CDI FY2023 Results Announcement

Page 1
CDL Investments New Zealand Limited
Consolidated Statement of Comprehensive Income
For the year ended 31 December 2023
Group
In thousands of dollars Note 2023 2022
Property sales 28,063 65,858
Rental income 2,716 1,240
Revenue 30,779 67,098
Cost of sales (10,926) (20,527)
Gross profit 19,853 46,571
Other income 397 248
Administrative expenses 3, 4 (1,433) (882)
Property expenses (527)(589)
Selling expenses (720)(1,476)
Other expenses 3, 4 (2,373) (2,211)
Results from operating activities 15,197 41,661
Finance income 5 3,514

1,664

Finance costs 5 (12)(7)
Net finance income 3,502 1,657
Profit before income tax 18,699

43,318

Income tax expense 6 (5,236)

(12,129)

Profit for the period 13,463

31,189

Total comprehensive income for the period 13,463

31,189

Profit attributable to:
Equity holders of the parent 13,463

31,189

Total comprehensive income for the period 13,463

31,189

Basic and Diluted Earnings per share (cents per share) 13 4.64 10.82
The accompanying notes form part of, and should be read in conjunction with these financial statements.

Page 2
CDL Investments New Zealand Limited
Consolidated Statement of Changes in Equity
For the year ended 31 December 2023
Group
In thousands of dollars
Note
Share
Capital
Retained
Earnings
Total
Equity
Balance at 1 January 2022 64,454 221,926 286,380
Total comprehensive income for the period
Profit for the period -31,18931,189
Total comprehensive income for the period -31,18931,189
Transactions with owners of the Company
Shares issued under dividend reinvestment plan 13 1,375 -1,375
Dividend to shareholders 13 -(10,063)(10,063)
Supplementary dividend 13 -(204)(204)
Foreign investment tax credits 13 -204204
Balance at 31 December 2022 65,829 243,052 308,881
Balance at 1 January 2023 65,829

243,052

308,881

Total comprehensive income for the period
Profit for the period -13,46313,463

Total comprehensive income for the period -13,46313,463
Transactions with owners of the Company
Shares issued under dividend reinvestment plan 13 1,489 -1,489
Dividend to shareholders 13 -(10,108)(10,108)
Supplementary dividend 13 -(211)(211)

Foreign investment tax credits 13 -211211
Balance at 31 December 2023 67,318 246,407 313,725
The accompanying notes form part of, and should be read in conjunction with these financial statements.

Page 3
CDL Investments New Zealand Limited
Consolidated Statement of Financial Position
As at 31 December 2023
Group
In thousands of dollars
Note 2023 2022
SHAREHOLDERS’ EQUITY
Issued capital 13 67,318 65,829
Retained earnings 246,407 243,052
Total Equity 313,725

308,881

Represented by:
NON CURRENT ASSETS
Property, plant and equipment 114

98

Development property 8 203,034 186,728
Investment property 9 35,834 36,381
Investment in associate 2

2

Total Non Current Assets 238,984 223,209
CURRENT ASSETS
Cash and cash equivalents 12 2,159 31,667
Short term deposits 14 50,000 40,075
Trade and other receivables 11 6,578

2,327

Development property 8 21,507 16,420
Total Current Assets 80,244

90,489

Total Assets 319,228

313,698

NON CURRENT LIABILITIES
Deferred tax liabilities 10 284 153
Lease liability 57

58

Total Non Current liabilities 341 211
CURRENT LIABILITIES
Trade and other payables 3,820 1,340
Employee entitlements 138 118
Income tax payable 1,165 3,122
Lease liability 39

26

Total Current Liabilities 5,162

4,606

Total Liabilities 5,503

4,817

Net Assets 313,725

308,881

For and on behalf of the Board
D JAMESON, DIRECTOR, 26 February 2024 J ADAMS, MANAGING DIRECTOR, 26 February 2024
The accompanying notes form part of, and should be read in conjunction with these financial statements.

Page 4
CDL Investments New Zealand Limited
Consolidated Statement of Cash Flows
For the year ended 31 December 2023
Group
In thousands of dollars
Note 2023 2022
CASH FLOWS FROM OPERATING ACTIVITIES
Cash was provided from:
Receipts from customers 29,469 70,853
Interest received 3,509 1,309
Cash was applied to:
Payment to suppliers (14,088) (22,956)
Payment to employees (1,280) (880)
Deposits paid on unconditional contracts for development land 19 (662)-
Purchase of development land (20,407) (24,607)
Income tax paid (6,850) (12,495)
Net cash (outflow)/inflow from operating activities (10,309)

11,224

CASH FLOWS FROM INVESTING ACTIVITIES
Cash was provided from:
Short term deposits 40,075 30,000
Cash was applied to:
Development of investment property (386)(13,587)
Purchase of plant and equipment (14)(4)
Short term deposits (50,000) (40,075)
Net cash outflow from investing activities (10,325)

(23,666)

CASH FLOWS FROM FINANCING ACTIVITIES
Cash was applied to:
Dividend paid (8,619) (8,668)
Principal repayment of lease liability (44)(24)
Supplementary dividend paid (211)(204)
Net cash outflow from financing activities (8,874)

(8,916)

Net decrease in cash and cash equivalents (29,508)

(21,358)

Add opening cash and cash equivalents 31,667 53,025
Closing cash and cash equivalents 12 2,159

31,667

The accompanying notes form part of, and should be read in conjunction with these financial statements.

Page 5
CDL Investments New Zealand Limited
Consolidated Statement of Cash Flows - continued
For the year ended 31 December 2023
Group
In thousands of dollars Note 2023 2022
RECONCILIATION OF PROFIT FOR THE PERIOD TO CASH
FLOWS FROM OPERATING ACTIVITIES
Net Profit after Taxation 13,463

31,189

Adjusted for non cash items:
Depreciation of investment property 933

538

Depreciation of plant & equipment 7 2
Depreciation of right-of-use assets 34 19
Income tax expense 6 5,236

12,129

Adjustments for movements in working capital:
(Increase)/Decrease in receivables (4,251)

3,152

Increase in development property (21,393) (17,407)
Increase/(Decrease) in payables 2,512 (5,903)
Cash (consumed)/generated from operating activities (3,459) 23,719
Income tax paid (6,850) (12,495)
Cash (outflow)/inflow from operating activities (10,309)

11,224

The accompanying notes form part of, and should be read in conjunction with these financial statements.

Page 6
CDL Investments New Zealand Limited
Notes to the Consolidated Financial Statements
For the year ended 31 December 2023
MATERIAL 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 2023 comprises the Company and its
subsidiary (together referred to as the “Group”). The registered office is located at Level 7, 23 Customs Street East,
Auckland, New Zealand.
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 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 26 February 2024.
(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, unless otherwise indicated.
The financial statements have been prepared on the historical cost basis and on a going concern 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.
Intragroup balances and any unrealised gains and losses or income and expenses arising from intragroup
transactions, are eliminated in preparing these consolidated financial statements.

Page 7
CDL Investments New Zealand Limited
Notes to the Consolidated Financial Statements
For the year ended 31 December 2023
Material significant accounting policies - continued
(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:
Buildings 50 years
Building surfaces and finishes 30 years
Building services 20 - 30 years
Plant and equipment 3 - 10 years
No residual values are ascribed to building surfaces and finishes. Residual values of 10% are ascribed to
building core.
(e) Trade and other payables
Trade and other payables are stated at amortised 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.
Rental income from investment properties under operating leases is recognised on a straight-line basis over
the term of the lease to the extent that future rental increases are known with certainty. Lease incentives
granted are recognised as an integral part of the total rental income.
The Group grants settlement terms of up to 12 months on certain sections as part of the agreement for sale
and purchase for unconditional sales. In some instances, the acquirers are permitted access to the residential
sections for building activities prior to settlement. However, the acquirer does not obtain substantially all of the
remaining benefits of the asset until final settlement of the land and the title has passed.
(g) New standards and interpretations not yet adopted
A number of amendments to standards are effective for annual periods beginning after 1 January 2024 and
earlier application is permitted. The Group has not early adopted the amended standards in preparing the
consolidated financial statements. The Group will be adopting the amended standards from 1 January 2024.
The following amended standards are not expected to have a significant impact on the Group’s consolidated
financial statements.
1. Amendments to NZ IAS1 Non-current Liabilities with Covenants.
2. Amendments to NZ IFRS 16 Lease Liability in a Sale and Leaseback.
3. Amendments to NZ IAS 7 Supplier Finance Arrangements.
4. Amendments to NZ IFRS 7 Supplier Finance Arrangements.
5.
Amendments to FRS-44 New Zealand Additional Disclosures of Fees for Audit Firms’ Services.
(h) New currently effective standards
The Group adopted all new and amended standards that became effective during the reporting period.
However, they did not have any impact on the financial position, performance and cash flows of the Group.

Page 8
CDL Investments New Zealand Limited
Notes to the Consolidated Financial Statements
For the year ended 31 December 2023
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.
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.
Residential land
development
Investment property

Group
In thousands of dollars
2023

2022

Restated

2023

2022

Restated

2023

2022

Restated

External revenue 28,285

66,106

2,494

1,240

30,779 67,346

Earnings before interest,
depreciation & amortisation 13,698 41,446 2,473 775 16,171 42,221
Finance income 3,514

1,664

-

-

3,514 1,664

Finance costs (12)(7)- - (12) (7)
Depreciation and amortisation (7)(3)(933)(538)(940)(541)
Depreciation of Right-of-use assets (34)(19)--(34) (19)
Profit before income tax 17,159 43,081 1,540 237 18,699 43,318
Income tax expense (4,805) (12,063) (431)(66)(5,236) (12,129)
Profit after income tax 12,354

31,018

1,109

171

13,463 31,189

Cash & cash equivalents and short
term bank deposits 52,159 71,742 - - 52,159 71,742
Investment in associates 2 2 - - 2 2
Other segment assets 229,456 205,573 35,834 36,381 265,290 241,954
Total assets 281,617 277,317 35,834 36,381 317,451 313,698
Segment liabilities (2,277)

(1,542)

-

-

(2,277) (1,542)

Tax liabilities (1,449) (3,275) - - (1,449) (3,275)
Total liabilities (3,726) (4,817) - - (3,726) (4,817)
Plant and equipment expenditure 57 76 - - 57 76
Investment property expenditure - - 386 13,587 386 13,587
Residential land development
expenditure 10,135 13,327 - - 10,135 13,327
Purchase of land for residential land
development 20,407

24,607

-

-

20,407 24,607

The Group has changed the composition of its reportable segments, therefore the comparatives have been
restated.
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 (2022: One
off transaction for the sale of an industrial property of $29.0 million).

Page 9
CDL Investments New Zealand Limited
Notes to the Consolidated Financial Statements
For the year ended 31 December 2023
2. ACCOUNTING ESTIMATES AND JUDGEMENTS
Estimates and assumptions that have a significant risk of causing a material adjustment to the carrying
amounts of assets and liabilities within the next financial year are outlined below:
Determining the net realisable value of development property to identify any impairment.
The impairment test for investment properties (refer to note 9 for key assumptions and estimates used).
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
The Group is exposed to a risk of impairment to development properties should the carrying value exceed the
net realisable value due to market fluctuations in the value of development properties. However, there is no
indication of impairment as the net realisable value determined by an independent registered valuer
significantly exceeds the carrying value of development properties (see Note 8).
The valuer adopts the Sales Comparison Approach to determine rates per hectare/per square metre for block
land holdings in addition to recent section sales to derive the gross realisation values. The net realisable values
are determined from gross realisation values after deducting appropriate selling costs.
For residential land under development or is due to commence development in the short term, the valuer
adopts the Residual Subdivision Approach. This approach considers the gross realisation values of the
sections less costs associated with development including GST, sales commissions, legal fees, civil and
development costs including Council contributions, professional fees, and contingency allowances. In addition,
holding costs are deducted for the estimated timing of development and sell down periods.
In both valuation approaches, the valuer makes assumptions relating to section prices, sell down periods,
consumer confidence, unemployment rates, interest rates, and external economic factors. These assumptions
are sensitive to economic factors such as net migration, Official Cash Rate set by the Reserve Bank, inflation,
residential market activity, and business confidence.
The Group is also exposed to a risk of impairment to investment properties should the carrying value exceed
the recoverable amount due to market fluctuations in the value of investment properties. However, there is no
indication of impairment as the recoverable amount determined by an independent registered valuer
significantly exceeds the carrying value of investment properties (see Note 9). In determining the recoverable
amount, the valuer adopts the Income Capitalisation Approach whereby the assessed market rent for each
asset is capitalised in perpetuity from the valuation date at an appropriate capitalisation rate. The adopted
capitalisation rate reflects the nature, location, and tenancy profile of the property together with current market
investment criteria as evidenced by recent sales. The recoverable amount is sensitive to movements in the
adopted capitalisation rate and the market rent.
Climate-related disclosure
The Group is currently in the process of identifying and reporting on the impacts of climate change that are
affecting the business. Climate change poses significant risks and challenges for the construction and property
industry, as it affects the physical, operational, and financial aspects of development properties and investment
properties. Extreme weather events, such as floods, storms, heatwaves, and droughts, can damage the
infrastructure, disrupt the supply chain, reduce the revenue, and increase the insurance and maintenance
costs. While property investors, managers, and owners are increasingly cognisant of the climate-related
impacts on their properties, the investment community have yet to price in the climate-related impacts on the
asset values. This means that the current market values of development properties and investment properties
may not reflect the potential losses or gains associated with their exposure to climate risks or their adoption of
sustainability measures, decarbonisation initiatives, and sound environmental stewardship.

Page 10
CDL Investments New Zealand Limited
Notes to the Consolidated Financial Statements
For the year ended 31 December 2023
3. ADMINISTRATIVE AND OTHER EXPENSES
The following items of expenditure are included in administrative and other expenses:
In thousands of dollars Group
Note 2023 2022
Auditors’ remuneration
- Audit fees91

88

-Tax compliance & tax advisory fees4 4
-Strategy advisory fees74 -
Depreciation974

560

Directors’ fees17 130 130
Rental payments90 66
4. PERSONNEL EXPENSES
In thousands of dollars Group
2023

2022

Wages and salaries 1,129 751
Employee related expenses and benefits 145 121
Increase in liability for long-service leave 6

8

1,280 880
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
In thousands of dollars Group
2023 2022
Finance income 3,514

1,664

Finance costs (12)(7)
Net finance income 3,502 1,657
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
In thousands of dollars Group
Current tax expense 2023

2022

Current year 5,105 12,050
5,105 12,050
Deferred tax expense
Origination and reversal of temporary differences 131 79
131 79
Total income tax expense in the statement of comprehensive income 5,236 12,129
Reconciliation of effective tax rate
In thousands of dollars Group
2023 2022
Profit before income tax 18,699 43,318
Income tax using the company tax rate of 28% (2022: 28%) 5,236

12,129

5,236 12,129
Effective tax rate 28% 28%

Page 11
CDL Investments New Zealand Limited
Notes to the Consolidated Financial Statements
For the year ended 31 December 2023
6. INCOME TAX EXPENSE - continued
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
In thousands of dollars Group
2023

2022

Imputation credits available for use in subsequent reporting periods 96,243 93,113
8. DEVELOPMENT PROPERTY
In thousands of dollars
Group
2023 2022
Expected to settle greater than one year 203,034

186,728

Expected to settle within one year 21,507 16,420
Development property 224,541

203,148

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 (2022: nil) has been capitalised during the year.
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.
The fair value of development property held at 31 December 2023 was determined by an independent
registered valuer, DM Koomen SPINZ of Extensor Advisory Limited. The fair value is determined to estimate
the net realisable value. The net realisable value as determined by the independent registered valuer,
exceeds the carrying value of development property.

Page 12
CDL Investments New Zealand Limited
Notes to the Consolidated Financial Statements
For the year ended 31 December 2023
9. INVESTMENT PROPERTY
In thousands of dollars Group
Freehold
Land Buildings
Work in
Progress Total
Cost
Balance at 1 January 2022 659 3,053 19,691 23,403
Additions -

-

13,587

13,587

Transfers between categories -33,278(33,278) -
Balance at 31 December 2022 659 36,331 -36,990
Balance at 1 January 2023 659 36,331 -36,990
Additions -

-

386

386

Transfers between categories -386(386) -
Balance at 31 December 2023 659 36,717 -37,376
Depreciation and impairment losses
Balance at 1 January 2022 -(71)-(71)
Depreciation charge for the year -(538)-(538)
Balance at 31 December 2022 -(609)-(609)
Balance at 1 January 2023 -(609)-(609)
Depreciation charge for the year -(933)-(933)
Balance at 31 December 2023 -(1,542)-(1,542)
Carrying amounts
Balance at 1 January 2022 659 2,982 19,691 23,332
Balance at 31 December 2022 659

35,722

-36,381
Balance at 1 January 2023 659

35,722

-36,381
Balance at 31 December 2023 659 35,175 - 35,834
Investment properties consist of commercial warehousing at Wiri in Auckland, retail shops at Prestons Park
in Christchurch, and retail shops at Stonebrook in Rolleston which are fully operational. The fair value of
investment properties held at 31 December 2023 was determined by an independent registered valuer, DM
Koomen SPINZ of Extensor Advisory Limited as $62.7 million (2022: $62.6 million). The fair value
measurement was categorised as Level 3 (highest of the fair value hierarchy) based on the inputs to the
valuation methodology used i.e. income capitalisation approach.
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.
Depreciation on the investment properties is computed by asset classes using the policy disclosed in Note
(d). 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.
Impairment
Annual reviews of the carrying amounts of investment properties are undertaken for indicators of impairment.
Where indicators of impairment were identified, the recoverable amounts were estimated based on internal or
external valuations undertaken. The cash generating units (CGU) are individual properties. The recoverable
amounts of the investment properties, being the higher of the fair value less costs to sell and value-in-use,
were predominantly determined using the fair value less costs to sell basis and were estimated using the
income capitalisation approach.

Page 13
CDL Investments New Zealand Limited
Notes to the Consolidated Financial Statements
For the year ended 31 December 2023
9. INVESTMENT PROPERTY – Impairment - continued
During the year, management identified two (2022: two) properties with a carrying value of $13.7 million that
had indicators of impairment. Average market capitalisation rates appropriate to the properties range from
6.50% to 7.00% (2022: 6.25% to 6.75%). Average market rent per square metre rates appropriate to the
properties range from $341 to $358 (2022: $330 to $368).
Operating leases
The Group leases out its investment property. The Group has classified these leases as operating leases,
because they do not transfer substantially all of the risks and rewards incidental to the ownership of the
assets.
Rental income recognised by the Group during 2023 was $2.5 million (2022: $1.2 million).
The following table sets out a maturity analysis of lease payments, showing the undiscounted lease payments
to be received after the reporting date:
In thousands of dollars Group
2023 2022
Within 1 year 2,665

2,478

More than 1 year but within 2 years 2,675 2,660
More than 2 years but within 3 years 2,722 2,670
More than 3 years but within 4 years 2,760 2,715
More than 4 years but within 5 years 2,668

2,718

After 5 years 2,553 6,347
16,043

19,588

10. DEFERRED TAX ASSETS AND LIABILITIES
Recognised deferred tax assets and liabilities
Deferred tax assets and liabilities are attributable to the following:
In thousands of dollars Group
Assets Liabilities Net
2023 2022 2023 2022 2023 2022
Investment property - - (345) (156)(345)(156)
Development property - - (81) (81)(81)(81)
Employee benefits 142 84 - - 14284
Trade and other payables - - - - - -
Net tax assets/(liabilities) 142 84 (426)(237)(284)(153)
Movement in deferred tax balances during the year
In thousands of dollars Group
Balance 1 Jan 2022
Recognised in profit or
loss Balance 31 Dec 2022
Investment property (30)

(126)

(156)

Development property (108) 27 (81)
Employee benefits 55 29 84
Trade and other payables 9

(9)

-

(74) (79) (153)
Movement in deferred tax balances during the year
In thousands of dollars Group
Balance 1 Jan 2023
Recognised in profit or
loss Balance 31 Dec 2023
Investment property (156) (189) (345)
Development property (81)

-

(81)

Employee benefits 84 58 142
(153) (131) (284)

Page 14
CDL Investments New Zealand Limited
Notes to the Consolidated Financial Statements
For the year ended 31 December 2023
11. TRADE AND OTHER RECEIVABLES
In thousands of dollars Group
2023 2022
Trade receivables 325 222
Other receivables and prepayments 6,253

2,105

Trade and other receivables 6,578 2,327
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.
12. CASH AND CASH EQUIVALENTS
In thousands of dollars Group
2023

2022

Bank balances 2,084 1,667
Call deposits 75 30,000
Cash and cash equivalents 2,159 31,667
Cash and cash equivalents comprise cash balances and call deposits with an original maturity of three
months or less.
13. CAPITAL AND RESERVES
Share capital
Company
2023

2023

2022

2022

Shares ‘000s $000’s Shares ‘000s $000’s
Shares issued 1 January 288,808 65,829 287,513 64,454
Issued under dividend reinvestment plan 1,977 1,489 1,295 1,375
Total shares issued and outstanding 290,785

67,318

288,808

65,829

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 2023, the authorised share capital consisted of 290,784,833 fully paid
ordinary shares (2022: 288,807,697).
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 1,977,136 additional shares under the Dividend Reinvestment Plan on 12
May 2023 (2022: 1,294,674) at a strike price of $0.7530 per share issued (2022: $1.0624).

Page 15
CDL Investments New Zealand Limited
Notes to the Consolidated Financial Statements
For the year ended 31 December 2023
13. CAPITAL AND RESERVES – continued
Dividends
The following dividends were declared and paid during the year 31 December 2023:
In thousands of dollars Company
2023 2022
3.5 cents per qualifying ordinary share (2022: 3.5 cents) 10,108

10,063

10,108 10,063
The following dividends were declared by the directors on 23 February 2024. 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 Company
3.5 cents ordinary dividend per qualifying ordinary share 10,177
3.5 cents total dividend per qualifying ordinary share 10,177

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 2023 was based on the profit attributable to ordinary shareholders
of $13,463,000 (2022: $31,189,000); and weighted average number of ordinary shares outstanding during the
year ended 31 December 2023 of 290,126,000 (2022: 288,376,000), calculated as follows:
Profit attributable to ordinary shareholders (basic & diluted)
In thousands of dollars Group
2023 2022
Profit for the period 13,463 31,189
Profit attributable to ordinary shareholders 13,463 31,189
Weighted average number of ordinary shares
Company
2023 2022
Shares ‘000s

Shares ‘000s

Issued ordinary shares at 1 January 288,808 287,513
Weighted average effect on 1,977,136 shares issued in May 2023 1,318 -
Weighted average effect on 1,294,674 shares issued in May 2022 -863
Weighted average number of ordinary shares at 31 December 290,126 288,376
Earnings per share (basic & diluted)
Group
2023 2022
Basic and Diluted Earnings per share (cents per share) 4.64 10.82
Supplementary dividend and foreign investment tax credit
The Company pays a supplementary dividend to portfolio non-resident investors to offset non-resident
withholding tax payable on imputed dividends from the Company. Under the foreign investor tax credit (FITC)
rules, the Company receives a tax credit equal to the supplementary dividend paid. The supplementary
dividend is based on the amount of imputation credit attached to the dividend.

Page 16
CDL Investments New Zealand Limited
Notes to the Consolidated Financial Statements
For the year ended 31 December 2023
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 non-
derivative financial instruments are measured as described below.
On initial recognition, a financial asset is classified as subsequently measured at: Amortised cost; FVOCI- debt
investment; FVOCI- equity investment; or FVTPL. Financial liabilities are classified as measured at amortised
cost or FVTPL.
Financial assets are not reclassified subsequent to their initial recognition unless the Group changes its
business model for managing financial assets, in which case all affected financial assets are reclassified on
the first day of the first reporting period following the change in the business model.
A financial asset is measured at amortised cost if it meets both of the following conditions and not designated
at FVTPL:
It is held within a business model whose objective is to hold assets to collect contractual cash flows: and
Its contractual terms give rise on specified dates to cash flows that are solely payments of principal and
interest on the principal amount outstanding.
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.
Exposure to credit and interest rate risks arises in the normal course of the Group’s business.
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 as the Company
spreads the risk by operating in three regions in the North Island and one region in the South Island.
Cash, cash equivalents, and term deposits are allowed only in liquid securities and only with counterparties
(minimum rating of Moody’s Aa3) 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 debt (2022: nil) and is only 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.
In thousands of dollars Group
Note 2023 2022
Financial Assets
Cash and cash equivalents 12 2,159 31,667
Short term deposits 50,000 40,075
Trade and other receivables 11 6,578

2,327

Financial Liabilities
Trade and other payables 3,820 1,340

Page 17
CDL Investments New Zealand Limited
Notes to the Consolidated Financial Statements
For the year ended 31 December 2023
14. FINANCIAL INSTRUMENTS – continued
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.
An increase of one percentage point in interest rates would have increased the Group’s profit before income
tax by $641,000 (2022: $623,000) in the current period. Conversely, a decrease of one percentage point in
interest rates would have decreased the Group’s profit before income tax by $641,000 (2022: $623,000) 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.
Group 2023 2022
In thousands of
dollars
Note

Effective
interest
rate
Total
6
months
or less
6-12
months
Effective
interest
rate
Total
6
months
or less
6-12
months

Cash and cash
equivalents 12
0.00%
to
5.77%
2,159

2,159

-

0.00%
to
4.78%
31,667

31,667

-

Short term
deposits
5.79%
to
6.05%
50,000

45,000

5,000

3.30%
to
5.26%
40,075

35,075

5,000

52,159 47,159 5,000 71,742 66,742 5,000
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 2023 2022
In thousands of dollars Balance
Sheet
6 months
or less
6-12
months
Balance
Sheet
6 months
or less
6-12
months
Trade and other payables 3,820 1,625 2,195 1,340 1,258 82
3,820 1,625 2,195 1,340 1,258 82
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.

Page 18
CDL Investments New Zealand Limited
Notes to the Consolidated Financial Statements
For the year ended 31 December 2023
15. CAPITAL AND LAND DEVELOPMENT COMMITMENTS
As at 31 December 2023, the Group had entered into contractual commitments for development expenditure
and unconditional purchases of land. Development expenditure represents amounts contracted and forecast
to be incurred in 2024 in accordance with the Group’s development programme.
In thousands of dollars Group
2023 2022
Development expenditure 19,743 21,991
Land purchases 6,620 4,010
23,363 26,001
16. RELATED PARTIES
Identity of related parties
The Company has a related party relationship with its wholly owned subsidiary, CDL Land New Zealand
Limited, 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 2023 was:
In thousands of dollars Group
2023 2022
Non-executive directors 130

130

Executive directors 413 233
543

363

Non-executive directors receive director’s fees only. The executive directors receive short-term employee
benefits which include a base salary and an incentive plan. They do not receive remuneration or any other
benefits as a director of the Company or its subsidiary.
Total remuneration of non-executive directors is included in “administrative and other expenses” (see Note 3)
and total remuneration of executive directors is included in “personnel expenses” (see Note 4).
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 65.54% (2022: 65.88%) 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 Limited 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, $427,000 (2022: $351,000) for shared office expenses incurred by the parent on
behalf of the Group and reimbursed its parent for its portion of insurance premiums of $199,000 (2022:
$153,000).
During 2023, CDL Investments New Zealand Limited issued no additional shares (2022: 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 (2022:
190,591,297).
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 (2022: $75,000).

Page 19
CDL Investments New Zealand Limited
Notes to the Consolidated Financial Statements
For the year ended 31 December 2023
19. SUBSEQUENT EVENTS
Post balance date, the purchase of 10.8 hectares of land for $6.6 million in Nelson was settled during January
2024. The settlement will be recognised as an increase in land classified as development property in 2024.
On 23 February 2024, an ordinary dividend of 3.5 cents per qualifying share was declared by the Directors
(see Note 13).

© 2024 KPMG, a New Zealand Partnership and a member firm of the KPMG global organization 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 CDI Investments New Zealand Limited
Report on the audit of the consolidated financial statements
Opinion
In our opinion, the consolidated financial statements
of CDI Investments New Zealand Limited
(the ’company’) and its subsidiaries (the 'group') on
pages 1 to 19 present fairly, in all material respects:
i. the Group’s financial position as at 31 December
2023 and its financial performance and cash flows
for the year ended on that date;
in accordance with New Zealand Equivalents to
International Financial Reporting Standards issued
by the New Zealand Accounting Standards Board
and International Financial Reporting Standards
issued by the International Accounting Standards
Board.
We have audited the accompanying consolidated
financial statements which comprise:
— the consolidated statement of financial position
as at 31 December 2023;
— the consolidated statements of comprehensive
income, changes in equity and cash flows for the
year then ended; and
— notes, including a summary of significant
accounting policies.

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 taxation compliance, taxation advisory and
strategy support 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. The materiality for the consolidated financial statements as a
whole was set at $2m determined with reference to a benchmark of group total assets. We chose the benchmark
because, in our view, this is a key measure of the group’s performance.

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 to the Financial Report.
The group’s development property
comprises land and costs incurred to
develop land into subdivisions and
individual properties for sale. The
development properties represent 70%
of total assets on the consolidated
statement of financial position.
The capitalisation and allocation of
development costs is a key audit matter
as 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 whether obligations exist
for future costs and how to allocate
capitalised development costs to
individual properties or stages.
The key judgements used in this
determination are:
• Whether costs are eligible for
capitalisation under the
relevant accounting
standards
• the allocation of capitalised
costs to the individual
projects, stages and land lots
and the associated
recognition of cost of sales
• Whether a capitalised cost
and the associated liability for
future obligations should be
recorded under the relevant
accounting standard.

Our audit procedures included:
- Evaluating the group’s accounting policy for capitalisation of
development costs using the criteria in the accounting
standard.
- Developing an understanding of the key controls over the cost
capitalisation and allocation process.
- Agreeing a sample of capitalised development costs to
supporting documentation. For each selected transaction we:
• Considered the nature of the costs capitalised and
evaluated whether they are eligible for capitalisation under
the relevant accounting standard.
• Assessed the appropriateness of allocation to the individual
project stages and land lots.
- Agreeing a sample of land acquisitions to sales and purchase
agreements, settlement document and cash payment.
- Performing analytical procedures in relation development
property costs of sales to assess that margins recognised
between periods were appropriate, including considering
alternative methods of allocation.
- Evaluating the reasonableness of the group’s judgement to
record liabilities for future obligations and that these have
been appropriately measured and recorded in accordance
with the applicable accounting standard.
- Assessing disclosures included in the consolidated financial
statements in respect of the development properties using
our understanding obtained from our testing and against the
requirements of the accounting standards.
Our testing did not identify any material exceptions related to
capitalised development costs, the allocation of those costs to
individual project stages and the recognition of future development
cost obligations.

Other information

The Directors, on behalf of the group, are responsible for the other information included in the entity’s Annual
Report and Annual Climate Statement (prepared in accordance with the Aotearoa New Zealand Climate
Standards). Other information in the Annual report may include the Directors Review, Managing Directors review,
disclosures relating to Corporate Governance, the Trend Statement, Financial Summary, and the other information
included in the Annual report. The Annual Climate Statement discloses information about the effects of climate
change on the entity’s business. 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 Annual Report
and Annual Climate Statement when they become available and consider whether the other information it contains
is materially inconsistent with the consolidated financial statements, or our knowledge obtained in the audit, or
otherwise appear 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 regard to it. The Annual Report and Annual Climate Statement are 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.

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 issued by the New Zealand Accounting
Standards Board;
— implementing necessary internal control to enable the preparation of a consolidated set of financial statements
that is 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 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 Geoff Lewis.
For and on behalf of
KPMG
Auckland
26 February 2024

---

DIRECTORS’ REVIEW

Financial Performance

CDL Investments New Zealand Limited (“CDI”) recorded a profit after tax of $13.5 million for 2023 (2022: $31.2 million) which reflects the challenging
trading environment seen over the past twelve months. While the Board is disappointed that the level of profit is significantly less than previous years,
it is appreciative of the work put in by Management to achieve the results in 2023. The Board believes that CDI has established a platform for future
revenue growth, particularly from the company’s newer residential developments.

Profit before tax for 2023 was commensurate with the company’s performance and was $18.7 million (2022: $43.3 million). Property sales, rental
income & other income totalled $31.2 million (2022: $67.3 million). There were no one-off gains from land sales in 2023 as compared to $29 million
recognised in the previous year.

At year end, CDI’s shareholders’ funds increased to $313.7 million (2022: $308.9 million) and total assets also increased to $319.2 million (2022:
$313.7 million). Net tangible assets per share (at book value) also increased to 107.9 cents (2022: 107.0 cents).

CDI’s property holdings as at 31 December 2023 as independently valued was $412.6 million (2022: $405.4 million). This takes into account new
acquisitions made in 2023 as well as the sales recorded. At cost, the portfolio was valued at $260.4 million (2022: $239.5 million) in line with CDI’s
accounting policies.


Property Portfolio

In 2023, we purchased and settled a total of 37.5 hectares of land. Our acquisitions were in the Waikato, Nelson / Marlborough and Canterbury
regions with the majority being new projects, not adjacent to existing land holdings. Management is working on development schemes and resource
consent applications for these new acquisitions to allow development work to commence in the near term.

Post balance date, the purchase of 10.8 hectares of land in Nelson was settled during January 2024.


Residential sales in 2023 were strongest at Prestons Park (Christchurch) with a small number of sales coming from the Auckland subdivisions (Kewa
Road & Christian / Tram Valley Road), which are now sold out.

Solid progress has been made at our Iona Block development in Havelock North where we have secured resource consents for Stage 1 and
commenced construction. We are confident that works will progress to a stage where off-the-plan sales can start in Q2 2024. The Stage 2 resource
consent has been lodged and is currently being processed by Hastings District and Hawkes Bay Regional Councils.

CDI’s commercial projects including the warehouses in Wiri, South Auckland and the neighbourhood centres located at Prestons Park and Stonebrook
are performing as expected and contributed $2.5 million, representing approximately 8% of total revenue in 2023. The high inflationary environment
during 2023 impacted lease conversion rates with a number of tenants unable to secure sufficient finance to proceed.


Dividend Announcement

The Board resolved to maintain its fully imputed ordinary dividend at 3.5cents per share payable on 17 May 2024. The Board carefully considered the
dividend amount and decided to provide a consistent return to shareholders. This is a sign of the confidence the Board has in the company’s future prospects.
The level of dividend will allow the company to retain enough cash resources to allow completion of its development work during this year.

The record date will be 3 May 2024. The Dividend Reinvestment Plan will apply to this dividend.


Summary and Outlook
The dramatic downward market shifts we encountered from the end of 2022 (which carried into 2023) should not continue into 2024. With a new
government promising reform of convoluted consent processes and the prospect of some additional fast-tracking, we feel that residential property
development as a whole should stabilise during 2024 and start to tick upward through 2025, if not earlier.
Market conditions are presenting some interesting opportunities which the Board has asked Management to assess and consider carefully. We are
encouraging Management to broaden their horizons and look at property types and potential acquisitions in the residential and commercial spheres
which they may not have considered previously.

For those reasons, the Board and Management currently expect CDI’s revenues and profits in 2024 to be better than those in 2023. Further updates
will be provided as the year progresses. The Board and Management share an optimistic outlook for 2024, particularly if sales from Havelock North
commence before the end of the year. We will be doing everything practicable to keep to our development timelines so our sales targets can be met.
I would like to offer my thanks to our loyal shareholders on behalf of the Board for your invaluable support during 2023.

Colin Sim

Chairman
26 February 2024

---

26 February 2024









CDL INVESTMENTS OPTIMISTIC ABOUT 2024
DESPITE REDUCED PROFIT FOR 2023

NZX-listed residential property developer CDL Investments New Zealand Limited (NZX: CDI) reported its results for the
year ended 31 December 2023 earlier today.

“Given the very difficult market conditions we have had to endure in 2023, with no one-off gains as occurred in 2022, our
2023 results were lower than in the previous year. That being said, the Board is satisfied with the level of sales and profit
that was achieved”, said CDI’s Chairman and Independent Director Colin Sim.

CDI’s Managing Director Jason Adams echoed Mr. Sim’s comments and also noted that the company had made
acquisitions over the last year which might not have been available in times of better market conditions.

“We managed to keep our core business intact during difficult times and reduced our activity where the markets were not
responding. We have been able to take advantage of the weak market conditions to bolster our land portfolio to grow our
future sales pipeline”, he said.

CDI’s 2023 acquisitions totaled 37.5 hectares of land in the Waikato, Nelson / Marlborough and Canterbury regions with
the majority being new projects not adjacent to existing holdings.

“This gives us the chance to start new projects with new designs which will create new sales opportunities for us”, said
Mr. Adams. “These are smaller projects targeted for development, completion and sale within the short-term”, he said.

Despite the fall in profit, CDI maintained its dividend at 3.5 cents per share which is payable on 17 May 2024 with a record
date of 3 May 2024.


“The Board wanted shareholders to receive a consistent level of returns from CDI. Shareholders should be assured that
the Board has continued confidence in the company going forward. The level of dividend will ensure that we still retain
enough cash to do what we need to do this year”, said Mr. Sim.

Mr. Sim said that the Board was optimistic about 2024.

“So far, our development work and consent applications are proceeding as planned and provided that we are able to keep
to our timelines, we should see off-the-plan sales from new projects such as the Iona Block in Havelock North commence
from Q2 2024. That should translate into increased revenue and profit during this year”, he said.

Summary of results:

• Profit after tax $13.5 million (2022: $31.2 million)

• Profit before tax $18.7 million (2022: $43.3 million)
• Property sales & other income $31.2 million (2022: $67.3 million)
• Shareholders’ funds $313.7 million (2022: $308.9 million)
• Total assets $319.2 million (2022: $313.7 million)
• Net tangible asset value (at book value) 107.9 cents per share (2022: 107.0cps)
• Earnings per share 4.64 cents per share (2022: 10.82cps)


About CDL Investments New Zealand Limited:

CDL Investments New Zealand Limited (NZX:CDI) has a proud track record of acquiring and developing residential
sections in New Zealand for over two decades. With a focus on creating and developing a range of high-quality residential
sections to New Zealanders, CDI has successfully completed numerous subdivision projects in Auckland, Hamilton,
Tauranga, Hastings, Havelock North, Taupo, Nelson, Christchurch, Rolleston (Canterbury) and Queenstown. More
recently, CDI has successfully completed commercial property projects including industrial warehouses in Wiri, South
Auckland and neighbourhood centres at Prestons Park, Christchurch and Stonebrook in Rolleston. CDI is a majority-
owned subsidiary of NZX-listed Millennium & Copthorne Hotels New Zealand Limited.


ENDS


Issued by CDL Investments New Zealand Limited

Enquiries to:
Jason Adams, Managing Director
027 683 7220

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Distribution Notice




Please note: all cash amounts in this form should be provided to 8 decimal places

Section 1: Issuer information
Name of issuer
CDL Investments New Zealand Limited
Financial product name/description
Ordinary Shares
NZX ticker code
CDI
ISIN (If unknown, check on NZX
website)
NZKGLE0001S8

Type of distribution
(Please mark with an X in the
relevant box/es)
Full Year X
Quarterly
Half Year Special
DRP
applies
X

Record date
03/05/2024
Ex-Date (one business day before the
Record Date)
02/05/2024
Payment date (and allotment date for
DRP)
17/05/2024
Total monies associated with the
distribution
1

$10,177,469.15
Source of distribution (for example,
retained earnings)
Retained earnings
Currency
NZD
Section 2: Distribution amounts per financial product
Gross distribution
2

$0.04861111
Gross taxable amount
3

$0.04861111
Total cash distribution
4

$0.03500000
Excluded amount (applicable to listed
PIEs)
n/a
Supplementary distribution amount
$0.00617647
Section 3: Imputation credits and Resident Withholding Tax
5

Is the distribution imputed
Fully imputed
Partial imputation
No imputation

1
Continuous issuers should indicate that this is based on the number of units on issue at the date of the form
2
“Gross distribution” is the total cash distribution plus the amount of imputation credits, per financial product, before the deduction of
Resident Withholding Tax (RWT).
3
“Gross taxable amount” is the gross distribution minus any excluded income.
4
“Total cash distribution” is the cash distribution excluding imputation credits, per financial product, before the deduction of RWT.
This should include any excluded amounts, where applicable to listed PIEs.
5
The imputation credits plus the RWT amount is 33% of the gross taxable amount for the purposes of this form. If the distribution is
fully imputed the imputation credits will be 28% of the gross taxable amount with remaining 5% being RWT. This does not constitute
advice as to whether or not RWT needs to be withheld.

If fully or partially imputed, please
state imputation rate as % applied
6

28%
Imputation tax credits per financial
product
$0.01361111
Resident Withholding Tax per
financial product
$0.00243056
Section 4: Distribution re-investment plan (if applicable)
DRP % discount (if any)
Nil
Start date and end date for
determining market price for DRP
06/05/2024 10/05/2024
Date strike price to be announced (if
not available at this time)
13/05/2024
Specify source of financial products to
be issued under DRP programme
(new issue or to be bought on market)
Ordinary shares (new issue)
DRP strike price per financial product
[to be advised]
Last date to submit a participation
notice for this distribution in
accordance with DRP participation
terms
06/05/2024
Section 5: Authority for this announcement
Name of person

authorised to make
this announcement
Takeshi Ito (Company Secretary)
Contact person for this
announcement
Takeshi Ito (Company Secretary)
Contact phone number
09 353 5077
Contact email address
takeshi.ito@cdli.co.nz
Date of release through MAP

26/02/2024





6
Calculated as (imputation credits/gross taxable amount) x 100. Fully imputed dividends will be 28% as a % rate applied.

---

Results announcement



Results for announcement to the market
Name of issuer CDL Investments New Zealand Limited (CDI)
Reporting Period 12 months to 31 December 2023
Previous Reporting Period 12 months to 31 December 2022
Currency NZD

Amount (000s) Percentage change
Revenue from continuing
operations
$31,176 (53.71%)
Total Revenue $31,176 (53.71%)
Net profit/(loss) from
continuing operations
$13,463 (56.83%)
Total net profit/(loss) $13,463 (56.83%)
Interim/Final Dividend
Amount per Quoted Equity
Security
$0.03500000
Imputed amount per Quoted
Equity Security
$0.01361111
Record Date 3 May 2024
Dividend Payment Date 17 May 2024
Current period Prior comparable period
Net tangible assets per
Quoted Equity Security
$1.08 $1.07
A brief explanation of any of
the figures above necessary
to enable the figures to be
understood
Refer Directors’ Review accompanying this announcement
Authority for this announcement
Name of person

authorised
to make this announcement
Takeshi Ito (Company Secretary)
Contact person for this
announcement
Takeshi Ito (Company Secretary)
Contact phone number 09 353 5077
Contact email address takeshi.ito@cdli.co.nz
Date of release through MAP

26 February 2024

Audited financial statements accompany this announcement.