CDI 2023 ASM Presentation Slides and Remarks

1
TRUSTEDINNOVATIVE
RELIABLEDELIVERY
39
th
Annual Meeting of Shareholders
Tuesday 23
rd
May 2023
WELCOME
to this Hybrid Meeting
This meeting is being held in person and is being webcast
The Meeting Chair is Colin Sim│Independent Director
Directors attending in person are;
Jason Adams
│
 Managing Director    
Eik Sheng Kwek
│
 Non‐Executive Director
Vincent Yeo
│
 Non‐Executive Director
John Henderson│ Independent Director
Desleigh Jameson
│
 Independent Director
2
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Quorum
Apologies
Proxies
Minutes of the 38
th
Annual Meeting of
Shareholders
Notice of Meeting taken as read
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Annual Report & Financial Statements
2022 anotherpositive yearof sales despite the rapidly declining
residential property market in second half of year
Aconsistentresultwithlastyearsnetprofit,despitesectionsales
revenue down 28.3% on 2021
Full year result underpinned by one‐off high value, high margin
commercial land sale
We grew our land portfolio by 15.8 hectares in 2022, with
acquisitions in Hamilton and Havelock North
Development of commercial property completed in 2022, with
majority leased‐balance of leasing is challenging in present
environment
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12
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56

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Annual Report & Financial Statements (cont.)
High housing costs, mortgage rates and high cost of living is challenging 
for families and businesses alike
The residential housing market has come back 15% from the Nov‐2021
Peak
Maintaining a level of profit consistent with the past two years will be
difficult – more guidance at half year
We will look at the factors we can influence and prioritise sales for
settlement in 2023
Good reasons to be optimistic – CDI has significant underlying future
potential
We’re seeing signs of “green shoots”, to be optimistic for 2024
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Managing Directors Presentation
Jason Adams
9
Sales Revenue
Residential Sales      
Commercial Sales  
Total Sales Revenue  
Leasing Revenue     
Lease Revenue  
Profit Before Tax      
Profit After Tax
43.3
31.2
2022
($m)
36.9
29.0
#Sections
80
1
2021
($m)
88.5
3.4
#Sections
225
1
($m)
1.2
#Properties
4
($m)
0.05
#Properties
2
65.9
91.9
2022 Financial Re‐cap 
43.4
31.3
Residential/ Commercial Land Sales from:
2022 Financial Re‐cap (Cont...)
Tram Valley Road,Auckland 
11 Section Sales
Kewa Road,Auckland 
6 Section Sales
Wiri, Auckland
1 Sale
Prestons Park, Christchurch
63 Section Sales
Commercial Warehouses 
FY(2022):
Lease Revenue:       $0.8m
NLA:16,402m
2
% Leased:100%
WALE (Years):6.68
Full Lease 
Rental (p.a.):$2.2m
2022 Financial Re‐cap (Cont...)
Suburban Retail Centres 
FY(2022):
Lease Revenue:       $0.4m
NLA:3,411m
2
% Leased:66.6%
WALE (Years): 5.52
Full Occupied 
Leased Rental (p.a.):   $1.25m
Prestons Park Local Centre
Stonebrook Park Local Centre
2022 Financial Re‐cap (Cont...)
78
910
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NZ Property Market Drivers in 2022 
High Inflation:
High Mortgage Rates:
Pre‐COVID Pandemic (Dec‐19):1.9%
Pandemic Low (Sept‐Dec‐20):1.4%
Peak Inflation (Jun‐22):7.3%
Last Reported Quarter Q1(23):    6.7%
Note: (%) denotes annual year‐on‐year change.
5 Year 
(%)
2 Year 
(%)
1 Year 
(%)
Floating 
(%)
Bank
7.097.097.258.39
6.296.596.798.39
6.897.097.258.14
6.597.197.398.39
6.015.104.365.20
Average 
Rates 1 Year 
Earlier
Bank Mortgage Rates (%) 
Global Financial Crisis                      Covid Pandemic
Post Pandemic
Post Pandemic
Source: Interest.co.nz as at 19/05/2023
Source: RBNZ
Source: RBNZ
13
NZ Property Market Drivers in 2022 (Cont...) 
CCCFA legislation impacted purchasers' ability
to secure bank mortgage finance
High building costs impacted purchasers' 
decision to build
Increasing housing supply has provided 
purchasers with more choice
Market conditions causing some purchasers to
“sit on their hands” and wait for more
favourable conditions
Market Peak  
Nov 2021 
$920,000
Median PriceNZ Total 
Apr 2023 
$780,000
‐15.6%
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Completed Developments
Tram Valley Road Subdivision
Kewa Road Subdivision
Titles issued
All sections sold
Titles issue Dec‐22
1
st
Stage settlements Dec‐22
Balance stage settlements 2023/24
Prestons Park (Stage 6), Christchurch
Prestons Park (Stage 5), Christchurch
Sub‐stages 5(E2‐E3):
Titles issued Q3(22)
Section Sales 2022‐24
Sub‐stages 5(G & H):
Construction completed 
224c Compliance/titling underway
Sub‐stage 5(F, I & J):
Earthworks/Civil works completed by July 23
Construction completed, titles issued
Sales 2022–24
Completed Developments (Cont...)
Completed Developments (Cont...)
Warehouse #1 (Primepac), Wiri Auckland
Warehouse #2 (Boundaryline), Wiri Auckland
Construction completed 2022
100% Tenanted
Prestons Park Local Centre, Christchurch
Construction completed 2022/23
9 Tenants Trading
4 Units ‐Pre‐lease Agreements
3 Units  ‐Available
Stonebrook Local Centre, Rolleston
Construction completed 2022
3 Tenants Trading
1 Unit ‐Pre‐lease Agreement
1 Unit  ‐Available
Construction completed 2022
100% Tenanted
Work in Progress
Iona, Stage 2, Havelock North 
Hawkes Bay
Subdivision consent to be lodged Jun‐2023
Limited Notification anticipated
Consent expected Mar‐24
Earthworks to commence Sept‐2024
Iona, Stage 3, Havelock North 
Hawkes Bay
Master Planning Underway
Iona, Stage 1, Havelock North 
Hawkes Bay
Subdivision consent lodged 2022
Limited Notification
Consent due Jun/Jul 2023
Construction to commence Sept‐2023
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Arataki Road, Havelock North 
Hawkes Bay
Subdivision consent lodged Q3(22)
Addressing Council RFI’s
Consent expected 2024
Earthworks to commence 2024/25
Work in Progress (Cont...)
R2 Growth Cell, Puketaha
Hamilton East
Waikato Expressway completed
Master Planning Underway
Work in Progress (Cont...)
April 2023 YTD Sales
2023 Sales with Settlements 2023 = $24.2m 
($41.4m in 2022)
2023 Sales from:
‐Kewa Road, Albany, Auckland
‐Tram Valley Road, Swanson, Auckland
‐Prestons Park, Christchurch
2023 Sales with Settlements 1
st
half 2024 = $9.1m
The residential housing market continues to ease
Market Drivers: 
(contributing to a continued slowdown)
High House prices (relative to incomes)
High Inflation and building costs 
High mortgage rates and bank lending constraints (CCCFA) 
High cost of living
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AUCKLAND SALES
• Kewa Road, Albany
• Tram Valley Road, Swanson
CANTERBURY SALES
• Prestons Park, Christchurch
2023 Sales Location Map
Cash & term deposits: $71.0m(as at 30 April 2023)
Bank borrowings         Nil
We’re not adverse to borrow or raise capital for the
right opportunities
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CDI Cash Position
(87.5m in 2022)
We have a solid Pipeline
Total land holding 254ha
Section yield, *circa 3,300 sections 
circa 16.5 years supply, (assuming sell down rate 200
sections per year)
Maintained a nationwide geographical spread
Diverse portfolio, offers flexibility
Looking to grow our Portfolio
Now is an opportune time
Our Pipeline
AUCKLAND PROJECTS
• Trig Road, West Harbour
HAMILTON PROJECTS
• Gordonton Road, Puketaha
HAWKE'S BAY PROJECTS
• Arataki Road, Havelock North
• Iona Block, Havelock North
* Estimated section yield, subject to residential zoning and resource consents
NELSON PROJECTS
• Pelorus Sound
CANTERBURY PROJECTS
• Prestons Park, Christchurch
• Stonebrook, Rolleston
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Acquisition Opportunities 
The current NZ economic environment 
is producing a number of promising 
acquisition opportunities
Vendors are becoming more realistic
with price expectations, coming off 
peak market Nov‐2021 highs
Highly leveraged vendors looking to
divest in holdings
Distressed sales on the rise
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1920
2122
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Strategic Planning 
Management is laying the groundwork for our medium/long 
term future
We are looking at evolving our strategic planning which will
focus on:
Growing our business from our existing core assets/
developments;
How we can diversify our revenue streams;
Expanding on our recent project successes;
Growing our asset base (organic and strategic); 
Fo
rming strategic partnerships with similar minded
stakeholders, and;
Growing shareholder returns
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2023 Outlook 
The residential housing market has come back 15% from the Nov‐2021 Peak
High inflation, mortgage rates and cost of living will continue to negatively impact the NZ
Property Market
Maintaining a level of profit consistent with the past two years will be difficult –more
guidance at half year
CDI positive firs
t 4 months YTD, sales & margins, but residential section demand and sales 
will be influenced by property market and wider economic pressures
We will look at the factors we can influence and prioritise sales for settlement in 2023
CDI expects to deliver another profitable 2023
Good reasons to be optimistic –C
DI has significant underlying future potential
CDI in a strong financial position for project development and acquisitions
We’re seeing signs of “green shoots”, to be optimistic for 2024. We’re planning for the
future
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Closing Summary
High inflation, mortgage rates and cost of living will continue to negatively impact the NZ
Property Market for the remainder of 2023
Positive first 4 months YTD, sales & margins, but residential section demand and sales will be 
influenced by property market and wider economic pressures. 
Maintaining a level of pr
ofit consistent with the past two years will be difficult –more guidance 
at half year
We will look at the factors we can influence and prioritise sales for settlement in 2023
CDI expects to deliver another profitable 2023
Commercial warehouses in Wiri and Retail Centres at Preston Park and  Stonebrook completed,
and mostly leas
ed. Lease out 2023/24
Sufficient developed section inventory & pipeline ensures supply to meet selective demand and 
‐be ready for the up‐turn
CDI in a strong financial position for project development and acquisition 
CDI expects to deliver another profitable 2023
We’re seeing signs of “green shoots”, to be opt
imistic for 2024. We’re planning for the future
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ELECTION OF DIRECTORS
Re‐election of Eik Sheng Kwekas a Director
ELECTION OF DIRECTORS
Election of Jason Adams as a Director
2526
2728
2930




Auckland Storms:
No material damage to our Auckland 
subdivisions or commercial warehouses
Cyclone Gabrielle:
No material damage to our Auckland, 
Hamilton or Hawkes Bay properties
Our sites are well positioned:



Elevated by design
Geologically / geotechnica

lly sound
Contain well designed and functioning storm 
water management systems and overland flow 
paths
NZ Natural Events 2023 ‐Update 

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AUDITORS APPOINTMENT & REMUNERATION
No other nomination received ‐KPMG are reappointed as the 
Company’s auditors
Resolution that the Directors be empowered to fix the 
remuneration of the Auditors for the year ending 31 December
2023
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GENERAL BUSINESS
CLOSE OF MEETING
Thank you for attending
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DISCLAIMER:
The information contained in this presentation is intended to provide general information only
and does not take into account any specific or individual objectives, financial situation or
needs. This presentation is not an offer or invitation for subscription or purchase of securities
or other financial products and it should not be taken or relied on as investment or financial
advice. You should obtain independent professional advice prior to making any investment
decision. Past performance is not indicative of future performance and no guarantee of future
returns is implied or given.

All reasonable care has been taken in relation to the preparation and collation of this
presentation. CDL Investments New Zealand Limited and its directors, officers, employees,
agents or any other person do not accept responsibility for any loss or damage whatsoever
occurring resulting from the use of or reliance on the presentation by any person.
34

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S T O C K E X C H A N G E A N N O U N C E M E N T

Date 23 May 2023

Subject REMARKS BY CDI CHAIRMAN TO 2023 ANNUAL MEETING OF
SHAREHOLDERS

On behalf of the Directors, I present the Annual Report and the Statement of Financial Accounts to 31 December
2022. I would like to make a few brief comments about the past year.

The Board was pleased with the results that we were able to achieve in 2022, especially given the rapidly
changing market circumstances in the latter part of the year. Jason will speak to some of those challenges in his
presentation.

As we said in our 2022 interim report, we set Management a target of matching their 2021 profit results and they
achieved this which reflects both the significant effort put in by the Management teams and the sales agents
particularly in the last quarter of the year.

I would like to extend our thanks to the Management team for their work once again. It was not easy.

We are particularly pleased with the success of our commercial warehouses in Auckland which were completed
on time and on budget and are now fully tenanted.

We now want to build on the success of that development where we can and the Board has asked the
Management plan to look at where such opportunities are best suited for us. The market for commercial land
remains competitive and demand for commercial projects remains solid so this is an area we are looking at
closely.

Looking to the future, we will continue to look for acquisition opportunities over the course of this year and in to
the future.

We will also look at how we can optimise the use of our land holdings

None of this should come as something new or surprising. As we develop our land holdings and sell down
completed sections, we need to be on the lookout for opportunities to replenish our land portfolio and the
Management team has spent considerable time looking at various opportunities in recent months.

As long-term shareholders know, we are highly selective in the opportunities we seek and a lot of assessment
work is done before we lock in suitable purchases.

We will continue to maintain our high standards as we always have to ensure that we have a portfolio that is not
only geographical diverse but which will provide the right level of future returns when developed.

That said, we want to signal to you that 2023 will be particularly challenging for us as higher interest rates and
the cost of living crisis affects us all. Put simply, based on the current market circumstances, maintaining a level
of profit in 2023 that is consistent with the last two years will be difficult.

The effects of the rapid downward change in the market since late last year is reflected in the low number of
sales we have been able to achieve over the last few months. Jason will outline the year to date sales revenue
in his presentation.

The current volatility in the property markets makes forecasting at this time very tricky and the reality is that most
factors which affect the property markets are outside our control. We will have a clearer picture at half year as to
what levels of profit we should be able to generate in 2023 and we will look to provide some more concrete
guidance when we release our half year results.
.
We can, however, look closely at those factors we can influence and we will be maintaining a very sharp focus
on generating sales and developing our future pipeline so that we are ready when markets begin to pick up as
they surely will. We will prioritise sales which we can settle this year in particular and we will look to ensure that
we have a sufficient number of sales which we can carry over into 2024 to give us a head start on our sales
revenue. .

While we need to be realistic in light of the current trading environment there are still reasons for shareholders to
be optimistic. The underlying potential that we have carefully built up over the last few years with strategic
acquisitions such as the Iona Block in Havelock North will yield profitable results as we gradually develop these
areas. There is a lot we can and we will do and there are many profitable years ahead.

We look forward to sharing our journey with you and we trust that you, our shareholders, will continue to support
us along the way.