CDI 2023 Interim Report

INTERIM REPORT 2023

CDL Investments New Zealand Limited | 3
FINANCIAL PERFORMANCE
CDL Investments New Zealand Limited (“CDI”) made an unaudited operating profit after tax of $5.02 million (2022: $22.90 million) for
the six month period ending 30 June 2023. We achieved an operating profit before tax of $6.98 million (2022: $31.81 million). Total
revenue and other income for the period was $11.97 million (2022: $47.81 million). Net Asset Backing (at cost) for the period under
review was 104.99 cents per share (2022: 104.08 cents per share).
The results reflect the dramatic change in market sentiment which started in Q3 2022 and has continued into 2023. It is also
important to note that our results for the same period in 2022 were boosted by a one-off contribution from the sale of commercial
land at Wiri.
We do expect market and consumer sentiment to moderate and improve over the remainder of 2023 and into 2024 but we also
recognise that current economic pressures are unlikely to result in any dramatic market upswing in the immediate term.
PORTFOLIO U P DAT E
During the last six months, we have sought to make acquisitions to support and grow our existing land portfolio. We have entered
into contracts for a total of 48.32 hectares of land in Hamilton (adjacent to our existing land holding) with two new acquisitions
in Nelson/ Tasman and one in Christchurch. One purchase in Hamilton settled in early August. These acquisitions complement our
existing holding with the Nelson/Tasman and Christchurch properties providing us with short term development opportunities and
the Hamilton property allowing design improvements to our future master planning.
Work is being done to prepare the groundwork for additional stages at Prestons Park (Canterbury) as well as completing
infrastructure works around the local area including the Snellings Drain and Mairehau Road upgrades. The maturity of the
development allows us to pace our future development appropriately to match demand.
Development planning work also continues for the Iona Block land in Havelock North. The Stage 1 subdivision consent has now
been granted and we planning to commence construction later in the year as soon as the subdivision infrastructure plans and
infrastructure provision agreements are approved. In addition, the development team has lodged the Iona Stage 2 resource consent
applications with the Hastings District and Hawkes Bay Regional Councils.
Our diversification into commercial property over recent years now comes into its own and provides us with additional revenue which
will also assist our year-end results.
COMMENTARY AND OUTLOOK
There is much to be positive about even in a tough trading environment. Shareholders can take comfort from the fact that the Board
and Management are both equally determined to ensure that the company remains secure over the long term both financially and
from an asset point of view. The company’s strong cash reserves means that CDI not only remains in a strong position to withstand
this difficult trading period, but is in a financial position to maintain its long term approach and grow the company’s portfolio for the
current and future generations. This is an environment we have encountered before and the cyclical nature of the property markets
mean that we will always encounter, and need to deal with, market peaks and troughs.
While we are optimistic that we can increase the number of sales in the second half of this year, we recognise that the total number
of section sales that we will achieve in 2023 will be below the number we have seen in previous years. This will have a corresponding
impact on our overall results for the year but we fully expect that 2023 will be another profitable year.
With new development managers coming on board this year, we continue to add to our highly capable and experienced team, all of
whom are well equipped to deal with our current and future challenges. We also remain on track to grow our future development
portfolio which will secure our position for the next few years. Management is actively looking at other opportunities to add to our
land portfolio including projects which are already consented and can be completed and made ready for sale relatively quickly.
We look forward to sharing more with shareholders and the wider market at the appropriate time.
DIRECTORS’ REVIEW
COLIN SIM CHAIRMAN
8 August 2023

4 | CDL Investments New Zealand Limited

CDL INVESTMENTS NEW ZEALAND LIMITED AND ITS SUBSIDIARY
CONDENSED INTERIM STATEMENT OF COMPREHENSIVE INCOME
FOR THE HALF YEAR ENDED 30 JUNE 2023 (UNAUDITED)
CDL Investments New Zealand Limited | 5
The accompanying notes form part of, and should be read in conjunction with these financial statements.
GROUP
IN THOUSANDS OF DOLLARSNOTEUNAUDITED
6 MONTHS TO
30/06/23
UNAUDITED
6 MONTHS TO
30/06/22
Property sales10,62647, 6 03
Rental income from investment properties1,21984
Revenue11,84547,687
Cost of sales(4,372)(14,050)
Gross profit7, 47333,637
Other income123127
Administrative expenses( 74 2)(275)
Property expenses(222)(257)
Selling expenses(294)(1,089)
Other expenses(1,067)(849)
Results from operating activities5,27131,294
Finance income1,713513
Finance costs(6)(2)
Net finance income1,707511
Profit before income tax6,97831,805
Income tax expense(1,954)(8,906)
Profit for the period5,02422,899
Total comprehensive income for the period5,02422,899
Profit attributable to:
Equity holders of the parent5,02422,899
Total comprehensive income for the period5,02422,899
Basic and Diluted Earnings per share (cents per share)31.737.9 4

CDL INVESTMENTS NEW ZEALAND LIMITED AND ITS SUBSIDIARY
CONDENSED INTERIM STATEMENT OF CHANGES IN EQUITY
FOR THE HALF YEAR ENDED 30 JUNE 2023 (UNAUDITED)
6 | CDL Investments New Zealand Limited
The accompanying notes form part of, and should be read in conjunction with these financial statements.
GROUP
IN THOUSANDS OF DOLLARSNOTEUNAUDITED
SHARE
CAPITAL
UNAUDITED
RETAINED
EARNINGS
UNAUDITED
TOTAL
EQUITY
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
Transactions with owners of the Company
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
Balance at 1 January 202365,829243,052308,881
Total comprehensive income for the period
Profit for the period-5,0245,024
Total comprehensive income for the period-5,0245,024
Transactions with owners of the Company
Shares issued under dividend reinvestment plan21,489-1,489
Dividend to shareholders2-(10,108)(10,108)
Supplementary dividend-(211)(211)
Foreign investment tax credits-211211
Balance at 30 June 202367, 318237,968305,286

CDL INVESTMENTS NEW ZEALAND LIMITED AND ITS SUBSIDIARY
CONDENSED INTERIM STATEMENT OF FINANCIAL POSITION
FOR THE HALF YEAR ENDED 30 JUNE 2023 (UNAUDITED)
CDL Investments New Zealand Limited | 7
The accompanying notes form part of, and should be read in conjunction with these financial statements.
GROUP
IN THOUSANDS OF DOLLARSNOTEUNAUDITED
AS AT
30/06/23
AUDITED
AS AT
31/12/22
UNAUDITED
AS AT
30/06/22
SHAREHOLDERS’ EQUITY
Issued capital67, 3 1865,82965,829
Retained earnings2 37,96 8243,052234,762
Total Equity305,286308,881300,591
REPRESENTED BY:
NON CURRENT ASSETS
Property, plant and equipment879836
Development property182,336186,728188,361
Investment property36,15636,38133,084
Investment in associate7222
Total Non Current Assets218,581223,209221,483
CURRENT ASSETS
Cash and cash equivalents45,02231,66715,076
Short term deposits20,07540,07560,000
Trade and other receivables3,6382,3271,483
Income tax receivable372--
Development property18,86016,4208,706
Total Current Assets87,96790,48985,265
Total Assets306,548313,698306 ,748
NON CURRENT LIABILITIES
Deferred tax liabilities33915374
Lease liability455815
Total Non Current liabilities38421189
CURRENT LIABILITIES
Trade and other payables7231,3401,698
Employee entitlements12711883
Income tax payable-3,1224,278
Lease liability28269
Total Current Liabilities8784,6066,068
Total Liabilities1,2624,8176,157
Net Assets305,286308,881300,591

CDL INVESTMENTS NEW ZEALAND LIMITED AND ITS SUBSIDIARY
CONDENSED INTERIM STATEMENT OF CASH FLOWS
FOR THE HALF YEAR ENDED 30 JUNE 2023 (UNAUDITED)
8 | CDL Investments New Zealand Limited
The accompanying notes form part of, and should be read in conjunction with these financial statements.
GROUP
IN THOUSANDS OF DOLLARSNOTEUNAUDITED
6 MONTHS TO
30/06/23
UNAUDITED
6 MONTHS TO
30/06/22
CASH FLOWS FROM OPERATING ACTIVITIES
Cash was provided from:
Receipts from customers10,40851,949
Interest received1,962374
Cash was applied to:
Payment to suppliers(4,250)(13,587)
Payment to employees(575)(359)
Purchase of development land-(19,380)
Income tax paid(5,050)(8,195)
Net Cash Inflow from Operating Activities2,49510,802
CASH FLOWS FROM INVESTING ACTIVITIES
Cash was provided from:
Short term deposits40,07530,000
Cash was applied to:
Development of investment property(286)(9,851)
Purchase of plant and equipment(6)-
Short term deposits(20,075)(60,000)
Net Cash Inflow/(Outflow) from Investing Activities19,708(39,851)
CASH FLOWS FROM FINANCING ACTIVITIES
Cash was applied to:
Dividend paid(8,619)(8,688)
Principal repayment of lease liability(18)(8)
Supplementary dividend paid(211)(204)
Net Cash Outflow from Financing Activities(8,848)(8,900)
Net Increase/(Decrease) in Cash and Cash Equivalents13,355(37,9 49)
Add Opening Cash and Cash Equivalents31,66753,025
Closing Cash and Cash Equivalents45,02215,076

CDL INVESTMENTS NEW ZEALAND LIMITED AND ITS SUBSIDIARY
CONDENSED INTERIM STATEMENT OF CASH FLOWS – CONTINUED
FOR THE HALF YEAR ENDED 30 JUNE 2023 (UNAUDITED)
CDL Investments New Zealand Limited | 9
The accompanying notes form part of, and should be read in conjunction with these financial statements.
GROUP
IN THOUSANDS OF DOLLARSNOTEUNAUDITED
6 MONTHS TO
30/06/23
UNAUDITED
6 MONTHS TO
30/06/22
RECONCILIATION OF PROFIT FOR THE PERIOD TO CASH FLOWS
FROM OPERATING ACTIVITIES
Net Profit after Taxation5,02422,899
Adjusted for non cash items:
Depreciation of investment property51199
Depreciation of plant & equipment31
Depreciation of right-of-use assets147
Income tax expense1,9548,906
Adjustments for movements in working capital:
(Increase)/Decrease in receivables(1,311)3,996
(Increase)/Decrease in development property1,952(11,326)
Decrease in payables(602)(5,585)
Cash generated from operating activities7, 54518,997
Income tax paid(5,050)(8,195)
Cash Inflow from Operating Activities2,49510,802

CDL INVESTMENTS NEW ZEALAND LIMITED AND ITS SUBSIDIARY
NOTES TO THE CONDENSED INTERIM FINANCIAL STATEMENTS
FOR THE HALF YEAR ENDED 30 JUNE 2023 (UNAUDITED)
10 | CDL Investments New Zealand Limited
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 2023 comprises the Company and its
subsidiary (together referred to as the “Group”).
The principal activities of the Group are the development and sale of residential land properties and rental income from the ownership of
development properties and investment properties comprising commercial warehousing and retail shops.
(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 2022.
The condensed interim financial statements were authorised for issuance on 8 August 2023.
2. CAPITAL & RESERVES
SHARE CAPITAL
Under the Company’s Dividend Reinvestment Plan, an additional 1,977,136 shares were issued on 12 May 2023 (2022: 1,294,674) at a strike price
of $0.7530 (2022: $1.0624).
At 30 June 2023, the authorised share capital consisted of 290,784,833 fully paid ordinary shares (2022: 288,807,697).
DIVIDENDS
The following dividends were declared and paid during the period ending 30 June:
IN THOUSANDS OF DOLLARS20232022
3.5 cents per qualifying ordinary share(2022: 3.5 cents)10,10810,063
10,10810,063
3. EARNINGS PER SHARE
The calculation of basic and diluted earnings per share at 30 June 2023 of 1.73 cents (2022: 7.94 cents) was based on the profit
attributable to ordinary shareholders of $5,024,000 (2022: $22,899,000); and weighted average number of shares of 290,125,788
(2022: 288,376,139) on issue in the period.
4. 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 development properties and investment properties.
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:
• th at 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
• fo r which discrete financial information is available.

CDL INVESTMENTS NEW ZEALAND LIMITED AND ITS SUBSIDIARY
NOTES TO THE CONDENSED INTERIM FINANCIAL STATEMENTS
FOR THE HALF YEAR ENDED 30 JUNE 2023 (UNAUDITED)
CDL Investments New Zealand Limited | 11
4. SEGMENT REPORTING – CONTINUED
OPERATING SEGMENTS – CONTINUED
OPERATING SEGMENTSRESIDENTIAL LAND
DEVELOPMENT
INVESTMENT
PROPERTY
GROUP
IN THOUSANDS
OF DOLLARS
6 MONTHS
TO
30/06/23
6 MONTHS
TO
30/06/22
6 MONTHS
TO
30/06/23
6 MONTHS
TO
30/06/22
6 MONTHS
TO
30/06/23
6 MONTHS
TO
30/06/22
External revenue10,74947,7301,2198411,96847, 8 14
Earnings before interest,
depreciation & amortisation4,60031,4141,199(13)5,79931,401
Finance income1,713513--1,713513
Finance expense(6)(2)--(6)(2)
Depreciation and amortisation(3)(1)(511)(99)(514)(100)
Depreciation of Right-of-use assets(14)(7)--(14)(7)
Profit before income tax6,29031,917688(112)6,97831,805
Income tax expense(1,761)(8,937)(193)31(1,954)(8,906)
Profit after income tax4,52922,980495(81)5,02422,899
Cash & cash equivalents and
short term bank deposits65,09775,076--65,09775,076
Tax receivable372---372-
Other segment assets204,921198,58636,15633,084241,077231,670
Investment in associates22--22
Total assets270,392273,66436,15633,084306,548306 ,74 8
Segment liabilities(923)(1,805)--(923)(1,805)
Tax liabilities(339)(4,352)--(339)(4,352)
Total liabilities(1,262)(6,157)--(1,262)(6,157)
Plant and equipment expenditure6---6-
Investment property expenditure--2869,8512869,851
Residential land development
expenditure2,4205,996--2,4205,996
Purchase of land for residential
land development -19,380---19,380
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.

CDL INVESTMENTS NEW ZEALAND LIMITED AND ITS SUBSIDIARY
NOTES TO THE CONDENSED INTERIM FINANCIAL STATEMENTS
FOR THE HALF YEAR ENDED 30 JUNE 2023 (UNAUDITED)
12 | CDL Investments New Zealand Limited
5. MATERIAL EVENTS SUBSEQUENT TO THE END OF THE INTERIM PERIOD
Subsequent to the six month period ended 30 June 2023, the Group settled the purchase of a parcel of land in Hamilton for approximately
$4.0 million. The capital committed is included in Note 8.
6. CHANGES IN CONTINGENT LIABILITIES SINCE LAST ANNUAL BALANCE SHEET DATE
The Group was named as respondents in a High Court judicial review proceeding which was 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 sought, 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 matter was
heard in the High Court in February 2022 and a decision against the Applicant was handed down in March 2022. Winton has appealed to the
Court of Appeal and the appeal hearing was held in May 2023. A decision has yet to be handed down by the Court of Appeal. The Group 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 appeal be successful.
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 65.54% (2022: 65.99%) of the Company and having two out of six of the Directors on the Board.
Millennium & Copthorne Hotels New Zealand Limited is 70.79% (2022: 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 2023 CDL Investments New Zealand Limited has reimbursed its parent, Millennium & Copthorne
Hotels New Zealand Limited, $205,000 (2022: $180,000) for shared office expenses incurred by the parent on behalf of the Group and
reimbursed its parent for its portion of insurance premiums of $28,000 (2022: $28,000).
SUBSIDIARYPRINCIPAL ACTIVITY% HOLDING BY CDL
LAND NEW ZEALAND
LIMITED
BALANCE DATE
CDL Land New Zealand Limited
Property Investment
and Development
100.0031 December
ASSOCIATEPRINCIPAL ACTIVITY% HOLDING BY CDL
LAND NEW ZEALAND
LIMITED
BALANCE DATE
Prestons Road LimitedService Provider33.3331 March
8. COMMITMENTS
As at 30 June 2023, 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 2023 in accordance with the Group’s development programme.
IN THOUSANDS OF DOLLARS20232022
Development expenditure21,47115,451
Land purchases20,407-
Capital expenditure on investment properties603,100
41,93818,551

CDL Investments New Zealand Limited | 13

14 | CDL Investments New Zealand Limited