CDI 2021 Interim Report

DIRECTORS’ REVIEW
CDL INVESTMENTS NEW ZEALAND LIMITED AND ITS SUBSIDIARY – INTERIM REPORT 2021
FINANCIAL PERFORMANCE:
CDL Investments New Zealand Limited (“CDI”) made an unaudited operating profit after tax of $20.75 million for
the six month period ending 30 June 2021 (2020: $13.74 million). Operating profit before tax was $28.82 million
(2020: $19.08 million).
Property sales and other income for the period was $61.27 million (2020: $40.96 million). Net Asset Backing (at
cost) for the period under review was 95.95 cents per share (2020: 85.9 cents per share).
The results reflect ongoing positive strength in the New Zealand property markets generally. The Board is satisfied
with the current sales tempo and believes that the company should look to take advantage of the current positive
market conditions and meet current demand.
PORTFOLIO UPDATE:
CDI settled sales of residential sections in Auckland, Hamilton and Canterbury from its Kewa Road, Dominion Road,
Magellan Heights and Prestons Park subdivisions within the last six months and is targeting further sales in Auckland
and Canterbury in the second half of the year. The company also sold industrial zoned land in Auckland and this is
recognised in the results.
While CDI did not make any land acquisitions in the first half of 2021, it has been evaluating a number of potential
acquisition opportunities in various locations. As advised on 21 July, the company settled a transaction for 69.4
hectares of land located in Havelock North which will secure its short to long term development requirements in
that region. The company is also looking at additional opportunities and announcements will be made in due course
should any of these potential opportunities proceed to contract.
In April, CDI announced that it has reached agreement with Fernbrook Property (No. 1) Limited for the sale of
3.8320 hectares of land located at Wiri which is zoned Business-Heavy Industry. Settlement is to take place in
January 2022 and the sale price and terms remain confidential to the parties.
Construction of CDI’s Commercial Centre at Stonebrook is complete and the majority of units are tenanted with
negotiations ongoing for the remaining two units. The Centre is operational and has been well received by the local
community. Block 1 of the Prestons Park Commercial Centre is due to be completed by the end of July and Block 2
remains on schedule to be completed by the end of the year.
Good progress has been made with the Design Build and Lease development in Wiri (Auckland) which commenced
earlier this year with the Warehouse 1 build scheduled for completion by Q1 2022 and Warehouse 2 completion
during Q3 2022. Tenants have been secured for both Warehouses.
The change in Alert Levels in Auckland and Wellington during the first half of 2021 did not impact on CDI’s activities.
COMMENTARY AND OUTLOOK:
With economic activity remaining relatively strong in New Zealand at the present time, we expect that the demand
for residential sections across the country will remain high for the time being. That said, the medium to longer term
outlooks are becoming somewhat uncertain with predictions of higher interest rates and inflation.
While we remain positive that we should be able to better our 2020 results at this stage, we do not discount a
sudden downward shift in economic conditions globally or regionally before the end of the year and the impact that
any such change may have on our results.
CDI has always believed that having a geographically diverse portfolio is a key factor to ensuring that it can
withstand economic vagaries as it is not reliant on a single project or subdivision. Besides replenishing the area of
our development land, another factor is ensuring that we pace our developments appropriately to meet demand.
The Board has asked Management to look closely at positioning all of the company’s land holdings to ensure that
we can continue to respond quickly to the prevailing market conditions affecting each of CDI’s subdivisions and to
make decisions in an agile way to ensure we optimise value at all times.



Colin Sim
Chairman
2 August 2021

CONDENSED INTERIM STATEMENT
OF COMPREHENSIVE INCOME
The accompanying notes form part of, and should be read in conjunction with these financial statements.
CDL INVESTMENTS NEW ZEALAND LIMITED AND ITS SUBSIDIARY – INTERIM REPORT 2021
FOR THE HALF YEAR ENDED 30 JUNE 2021
In thousands of dollarsNote
Unaudited
6 months
to 30/06/21
Unaudited
6 months
to 30/06/20
Revenue61,181 40,883
Cost of sales(30,162) (20,004)
Gross profit31,019 20,879
Other income9072
Administrative expenses(187) (146)
Property expenses(133) (177)
Selling expenses(1,517) (1,180)
Other expenses( 770) (866)
Results from operating activities28,502 18,582
Finance income324 504
Finance costs
(2) (1)
Net finance income
322 503
Profit before income tax28,824 19,085
Income tax expense( 8,071) (5,344)
Profit for the period20,753 13,741
Total comprehensive income for the period
20,753 13,741
Profit Attributable to:
Equity holders of the Parent20,753 13,741
Total comprehensive income for the period20,753 13,741
Earnings per share3
7.28c4.91c

w
CONDENSED INTERIM STATEMENT
OF CHANGES IN EQUITY
In thousands of dollarsNote
Unaudited
Share
Capital

GROUP
Unaudited
Retained
Earnings
Unaudited
Total
Equity
Balance at 1 January 202055,374180,136235,510
Total comprehensive income for the period
Profit for the period - 13,74113,741
Total comprehensive income for the period - 13,74113,741
Shares issued under dividend reinvestment plan21,280 - 1,280
Dividend to shareholders2 - (9,758)(9,758)
Supplementary dividend - (286)(286)
Foreign investment tax credits - 286286
Balance at 30 June 202056,654184,119240,773
Balance at 1 January 202156,654200,477257,131
Total comprehensive income for the period
Profit for the period - 20,75320,753
Total comprehensive income for the period - 20,75320,753
Shares issued under dividend reinvestment plan27,800 - 7,800
Dividend to shareholders2 - (9,815)(9,815)
Supplementary dividend - (194)(194)
Foreign investment tax credits - 194194
Balance at 30 June 202164,454211,415275,869
The accompanying notes form part of, and should be read in conjunction with these financial statements.
CDL INVESTMENTS NEW ZEALAND LIMITED AND ITS SUBSIDIARY – INTERIM REPORT 2021
FOR THE HALF YEAR ENDED 30 JUNE 2021

CONDENSED INTERIM STATEMENT
OF FINANCIAL POSITION
AS AT 30 JUNE 2021
In thousands of dollarsNote
Unaudited
as at
30/06/21
Audited
as at
31/12/20
Unaudited
as at
30/06/20
SHAREHOLDERS' EQUITY
Issued capital64,45456,65456,654
Retained earnings211,415200,477184,119
Total Equity275,869257,131240,773
Represented by:
NON CURRENT ASSETS
Plant, furniture and equipment512332
Development property115,865119,096137,251
Investment property8,4013,325-
Investment in associate17 2 2 2
Total Non Current Assets124,319122,446137,285
CURRENT ASSETS
Cash and cash equivalents90,95010,11118,850
Short term deposits41,50086,620 48,500
Trade and other receivables3,3843,4862,139
Development property24,55042,34237,265
Total Current Assets160,384142,559106,754
Total Assets284,703265,005244,039
NON CURRENT LIABILITIES
Deferred tax liabilities595963
Lease liabilities2236
Total Non Current Liabilities816269
CURRENT LIABILITIES
Trade and other payables4,9333,9321,692
Employee entitlements595246
Income tax payable3,7483,8211,448
Lease liabilities13711
Total Current Liabilities8,7537,8123,197
Total Liabilities8,8347,8743,266
Net Assets275,869257,131240,773
The accompanying notes form part of, and should be read in conjunction with these financial statements.
CDL INVESTMENTS NEW ZEALAND LIMITED AND ITS SUBSIDIARY – INTERIM REPORT 2021

CDL INVESTMENTS NEW ZEALAND LIMITED AND ITS SUBSIDIARY – INTERIM REPORT 2021
CONDENSED INTERIM STATEMENT
OF CASH FLOWS
In thousands of dollarsNote
Unaudited
6 months
to 30/06/21
Unaudited
6 months
to 30/06/20
CASH FLOWS FROM OPERATING ACTIVITIES
Cash was provided from:
Receipts from customers61,20742,895
Interest received490357
Cash was applied to:
Payments to suppliers(10,399)(13,206)
Payments to employees(308)(282)
Income tax paid(7,950)(7,691)
Net Cash Inflow from Operating Activities43,04022,073
CASH FLOWS FROM INVESTING ACTIVITIES
Cash was provided from:
Short term deposit maturities86,62019,620
Cash was applied to:
Purchase of plant and equipment(3) (6)
Purchase of investment property(5,101)-
Short term deposits(41,500)(48,500)
Net Cash Inflow/(Outflow) from Investing Activities40,016(28,886)
CASH FLOWS FROM FINANCING ACTIVITIES
Cash was applied to:
Dividend paid(2,015)(8,478)
Principal repayment of lease liability(8)(8)
Supplementary dividend paid(194)(286)
Net Cash Outflow from Financing Activities(2,217)(8,772)
Net Increase/(Decrease) in Cash and Cash Equivalents80,839(15,585)
Add Opening Cash and Cash Equivalents10,11134,435
Closing Cash and Cash Equivalents90,95018,850
RECONCILIATION OF CASH FLOWS FROM OPERATING ACTIVITIES
Net profit after taxation20,75313,741
Adjusted for non cash items:
Depreciation of plant & equipment11
Depreciation of right-of-use assets76
Depreciation of investment property25-
Income tax expense8,0715,344
Adjustments for movements in working capital:
Decrease in receivables1021,793
Decrease in development properties21,0238,163
Increase in payables1,008716
Cash generated from Operations50,99029,764
Income tax paid(7,950)(7,691)
Cash Inflows from Operating Activities43,04022,073
The accompanying notes form part of, and should be read in conjunction with these financial statements.
FOR THE HALF YEAR ENDED 30 JUNE 2021

1. SIGNIFICANT ACCOUNTING POLICIES
Reporting Entity
CDL Investments New Zealand Limited (the “Company”) is a company domiciled in New Zealand, registered
under the Companies Act 1993 and listed on the New Zealand Stock Exchange. The Company is a FMC
Reporting Entity in terms of the Financial Markets Conduct Act 2013 and the Financial Reporting Act 2013.
The condensed interim financial statements of the Company as at and for the half year ended 30 June 2021
comprises the Company and its subsidiary (together referred to as the “Group”).
The principal activity of the Group is the development and sale of residential land properties.
(a) Statement of compliance
The condensed interim financial statements have been prepared in accordance with New Zealand Generally
Accepted Accounting Practice (“NZ GAAP”). They comply with NZ IAS 34 Interim Financial Reporting. The
condensed interim financial statements do not include all of the information required for full annual financial
statements.
The accounting policies applied by the Group in these condensed financial statements are the same as those
applied by the Group in its consolidated financial statements for the year ended 31 December 2020.
The condensed interim financial statements were authorised for issuance on 2 August 2021.
2. CAPITAL & RESERVES
Share Capital
Under the Company’s Dividend Reinvestment Plan, an additional 7,077,888 shares were issued on 14 May
2021 (2020: 1,629,555) at a strike price of $1.1020 (2020: $0.7854).
At 30 June 2021, the authorised share capital consisted of 287,513,023 fully paid ordinary shares (2020:
280,435,135).
Dividends
The following dividends were declared and paid during the period ending 30 June:
In thousands of dollars 2021 2020
3.5 cents per qualifying ordinary share (2020: 3.5 cents) 9,815 9,758
9,815 9,758
3. EARNINGS PER SHARE
The calculation of basic and diluted earnings per share at 30 June 2021 of 7.28 cents (2020: 4.91 cents)
was based on the profit attributable to ordinary shareholders of $20,753,000 (2020: $13,741,000); and
weighted average number of shares of 285,153,727 (2020: 279,891,950) on issue in the period.
NOTES TO THE CONDENSED INTERIM
FINANCIAL STATEMENTS
FOR THE HALF YEAR ENDED 30 JUNE 2021 (UNAUDITED)
CDL INVESTMENTS NEW ZEALAND LIMITED AND ITS SUBSIDIARY – INTERIM REPORT 2021

4. SEGMENT REPORTING
Operating segments
The major operating segment of the Group consists of property operations, comprising the development and
sale of residential land sections. The revenue from investment property for the current period is only $16,000
and therefore is not significant enough to justify a separate segmental disclosure.
The Group has determined that its chief operating decision maker is the Board of Directors on the basis that
it is this group which determines the allocation of resources to segments and assesses their performance.
Geographical segments
Segment revenue is based on the geographical location of the segment assets. All segment revenues are
derived in New Zealand.
Segment assets are based on the geographical location of the development property. All segment assets are
located in New Zealand. The Group has no major customer representing greater than 10% of the Group’s
total revenues.
5. MATERIAL EVENTS SUBSEQUENT TO THE END OF THE INTERIM PERIOD
There were no material events subsequent to the end of the six month period ended 30 June 2021 (2020:
Nil) that would require disclosure.
6. CHANGES IN CONTINGENT LIABILITIES AND CONTINGENT ASSETS SINCE LAST
ANNUAL BALANCE SHEET DATE
There were no changes in contingent liabilities and contingent assets that would require disclosure for the
six month period ended 30 June 2021 (2020: Nil). There were no contingent liabilities or contingent assets
as at 30 June 2021 (2020: Nil).
7. RELATED PARTY TRANSACTIONS
CDL Investments New Zealand Limited is a subsidiary of Millennium & Copthorne Hotels New Zealand
Limited by virtue of Millennium & Copthorne Hotels New Zealand Limited owning 66.29% (2020: 65.87%)
of the Company and having three out of six of the Directors on the Board. Millennium & Copthorne Hotels
New Zealand Limited is 70.79% (2020: 70.79%) owned by CDL Hotels Holdings New Zealand Limited
(computed on voting shares), which is a wholly owned subsidiary of Millennium & Copthorne Hotels Ltd in
the United Kingdom. The ultimate holding company is Hong Leong Investment Holdings Pte Ltd in Singapore.
During the six month period ending 30 June 2021 CDL Investments New Zealand Limited has reimbursed
its parent, Millennium & Copthorne Hotels New Zealand Limited, $161,000 (2020: $161,000) for expenses
incurred by the parent on behalf of the Group.
% Holding by
CDL Investments New Zealand
Subsidiary Principal Activity Limited Balance Date
CDL Land New Zealand Property Investment 100.00 31 December

Limited and Development

% Holding by
CDL Land New Zealand
Associate Principal Activity Limited Balance Date
Prestons Road Limited Service Provider 33.33 31 March
FOR THE HALF YEAR ENDED 30 JUNE 2021 (UNAUDITED)
NOTES TO THE CONDENSED INTERIM
FINANCIAL STATEMENTS
CDL INVESTMENTS NEW ZEALAND LIMITED AND ITS SUBSIDIARY – INTERIM REPORT 2021

FOR THE HALF YEAR ENDED 30 JUNE 2021 (UNAUDITED)
NOTES TO THE CONDENSED INTERIM
FINANCIAL STATEMENTS
CDL INVESTMENTS NEW ZEALAND LIMITED AND ITS SUBSIDIARY – INTERIM REPORT 2021
8. COMMITMENTS
As at 30 June 2021, the Group had entered into contractual commitments for development expenditure,
construction of investment properties, and purchases of land. Contractual agreements for the purchase
of land are subject to a satisfactory outcome of the Group’s due diligence process, board approval, and
OIO approval. Development expenditure represents amounts contracted and forecast to be incurred in the
remainder of 2021 in accordance with the Group’s development programme.
In thousands of dollars 2021 2020
Development expenditure 12,888 19,160
Land purchases 56,258 1,272
Capital expenditure on investment properties 24,675 -
93,821 20,432
9. SUBSEQUENT EVENT
Subsequent to balance date, the Group settled the acquisition of 69.4 hectares of land at Havelock North.

INTERIM REPORT 2021