CDI: 2022 Interim Report

INTERIM REPORT 2022

DIRECTORS’ REVIEW
CDL INVESTMENTS NEW ZEALAND LIMITED AND ITS SUBSIDIARY – INTERIM REPORT 2022
FINANCIAL PERFORMANCE:
For the six month period ending 30 June 2022 CDL Investments New Zealand Limited (“CDI”) can report that it
made an unaudited operating profit after tax of $22.90 million (2021: $20.75 million). Our operating profit before
tax was $31.81 million (2021: $28.82 million).
Property sales and other income for the period was $47.81 million (2021: $61.27 million). Net Asset Backing (at cost)
for the period under review was 104.08 cents per share (2021: 95.95 cents per share).
These results come despite significant downward changes to market conditions seen over the period. The Board
is pleased that CDI has been able to withstand some of the negative sentiment to date but we are also conscious
that the current trading environment will likely continue for some time and this will impact on our full year results
to some extent.
PORTFOLIO UPDATE:
The first half of 2022 has seen a lot of activity across our portfolio.
CDI settled sales of residential sections in Auckland and Canterbury from its Kewa Road and Prestons Park
subdivisions during the first half of 2022. The settlement of our sale of commercial development land at Jerry Green
Street, Wiri (South Auckland) is also recognised in the results.
We also purchased 4.85 hectares of land in north-east Hamilton adjacent to some of our existing land holdings and
this new holding gives us further economies of scale.
A particular highlight of the last six months has been the progress with our warehousing ‘design and build’ projects
in Wiri. The first was completed in June and is now occupied by our tenant. The second is rapidly nearing completion
and on track to be occupied and operational in the coming weeks. We have been very pleased with both of these
projects, neither of which were badly affected by labour or supply chain delays. The majority of our units at our other
commercial local centre developments at Stonebrook and Prestons Park are also occupied and operational, and our
leasing agents are continuing working on tenanting the remaining units.
We continue to work on the master planning and consent applications for the Iona Block in Havelock North and
we expect that the stage 1 consents will be issued shortly. This will ensure that we are able to commence
earthworks in Q4 2022 as planned. In addition, the stage 2 resource consent application is on track to be lodged
end September 2022.
COMMENTARY AND OUTLOOK:
Market conditions for the immediate future will be challenging. Interest rate increases, tighter bank mortgage
lending criteria coupled with abnormally high inflation caused by global pressures will doubtless continue to be
felt well into 2023. For this year, we are aiming to match our 2021 results overall and to ensure that we have
prepared the groundwork for sales into 2023. That will not be an easy task given the current trading environment
but we believe that it is a realistic one given our sales performance to date. We are targeting new sales in Auckland
(Christian Road, West Auckland) and in Canterbury (Prestons Park) to deliver those results.
At the same time, those market factors will put additional pressure on highly-leveraged developers and owners
who will be looking to offload land or other property holdings. CDI is not under that kind of financial pressure and
will be actively positioning itself to use its resources to take advantage of suitable opportunities should they arise.


Colin Sim
Chairman
10 August 2022

CONDENSED INTERIM STATEMENT
OF COMPREHENSIVE INCOME
The accompanying notes form part of, and should be read in conjunction with these financial statements.
CDL INVESTMENTS NEW ZEALAND LIMITED AND ITS SUBSIDIARY – INTERIM REPORT 2022
FOR THE HALF YEAR ENDED 30 JUNE 2022
In thousands of dollarsNote
Unaudited
6 months
to 30/06/22
Unaudited
6 months
to 30/06/21
Revenue47,603 61,181
Cost of sales(14,050) (30,162)
Gross profit33,553 31,019
Other income21190
Administrative expenses(275) (187)
Property expenses(257) (133)
Selling expenses(1,089) (1,517)
Other expenses(849) (770)
Results from operating activities31,294 28,502
Finance income513 324
Finance costs
(2) (2)
Net finance income
511 322
Profit before income tax31,805 28,824
Income tax expense(8,906) (8,071)
Profit for the period22,899 20,753
Total comprehensive income for the period
22,899 20,753
Profit Attributable to:
Equity holders of the Parent22,899 20,753
Total comprehensive income for the period22,899 20,753
Earnings per share3
7.94c7.28c

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

GROUP
Unaudited
Retained
Earnings
Unaudited
Total
Equity
Balance at 1 January 202156,654200,477257,131
Total comprehensive income for the period
Profit for the period - 20,75320,753
Total comprehensive income for the period - 20,75320,753
Shares issued under dividend reinvestment plan27,800 - 7,800
Dividend to shareholders2 - (9,815)(9,815)
Supplementary dividend - (194)(194)
Foreign investment tax credits - 194194
Balance at 30 June 202164,454211,415275,869
Balance at 1 January 202264,454221,926286,380
Total comprehensive income for the period
Profit for the period - 22,89922,899
Total comprehensive income for the period - 22,89922,899
Shares issued under dividend reinvestment plan21,375 - 1,375
Dividend to shareholders2 - (10,063)(10,063)
Supplementary dividend - (204)(204)
Foreign investment tax credits - 204204
Balance at 30 June 202265,829234,762300,591
The accompanying notes form part of, and should be read in conjunction with these financial statements.
CDL INVESTMENTS NEW ZEALAND LIMITED AND ITS SUBSIDIARY – INTERIM REPORT 2022
FOR THE HALF YEAR ENDED 30 JUNE 2022

CONDENSED INTERIM STATEMENT
OF FINANCIAL POSITION
AS AT 30 JUNE 2022
In thousands of dollarsNote
Unaudited
as at
30/06/22
Audited
as at
31/12/21
Unaudited
as at
30/06/21
SHAREHOLDERS' EQUITY
Issued capital65,82964,45464,454
Retained earnings234,762221,926211,415
Total Equity300,591286,380275,869
Represented by:
NON CURRENT ASSETS
Plant, furniture and equipment364351
Development property188,361164,589115,865
Investment property33,08423,3328,401
Investment in associate7 2 2 2
Total Non Current Assets221,483187,966124,319
CURRENT ASSETS
Cash and cash equivalents15,07653,02590,950
Short term deposits60,00030,000 41,500
Trade and other receivables1,4835,4793,384
Development property8,70621,15224,550
Total Current Assets85,265109,656160,384
Total Assets306,748297,622284,703
NON CURRENT LIABILITIES
Deferred tax liabilities747459
Lease liabilities151822
Total Non Current Liabilities899281
CURRENT LIABILITIES
Trade and other payables1,6987,2974,933
Employee entitlements837159
Income tax payable4,2783,7713,748
Lease liabilities91113
Total Current Liabilities6,06811,1508,753
Total Liabilities6,15711,2428,834
Net Assets300,591286,380275,869
The accompanying notes form part of, and should be read in conjunction with these financial statements.
CDL INVESTMENTS NEW ZEALAND LIMITED AND ITS SUBSIDIARY – INTERIM REPORT 2022

CDL INVESTMENTS NEW ZEALAND LIMITED AND ITS SUBSIDIARY – INTERIM REPORT 2022
CDL INVESTMENTS NEW ZEALAND LIMITED AND ITS SUBSIDIARY – INTERIM REPORT 2022
CONDENSED INTERIM STATEMENT
OF CASH FLOWS
In thousands of dollarsNote
Unaudited
6 months
to 30/06/22
Unaudited
6 months
to 30/06/21
CASH FLOWS FROM OPERATING ACTIVITIES
Cash was provided from:
Receipts from customers51,94961,207
Interest received374490
Cash was applied to:
Payments to suppliers(13,587)(10,399)
Payments to employees(359)(308)
Purchase of development land(19,380)–
Income tax paid(8,195)(7,950)
Net Cash Inflow from Operating Activities10,80243,040
CASH FLOWS FROM INVESTING ACTIVITIES
Cash was provided from:
Short term deposit maturities30,00086,620
Cash was applied to:
Purchase of plant and equipment– (3)
Purchase of investment property(9,851)(5,101)
Short term deposits(60,000)(41,500)
Net Cash Inflow/(Outflow) from Investing Activities(39,851)40,016
CASH FLOWS FROM FINANCING ACTIVITIES
Cash was applied to:
Dividend paid(8,688)(2,015)
Principal repayment of lease liability(8)(8)
Supplementary dividend paid(204)(194)
Net Cash Outflow from Financing Activities(8,900)(2,217)
Net Increase/(Decrease) in Cash and Cash Equivalents(37,949)80,839
Add Opening Cash and Cash Equivalents53,02510,111
Closing Cash and Cash Equivalents15,07690,950
RECONCILIATION OF CASH FLOWS FROM OPERATING ACTIVITIES
Net profit after taxation22,89920,753
Adjusted for non cash items:
Depreciation of plant & equipment11
Depreciation of right-of-use assets77
Depreciation of investment property9925
Income tax expense8,9068,071
Adjustments for movements in working capital:
Decrease in receivables3,996102
(Increase)/Decrease in development properties(11,326)21,023
Increase in payables(5,585)1,008
Cash generated from Operations18,99750,990
Income tax paid(8,195)(7,950)
Cash Inflows from Operating Activities10,80243,040
The accompanying notes form part of, and should be read in conjunction with these financial statements.
FOR THE HALF YEAR ENDED 30 JUNE 2022

1. SIGNIFICANT ACCOUNTING POLICIES
Reporting Entity
CDL Investments New Zealand Limited (the “Company”) is a company domiciled in New Zealand, registered
under the Companies Act 1993 and listed on the New Zealand Stock Exchange. The Company is a FMC
Reporting Entity in terms of the Financial Markets Conduct Act 2013 and the Financial Reporting Act 2013.
The condensed interim financial statements of the Company as at and for the half year ended 30 June 2022
comprises the Company and its subsidiary (together referred to as the “Group”).
The principal activity of the Group is the development and sale of residential land properties.
(a) Statement of compliance
The condensed interim financial statements have been prepared in accordance with New Zealand Generally
Accepted Accounting Practice (“NZ GAAP”). They comply with NZ IAS 34 Interim Financial Reporting. The
condensed interim financial statements do not include all of the information required for full annual financial
statements.
The accounting policies applied by the Group in these condensed financial statements are the same as those
applied by the Group in its consolidated financial statements for the year ended 31 December 2021.
The condensed interim financial statements were authorised for issuance on 10 August 2022.
2. CAPITAL & RESERVES
Share Capital
Under the Company’s Dividend Reinvestment Plan, an additional 1,294,674 shares were issued on 13 May
2022 (2021: 7,077,888) at a strike price of $1.0624 (2021: $1.1020).
At 30 June 2022, the authorised share capital consisted of 288,807,697 fully paid ordinary shares (2021:
287,513,023).
Dividends
The following dividends were declared and paid during the period ending 30 June:
In thousands of dollars 2022 2021
3.5 cents per qualifying ordinary share (2021: 3.5 cents) 10,063 9,815
10,063 9,815
3. EARNINGS PER SHARE
The calculation of basic and diluted earnings per share at 30 June 2022 of 7.94 cents (2021: 7.28 cents)
was based on the profit attributable to ordinary shareholders of $22,899,000 (2021: $20,753,000); and
weighted average number of shares of 288,376,139 (2021: 285,153,727) on issue in the period.
NOTES TO THE CONDENSED INTERIM
FINANCIAL STATEMENTS
FOR THE HALF YEAR ENDED 30 JUNE 2022 (UNAUDITED)
CDL INVESTMENTS NEW ZEALAND LIMITED AND ITS SUBSIDIARY – INTERIM REPORT 2022

4. SEGMENT REPORTING
Operating segments
The major operating segment of the Group consists of property operations, comprising the development and
sale of residential land sections. The revenue from investment property for the current period is only $84,000
and therefore is not significant enough to justify a separate segmental disclosure.
The Group has determined that its chief operating decision maker is the Board of Directors on the basis that
it is this group which determines the allocation of resources to segments and assesses their performance.
Geographical segments
Segment revenue is based on the geographical location of the segment assets. All segment revenues are
derived in New Zealand.
Segment assets are based on the geographical location of the development property. All segment assets are
located in New Zealand. The Group has no major customer representing greater than 10% of the Group’s
total revenues.
5. MATERIAL EVENTS SUBSEQUENT TO THE END OF THE INTERIM PERIOD
There were no material events subsequent to the end of the six month period ended 30 June 2022 (2021:
Nil) that would require disclosure.
6. CHANGES IN CONTINGENT LIABILITIES AND CONTINGENT ASSETS SINCE LAST
ANNUAL BALANCE SHEET DATE
The Group has been named as respondents in a judicial review proceeding which was brought by the
Applicant, Winton Property Investments Limited, in relation to a decision of the Overseas Investment Office
relating to the Group’s acquisition of land in Havelock North. The Applicant was 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 proceedings, which were advised
to the market on 21 July 2021, were heard in February 2022 and a decision in favour of the respondents
was handed down at the end of March 2022. The Applicant has now filed a notice of appeal and a hearing
has been set down for May 2023 at this stage. The Group will continue to vigorously defend its position and
still considers 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.
FOR THE HALF YEAR ENDED 30 JUNE 2022 (UNAUDITED)
NOTES TO THE CONDENSED INTERIM
FINANCIAL STATEMENTS
CDL INVESTMENTS NEW ZEALAND LIMITED AND ITS SUBSIDIARY – INTERIM REPORT 2022

FOR THE HALF YEAR ENDED 30 JUNE 2022 (UNAUDITED)
NOTES TO THE CONDENSED INTERIM
FINANCIAL STATEMENTS
CDL INVESTMENTS NEW ZEALAND LIMITED AND ITS SUBSIDIARY – INTERIM REPORT 2022
7. RELATED PARTY TRANSACTIONS
CDL Investments New Zealand Limited is a subsidiary of Millennium & Copthorne Hotels New Zealand
Limited by virtue of Millennium & Copthorne Hotels New Zealand Limited owning 65.99% (2021: 66.29%)
of the Company and having two out of six of the Directors on the Board. Millennium & Copthorne Hotels New
Zealand Limited is 70.79% (2021: 70.79%) owned by CDL Hotels Holdings New Zealand Limited (computed
on voting shares), which is a wholly owned subsidiary of Millennium & Copthorne Hotels Ltd in the United
Kingdom. The ultimate holding company is Hong Leong Investment Holdings Pte Ltd in Singapore.
During the six month period ending 30 June 2022 CDL Investments New Zealand Limited has reimbursed
its parent, Millennium & Copthorne Hotels New Zealand Limited, $168,000 (2021: $161,000) for expenses
incurred by the parent on behalf of the Group.
% Holding by
CDL Investments New Zealand
Subsidiary Principal Activity Limited Balance Date
CDL Land New Zealand Property Investment 100.00 31 December

Limited and Development

% Holding by
CDL Land New Zealand
Associate Principal Activity Limited Balance Date
Prestons Road Limited Service Provider 33.33 31 March
8. COMMITMENTS
As at 30 June 2022, the Group had entered into contractual commitments for development expenditure,
construction of investment properties, and purchases of land. Contractual agreements for the purchase
of land are subject to a satisfactory outcome of the Group’s due diligence process, board approval, and
OIO approval. Development expenditure represents amounts contracted and forecast to be incurred in the
remainder of 2022 in accordance with the Group’s development programme.
In thousands of dollars 2022 2021
Development expenditure 15,451 12,888
Land purchases – 56,258
Capital expenditure on investment properties 3,100 24,675
18,551 93,821