CDI 2021 Annual Report

ANNUAL REPORT 2021

Cover: Prestons Park, Christchurch
Kewa Road subdivision, Auckland
TO BE UPDATED

CONTENTS
Directors’ Review 2
Development Profiles 3–8
Board of Directors 9
Corporate Governance Statement 10–14
Trend Statement & Financial Summary 15
Financial Statements 16–33
Independent Auditor's Report 34–36
Regulatory Disclosures & Statutory Information 37–43
Subdivision Location Map 44
The Directors of CDL Investments New Zealand Limited are pleased
to present the Annual Report of the Company for the year ended
31 December 2021.
Signed for and on behalf of the Board of Directors:

Colin Sim BK Chiu
Chairman Managing Director
25 March 2022
This booklet is printed using
vegetable inks on certified
forest paper.

2 | CDL Investments New Zealand Limited
DIRECTORS' REVIEW
FINANCIAL PERFORMANCE
The Board of CDL Investments New Zealand Limited (“CDI”) is pleased to report that the company recorded a profit after tax of $31.3 million in
2021 (2020: $30.1 million). The result reflects another very positive year of sales despite the ongoing pandemic and reinforces the continued
strong demand for high quality subdivisions.
CDI’s 2021 profit before tax was $43.4 million (2020: $41.8 million). Property sales & other income totaled $92.1 million (2020: $88.8 million).
At 31 December 2021, CDI’s shareholders’ funds increased to $286.4 million (2020: $257.1 million) and total assets also increased to $297.6
million (2020: $265.0 million). Net tangible assets per share (at book value) also increased to 99.6 cents (2020: 91.7 cents).
As at 31 December 2021, the independent market value of CDI’s property holdings was $359.7 million (2020: $292.8 million) which reflects the
acquisitions made in 2021. At cost, the portfolio was valued at $209.1 million (2020:$164.8 million) in line with CDI’s accounting policies.
DEVELOPMENT PORTFOLIO
2021 was a busy and exciting year across CDI’s developments.
In 2021, CDI acquired a total of 69.25 hectares of land in the Hawkes Bay region. Following on from our December 2021 update, the
application for stage 1 resource consent will be submitted to Council in March 2022. Obtaining resource consent will allow stage 1
development works to proceed and we are targeting completion of those works by March 2023.
We were pleased to have sold all of our available sections at Dominion Road (Papakura, South Auckland) and are encouraged by the continued
demand for sections at our Kewa Road subdivision (North Shore, Auckland) after completion and titling of the final stage. Our residential
development in Swanson, West Auckland is nearly complete and ready for sale, and has already attracted much interest from potential buyers.
These sections will be sold during the course of 2022.
Also as stated in our December 2021 update, additional stages will be constructed at Prestons Park (Christchurch) to meet increased demand
and these will be sold over the course of 2022 and 2023. We look forward to the completion and tenanting of the commercial area in Q1 2022
which will add another income stream for CDI. Prestons Park is and will continue to be a strategically important development for the company
and for Christchurch as a whole.
Additional acquisitions are likely in 2022 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.
In addition, the company has commenced construction of the first of two warehouses at its commercially-zoned site in Wiri, South Auckland.
This is a very positive step for CDI’s diversification strategy with completion of the first warehouse/office scheduled in May 2022, and the
second warehouse scheduled to be completed in August 2022. Both warehouses are fully leased.
Post balance date, the sale of land at Jerry Green Street, Wiri which we announced in April 2021, settled in January 2022.
CDI did not apply for assistance from the government Wage Subsidy programme during 2021.
DIVIDEND ANNOUNCEMENT
The Board has resolved to maintain its fully imputed ordinary dividend at 3.5 cents per share payable on 13 May 2022. The Board believes the
amount is fair and reasonable given the profit achieved and ensures that CDI has sufficient cash resources to continue its development work
and seek additional acquisitions without taking on debt.
The record date will be 29 April 2022. The Dividend Reinvestment Plan will apply to this dividend.
SUMMARY AND OUTLOOK
The Board is pleased with the overall performance and results from 2021. These have also laid the groundwork for additional stages for sale in
the coming twelve months and beyond.
While 2021 was not as disruptive as 2020, the lockdowns, especially in Auckland caused some delays as consultants and work teams were not
able to effectively complete work on sites. Fortunately, time has either been made up or the effects of the delays did not negatively affect
development progress to a material extent.
Over the next two to three years, CDI is in a solid position to balance its returns from its commercial land holdings and its future residential
property development sites. Management will be looking to extract maximum gains from each and will look at the best possible options
including leveraging or sale, if warranted, so as to ensure it is in a position to acquire new land when the right opportunities emerge.
This year will also see the conclusion of our Managing Director BK Chiu’s time with the company. On behalf of the Board, I would like to take
this opportunity to thank BK for his leadership of CDI over the course of sixteen-plus years. CDI has come a very long way since he assumed
his role and both the Board and Management are grateful for his stewardship of the company and the results he has helped to achieve.



Colin Sim
Chairman
18 February 2022

Perched on top of the
northern hills of the Oteha
Valley, our Kewa Road
development on the North
Shore of Auckland has
views of Rangitoto Island to
the east and the Waitakere
Ranges to the west.
The 92-lot development has
offered a wide range of section
sizes from 500m2 to 4,600m
2
and
its convenient location close to
Westfield Albany and the Oteha
Valley Park & Ride has made it very
popular with buyers over the past
two years.
We expect to sell the remaining
sections at Kewa Road by the end
of 2022.
KEWA ROAD
(North Shore, Auckland)

Our 48-section
development at Tram
Valley Road, Swanson is
nearing completion and
sales of the first stage will
commence shortly.
Located very close to the Swanson
train station and Swanson Village,
the area is close to native bush and
the Waitakere Ranges.
We have already received
expressions of interest from a
number of potential purchasers
and we expect that the majority
of these sections will be under
contract by the end of the year.
SWANSON
(Auckland)

With sections sized between 400m
2
to 493m
2
, demand was exceptional
and 2021 saw the completion of all
[90 ?] sections sold.
Located in South
Auckland and close to
public transport links
and motorway access,
the Dominion Road
development exceeded
expectations ever since
sections first went on sale.
DOMINION ROAD
(Auckland)

6 | CDL Investments New Zealand Limited
Commercial developments
represent an exciting new
phase of CDL Investments’
strategy across multiple
projects. 2022 will see the
completion of a number of
projects commenced over
the past few years which
fulfil our aim to complement
our existing residential
developments or design and
build to meet demand.
In Auckland, two new warehouses
in Wiri are almost complete and
are already fully tenanted to meet
the ongoing demand for space
and facilities.
In Rolleston, our five unit retail
development at Stonebrook has also
been completed and is also tenanted.
We have also completed and opened
a 15 unit commercial centre at
Prestons Park which complements
the existing 800 sections.
Picture below: new Auckland warehouses
COMMERCIAL
DEVELOPMENTS

It’s a world away, yet close to the
action. The Palms and Northlands
are close by and the beach is only
eight minutes’ drive away. Two
great golf courses lie less than five
minutes away. And, if you have
school-aged children, the state-of-
the-art Marshlands School caters for
students in Years 1 to 8.
Located only a few
minutes from the centre
of Christchurch, our highly
sought after Prestons Park
offers a great lifestyle for
all in a thriving community.

The 69 hectare Iona Block, acquired
in 2021, will allow us to continue
our successful track record of
residential development in this
high-growth region.
We’re already working hard to
create our master planning schemes
for this land. The initial stages of
the development will be for 120
residential lots which expect will
be highly sought after and we are
targeting completion of the stage 1
development works by March 2023.
Our development will incorporate
elements of modern urban design
appropriate to the surrounding
natural landscape and the Havelock
North area generally.
CDL Investments has a
history going back over
seventeen years in the
Hawkes Bay with projects
in Mahora, Hastings
(Northwood) and Havelock
North (Brookfield Estate).
IONA BLOCK
(Hawke's Bay)

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 involved in the development and construction of residential, commercial and industrial projects 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 2021 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 2021 annual meeting of shareholders. In November 2021, the company announced that he will
be leaving the company in July 2022.
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.
DESLEIGH JAMESON
(Independent Non-Executive Director / Chair of the Audit Committee)
Ms. Jameson is currently the Chief Executive and Owner of Gubb & Hardy Limited, a wholesale contributory mortgage company. She has
extensive senior managerial experience as the former Chief Executive / Executive Director of e-commerce firms Instra Corporation and
CentralNic plc and governance experience as the former Chair of the charity Starjam and board member of the Industry Training Federation
for several years. She is a current member of the Institute of Directors and holds an Executive MBA from the University of Auckland.
Ms. Jameson was elected as a director at the 2021 annual meeting of shareholders.
EIK SHENG KWEK
(Non-Executive Director)
Mr. Kwek is currently the Group Chief Operating Officer of City Developments Limited (“CDL”) having been CDL’s Group Chief Strategy Officer
since 2018. Mr. Kwek joined CDL in 2009, covering Business Development for overseas projects before being appointed as Head of Corporate
Development. He was appointed as 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 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 2021 annual meeting of shareholders.
BOARD OF DIRECTORS
CDL Investments New Zealand Limited | 9

9 | CDL Investments New Zealand Limited

10 | CDL Investments New Zealand Limited
PRINCIPLE 2 – BOARD COMPOSITION
AND PERFORMANCE
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 is required to have at least two Independent Directors. Currently,
CDI has determined that its Chair Colin Sim, John Henderson and Desleigh
Jameson 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 2021.
DIRECTOR MEETINGS ATTENDED
Colin Sim 3/3
BK Chiu 3/3
Roy Austin* 2/2
John Henderson 3/3
Desleigh Jameson** 2/2
Eik Sheng Kwek 3/3
Vincent Yeo 3/3
* Mr. Austin retired from the Board at the conclusion of the 2021 annual
meeting of shareholders in May.
** Ms. Jameson was appointed from 1 May 2021.
In 2018, the Board devised its own Skills Matrix to demonstrate the skills,
experience and diversity of its Board. The Board reviewed its Skills Matrix in 2021.
SKILL / ATTRIBUTE RELEVANT DIRECTOR
Sales, marketing and brand experience Chiu, Jameson, Yeo
Governance experience Chiu, Henderson, Jameson,
Kwek, Sim, Yeo
Large enterprise / Multinational business Chiu, Henderson, Jameson,
or leadership experience Kwek, Sim, Yeo
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).
PRINCIPLE 1 – ETHICAL BEHAVIOUR
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.
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.
CORPORATE GOVERNANCE

CDL Investments New Zealand Limited | 11

DIRECTOR MEETINGS ATTENDED
Roy Austin (Chair) 1/1
BK Chiu 2/2
John Henderson 2/2
Desleigh Jameson** 1/1
* Mr. Austin retired from the Board at the conclusion of the 2021 annual
meeting of shareholders in May.
** Ms. Jameson was appointed from 1 May 2021.
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 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 then comprising Messrs.
Austin and Chiu in 2020. The Committee did not meet in 2021.
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 Millennium & Copthorne Hotels 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 Code at this time but agrees with the principles
behind Recommendation 3.6.
PRINCIPLE 4 – REPORTING & DISCLOSURE
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;
CORPORATE GOVERNANCE – continued
Accounting / Finance / Tax experience Jameson, Kwek
Business strategy experience Chiu, Henderson, Jameson,
Kwek, Sim, Yeo
Property development / Chiu, Jameson, Kwek,
management experience Sim, Yeo
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.
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.
With the appointment of Ms. Jameson, the Board considers that it has met its
initial gender diversity target for female board representation to be at least
20 % of the Board by 2023. The Board will look to update its diversity targets
in the course of 2022.
In terms of CDI’s permanent staff, 50 % are male and 50 % are female.
PRINCIPLE 3 – BOARD COMMITTEES
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. The
current members of the Audit Committee are Desleigh Jameson (Chair), John
Henderson and BK Chiu.
The table below reports attendance of the Audit Committee members
during 2021:

12 | CDL Investments New Zealand Limited
• 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.
• 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/.
PRINCIPLE 5 – REMUNERATION
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.
PRINCIPLE 6 – RISK MANAGEMENT
Directors should have a sound understanding of the material risks
faced by the issuer and how to manage them. The Board should regu-
larly 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 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
CORPORATE GOVERNANCE – continued

CDL Investments New Zealand Limited | 13

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 monitored the fees and ratio.
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
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’s Board has also identified the risk of climate change on its business.
With the passing of the Financial Sector (Climate-related Disclosures and
Other Matters) Amendment Act 2021, CDI will need to undertake annual
reporting of climate related disclosures such as the climate statements
required under the statutory framework. CDI has begun the process of
assessing how it will report against the new framework and will publish
future updates on any changes to its risk management framework which are
associated with climate change.
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.
PRINCIPLE 7 – AUDITORS
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.
CORPORATE GOVERNANCE – continued

14 | CDL Investments New Zealand Limited
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.
PRINCIPLE 8 – SHAREHOLDER RIGHTS
& COMMUNICATION
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 | 15

CDL INVESTMENTS NEW ZEALAND LIMITED
FINANCIAL SUMMARY
For the year ended 31 December 2021
TREND STATEMENT
For the year ended 31 December 2021
Property Sales & Other Income
Profit for the Year
Development Property Fair ValueGroup Equity
Earnings Per ShareAsset Backing Per Share (Before Distribution)
2017
2018
2020
2021
2019
2018
2019
2021
2020
2017
2018
2019
2020
2021
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
2021
2017
100,000
120,000
140,000
180,000
160,000
200,000
220,000
240,000
260,000
280,000
300,000
Dollars ($ '000)
Group Equity
0
3
6
12
9
15
Cents per share
Earnings per share
2018
2019
2020
2021
2017
2018
2019
2020
2021
2017
100,000
140,000
180,000
220,000
260,000
300,000
340,000
Dollars ($ '000)
Development Property Fair Value
50.0
60.0
70.0
90.0
80.0
100.0
Cents per share
Asset backing per share (before distributions)
85,000
90,000
95,000
Dollars ($ '000)
36,000
2017
2018
2020
2021
2019
2018
2019
2021
2020
2017
2018
2019
2020
2021
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
2021
2017
100,000
120,000
140,000
180,000
160,000
200,000
220,000
240,000
260,000
280,000
300,000
Dollars ($ '000)
Group Equity
0
3
6
12
9
15
Cents per share
Earnings per share
2018
2019
2020
2021
2017
2018
2019
2020
2021
2017
100,000
140,000
180,000
220,000
260,000
300,000
340,000
Dollars ($ '000)
Development Property Fair Value
50.0
60.0
70.0
90.0
80.0
100.0
Cents per share
Asset backing per share (before distributions)
85,000
90,000
95,000
Dollars ($ '000)
36,000
2017
2018
2020
2021
2019
2018
2019
2021
2020
2017
2018
2019
2020
2021
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
2021
2017
100,000
120,000
140,000
180,000
160,000
200,000
220,000
240,000
260,000
280,000
300,000
Dollars ($ '000)
Group Equity
0
3
6
12
9
15
Cents per share
Earnings per share
2018
2019
2020
2021
2017
2018
2019
2020
2021
2017
100,000
140,000
180,000
220,000
260,000
300,000
340,000
Dollars ($ '000)
Development Property Fair Value
50.0
60.0
70.0
90.0
80.0
100.0
Cents per share
Asset backing per share (before distributions)
85,000
90,000
95,000
Dollars ($ '000)
36,000
2017
2018
2020
2021
2019
2018
2019
2021
2020
2017
2018
2019
2020
2021
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
2021
2017
100,000
120,000
140,000
180,000
160,000
200,000
220,000
240,000
260,000
280,000
300,000
Dollars ($ '000)
Group Equity
0
3
6
12
9
15
Cents per share
Earnings per share
2018
2019
2020
2021
2017
2018
2019
2020
2021
2017
100,000
140,000
180,000
220,000
260,000
300,000
340,000
Dollars ($ '000)
Development Property Fair Value
50.0
60.0
70.0
90.0
80.0
100.0
Cents per share
Asset backing per share (before distributions)
85,000
90,000
95,000
Dollars ($ '000)
36,000
2017
2018
2020
2021
2019
2018
2019
2021
2020
2017
2018
2019
2020
2021
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
2021
2017
100,000
120,000
140,000
180,000
160,000
200,000
220,000
240,000
260,000
280,000
300,000
Dollars ($ '000)
Group Equity
0
3
6
12
9
15
Cents per share
Earnings per share
2018
2019
2020
2021
2017
2018
2019
2020
2021
2017
100,000
140,000
180,000
220,000
260,000
300,000
340,000
Dollars ($ '000)
Development Property Fair Value
50.0
60.0
70.0
90.0
80.0
100.0
Cents per share
Asset backing per share (before distributions)
85,000
90,000
95,000
Dollars ($ '000)
36,000
2017
2018
2020
2021
2019
2018
2019
2021
2020
2017
2018
2019
2020
2021
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
2021
2017
100,000
120,000
140,000
180,000
160,000
200,000
220,000
240,000
260,000
280,000
300,000
Dollars ($ '000)
Group Equity
0
3
6
12
9
15
Cents per share
Earnings per share
2018
2019
2020
2021
2017
2018
2019
2020
2021
2017
100,000
140,000
180,000
220,000
260,000
300,000
340,000
Dollars ($ '000)
Development Property Fair Value
50.0
60.0
70.0
90.0
80.0
100.0
Cents per share
Asset backing per share (before distributions)
85,000
90,000
95,000
Dollars ($ '000)
36,000
In thousands of dollars (unless otherwise stated) 2017 2018 2019 2020 2021
Property sales & other income 78,667 85,030 91,794 88,778 92,142
Profit before income tax 44,668 46,719 47,426 41,811 43,423
Profit for the year 32,161 33,641 34,140 30,099 31,264
Earnings per share 11.60c 12.10c 12.26c 10.75c 10.96
Dividends per share 3.50c 3.50c 3.50c 3.50c 3.50c
Percentage of dividends per share over earnings per share 30.2% 28.9% 28.5% 32.6% 31.9%
Asset backing per share (before distributions) 67.1c 75.7c 84.5c 91.7c 99.6c
Development property fair value 276,316 337,765 315,620 286,380 334,135
Investment property fair value - - - 6,430 25,520
Total assets 191,706 217,614 240,700 265,005 297,622
Group equity 186,112 210,594 235,510 257,131 286,380

16 | CDL Investments New Zealand Limited
CDL INVESTMENTS NEW ZEALAND LIMITED
FINANCIAL STATEMENTS – CONTENTS
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME 17
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY 18
CONSOLIDATED STATEMENT OF FINANCIAL POSITION 19
CONSOLIDATED STATEMENT OF CASH FLOWS 20-21
NOTES TO THE FINANCIAL STATEMENTS 22-33
INDEPENDENT AUDITOR'S REPORT 34-36

REGULATORY DISCLOSURES 37-38
STATUTORY INFORMATION 39-43
REGULATORY DISCLOSURES & STATUTORY INFORMATION –
CONTENTS

CDL Investments New Zealand Limited | 17

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 2021
GROUP
In thousands of dollars Note 2021 2020
Revenue 91,893 88,633
Cost of sales (44,902) (43,290)
Gross Profit 46,991 45,343
Other income 249 145
Administrative expenses 3, 4 (345) (256)
Property expenses (367) (417)
Selling expenses (2,264) (2,541)
Other expenses 3, 4 (1,453) (1,499)
Results from operating activities 42,811 40,775
Finance income 5 616 1,038
Finance costs 5 (4) (2)
Net finance income 612 1,036
Profit before income tax 43,423 41,811
Income tax expense 6 (12,159) (11,712)
Profit for the period 31,264 30,099
Total comprehensive income for the period 31,264 30,099
Profit attributable to:
Equity holders of the parent 31,264 30,099
Total comprehensive income for the period 31,264 30,099
Earnings per share (cents per share) 13 10.96 10.75

18 | 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 CHANGES IN EQUITY
For the year ended 31 December 2021
GROUP
In thousands of dollars Note Share Capital Retained Earnings Total Equity
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
Balance at 1 January 2021 56,654 200,477 257,131
Total comprehensive income for the period
Profit for the period - 31,264 31,264
Total comprehensive income for the period - 31,264 31,264
Transactions with owners of the Company
Shares issued under dividend reinvestment plan 13 7,800 - 7,800
Dividend to shareholders 13 - (9,815) (9,815
Supplementary dividend - (194) (194)
Foreign investment tax credits - 194 194
Balance at 31 December 2021 64,454 221,926 286,380

CDL Investments New Zealand Limited | 19

CDL INVESTMENTS NEW ZEALAND LIMITED
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
As at 31 December 2021
GROUP
In thousands of dollars Note 2021 2020
SHAREHOLDERS’ EQUITY
Issued capital 13 64,454 56,654
Retained earnings 221,926 200,477
Total Equity 286,380 257,131
Represented by:
NON CURRENT ASSETS
Property, plant and equipment 43 23
Development property 8 164,589 119,096
Investment property 9 23,332 3,325
Investment in associate 2 2
Total Non Current Assets 187,966 122,446
CURRENT ASSETS
Cash and cash equivalents 12 53,025 10,111
Short term deposits 14 30,000 86,620
Trade and other receivables 11 5,479 3,486
Development property 8 21,152 42,342
Total Current Assets 109,656 142,559
Total Assets 297,622 265,005
NON CURRENT LIABILITIES
Deferred tax liabilities 10 74 59
Lease liability 18 3
Total Non Current Liabilities 92 62
CURRENT LIABILITIES
Trade and other payables 7,297 3,932
Employee entitlements 71 52
Income tax payable 3,771 3,821
Lease liability 11 7
Total Current Liabilities 11,150 7,812
Total Liabilities 11,242 7,874
Net Assets 286,380 257,131
For and on behalf of the Board

D JAMESON, DIRECTOR, 18 February 2022 BK CHIU, MANAGING DIRECTOR, 18 February 2022

20 | 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 CASH FLOWS
For the year ended 31 December 2021
GROUP
In thousands of dollars Note 2021 2020
CASH FLOWS FROM OPERATING ACTIVITIES
Cash was provided from:
Receipts from customers 90,011 89,391
Interest received 754 871
Cash was applied to:
Payment to suppliers (17,800) (21,979)
Payment to employees (590) (546)
Purchase of development land (56,258) (1,260)
Income tax paid (12,000) (11,690)
Net Cash Inflow from Operating Activities 4,117 54,787
CASH FLOWS FROM INVESTING ACTIVITIES
Cash was provided from:
Short term deposits 86,620 19,620
Cash was applied to:
Development of investment property (15,594) (3,325)
Purchase of plant and equipment (3) (6)
Short term deposits (30,000) (86,620)
Net Cash Inflow/(Outflow) From Investing Activities 41,023 (70,331)
CASH FLOWS FROM FINANCING ACTIVITIES
Cash was applied to:
Dividend paid (2,015) (8,478)
Principal repayment of lease liability (17) (16)
Supplementary dividend paid (194) (286)
Net Cash Outflow from Financing Activities (2,226) (8,780)
Net Increase/(Decrease) in Cash and Cash Equivalents 42,914 (24,324)
Add Opening Cash and Cash Equivalents 10,111 34,435
Closing Cash and Cash Equivalents 12 53,025 10,111

CDL Investments New Zealand Limited | 21

CDL INVESTMENTS NEW ZEALAND LIMITED
CONSOLIDATED STATEMENT OF CASH FLOWS – continued
For the year ended 31 December 2021
GROUP
In thousands of dollars Note 2021 2020
RECONCILIATION OF PROFIT FOR THE PERIOD TO CASH FLOWS FROM OPERATING ACTIVITIES
Net Profit after Taxation 31,264 30,099
Adjusted for non cash items:
Depreciation of investment property 71 –
Depreciation of plant & equipment 2 1
Depreciation of right-of-use assets 13 14
Income tax expense 6 12,159 11,712
Transfer of development properties to investment properties 9 (4,484) –
Adjustments for movements in working capital:
(Increase)/Decrease in receivables (1,993) 446
(Increase)/Decrease in development property (24,303) 21,241
Increase in payables 3,388 2,964
Cash generated from operating activities 16,117 66,477
Income tax paid (12,000) (11,690)
Cash Inflow from Operating Activities 4,117 54,787
The accompanying notes form part of, and should be read in conjunction with these financial statements.

22 | CDL Investments New Zealand Limited
CDL INVESTMENTS NEW ZEALAND LIMITED
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
For the year ended 31 December 2021
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 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 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 18 February 2022.
(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 straight-line 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.

CDL Investments New Zealand Limited | 23

CDL INVESTMENTS NEW ZEALAND LIMITED
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS – continued
For the year ended 31 December 2021
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 2021, and have not been
applied in preparing these consolidated financial statements:
• Onerous Contracts – Cost of Fulfilling a Contract (Amendments to NZ IAS 37)
• Deferred Tax related to Assets and Liabilities arising from a Single Transaction (Amendments to NZ IAS 12)
• COVID-19 Related Rent Concessions beyond 30 June 2021 (Amendment to NZ IFRS 16)
• Annual Improvements to IFRS Standards 2018-2020
• 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
• Disclosure of Accounting Policies (Amendments to NZ IAS 1 and NZ IFRS Practice Statement 2)
• Definition of Accounting Estimates (Amendments to NZ IAS 8)
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.

24 | CDL Investments New Zealand Limited
CDL INVESTMENTS NEW ZEALAND LIMITED
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS – continued
For the year ended 31 December 2021
1. SEGMENT REPORTING
Operating segments
The operating segments of the Group consists of property operations, comprising the development and sale of residential land sections and
rental income from investment properties. There is no segmental disclosure for the rental activity from investment properties as the results are
not material for the year.
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 exceeds the market value due to market fluctuations in the
value of development properties. However, there is no indication of impairment as the market value determined by an independent registered
valuer significantly exceeds the carrying value of development properties.
3. ADMINISTRATIVE AND OTHER EXPENSES
The following items of expenditure are included in administrative and other expenses: GROUP
In thousands of dollars Note 2021 2020
Auditors’ remuneration
- Audit fees 61 55
- Tax compliance & tax advisory fees 4 4
Depreciation 86 15
Directors’ fees 17 130 130
Rental payments 66 66

CDL Investments New Zealand Limited | 25

CDL INVESTMENTS NEW ZEALAND LIMITED
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS – continued
For the year ended 31 December 2021
4. PERSONNEL EXPENSES
GROUP
In thousands of dollars 2021 2020
Wages and salaries 517 480
Employee related expenses and benefits 70 64
Increase in liability for long-service leave 3 2
590 546
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 2021 2020
Interest income 616 1,038
Finance income 616 1,038
Interest expense (4) (2)
Finance costs (4) (2)
Net finance income 612 1,036
Finance income comprises interest receivable on funds invested that are recognised in 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 GROUP
In thousands of dollars 2021 2020
Current tax expense
Current year 12,144 11,711
Adjustments for prior years – 5
12,144 11,716
Deferred tax expense

Origination and reversal of temporary differences 15 (4)
15 (4)
Total income tax expense in the statement of comprehensive income 12,159 11,712

26 | CDL Investments New Zealand Limited
CDL INVESTMENTS NEW ZEALAND LIMITED
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS – continued
For the year ended 31 December 2021
6. INCOME TAX EXPENSE – continued
Reconciliation of effective tax rate
GROUP
In thousands of dollarsv 2021 2020
Profit before income tax 43,423 41,811
Income tax using the company tax rate of 28% (2020: 28%) 12,159 11,707
Adjusted for:
Under provided in prior years – 5
12,159 11,712
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 2021 2020
Imputation credits available for use in subsequent reporting periods 84,322 75,946
8. DEVELOPMENT PROPERTY
GROUP
In thousands of dollars 2021 2020
Expected to settle greater than one year 164,589 119,096
Expected to settle within one year 21,152 42,342
Development property 185,741 161,438
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 (2020: 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.

CDL Investments New Zealand Limited | 27

CDL INVESTMENTS NEW ZEALAND LIMITED
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS – continued
For the year ended 31 December 2021
9. INVESTMENT PROPERTY
GROUP
In thousands of dollars Freehold Land Buildings Work in Progress Total
Cost
Balance at 1 January 2020 - - - -
Acquisitions 265 2,873 187 3,325
Balance at 31 December 2020 265 2,873 187 3,325
Balance at 1 January 2021 265 2,873 187 3,325
Acquisitions – 180 15,414 15,594
Transfers from development properties 394 – 4,090 4,484
Balance at 31 December 2021 659 3,053 19,691 23,403
Depreciation and impairment losses
Balance at 1 January 2020 - - - -
Balance at 31 December 2020 - - - -
Balance at 1 January 2021 - - - -
Depreciation charge for the year – (71) – (71)
Balance at 31 December 2021 - (71) - (71)
Carrying amounts
Balance at 1 January 2020 - - - -
Balance at 31 December 2020 265 2,873 187 3,325

Balance at 1 January 2021 265 2,873 187 3,325
Balance at 31 December 2021 659 2,892 19,691 23,332
Investment properties consist of commercial warehousing at Roscommon Road in Auckland, retail shops at Prestons Park in Christchurch, of which
both are under construction at balance date, and retail shops at Stonebrook in Rolleston which are fully operational.
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.

28 | CDL Investments New Zealand Limited
CDL INVESTMENTS NEW ZEALAND LIMITED
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS – continued
For the year ended 31 December 2021
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 2021 2020 2021 2020 2021 2020
Plant and equipment – – (30) – (30) –
Development property – – (108) (116) (108) (116)
Employee benefits 55 50 - - 55 50
Trade and other payables 9 7 - - 9 7
Net tax assets/(liabilities) 64 57 (138) (116) (74) (59)
Movement in deferred tax balances during the year 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)
GROUP
In thousands of dollars Balance 1 Jan 2021 Recognised in profit or loss Balance 31 Dec 2021
Plant and equipment – (30) (30)
Development property (116) 8 (108)
Employee benefits 50 5 55
Trade and other payables 7 2 9
(59) (15) (74)
11. TRADE AND OTHER RECEIVABLES
GROUP
In thousands of dollars 2021 2020
Trade receivables 94 86
Other receivables and prepayments 5,385 3,400
Trade and other receivables 5,479 3,486
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.

CDL Investments New Zealand Limited | 29

CDL INVESTMENTS NEW ZEALAND LIMITED
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS – continued
For the year ended 31 December 2021
12. CASH AND CASH EQUIVALENTS
GROUP
In thousands of dollars 2021 2020
Bank balances 3,025 6,111
Call deposits 50,000 4,000
Cash and cash equivalents 53,025 10,111
Cash and cash equivalents comprise cash balances and call deposits with an original maturity of three months or less.
13. CAPITAL AND RESERVES
PARENT
Share capital 2021 2021 2020 2020
Shares ‘000s $000’s Shares ‘000s $000’s
Shares issued 1 January 280,435 56,654 278,806 55,374
Issued under dividend reinvestment plan 7,078 7,800 1,629 1,280
Total shares issued and outstanding 287,513 64,454 280,435 56,654
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
2021, the authorised share capital consisted of 287,513,023 fully paid ordinary shares (2020: 280,435,135).
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 7,077,888 additional shares under the Dividend Reinvestment Plan on 14 May 2021 (2020: 1,629,555) at a
strike price of $1.1020 per share issued (2020: $0.7854).
Dividends
The following dividends were declared and paid during the year 31 December:
PARENT
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

After 31 December 2021 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 10,063
3.5 cents total dividend per qualifying ordinary share 10,063

30 | CDL Investments New Zealand Limited
CDL INVESTMENTS NEW ZEALAND LIMITED
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS – continued
For the year ended 31 December 2021
13. CAPITAL AND RESERVES – continued
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 2021 was based on the profit attributable to ordinary shareholders of $31,264,000 (2020: $30,099,000); and weighted average
number of ordinary shares outstanding during the year ended 31 December 2021 of 285,154,000 (2020: 279,892,000), calculated as follows:
Profit attributable to ordinary shareholders (basic & diluted) GROUP
In thousands of dollars 2021 2020
Profit for the period 31,264 30,099
Profit attributable to ordinary shareholders 31,264 30,099
Weighted average number of ordinary shares
PARENT
2021 2020
Shares ‘000s Shares ‘000s
Issued ordinary shares at 1 January 280,435 278,806
Effect of 7,077,888 shares issued in May 2021 4,719 -
Effect of 1,629,555 shares issued in May 2020 - 1,086
Weighted average number of ordinary shares at 31 December 285,154 279,892
14. 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 2021 2020
Financial Assets
Cash and cash equivalents 12 53,025 10,111
Short term deposits 30,000 86,620
Trade and other receivables 11 5,479 3,486
Financial Liabilities
Trade and other payables 7,297 3,932
Exposure to credit and interest rate risks arises in the normal course of the Group’s business.

CDL Investments New Zealand Limited | 31

CDL INVESTMENTS NEW ZEALAND LIMITED
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS – continued
For the year ended 31 December 2021
14. 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 (2020: 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 $794,000 (2020: $579,000)
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
20212020
In thousands of dollarsBalance Sheet6 months or less6-12 monthsBalance Sheet6 months or less6-12 months
Trade and other payables7,2977,297-3,9323,932-
7,2977,297-3,9323,932-
GROUP
2021
2020
Note Effective Total 6 months 6-12

In thousands of dollars interest rate or less months
Cash and cash equivalents 12 0.00% to 0.79% 53,025 53,025 -
Short term deposits 0.56% to 1.20% 30,000 20,000 10,000
83,025 73,025 10,000



Effective Total 6 months 6-12
interest rate or less months
0.00% to 0.62% 10,111 10,111 -
0.50% to 1.70% 86,620 86,500 120
54,055 53,935 120

32 | CDL Investments New Zealand Limited
CDL INVESTMENTS NEW ZEALAND LIMITED
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS – continued
For the year ended 31 December 2021
14. 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.
15. CAPITAL AND LAND DEVELOPMENT COMMITMENTS
As at 31 December 2021, 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 2022 in accordance with the Group’s
development programme.
GROUP
In thousands of dollars 2021 2020
Development expenditure 20,858 19,696
Land purchases 20,300 56,258
41,158 75,954

CDL Investments New Zealand Limited | 33

CDL INVESTMENTS NEW ZEALAND LIMITED
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS – continued
For the year ended 31 December 2021
16. 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 17), 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 ending 31 December 2021 was:
GROUP
In thousands of dollars 2021 2020
C Sim 35 35
VWE Yeo 30 30
ES Kwek - -
KS Tan - -
R Austin (retired: 25 May 2021) 15 35
D Jameson (appointed: 1 May 2021) 20 –
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).
17. 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 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 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 (2020: $323,000) for expenses incurred by the parent on behalf of the Group.
During 2021, CDL Investments New Zealand Limited issued 5,866,859 additional shares (2020: 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 190,591,297 (2020: 184,724,438).
18. CONTINGENT LIABILITIES
CDL Investments New Zealand Limited has a bank guarantee in place as a requirement of being listed on the New Zealand Stock Exchange. The
maximum value of this guarantee is $75,000 (2020: $195,000).
The Group has been named as respondents in a High Court judicial review proceeding which has been brought by the Applicant, Winton
Property Investments Limited, in relation to a recent decision relating to the Group’s acquisition of land in Havelock North which was advised
to the market on 21 July 2021 and which has settled. The Applicant is seeking, inter alia, an order setting aside the decision of the Overseas
Investment Office in respect of the approval and/or a declaration that Ministers erred at law in making their decision to grant consent. The
Group will vigorously defend its position and consider the likelihood of the applicant being successful as low. It is not possible to determine
what the financial effect would be, if any, should the application be successful.

34
© 2022 KPMG, a New Zealand Partnership and a member firm of the KPMG global organisation 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 subsidiaries
(the 'group') on pages 17 to 33:
i.present fairly in all material respects the Group’s
financial position as at 31 December 2021 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 2021;
— the consolidated statement 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 $2 million 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.



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.

2

Key audit matters
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 2021 development properties
amounted to $185.7 million representing 64.8%
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 Director’s 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.




35

3

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 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
18 February 2022

36

CDL Investments New Zealand Limited | 37

CDL INVESTMENTS NEW ZEALAND LIMITED
REGULATORY DISCLOSURES
20 LARGEST SHAREHOLDERS (as at 1 March 2022) (Listing Rule 3.7.1c)
Rank Shareholder Number of Securities % of Issued Capital
1. MILLENNIUM & COPTHORNE HOTELS NEW ZEALAND LIMITED 190,591,297 66.29
2. ADRIAN HO 22,047,756 7.67
3. ACCIDENT COMPENSATION CORPORATION - NZCSD 13,173,620 4.58
4. CITIBANK NOMINEES (NEW ZEALAND) LIMITED - NZCSD 4,029,717 1.40
5. CHRISTINA SEET 2,511,881 0.87
6. HSBC NOMINEES (NEW ZEALAND) LIMITED - NZCSD 2,061,008 0.72
7. MFL MUTUAL FUND LIMITED - NZCSD 2,046,338 0.71
8. FARO EQUITIES LIMITED 1,940,000 0.67
9. CUSTODIAL SERVICES LIMITED 1,862,038 0.65
10. HUGH GREEN LIMITED 1,243,772 0.43
11. GEOK LOO GOH 1,079,834 0.38
12. ROGER PARKER 801,032 0.28
13. NEW ZEALAND DEPOSITORY NOMINEE LIMITED 782,270 0.27
14. STEVEN CHEONG KWOK WING 619,064 0.22
15. CALIBER TRUSTEE COMPANY LIMITED 591,573 0.21
16. ROBERT WONG & CHRISTEIN JOE WONG 450,000 0.16
17. MICHAEL ROBERT MAYGER & ELEANOR MARGARET MAYGER 438,649 0.15
18. SIMON HUGH BERRY 431,095 0.15
19. TEA CUSTODIANS LIMITED CLIENT PROPERTY TRUST ACCOUNT - NZCSD 378,699 0.13
20. ALAN DAVID WHITE 376,472 0.13
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 1 March 2022)
Range Number of shareholders Number of shares % of Issued Capital
1 - 499 55 10,250 0.00
500 - 999 45 30,669 0.01
1,000 - 1,999 359 487,303 0.17
2,000 - 4,999 971 2,981,672 1.04
5,000 - 9,999 542 3,807,948 1.32
10,000 - 49,999 669 13,618,549 4.74
50,000 - 99,999 100 6,764,737 2.35
100,000 - 499,999 82 14,430,695 5.02
500,000 - 999,999 4 2,793,939 0.97
1,000,000 Over 11 242,587,261 84.37
Rounding 0.01
Total 2,838 287,513,023 100.00

38 | CDL Investments New Zealand Limited
CDL INVESTMENTS NEW ZEALAND LIMITED
REGULATORY DISCLOSURES – continued
DOMICILE OF SHAREHOLDERS (as at 1 March 2022)
Number of shareholders Number of shares % of Issued Capital
New Zealand 2,728 255,325,686 88.80
Australia and overseas 110 32,187,337 11.19
Rounding 0.01
Total 2,838 287,513,023 100.00
ADOPTION OF NEW NZX LISTING RULES
No waivers were sought from NZX in 2021.
SUBSTANTIAL PRODUCT HOLDERS
According to notices given to the Company under the Financial Markets Conducts Act 2013, as at 1 March 2022, 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 22,047,756 Ordinary Shares 7.67
As at 1 March 2022, the total number of issued voting securities of CDL Investments New Zealand Limited (all of which are ordinary shares)
was 287,513,023.

CDL Investments New Zealand Limited | 39

CDL INVESTMENTS NEW ZEALAND LIMITED
STATUTORY INFORMATION
DIRECTORS (section 211(1)(I) Companies Act 1993)
As at 31 December 2021, the Company’s Directors were Messrs. C Sim, BK Chiu, RJ Austin, JH Henderson, ES Kwek and VWE Yeo. Mr. RJ Austin
retired as a director on 25 May 2021 and Ms DJ Jameson was appointed on 1 May 2021.
The gender breakdown of the Board is 5 male directors and 1 female director (2020: 6 male directors and 0 female directors). CDI currently has
1 female and 3 male officers (2020: 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 2021)
Director 2020 2021
C Sim Nil Nil
BK Chiu Nil Nil
RJ Austin Nil Nil
J Henderson Nil Nil
DJ Jameson Not applicable Nil
ES Kwek Nil 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 ending 31 December
2021 was:
Director Remuneration
C Sim $35,000
BK Chiu Nil^
RJ Austin $15,000
J Henderson $30,000
DJ Jameson $20,000
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.

40 | CDL Investments New Zealand Limited
CDL INVESTMENTS NEW ZEALAND LIMITED
STATUTORY INFORMATION – continued
GENERAL DISCLOSURES OF INTEREST (section 140(2), Companies Act 1993)
As at 31 December 2021, 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
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 Limitedv 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 Ld Waterbrook Bayview Investment Pty Ltd
Waterbrook Bayview Village Management Pty Ltd Waterbrook Bowral Pty Ltd
Waterbrook Bowral Investment Pty Ltd Waterbrook Bowral Village Management 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 Leases Limited
Hospitality Services Limited Kingsgate Hotels & Resorts Limited
Millennium & Copthorne Hotels Limited Millennium & Copthorne Hotels New Zealand Limited
QINZ Holdings (New Zealand) Limited QINZ (Anzac Avenue) Limited
J Henderson
Director of:
Ding Bay Limited John Henderson Resources Limited
Maara Moana Limited Te Hoiere Asset Holding Company Limited
D J Jameson
Director of:
Ampio Limited GH Securities Trustee Limited
Gubb & Hardy Limited Milford Haven Limited
ES Kwek
Chairman / Director / President of: Grand Plaza Hotel Corporation
Director and Chairman of the Board: Millennium Hotels Italy Holdings S.r.l
Millennium Hotels Palace Management S.r.l Millennium Hotels Property S.r.l
President and Director of: Five Star Assurance Inc
Director / President of: The Philippine Fund Limited
Managing Director of:
ATOS Holding GmbH Tara Hotels Deutschland GmbH
Director of:
125 OBS (Nominees 1) Limited 125 OBS (Nominees 2) Limited
125 OBS GP Limited Actas Holdings Pte. Ltd
Adelais Properties Limited Adelanto Investments Pte. Limited
Adelphia Holdings Limited 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 Camborne Developments Pte. Ltd
Canvey Developments Pte. Ltd CDL Acquisitions Pte. Ltd

CDL Investments New Zealand Limited | 41

CDL INVESTMENTS NEW ZEALAND LIMITED
STATUTORY INFORMATION – continued
GENERAL DISCLOSURES OF INTEREST (section 140(2), Companies Act 1993) – continued
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 (Korea) 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 Libra Commercial Pte. Limited
CDL Libra Pte. Limited CDL Management Services Pte. Ltd
CDL Netherlands Investments BV CDL Orion Investment Holdings Pte. Ltd
CDL Pegasus Pte. Ltd CDL Perseus Pte. Ltd
CDL Pisces Comercial Pte. Ltd CDL Pisces Serviced Residences Pte. Ltd
CDL Pro Star Development Pty Ltd CDL Properties BV
CDL Real Estate Asset Managers Pte Ltd CDL Real Estate Investment 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
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 Developments Realty Ltd City Elite Pte. Ltd
City Gemini 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
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 Hotels Limited Copthorne Orchid Hotel Singapore Pte Ltd
Crescent View Developments Pte Ltd Darien Properties Investment Limited
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 Euroform (S) Pte Ltd
Faber-Rhine Properties Pte Ltd Fairsteps Properties Pte. Ltd
Ferguson Hotel Holdings Limited Ferguson Investment Corp
Finite Properties Investment Limited First Platinum Holdings Pte. Ltd
Freshview Developments Pte Ltd Glades Properties 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 Bee Hardware Company Sd. Berhad
Hong Leong Enterprises Pte Ltd Hong Leong Foundation
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 Glades Developments Pte Ltd Jayland Properties Limited
Keygate Holdings Limited King’s Tanglin Shopping Pte Ltd
Kwek Holdings Pte Ltd Kwek Hong Png Investment Pte Ltd
Landco Properties Limited Le Grove Management Pte Ltd
Legend Commercial Pte Limited Legend Commercial Trustee Pte Ltd
Legend Investment Holdings Pte Ltd Legend Quay Pte Ltd
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

42 | CDL Investments New Zealand Limited
CDL INVESTMENTS NEW ZEALAND LIMITED
STATUTORY INFORMATION – continued
GENERAL DISCLOSURES OF INTEREST (section 140(2), Companies Act 1993)
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 Capital Pte. 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 Singapore Holdings (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 Unity Holdings Ltd
New Vista Realty Pte Ltd Newbury Investments Pte Ltd
Novel Developments Pte Ltd Palmerston Holdings Sdn. Bhd.
Paradise Investments Limited Pinenorth Properties Limited
Qaiser Holdings Limited Queensway Hotel Holdings Limited
Queensway Hotel 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 Silkparc 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
VWE Yeo
Executive Director / Chief Executive Officer of:
M&C Business Trust Management Limited M&C REIT Management Limited
Director / Managing Director of:
CDLHT Oceanic Maldives Private Limited CDL HBT Oceanic Maldives Pvt Ltd
Sanctuary Sands Maldives Private 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 Investments (I) Limited CDL HBT Investments (I) Operations Limited
CDL HBT Investments (I) Property Limited CDL HBT Investments (I) Pte Limited
CDL HBT North Ltd CDL HBT Oceanic Holdings Pte Ltd
CDL HBT Sun Pte. Limited CDL HBT Sun Four Pty Limited
CDL HBT Sun Three Pty Limited 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 NKS Hospitality I BV
NKS Hospitality III SRL Sunshine Hotels Australia Pty Ltd
The Lowry Hotel Ltd
Board Member / Honorary Treasurer of:
Singapore Hotel Association

CDL Investments New Zealand Limited | 43

CDL INVESTMENTS NEW ZEALAND LIMITED
STATUTORY INFORMATION – continued
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
140,001 – 150,000 1
350,001 – 360,000 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 2020 2021
Annual Audit 55 61
KPMG Other Services 4 4
SUBSIDIARY COMPANY AND DIRECTORS (section 211(2), Companies Act 1993)
The Company’s subsidiary and its directors as at 31 December 2021 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.

44 | CDL Investments New Zealand Limited
Auckland


Heights, Hamilton
Auckland
Kewa Road, Albany
Trig Road, Hobsonville
Christian Road
Iona Block, Havelock North
, Swanson
Dominion Road, Papakura
SUBDIVISION LOCATION MAP

CORPORATE DIRECTORY
BOARD OF DIRECTORS
Colin Sim (Independent Director and Chair)
BK Chiu (Managing Director)
John Henderson (Independent Director and Member of the Audit Committee)
Desleigh Jameson (Independent Director and Chair of the Audit Committee)
Kwek Eik Sheng (Non-Executive Director)
Vincent Yeo (Non-Executive Director)
MANAGEMENT TEAM
Jason Adams (General Manager and Executive Director, CDL Land New Zealand Ltd)
Natasha Hood (Group Accounting Manager)
Takeshi Ito (Company Secretary / Legal Counsel)
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 (Auckland)
Anthony Harper (Christchurch)
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