd
CDL HBT North Ltd CDL HBT Oceanic Holdings Pte Ltd
CDLHT CFM One Pte Ltd CDLHT CFM Two Pte Ltd
CDLHT CFM III BV CDLHT CFM III SRL
CDLHT Hanei One Pte.Ltd CDLHT Hanei Two Pte.Ltd
CDLHT Munich One Pte Ltd CDLHT Munich Two Pte Ltd
CDLHT MTN Pte. Ltd CDLHT Oceanic Holdings Pte Ltd
CDLHT Two Ltd Gemini Two Pte Ltd
Hospitality Holdings Pte Ltd Munich Furniture BV

CDL Investments New Zealand Limited | 39

CDL INVESTMENTS NEW ZEALAND LIMITED
STATUTORY INFORMATION – continued
GENERAL DISCLOSURES OF INTEREST (section 140(2), Companies Act 1993) – continued
NKS Hospitality I BV NKS Hospitality III SRL
Sunshine Hotels Australia Pty Ltd The Lowry Hotel Ltd
Hospitality Holdings Pte Ltd Munich Furniture BV
NKS Hospitality I BV NKS Hospitality III SRL
Sanctuary Sands Maldives Private Limited Sunshine Hotels Australia Pty Ltd
The Lowry Hotel Ltd
EMPLOYEE REMUNERATION (section 211(1)(g), Companies Act 1993)
The number of employees or former employees of the Company and its subsidiary who received remuneration and any other benefits in their
capacity as employees, the value of which was or exceeded $100,000 per annum are as follows:
Remuneration and value of other benefits Number of employees
120,001 – 130,000 1
330,001 – 340,000 1
DONATIONS (sections 211(1)(h) and 211(2), Companies Act 1993)
The Company made no donations during the year.
AUDIT FEES (sections 211(1)(j) and 211(2), Companies Act 1993)
During the period under review, the following amounts were payable to the external auditors KPMG:
In thousands of dollars 2019 2020
Annual Audit 54 55
KPMG Other Services 7 4
SUBSIDIARY COMPANY AND DIRECTORS (section 211(2), Companies Act 1993)
The Company’s subsidiary and its directors as at 31 December 2020 are listed below:
Name Directors Ownership Activity
CDL Land New Zealand Limited BK Chiu, JC Adams
JB Pua 100.00% Development & Sale of Residential Land Sections
The directors of CDL Land New Zealand Limited did not receive any remuneration or other benefits as directors.

Auckland


Heights, Hamilton
Auckland
Kewa Road, Albany
Trig Road, Hobsonville
Christian Road, Swanson
Dominion Road, Papakura
Nelson
Pelorus Sounds, Nelson
Nelson
SUBDIVISION LOCATION MAP

CORPORATE DIRECTORY
BOARD OF DIRECTORS
Colin Sim (Chairman)
BK Chiu (Managing Director)
Kwek Eik Sheng (Non Executive Director)
Vincent Yeo (Non-Executive Director)
Roy Austin (Independent Non-Executive Director)
John Henderson (Independent Non-Executive Director)
MANAGEMENT TEAM
Jason Adams (General Manager, CDL Land New Zealand Limited)
Natasha Hood (Group Accounting Manager)
Takeshi Ito (Company Secretary)
REGISTERED OFFICE & CONTACT DETAILS
Level 13, 280 Queen Street, Auckland, New Zealand
P O Box 3248, Shortland Street, Auckland 1140, New Zealand
Telephone: +64 9 353 5077 Facsimile: +64 9 353 5098
Website: www.cdlinvestments.co.nz
AUDITORS
KPMG, Auckland
BANKERS
ANZ Bank New Zealand Limited, Auckland
SOLICITORS
Bell Gully
SHARE REGISTRAR
Computershare Investor Services Limited
Level 2, 159 Hurstmere Road, Takapuna
Private Bag 92119, Auckland 1142, New Zealand
Telephone: +64 9 488 8700 Facsimile: +64 9 488 8787
Email: enquiry@computershare.co.nz
STOCK EXCHANGE LISTING
New Zealand Exchange (NZX)
Company Code: CDI