CDI: 2023 Annual Report

CDL Investments New Zealand Limited | 1

Prestons Park, Christchurch
ANNUAL
REPORT
2023

2 | CDL Investments New Zealand Limited
2023 FINANCIAL SUMMARY3
CHAIRMAN'S REVIEW4
MANAGING DIRECTOR'S REVIEW5
RESIDENTIAL 2023 SNAPSHOT6
COMMERCIAL 2023 SNAPSHOT7
BOARD OF DIRECTORS8
CDL TEAM9
CORPORATE GOVERNANCE S TAT EM EN T10–17
CLIMATE RELATED DISCLOSURES18–29
OUTLINE OF MATERIAL RISKS30–31
FINANCIAL STATEMENTS CONTENTS32
FINANCIAL S TAT EM EN T S33–53
INDEPENDENT AUDITOR'S REPORT54–57
REGULATORY DISCLOSURES
& S TAT U TO RY I N FO R M AT I O N
58–65
SUBDIVISION LOCATION MAP66
CORPORATE DIRECTORY67
The Directors of CDL Investments New Zealand Limited are pleased to present
the Annual Report of the Company for the year ended 31 December 2023.
Signed for and on behalf of the Board of Directors:
DESLEIGH JAMESON
BOARD CHAIR
28 March 2024
JOHN HENDERSON
INDEPENDENT DIRECTOR
THIS BOOKLET IS PRINTED
USING VEGETABLE INKS ON
CERTIFIED FOREST PAPER.
CONTENTS

2023 FINANCIAL
SUMMARY
$31.2M
REVENUE &
OTHER INCOME
$319.2M
TOTA L
ASSETS
4.64 CPS
EARNINGS
PER SHARE
$62.7M
*
COMMERCIAL
VA LUAT I O N
$18.7M
PROFIT
B E FO R E TA X
108 CPS
NET TANGIBLE
ASSET
$412.6M
MARKET
VA LUAT I O N
$ NIL
DEBT
$13.5M
PROFIT
A F T E R TA X
$313.7M
SHAREHOLDERS'
FUNDS
$349.9M
*
RESIDENTIAL
VA LUAT I O N
$52.2M
CASH
AT BA N K
CDL Investments New Zealand Limited | 3

Highland Drive, Richmond, Tasman
*Values are based on independent external valuations.

4 | CDL Investments New Zealand Limited
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 and 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
and 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 Hawke's
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 3.5
cents 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
CHAIRMAN'S
REVIEW

CDL Investments New Zealand Limited | 5

2023 presented a series of challenges which we have managed to navigate
successfully and produce another profitable result. While the financial
results may appear disappointing compared to previous years, they reflect
the impact of the high inflationary environment everyone experienced
through 2023 and has reminded us of the ongoing cyclical nature of the
New Zealand property market we operate in.
As we move into 2024, market conditions are changing again and we are
seeing the early signs of a residential property market recovery with
improving price growth, increased buyer enquiry and confidence to move
forward with purchases. While domestic inflation and mortgage rates
remain high, improvements toward the end of the year should bring further
confidence to the New Zealand property markets. Overall we see a gradual
recovery throughout this year with momentum building toward the end of
the year, flowing over into 2025. Whilst economic headwinds remain, we are
prepared for those changes, whether they be positive or negative for our
trading, and are ready and able to react quickly.
The ability to move and react to market changes is something which we have
done well historically. As a small organisation, we are not burdened with
significant overheads or debt which would impact on our decision making
and ability to move quickly and adapt to market shifts.
We have used the last twelve months to look carefully at appropriate
opportunities for future development and I am pleased to advise that in
2023 we settled 37.5 hectares of land located across the Waikato, Nelson
and Port Hills in Christchurch. All of these new acquisitions present unique
opportunities for residential section development which we are looking
to progress over the next few years. We are excited about all of these
opportunities and will be releasing more details when resource consents
have been obtained and development works commenced. I am pleased to
advise that our Port Hills land was not badly affected by the recent fires
in the area.
In 2023, I asked the Board to take a detailed look at our future strategy with
the Management team and what our collective visions for the next ten years
ought to be. We have looked at a number of concepts and ideas together and
shared our respective thoughts and vision on where the company could and
should go. Management’s views were critiqued and challenged by the Board
and the Board's knowledge and experience has allowed Management to
explore a wide and diverse range of future pathways. During 2024, the Board
and management team are planning to refine our strategic direction and
we will share this with shareholders and the market later in the year.
Shareholders can have confidence that both the Board and Management
team are ambitious for the future of CDL Investments. We have so much
potential to unlock over the next few years, it is an exciting time for the
Board and Management team. Our geographically diverse land holdings,
such as the Iona Block in Havelock North and our new acquisitions in Nelson
and Christchurch, are in areas where there is demand for our product and
where we know that we can make good sales over the short to medium term.
Equally, we continue to progress master planning for our pipeline residential
and commercial developments in Auckland, Hamilton and Hawke's Bay for
the medium to long term.
We are also actively looking at future opportunities to develop commercial
land. That includes looking at stand-alone opportunities like our Wiri
warehouse projects but also how commercial developments can be
incorporated in future pipeline projects. Much of this will be dependent on
location, zoning and planning rules but thinking outside the box is something
that the Board want to see from the Management team. With our new
Development Managers now on board, we have expanded our talent pool
with the right skills and experience to deliver new and diversified pathways.
It is timely to mention in 2024, CDL Investments, as you know it, will mark
its thirtieth birthday. While the company was originally incorporated in
1984, on 24 November 1994 to be precise, the CDL Investments name was
adopted and the company as we know it today took shape and started
on its remarkable journey. I mention this because from my own personal
perspective as someone who has worked with the company for over half of
that time, the legacy created over the last three decades is something that
I am determined to preserve and build on.
To all CDL Investments shareholders and the Board, I sincerely thank you
for your loyalty to our company over the years. We look forward to your
continued support as we develop and implement what we strongly believe
will be an innovative, positive and profitable future plan for our company.
My team and I want to ensure that the next three decades only enhance and
grow the company’s reputation as a trusted residential and commercial land
developer. We are all excited about the prospects and opportunities for our
company and we look forward to your support and enthusiasm as we chart
our course to future success.
JASON ADAMS
MANAGING DIRECTOR
MANAGING DIRECTOR'S
REVIEW

6 | CDL Investments New Zealand Limited
Prestons Park, ChristchurchLucas Terrace, Nelson
Kewa Heights, AucklandIona Terraces, Havelock North
Tram Valley Road, Auckland
$28.1M
SALES
REVENUE
91.2%
TOTAL
REVENUE
53
# SECTIONS
SOLD
$349.9M
*
RESIDENTIAL
PORTFOLIO VALUE
11
TOTAL #
DEVELOPMENTS
37. 5 HA
LAND
ACQUIRED
RESIDENTIAL
2023 SNAPSHOT

CDL Investments New Zealand Limited | 7

$ NIL
SALES REVENUE
NIL
% TOTAL REVENUE
NIL
# SECTIONS SOLD
COMMERICAL
SALES
$2.49M
LEASE REVENUE
4
# OF PROPERTIES
$62.7M
*
COMMERCIAL
PORTFOLIO VALUE
3.1 HA
COMMERCIAL
PORTFOLIO AREA
COMMERICAL
LEASING
16,402 M
2
NETT LETTABLE AREA
100%
LEASED
$1.87M
LEASE REVENUE
5.92 YEARS
WEIGHTED AVERAGE
LEASE EXPIRY
2
# OF PROPERTIES
WAREHOUSES
3,411 M
2
NETT LETTABLE AREA
66.6%
LEASED
$0.58M
LEASE REVENUE
4.92 YEARS
WEIGHTED AVERAGE
LEASE EXPIRY
2
# OF PROPERTIES
R ETAIL
Primepac, Roscommon Road, Auckland
Boundaryline, Roscommon Road, Auckland
Stonebrook Retail Centre, Rolleston, Selwyn, Canterbury
COMMERCIAL
2023 SNAPSHOT
*Values are based on independent external valuations.

8 | CDL Investments New Zealand Limited
BOARD OF DIRECTORS
COLIN SIM
Chairman
& Non-Executive Director
Mr. Sim is the executive chairman of the East Quarter
Group of companies in Australia. The East Quarter
Group is involved in the development, investment and
management of residential, commercial and industrial
projects across New South Wales. Mr. Sim has strong
analytical skills and extensive experience in property
development/investment and business in Australia.
He studied Mechanical Engineering in London and has
lived in Sydney, Australia for over 40 years.
Mr. Sim was appointed to the Board in July 2017
and was re-elected to the Board at the 2021 Annual
Meeting of Shareholders.
Mr. Sim resigned as Board Chair on 15 March 2024
after CDI reassessed the size and composition of
its Board.
JASON ADAMS
Managing Director
& Member of the Audit Committee
Mr. Adams was appointed as a director of CDI on
1 June 2022 and took up the Managing Director’s
position on 1 June 2022. He has a background in civil
engineering and construction as well as extensive
experience with acquisitions, subdivision consenting,
planning and development processes.
Mr. Adams has been responsible for the management
and development of CDI’s residential and commercial
land portfolio since 2008 and was appointed as
General Manager of CDL Land New Zealand Limited
since 2011 and Executive Director since 2019.
Mr. Adams was elected as a director at the 2023
Annual Meeting of Shareholders.
Mr. Adams resigned as Managing Director on 15 March
2024 and will continue as CDI’s Chief Executive Officer.
JOHN HENDERSON
Independent Non-Executive Director
& Member of the Audit Committee
Mr. Henderson is currently Managing Director of John
Henderson Resources Limited and Ding Bay Limited.
From 2015–2020, he was appointed by NZ Department
of Conservation to the Waipu Cove Reserve Board and
was elected Board Chair. Previously, Mr. Henderson
had a 28 year career with the Starwood Hotels and
Resorts Group holding various senior corporate
management positions across Asia Pacific, Europe,
and North America.
Mr. Henderson was last elected as a director at the
2022 Annual Meeting of Shareholders.
EIK SHENG KWEK
Non-Executive Director
Mr. Kwek is currently the Group Chief Operating Officer
of City Developments Limited (“CDL”) having been
CDL’s Group Chief Strategy Officer since 2018. Mr. Kwek
joined CDL in 2009, covering Business Development
for overseas projects before being appointed as
Head of Corporate Development. He was appointed
as Chief Strategy Officer in 2014 and was additionally
appointed Head, Asset Management in April 2016.
Prior to joining CDL, he was with the Hong Leong
Group of companies in Singapore specialising in
corporate finance roles since 2006.
He is also Executive Director of Millennium &
Copthorne Hotels Limited, previously listed on the
London Stock Exchange as Millennium & Copthorne
Hotels plc. He holds a Bachelor of Engineering in
Electrical and Electronics Engineering from Imperial
College of Science, Technology and Medicine
and a Master of Philosophy in Finance from Judge
Business School, Cambridge University.
Mr. Kwek was re-elected as a director at the 2023
Annual Meeting of Shareholders.
VINCENT YEO
Non-Executive Director
Mr. Yeo is Chief Executive Officer and Executive
Director of M&C REIT Management Limited. From
1993 to 1998, he was Managing Director of CDL Hotels
New Zealand Limited (now Millennium & Copthorne
Hotels New Zealand Limited) and CDL Investments
New Zealand Limited. He previously also served as an
Executive Director of Millennium & Copthorne Hotels
plc in London and President, Millennium & Copthorne
Hotels Asia Pacific Region.
Mr. Yeo was last elected as a director at the 2021
Annual Meeting of Shareholders.
DESLEIGH JAMESON
Independent Non-Executive Director
& Chair of the Audit Committee
Ms. Jameson is currently the Chief Executive
and Owner of Gubb & Hardy Limited, a wholesale
contributory mortgage company. She has extensive
senior managerial experience as the former Chief
Executive/Executive Director of e-commerce firms
Instra Corporation and CentralNic plc and governance
experience as the former Chair of the charity Starjam
and board member of the Industry Training Federation
for several years. She is a current member of the
Institute of Directors and holds an Executive MBA from
the University of Auckland.
Ms. Jameson was elected as a director at the 2021
Annual Meeting of Shareholders.
Ms. Jameson was elected as Board Chair on 15 March
2024 following Mr Sim’s resignation.

CDL Investments New Zealand Limited | 9

CDL TEAM
BOON PUA
Vice President Finance
CDL Investments & CDL Land
JACKSON BULL
General Manager & Senior Development Manager
CDL Land
JASON ADAMS
Managing Director & Executive Director
CDL Invesments & CDL Land
NATASHA HOOD
Group Accounting Manager
CDL Investments & CDL Land
MELISSA CROWE
Development Manager
CDL Land
DARREN SOO
Senior Development Manager
CDL Land
TAK ESHI ITO
Company Secretary
CDL Investments & CDL Land
SIMONE CROMHOUT
Administrator
CDL Investments & CDL Land

10 | CDL Investments New Zealand Limited
CORPORATE GOVERNANCE
STATEMENT
This Corporate Governance Statement summarises the approach of CDL
Investments New Zealand Limited (“CDI”) to applying the principles and
recommendations outlined in the NZX Corporate Governance Code dated 1
April 2023 (the “NZX Code”), including where our practice differs from the
recommendations under the Code. This Corporate Governance Statement
reports on CDI’s corporate governance matters in respect of the period
ending 31 December 2023, and was approved by the Board on 15 March 2024.
Notwithstanding that we have a 31 December 2023 balance date, we have
chosen to report against the 1 April 2023 version of the NZX Code, rather
than the 17 June 2022 version of the NZX Code.
Towards the end of the 2023 financial year and into the 2024 financial year,
we undertook a review of our key corporate governance documentation
(including committee charters and key policies and procedures) (the
Corporate Governance Review). Following the completion of the Corporate
Governance Review, in February and March 2024 the Board resolved to
approve and adopt updated versions of the relevant documentation.
The Company’s constitution, the Board and committee charters, any
of the other charters or other governance documents referred to in
this statement are available to view on our website at
www.cdlinvestments.co.nz.
PRINCIPLE 1
ETHICAL STANDARDS
Directors should set high standards of ethical behaviour, model this
behaviour and hold management accountable for these standards
being followed throughout the organisation.
Following completion of the Corporate Governance Review, in February
2024 the Board adopted an updated version of the Code of Ethics that
applies to directors and employees of CDI. The Code of Ethics outlines
internal reporting procedures for any breach of ethics, and describes CDI’s
expectations about behaviour. A copy of the Code of Ethics is available on
the Company’s website.
The updated Code of Ethics has been communicated to all directors and
employees of the Company. Historically, CDI has conducted training on
compliance with the Code of Ethics with its directors and the Code of
Conduct with its employees on induction. Given the small number of its
employees, CDI has not previously conducted regular training on ethics
related matters. However, going forward, in accordance with the updated
Code of Ethics, CDI will regularly conduct training on compliance with the
Code of Ethics with its directors and employees.
In addition to the Code of Ethics, CDI has a Code of Conduct which applies
to all of CDI’s employees. All of CDI’s employees are expected to act in the
best interests of CDI and to enhance the reputation of the Company.
CDI also has a number of operational policies which must be followed by
employees and the CDI Code of Conduct forms part of each employee’s
employment agreement.
During the 2023 financial year CDI did not comply with recommendation
1.1 of the NZX Code in respect of the requirement for the Code of Ethics to
apply to all employees. Instead, the Code of Conduct applied to all of CDI’s
employees. While the Code of Conduct addressed a number of the factors
set out in recommendation 1.1 of the NZX Code, it did not address all of the
relevant factors. No alternative governance practice was adopted in lieu
of the recommendation during the period. As noted above, following the
Corporate Governance Review CDI’s Code of Ethics now applies to all of
CDI’s employees.
CDI also believes in fair dealing with its customers and suppliers,
shareholders, employees and other stakeholders and external third parties.
All Directors have access to the Company Secretary at any time as well as
independent legal, financial or other professional advice at the expense of
the company as may be required.
CDI has a Whistleblowing Policy which extends to all management and
employees. The Whistleblowing Policy facilitates the disclosure and impartial
investigation of any serious wrongdoing. This policy advises employees
of their right to disclose serious wrongdoing, and sets out the Company’s
internal procedures for receiving and dealing with such disclosures. The
policy is consistent with, and facilitates, the Protected Disclosures Act 2000
and is supported by the Board.
CDI has a financial product trading policy which applies to all employees and
directors. Our financial product trading policy updated in March 2024 as part
of the Corporate Governance Review. Our share trading policy is available on
the Company’s website.
PRINCIPLE 2
BOARD COMPOSITION
AND PERFORMANCE
To ensure an effective Board, there should be a balance of
independence, skills, knowledge, experience and perspectives.
BACKGROUND
CDI’s Board has responsibility, control and oversight of the business
activities, strategic direction and the governance of CDI and its subsidiary
companies. It looks at how the company is operating, how risk and
compliance are managed, approving financial and other reports and capital
expenditure and reporting to CDI’s shareholders. The Board approves CDI’s
budgets and business plans as well as significant projects and has statutory
obligations for other matters such as the payments of dividends and the
issue of shares. The Board is accountable to CDI’s shareholders for the
Company’s performance.
The Board adopted a written charter in March 2024 as part of the Corporate
Governance Review. The Board Charter sets out the roles and responsibilities
of the Board. The Board Charter is available [in the governance section] of
the Company’s website. During the 2023 financial year CDI did not comply
with the requirement under recommendation 2.1 of the NZX Code to have a
written board charter. CDI did not follow this recommendation because CDI

CDL Investments New Zealand Limited | 11

had previously considered this requirement to have been satisfied by the
relevant section of the Corporate Governance Statement itself and the roles
and responsibilities of the Board set out in the Constitution. Given this, no
alternative governance practice was adopted in lieu of the recommendation
during the period.
Certain powers are delegated to Board Committees and Subcommittees.
The role of the Committees is detailed under Principle 3.
Day-to-day management is delegated to the Managing Director and senior
management. The levels of authority are approved by way of a Delegated
Authorities Manual, which is reviewed by the Audit Committee and ultimately
approved by the Board.
NOMINATION PROCESS
Appointments to the Board are generally considered by the Board as
a whole, and the Board takes into account the skills required to allow
it to carry out its functions and governance role. If necessary, a Board
subcommittee will be formed to assess nominees.
As part of the appointment process, checks are completed which include
the nominee’s business experience, qualifications and good character.
If appointed, a director will receive a letter formalising their appointment.
The letter confirms the key terms and conditions of appointment and is
signed by both the Chair and the director.
ASSESS DIRECTOR, BOARD
AND COMMITTEE PERFORMANCE
The Board’s procedure for regularly assessing director, board and committee
performance is set out in the Board Charter, which was adopted in March
2024 as part of the Corporate Governance Review. During the 2023 financial
year CDI did not comply with the requirement under recommendation 2.7 of
the NZX Code to have a formal procedure for assessing such performance.
CDI did not follow this recommendation because the procedure was
previously conducted on an informal basis. Given this, no alternative
governance practice was adopted in lieu of the recommendation during
the period.
BOARD COMPOSITION
CDI’s Constitution specifies a minimum number of three directors and a
maximum number of nine directors at any one time. Two directors must
ordinarily be living in New Zealand. In line with the NZX Main Board Listing
Rules, CDI is required to have at least two Independent Directors.
INDEPENDENCE DETERMINATIONS
During the 2023 financial year, the board comprised Colin Sim (Chair),
Desleigh Jameson, John Henderson, Eik Sheng Kwek, Vincent Yeo and Jason
Adams (Managing Director). As part of the Corporate Governance Review, the
Board decided to make certain changes to its size and composition – which
resulted in Messrs Sim and Adams resigning from the Board. The Board
currently comprises Desleigh Jameson (Chair), John Henderson, Eik Sheng
Kwek and Vincent Yeo.
Primepac, Roscommon Road, Auckland

12 | CDL Investments New Zealand Limited
CORPORATE GOVERNANCE
STATEMENT – CONTINUED
CDI has determined that its Chair Desleigh Jameson and John Henderson
are Independent Directors for the purposes of the NZX Listing Rules. Messrs
Kwek and Yeo are not considered by the Board to be Independent Directors.
This means that CDI does not currently comply with, and did not during
the 2023 financial year comply with, recommendation 2.8 of the Code.
That recommendation requires a majority of the Board to be Independent
Directors for the purposes of the NZX Listing Rules. CDI did not follow
this recommendation because its largest shareholder holds more than
50% of the shares in the Company and had believed that it is reasonable
for Independent Directors to not comprise a majority of the directors in
those circumstances. The Company notes that non-Independent Directors
equally do not comprise a majority of the directors (only 50%), the Chair
is an Independent Director and the Chair has a casting vote. Given these
matters, no alternative governance practice was adopted in lieu of the
recommendation during the period. As noted in CDI’s announcement of
15 March 2024, CDI intends to appoint an additional Independent Director
(aiming to make the appointment ahead of its 2024 annual meeting). If
an additional Independent Director is appointed, the Board should then
comprise a majority of Independent Directors.
CDI’s Chair is an Independent Director and is not the Managing Director.
When assessing independence, the Board holistically considers the interests
and relationships of a director that could affect the determination, including
having regard to (but not limited to) the factors set out in Table 2.4 of the
NZX Code.
The Board considers John Henderson to be an Independent Director for the
purposes of the NZX Listing Rules despite him being a director of CDI for
more than 12 years. Mr Henderson was first appointed to the CDI Board in
2006. The Board believes that the length of time Mr Henderson has been a
director of CDI has not impacted his ability to act objectively or adequately
monitor management. Mr Henderson is due to retire by rotation at CDI’s 2025
Annual Meeting of Shareholders and has said that he will not be seeking
re-election at that meeting.
BOARD MEETINGS
Board meetings are generally held quarterly, with additional meetings
convened when required. The table below details directors’ attendances
during 2023.
DIRECTOR MEETINGS ATTENDED
Colin Sim (Chair) 4/4
Jason Adams (Managing Director) 4/4
Vincent Yeo 4/4
Eik Sheng Kwek 4/4
John Henderson 4/4
Desleigh Jameson 4/4
SKILLS
In 2022, the Board revised its Skills Matrix to demonstrate the skills,
experience and diversity of its Board.
SKILL/ATTRIBUTE RELEVANT DIRECTOR
Retail, marketing, brand and sales experience Jameson, Yeo
Governance experience Henderson, Jameson, Kwek, Sim, Yeo
Large enterprise/multinational Henderson, Jameson
business or leadership experience Kwek, Sim, Yeo
Accounting/finance/tax experience Jameson, Kwek
Business strategy experience Henderson, Jameson, Kwek, Sim, Yeo
Property development/ Adams, Jameson,
management experience Kwek, Sim, Yeo
TRAINING
The Board encourages all directors to undertake their own continuous
education so that they can perform their duties as directors and provide
maximum benefit to the Board and to shareholders. Following adoption of
the Board Charter in February 2024 as part of the Corporate Governance
Review, CDI will provide specific training to directors as required.
DIVERSITY AND INCLUSION POLICY
In 2018, CDI also adopted a Diversity and Inclusion Policy. The key elements
of CDI’s Diversity and Inclusion Policy are to maintain a culture of ownership
and trust, ensuring that our leaders are good role models for other and
demonstrate behaviours and actions that match our values and adhere to
them throughout our business.
The Board is satisfied that CDI’s current practices are in line with the
Diversity and Inclusion Policy. During 2023, work has continued on increasing
awareness about diversity within organisation and improving our talent
recruitment and selection process.
We are also looking to review and refresh our training around diversity
issues in the workplace. Updating our Diversity and Inclusion Policy is
a priority for 2024. As measurable metrics for furthering diversity and
inclusion are established, performance against these agreed metrics will
be referenced in subsequent annual reports.
Based on the above, the Board’s assessment is that CDI has complied with
its Diversity and Inclusion Policy for 2023.

CDL Investments New Zealand Limited | 13

PRINCIPLE 3
BOARD COMMITTEES
The Board should use committees where this will enhance its
effectiveness in key areas while still retaining board responsibility.
Committees help the Board in carrying out its responsibilities and CDI
currently has one standing committee, being the Audit Committee.
CDI does not currently have a Remuneration Committee because the Board
as a whole deals with remuneration matters, including conducting periodic
reviews of its fees and the remuneration of the Managing Director and
senior management.
CDI does not currently have a Nominations Committee because nominations
and appointments are generally considered by the Board as a whole. The
process for appointing directors is set out under Principle 2.
The Board also forms other subcommittees as and when required to address
specific issues that arise.
AUDIT COMMITTEE
The Audit Committee is comprised with a majority of Independent Directors
and has an Independent Director (who is not the Board Chair) as Chair.
The current members of the Audit Committee are, John Henderson (Chair),
Desleigh Jameson and Eik Sheng Kwek.
The members of the Audit Committee during the 2023 financial year were
Desleigh Jameson (Chair), John Henderson and Jason Adams.
The Audit Committee operates under a written charter. The Audit Committee
Charter is available on the Company’s website.
The table below reports attendance of the Audit Committee members
during 2023:
DIRECTOR MEETINGS ATTENDED
Desleigh Jameson 3/3
John Henderson 3/3
Jason Adams 3/3
As Jason Adams was CDI’s Managing Director, CDI did not during the 2023
financial year comply with the requirement under recommendation 3.1
of the NZX Code. That recommendation states that the Audit Committee
should comprise solely of non-executive directors. CDI did not follow this
recommendation because it believed that it was preferrable to have an
executive director on the Audit Committee as this provides a direct insight
into Management’s perspective rather than a director who is associated with
the majority shareholder or the Chair of the Board (being the only options
available to CDI given the size and composition of the Board at the time).
Given this, no alternative governance practice was adopted in lieu of the
recommendation during the period.
Employees attend meetings of the Audit Committee at the invitation of the
Committee only.
TAKEOVER PROTOCOLS
In February 2024 as part of the Corporate Governance Review, the Board
adopted written protocols that set out the procedure to be followed if there
is a takeover offer for the Company (the Takeover Protocols). During the
2023 financial year CDI did not have established Takeover Protocols and
therefore did not comply with recommendation 3.6 of the NZX Code.
CDI did not follow this recommendation because the Board had previously
considered receipt of a takeover offer to be an unlikely event given
Millennium & Copthorne Hotels New Zealand Limited’s long-term majority
shareholding in the Company and that if Millennium & Copthorne Hotels
New Zealand Limited was to approach the Company in relation to a control
transaction it should have sufficient time in which to organise its response.
Given this, no alternative governance practice was therefore adopted in lieu
of the recommendation during the period.
Highland Drive, Richmond, Tasman

14 | CDL Investments New Zealand Limited
CORPORATE GOVERNANCE
STATEMENT – CONTINUED
PRINCIPLE 4
REPORTING AND DISCLOSURE
The Board should demand integrity in financial and
non-financial reporting and in the timeliness and balance
of corporate disclosures.
CONTINUOUS DISCLOSURE POLICY
As an NZX-listed entity, CDI recognises the need to ensure that it is fully
compliant with its reporting and disclosure obligations and has in place a
Continuous Disclosure Policy (CDP) which applies to CDI, its subsidiaries
(“Group”), and all their respective directors and employees.
The Board has appointed the Chairman, the Chairman of the Audit
Committee, the Managing Director, the Company Secretary and the Vice
President Finance to act as CDI’s Continuous Disclosure Committee (the
Disclosure Committee). A quorum of the Disclosure Committee shall
consist of no less than three (3) of these persons.
The Disclosure Committee is responsible for:
• Determining what information amounts to material information
and must be disclosed
• Determining the timing of disclosure of any information in
accordance with the CDP
• Approving the content of any disclosure to NZX (including matters
not directly covered by the CDP)
• Ensuring that all employees and directors within the Group whom
the Committee considers appropriate receive a copy of the CDP
and appropriate training with respect to it
• Developing mechanisms designed to identify potential material
information (e.g., agenda item on management meetings)
• Liaising with legal advisers in respect of CDI’s compliance with
its continuous disclosure obligations
The CDP was updated as part of the Corporate Governance Review
and is available on the Company’s website
KEY GOVERNANCE DOCUMENTS ON WEBSITE
As mentioned at the start of this Corporate Governance Statement,
the Company’s key governance documents are available on the
Company’s website.
PRINCIPLE 5
REMUNERATION
The remuneration of directors and executives should be
transparent, fair and reasonable.
DIRECTOR REMUNERATION
The total pool for Directors’ Fees is capped at $180,000 and was last
approved by shareholders in 1996. The level of fees was last reviewed by
the Board as a whole in 2019.
Non-executive directors are each entitled to receive a base fee of NZ$30,000
per annum. The Chair of the Board and the Chair of the Audit Committee
each receives a further NZ$5,000 per annum. Executive Directors do not
receive Directors’ or Committee fees. No retirement benefits are paid to
Directors. Reasonable travel and other costs associated with company
business are reimbursable or met by CDI.
Details of the actual director remuneration for the 2023 financial year is
set out in the Statutory Information section of our 2023 Annual Report.
The Board adopted a director remuneration policy in March 2024 as part
of the Corporate Governance Review. The director remuneration policy is
available on the Company’s website. During the 2023 financial year CDI did
not comply with the requirement under recommendation 5.1 of the NZX
Code to have a written director remuneration policy. CDI did not follow this
recommendation because this had been dealt with on an informal basis
given the length of time since the fee pool had been increased. Given this, no
alternative governance practice was adopted in lieu of the recommendation
during the period.
EMPLOYEE REMUNERATION
Employee remuneration (including that of the Managing Director and
senior management) is made up of two primary components being a fixed
component and a short term incentive. The fixed component comprises
a base salary and other benefits such as Kiwisaver, a contribution to
health insurance and, in some cases, use of a company vehicle. The fixed
component is determined with reference to market information as well as
the responsibilities of the position, experience and overall performance.
Short term incentives are designed to reward high performing employees
with appropriate incentives which are measured on key performance
indicators which are reviewed and monitored regularly and based solely on
company performance. These include meeting budget or revenue targets.
The Company reserves the right to suspend or adjust incentives if targets
are not met.
CDI does not currently have an employee share plan or a long term
incentive scheme.
All employees participate in performance and development reviews, with
end-of-year review outcomes informing decisions regarding remuneration
adjustments in accordance with company policy.

CDL Investments New Zealand Limited | 15

The Board adopted an executive remuneration policy in March 2024 as part
of the Corporate Governance Review. The executive remuneration policy is
available on the Company’s website. During the 2023 financial year CDI did
not comply with the requirement under recommendation 5.2 of the NZX
Code to have a written executive remuneration policy. CDI did not follow this
recommendation because executive remuneration had been dealt with on
a case-by-case basis with the relevant executive. Given this, no alternative
governance practice was adopted in lieu of the recommendation during
the period.
MANAGING DIRECTOR’S REMUNERATION
MANAGING DIRECTOR’S
REMUNERATION FY2022 FY2023
Base Salary (a) 334,816 400,822
Benefits (b) 13,712 15,622
Short Term Incentives 130,000 –
Total 478,528 416,444
a) The figure is the actual amount paid inclusive of holiday pay. The agreed
base salary under the employment agreement is $400,000.
b) Benefits include company vehicle and insurance.
PRINCIPLE 6
RISK MANAGEMENT
Directors should have a sound understanding of the material risks
faced by the issuer and how to manage them. The Board should
regularly verify that the issuer has appropriate processes that
identify and manage potential and material risks.
While risks are a part of doing business, it does need to be monitored and
addressed. CDI’s Board, Audit Committee and Management Team all have
a role in identifying areas of risk and understanding their impact on the
Company as well as how these areas are to be managed and mitigated in
accordance with CDI’s risk management framework.
CDI’s Management Team is responsible for the day-to-day identification,
assessment and management of risks applicable to the Company as well
as the implementation of appropriate controls, processes and policies
to manage such risks. Management also ensures that there are training
programmes in place to identify, manage, mitigate or eliminate hazards
and risks in the workplace.
The Audit Committee’s role is to review and report to the Board on the
adequacy of Management’s oversight and implementation of risks with
particular regard to financial and operational risks.
The Board is ultimately responsible for the oversight and implementation
of the Company’s responses to risk management.
Descriptions of the material risks facing CDI‘s business are set out on pages
30 and 31 of this Annual Report.
CDI has a detailed health and safety risk and reporting framework which
comprises policies which detail such matters as hazard identification and
mitigation, accident reporting procedures and general safety measures
in the workplace. The policies comprising the framework are reviewed
regularly and training on the policies and health & safety issues is provided
to employees. CDI has a Health & Safety Committee at its head office and
it meets regularly. In addition, each of CDI’s development sites has a site
specific Health & Safety Management Plan, which is prepared by external
consultants/contractors prior to the award of the Contract Works. Prior
to the commencement of construction at CDI development sites all site
attendees must complete a site specific induction workshop, where all
hazards and risks are identified, and reporting and emergency processes
are outlined. Weekly records of hazard identification, site incidents/accidents
are kept onsite and recorded in the weekly meeting minutes by the Site
Engineer. Site meeting minutes are provided to the senior management
team and the Board is updated as incidents/accidents occur and at quarterly
Board Meetings. The information is used to monitor any significant trends
and variations, to identify any particular areas where there is higher risk and
to allocate training and other resources to those areas where new or higher
risks are present. CDI considers that it manages health and safety risks to an
acceptable standard and in compliance with its legal obligations.
CDI has a series of internal controls in place covering such areas as financial
monitoring and reporting, human resources and risk management. The
primary responsibility for monitoring and reporting against internal controls
and remedying any deficiencies lies with Management.
CDI also keeps current insurances appropriate to its business including
directors and officers liability policies and public liability policies with
reputable global insurers.
Stonebrook Retail Centre, Rolleston, Selwyn, Canterbury

16 | CDL Investments New Zealand Limited
CORPORATE GOVERNANCE
STATEMENT – CONTINUED
PRINCIPLE 7
AUDITORS
The Board should ensure the quality and independence of the
external audit process.
External Audit plays a critical role in ensuring the integrity of financial
reporting. The role of the external auditor is to plan and carry out an
audit of CDI’s annual financial reports and review the half-yearly reports.
The Audit Committee reviews the performance and independence of the
external auditors.
CDI has in place an External Auditor Independence Policy which deals with
the provision of services by the CDI’s external auditors, auditor rotation and
the relationships between the external auditor and the Company. The policy
states that:
The Audit Committee shall only recommend to the Board a firm to be
external auditor if that firm:
• Would be regarded by a reasonable investor, with full knowledge of all
relevant facts and circumstances, as capable of exercising objective
and impartial judgment on all issues encompassed within the auditor’s
engagement
• Audit partners are members of Chartered Accountants Australia
New Zealand (CAANZ)
• Has not, within two years prior to the commencement of the audit, had
as a member of its audit engagement team CDI’s Managing Director,
Vice President Finance, Group Accounting Manager, or any member of
the Company’s Management who acts in a financial oversight role
• Does not allow the direct compensation of its audit partners for selling
non-audit services to CDI
The general principles to be applied in assessing non-audit services
are as follows:
a) the external auditor should not have any involvement in the production
of financial information or preparation of financial statements
such that they might be perceived as auditing their own work.
This includes the provision of bookkeeping and payroll services as
well as valuation services where such valuation forms an input into
audited financial information
b) the external auditor should not perform any function of management,
or be responsible for making management decisions
c) the external auditor should not be responsible for the design
or implementation of financial information systems
d) the separation between internal audit (or equivalent processes)
and external audit should be maintained
CDI’s Audit Committee shall pre-approve all audit and related services that
are to be provided by the auditor. Aside from core external audit services,
it is appropriate for the CDI’s auditors to provide the following services:
• Due diligence (except valuations) on proposed transactions
• Review of financial information where third party verification is required
or deemed necessary (outside the normal audit process)
• Completion audits/reviews
• Financial model preparation or review
• Accounting policy advice
• Listing advice
• Accounting/technical training
• Taxation services of an assurance nature
Prestons Park Retail Centre, Christchurch

CDL Investments New Zealand Limited | 17

It is not considered appropriate for CDI’s external auditors to provide:
• Book keeping services related to accounting records or
financial statements
• Tax planning and strategy services unless specifically approved
by the Audit Committee
• Appraisal/valuation services including opinions as to fairness
• Provision of payroll services
• The design or implementation of financial information systems
• Outsourced internal audit and risk management services
• Legal services
• Management functions
• Broker/dealer/investment adviser/investment banking services
• Advocacy for the Company
• Actuarial services
• Assistance in the recruitment of senior management
These prohibitions apply to all offices of the audit firm, including overseas
offices and affiliates.
The billing arrangements for services provided by CDI’s external auditors
should not include any contingent fees.
CDI expects that its external auditors will rigorously comply with their own
internal policies on independence and all relevant professional guidance,
including independence rules and guidance issued by CAANZ.
The nature of services provided by CDI’s auditors and the level of fees
incurred should be reported to the Audit Committee Chairman semi-annually
(or sooner where requested) to enable the Committee to perform its
oversight role and report back to the Board. In 2024, CDI adopted a
non-audit services policy and this is available on the Company’s website.
The continued appointment of CDI’s external auditors is confirmed annually
by the Board on recommendation from the Audit Committee.
Rotation of the lead audit partner or firm will be required every five years.
Lead audit partners who are rotated will be subject to a 2 year cooling off
period (i.e. 2 years must expire between the rotation of an audit partner
and that partner’s next engagement with the Company).
The hiring by CDI of any former lead audit partner or audit manager must
first be approved by the Chairman of the Audit Committee. There are no
other restrictions on the hiring of other staff from the audit firm.
KPMG are currently CDI’s external auditor and the lead external audit
engagement partner was rotated in 2023. The current audit partner is
Geoff Lewis.
The Audit Committee monitors local and overseas practice on auditor
independence regularly to ensure that this policy remains consistent
with best practice and meets CDI’s requirements.
CDI’s external auditors also attend the Company’s Annual Meeting to answer
any questions from shareholders as to the audit and the content of the
Annual Report.
INTERNAL AUDIT
CDI does not currently have an internal audit function but does maintain
a detailed set of processes and procedures covering its operations and
financial controls which are reviewed and updated regularly.
PRINCIPLE 8
SHAREHOLDER RIGHTS
AND COMMUNICATION
The Board should respect the rights of shareholders and foster
constructive relationships with shareholders that encourage them
to engage with the issuer.
CDI is committed to providing shareholders and stakeholders with timely
information on its activities and performance. CDI does this through a
number of channels including:
• Announcements in accordance with continuous disclosure as required
under the Listing Rules
• Publication of the company’s annual and interim reports which are sent
to all shareholders
• Encouraging shareholders to attend the Annual Meeting in May of each
year (either in person or online) to hear the Chairman and the Managing
Director provide updates on the company’s performance, ask questions
of the Board and vote on the resolutions to be determined at the meeting.
Resolutions at shareholder meetings are usually determined by poll where
each ordinary shareholder has one vote per share
Relevant communications, copies of annual reports and key corporate
governance documents and policies are now available on CDI’s website
at www.cdlinvestments.co.nz
Shareholders have the option to receive communications from the
issuer electronically.
The Company did not put the notice of meeting for its 2023 Annual
Shareholders Meeting on its website at least 20 working days prior to the
meeting as required by recommendation 8.5 of the NZX Code, but the notice
of meeting was despatched to shareholders, and announced to NZX, at least
20 working days prior to the meeting. Given these matters, no alternative
governance practice was adopted in lieu of the recommendation during the
period. CDI intends that all future notices of annual or special meetings of
CDI shareholders will be posted on its website as soon as possible and at
least 20 working days prior to the relevant meeting.

18 | CDL Investments New Zealand Limited
Tram Valley Road, Auckland
CLIMATE RELATED
DISCLOSURES
INTRODUCTION
AND COMPLIANCE STATEMENT
This is CDI’s first reporting period under the Aotearoa New Zealand Climate
Standards.
1
In relation to the Adoption Provisions outlined in the Standards,
CDI advises that it has used:
• Adoption Provision 1 which provides an exemption in the first reporting
period from the requirements to disclose the current financial impacts of
its physical and transition impacts and (if relevant) an explanation as to
why quantitative information cannot be disclosed.
• Adoption Provision 2 which provides an exemption in the first reporting
period from the requirements to disclose the anticipated financial impacts
of climate-related risks and opportunities, a description of the time
horizons over which the anticipated financial impacts could reasonably be
expected to occur, and (if relevant) an explanation as to why quantitative
information cannot be disclosed.
• Adoption Provision 3, which provides an exemption in the first reporting
period from the requirements to disclose the transition plan aspects of
an entity’s strategy, including how its business model and strategy might
change to address its climate-related risks and opportunities, and how the
transition plan aspects of its strategy are aligned with its internal capital
deployment and funding decision making processes.
• Adoption Provision 4, which provides an exemption from the requirement
to disclose scope 3 GHG emissions in the first reporting period. The
categories of scope 3 emissions excluded from this Statement are:
purchased goods and services, capital goods, upstream transportation
and distribution, upstream leased assets, downstream transportation and
distribution, processing of sold products, use of sold products, end-of-life
treatment of sold products, downstream leased assets, franchises, and
investments, in its first reporting period under this regime.
• Adoption Provision 5, which provides for comparative information in
relation to the immediately preceding two reporting periods. 2023 is
CDI’s base year and therefore it does not have comparative information
for Scope 3 emissions which would allow it to report and disclose for
preceding reporting periods.
• Adoption Provision 6, which provides an exemption in the first reporting
period from the requirement to disclose comparative information for
metrics the immediately preceding two reporting periods. 2023 is CDI’s
base year and therefore it does not have comparative information for
its metrics.
• Adoption Provision 7, which provides an exemption in the first reporting
period from the requirement to disclose an analysis of the main trends
evident from a comparison of each metric from previous reporting
periods to the current reporting period.
With the above Adoption Provisions applied, CDI complies with the Standards.
Reference
1 The Aotearoa New Zealand Climate Standards comprise NZ CS1, NZCS 2 and NZ CS3. For the purposes of this
report, these will collectively be referred to as “the Standards”.

CDL Investments New Zealand Limited | 19

Boundaryline, Roscommon Road, Auckland
Our strengths:
• Geographically diverse land portfolio
across New Zealand
• Strong balance sheet with minimal debt
• Highly experienced and qualified
development team
• Long-standing relationships with trusted
development partners
What we deliver:
• Over 900 residential sections developed
and sold in the last five years
• $50 million worth of dividends to our
shareholders over the last five years
What we aim to do:
• Provide high quality, developed residential
sections or commercial developments
• Create long-term value and benefits for
our customers, our communities and for
our shareholders
• Be a safe and satisfying place of work
• Maintain a geographically diverse land portfolio
• Maintain a strong and sustainable financial position
SUMMARY OF CDI’S
VALUE CHAIN AND BUSINESS
CDL Investments has developed residential sections across New Zealand
for nearly three decades. Over that time, we have created suburbs and
living spaces across Auckland, Hamilton, Tauranga, Taupo, Havelock North,
Hastings, Nelson, Canterbury and Queenstown. We are immensely proud of
the work that we have done which has helped to create homes for hundreds
of families and jobs for our contractor and development partners.
We recently diversified into commercial development with the creation
of commercial areas as part of our existing developments and more
recently into development and building of commercial warehouses which
complement our existing business knowledge and skill sets.
We believe in long-standing relationships across our supply chain and
our aim has been to be a reliable and trustworthy developer. We have a
strong commitment to creating sustainable communities from responsible
development. We take a long-term view for investment and consider
multi-generational timelines.
We know that our shareholders and stakeholders want all companies to
assess the impact that their business has on the wider environment and
how we are going about creating a sustainable value chain throughout
our operations.
OUR VALUE CHAIN:

20 | CDL Investments New Zealand Limited
CLIMATE RELATED
DISCLOSURES – CONTINUED
References
2 CDI aims to set targets in 2024 now that it completed its base year of GHG emissions. For 2023, no targets
were set.
3 Please also refer to the Corporate Governance Statement in this Annual Report (pages 10 to 17) which should
be read together with these disclosures CDI has recently completed a comprehensive review of its corporate
governance policies and these are published on its website www.cdlinvestments.co.nz
TCFD FRAMEWORK
DISCLOSURES
As well as reporting against the Standards, this report is our first public
disclosure aligned to the Task Force on Climate-Related Financial Disclosures
(TCFD) framework.
Climate impact is expected to affect the property sector and land
development in a variety of ways. We know that the development of land
requires high levels of energy, fuel and other consumables which impact on
the environment. For that reason alone, it is critical to review both our own
operations and the operations of our contractors and stakeholders to see
how climate-positive improvements can be incorporated in our activities.
While our development locations are not close to immediately seaward-
facing areas, the impact of climate change is likely to be felt in some way.
Recent weather incidents such as Cyclone Gabrielle affected the East
Coast of the North Island near where we have land holdings and while our
operations were not affected, we have reflected on how a similar incident
might cause impacts on our land holdings and development works.
We know that our purchasers and other stakeholders are wanting to know
that our developments do not impact the environment unless absolutely
necessary. Similarly, we are aware that we need to show how we are helping
reduce carbon consumption and our emissions with the aim of being
climate positive.
CLIMATE–RELATED
GOVERNANCE
CDI’s board’s oversight of climate-related risks and opportunities and
Management’s role in assessing and managing climate-related risks and
opportunities is as follows:
• CDI’s Board has ultimate responsibility for overseeing the management
of risks, which include risks related to climate change.
• The Board of CDI is committed to introducing and integrating
sustainability across key aspects of its business and advancing
sustainability efforts overall.
• The Board as a whole has oversight of the current sustainability strategy
and identifying ESG issues and in time will set sustainability targets and
will oversee sustainability reporting. The Board oversees progress against
CDI’s climate-related goals and will ensure that targets are tracked and
progressed.
2
As part of its role in determining strategy, the Board will also
consider climate-related risks as part of future strategy.
• CDI’s Board does not currently have a director with specialist knowledge
of climate issues although several directors are aware of sustainability
frameworks. To expand its knowledge, a workshop with Toitu Envirocare
was held in 2023 to provide the Audit Committee in particular with a
better understanding of climate risks and opportunities. The Board
believes that it has a sufficient number of directors who have knowledge
and experience of risk management generally and who are able to assess
and deal with risk and risk management.
• CDI’s Audit Committee assists the Board by considering various
business risks. The Audit Committee meets at least twice a year and its
proceedings are reported back to the Board which meets quarterly.
3
• CDI’s Managing Director and CDL Land’s General Manager has day-to-
day oversight of climate-related risks, opportunities and initiatives
that drive climate mitigation and adaptation strategies — these include
the materiality assessment and scenario analysis. A Supply Chain
Risk Management Study will be conducted in the future. Management
reviews and advises the Board on strategic climate-related issues and
CDI's carbon reduction strategy and initiatives. As this is the first year
of measurement and disclosure, no metrics have been set in relation to
remuneration which are linked to climate related risks and opportunities.
CDL Land’s Development Managers provide CDI’s Managing Director and
CDL Land’s General Manager with support for monitoring and assessing
CDI’s activities which contribute to or impact on the climate. The team will
conduct assessments, prepare risk reports and puts in place actions plans
to mitigate or eliminate risks.
Highland Drive, Richmond, Tasman

CDL Investments New Zealand Limited | 21

SCENARIO
ANALYSIS
NZ CS 1 requires reporting entities to make disclosures of various climate
change scenarios and the impacts of those scenarios on our business.
The essence of the scenarios is to address some of the following questions
and issues:
• How does climate change affect our sector and our company?
• What are the critical uncertainties on our assets, operation, strategy
and business model, and the potential impact on our prospects that our
sector and our company need to prepare for?
• Are we prepared for those uncertainties and how are we addressing them
as part of our risk management?
• What are the resiliency options, if any? What is our plan to transition
toward a low-emissions and climate-resilient future?
No company can predict the future and solve all of the questions that we
need to address. The objective is to identify risk and opportunities and
uncertainties, aim to mitigate if possible and to develop a future path for
our company in a world that is affected by climate change.
As 2023 is our base year, our scenario analysis was done on a basic level
internally, is a narrative-driven analysis but not fully detailed. The financial
impact of the scenario assessments we have done to date is yet to be
quantified. With the information we have gathered as part of the GHG
assessment and audit, we expect to do more detailed work in 2024 and to
provide more detailed analysis as part of future disclosures. Future analysis
will incorporate external advice.
For our 2023 scenario modelling, we have used data from the International
Panel on Climate Change (IPCC) 5th and 6th Assessment Reports and the AR6
Synthesis Report: Climate Change 2023
4
which was published by the IPCC
in March 2023 to provide some metrics and key assumptions. We have also
had regard to the Climate Change scenarios for New Zealand published by
the National Institute of Water and Atmospheric Research (NIWA)
5
including
their New Zealand findings from the IPCC 5th Assessment Report
6
. We have
also referred to the Ministry for the Environment’s “Aotearoa New Zealand
climate change projections guidance”.
7
KEY UNDERLYING ASSUMPTIONS:
• Global surface temperature has increased faster since 1970 than in any
other 50-year period over at least the last 2000 years.
• Widespread and rapid changes in the atmosphere, ocean and biosphere
have already occurred. Human-caused climate change is already affecting
many weather and climate extremes in every region across the globe. This
has led to widespread adverse impacts and related losses and damages to
nature and people.
• Global mean sea level increased by 0.20 metres between 1901 and 2018
and the average rate of sea level rise was an average of 3.7mm per year
between 2006 and 2018 For New Zealand, this could mean an increase
in sea level rise of between 0.2m to 0.32m depending on the extent of
global warming.
• Climate change has reduced food security and affected water security,
hindering efforts to meet the UN’s Sustainable Development Goals. On
most scenarios being modelled, New Zealand could see population growth
from between 16% to 26% which could be similar to global population
growth trends of between 8% to 16%.
• In urban areas, observed climate change has caused adverse impacts on
human health, livelihoods and key infrastructure. Urban infrastructure,
including transportation, water, sanitation and energy systems have been
compromised by extreme and slow-onset events.
• Global warming will continue to increase in the near term (2021–2040)
mainly due to increased cumulative CO2 emissions. In the near term,
global warming is more likely than not to reach 1.5°C even under a very
low GHG emission scenario and likely or very likely to exceed 1.5°C under
higher emissions scenarios.
• Risks and projected adverse impacts and related losses and damages
from climate change will escalate with every increment of global warming.
For New Zealand, the number of extreme heat days could increase to
between 15 to 30 additional such days and in certain area of New Zealand
there will be changes to rainfall patterns and flooding is likely to increase.
Fire weather indices are also projected to increase in many parts of
the country.
• For any given future warming level, many climate-related risks are likely
to be higher than assessed and projected long-term impacts are also
likely to be much greater than currently observed.
• Reaching net zero CO2 or GHG emissions primarily requires deep and rapid
reductions in gross emissions of CO2, as well as substantial reductions of
non-CO2 GHG emissions.
• Climate change is therefore a threat to human well-being and planetary
health. There is a rapidly closing window of opportunity to secure a
liveable and sustainable future for all.
For our 2023 modelling, we have defined the Near Term as being 2023 to
2030, Mid Term to be 2031 to 2050 and Long Term to be 2051 onwards. We
also define “physical risks” as those which primarily arise due to climate
impacts such as weather and warming and “transition risks” as risks which
result from the transition to either a lower carbon environment or a higher
carbon environment.
References
4 https://www.ipcc.ch/report/sixth-assessment-report-cycle/
5 https://niwa.co.nz/our-science/climate/information-and-resources/clivar/scenarios
6 https://niwa.co.nz/sites/niwa.co.nz/files/NZCCC%20Summary_IPCC%20AR5%20NZ%20Findings_April%20
2014%20WEB.pdf
7 https://environment.govt.nz/assets/publications/Climate-Change-Projections-Guidance-FINAL.pdf

22 | CDL Investments New Zealand Limited
CLIMATE RELATED
DISCLOSURES – CONTINUED
1.5°C
SCENARIO
A 1.5 degree scenario assumes that a pathway to global sustainability is
achievable but assumes global warming continues due to increased GHG
emissions. Given the assumptions from the IPCC, in the near term, global
warming is more likely than not to reach 1.5°C even under the very low GHG
emission scenario. This is therefore the most optimistic scenario but is not
guaranteed and the effects of global warming will continue to be felt in
any event.
For New Zealand, this will likely mean that there will still be extreme weather
events which are likely to require infrastructure responses. As stated
above, our assumption is that there will continue to be climate and weather
patterns shifts and disruptions.
PHYSICAL RISKS:
• Availability of land for development/constraints on the areas we
can invest in or develop: Historically, CDI has acquired non-urban
land and applied for plan changes and resource consents so that the
land can be developed into residential sections. Should climate change
and extreme weather events have a widespread impact across various
regions of New Zealand it is possible that land in these affected areas
could not be acquired or developed into residential sections and this
might impact the ability of CDI to maintain its historic acquisition and
development strategies. While CDI considers this a very unlikely possibility
in this scenario for its existing land holdings given that it undertakes
geotechnical and topological investigations prior to purchase, climate
change and an extreme weather event could cause changes to land
contours and structures which might delay development or construction
works to an extent which would increase the costs of finalising the
development prior to sale or settlement.
• Responses to extreme weather events such as flooding: in this
scenario, our assumptions are that there may be a need to respond
to several extreme weather events. We will need to be able to have
plans to respond to such events which may involve assessing whether
development works in progress can start or continue, what impact there
may be on the overall completion of a project (of parts thereof), what
impact that may have with consent compliance with territorial authorities
and also with parties who have purchased sections from us especially for
pre-titled sales. We may need to take into account potential disruption
with delays or compromised infrastructure which is not supplied by us
or disruption to transportation networks. The unpredictability of natural
disasters makes quantifying financial impacts difficult even under a 1.5
degree scenario.
• Revenue loss: Weather events and natural disasters can potentially lead
to revenue loss in several ways. Damage to land or property, especially
if land is in the process of being developed, may mean that works will
be delayed or deferred resulting in time loss, increased costs and loss
of sales or potential legal action in relation to sales contracts. As the
potential circumstances will vary according to site and scale. This is not
something we have currently modelled in 2023 but will be looking to do
so in the future.
• Building maintenance costs: While our commercial portfolio makes up
a relatively small proportion of our total land holdings and assets, we do
have commercial properties which require maintenance. Maintenance
costs are likely to increase in several ways. If there are more adverse
events, it follows that there will be more post event maintenance and
proactive maintenance to combat the effects of the adverse events.
Future modelling will consider the impacts on maintenance costs.
TRANSITION RISKS:
• Insurance premium increases: While bare land is not insured in the
same way as buildings and houses, in this scenario, we would likely face
increasing but still accessible insurance premiums generally but with
differential premiums or allowances for certain particular properties
based on an estimated increasing frequency of weather events. This may
be similar to the way that insurers estimate and allow for earthquake risk
now. For properties that are affected or deemed likely to be affected by
climatic events, there is the risk that they may find insurance more costly
than now and in some cases where incidents are frequent and there is
a loss history, insurance may be curtailed in some way either due to the
deductible/excess imposed or by the policy response terms. Alternative
options such as self-insurance may need to be considered for those
sites. To date, CDI’s commercial portfolio and other buildings are small in
number and we continue to have full replacement cover for our portfolio
meaning that our insurance premiums are manageable.
• Increased environmental obligations: in this scenario, we are assuming
that there may likely be pressures to reduce emissions and other
impactful activities. Imposition of charges for emissions might occur but
how these are structured is not known and uncertain, policy in this area is
unclear and assessing the potential financial risk is tricky when there are
several unknown issues.
• Energy costs and infrastructure: CDI’s overall energy costs are not
significant and reflect the small size of the company. For that reason,
we do not consider such costs to be a material risk but looking at land
development as a whole, we would assume in this scenario that there
would be a moderate but periodic increases in energy costs to power
infrastructure such as air conditioning and other building systems to
combat hotter days and colder winter temperatures. Where this could
potentially affect CDI is that such demand increases require CDI to take
steps to design developments to incorporate mitigation measures to
reduce the potential for supply disruptions and possibly failures. There
could also be an increasing focus on maximising energy efficiency and
looking at alternative sources of power to reduce costs where practicable.
Providing for a greater number of electric/hybrid vehicles or less fossil
fuel vehicles is also a possibility but the recent change of government
policy in this area makes forecasting future trends difficult.

CDL Investments New Zealand Limited | 23

2.0°C
SCENARIO
A 2.0 degree scenario assumes that a pathway to global sustainability
is not achievable and the effects of climate change increase over the
mid-term to long term and the currently seen effects are exacerbated.
The IPCC believes that it is very likely that global warming will exceed
1.5°C and that this therefore assumes a higher emissions scenario which
is described as “disorderly”.
We assume that that New Zealand will see an increase in extreme weather
events and increased vulnerability to assets and infrastructure. As a result,
we would expect to see changes in policy and investment to cope or counter
such vulnerabilities and an increased focus on population protections.
PHYSICAL RISKS:
• Availability of land for development/constraints on the areas we
can invest in or develop: More frequent weather events, particularly
if they continue to have a widespread impact across various regions of
New Zealand could result in certain land not being able to be developed
for residential use. While CDI considers this a very unlikely possibility
for its existing land holdings given that it undertakes geotechnical
and topological investigations prior to purchase, climate change and
extreme weather events would likely hasten changes to land contours
and structures to varying degrees. The possibility exists that sudden,
unexpected changes could render some land or part of land unviable
for development as intended and therefore a change of use might
have to be considered. Modelling will be done to assess and quantify
potential impacts.
• Responses to extreme weather events such as flooding: in this
scenario, our assumptions are that there will be a need to respond to
many more extreme weather events. We will need to be able to have
plans to respond to such events which may involve assessing whether
works in progress can continue, what impact there may be on the overall
completion of a project (of parts thereof), what impact that will have
with consent compliance with territorial authorities and also with parties
who have purchased sections from us especially for pre-titled sales.
We would need to take into account potential disruption with delays or
compromised infrastructure which is not supplied by us or disruption
to transportation networks which could affect deliveries of materials to
site as an example. Prior experience with other natural disaster such as
the Canterbury Earthquakes might provide some guidance but given the
unpredictability of natural disasters, the exact impacts including financial
impacts are difficult to predict and quantify.
• Revenue loss: in this scenario, we assume that there will likely be an
increased probability of revenue loss above and beyond occasional
disruption. Damage to land or property, especially if land is in the process
of being developed, may mean that works will be delayed or deferred
resulting in time loss, increased costs and loss of sales or potential legal
action in relation to sales contracts As the potential circumstances will
vary according to site and scale. This is not something we have currently
modelled in 2023 but will be looking to do so in the future.
• Building maintenance costs: While our commercial portfolio makes up
a relatively small proportion of our total land holdings and assets, we do
have commercial properties which require maintenance. Maintenance
costs are likely to increase in several ways. With more adverse events,
it follows that there will be post event maintenance and proactive
maintenance to combat the effects of the adverse events. Further
infrastructure or design changes might be required to mitigate future
effects which could add to capital costs. The extent and impact of such
costs is yet to be modelled by CDI.
TRANSITION RISKS:
• Increased environmental obligations: in this scenario, we are assuming
that there may likely be pressures to structurally decarbonise or likely
pay for the emissions which are made above a mandated threshold
in order to try and limit or reduce emissions. As policy in this area is
changing and debate on such measures such as congestion charging is
restarting, there is no clarity on how to assess the potential financial risk
when there are several unknown issues.
• Insurance premium increases: in this scenario, we would likely face the
issue of increasing insurance premiums for certain particular properties
based on an increasing frequency of weather events. While bare land
cannot be insured like developed property, as we now have a portfolio
of commercial property, this still has the potential to affect CDI. If any of
the commercial property assets become affected or are deemed to be
likely to be affected by climatic events, there is the risk that insurance
will become very costly, will only available under strict policy terms or
potentially unavailable if insurers decline to take on the insurable risks.
In such an event, alternative options such as self-insurance may need to
be considered.
• Energy costs and infrastructure: In this scenario we do not consider
such costs to be a material risk but looking at land development as a
whole, we would assume in this scenario that there would be continuing
increases in energy costs to power infrastructure as a direct result of
climate change. CDI could be required to take steps which might be
mandatory to design developments to incorporate mitigation measures.
There would also be an increasing focus on maximising energy efficiency
and alternative sources of power to reduce costs where practicable even
for residential buildings. Providing for a greater number of electric/hybrid
vehicles would be likely.
• Market uncertainty: As costs rise and are forecast to increase, they
will have a corresponding impact on the profitability of our businesses.
Under a 2.0 degree scenario, we have assumed that CDI is able to continue
to do business, but could be faced with increased costs and would need
more time than anticipated to complete development works in order to
settle sections for sale. The extent of the costs and impact have not yet
been modelled.

24 | CDL Investments New Zealand Limited
CLIMATE RELATED
DISCLOSURES – CONTINUED
3.0°C
SCENARIO
A 3.0 degree scenario assumes that the wider environment is seriously
degraded with continued global warming intensifying the global water cycle
resulting in more dramatic climate events (wet and dry), more variable or
extreme events such as storms, cyclones or hurricanes, a reduction in the
ability of land and ocean carbon sinks to absorb emissions and further
global mean sea-level rise and other detrimental effects on the land and
ocean environments.
Often described as a “hot house world” scenario, there will very likely be
severe physical impacts of climate changes evidenced by significant sea
level rise, rainfall intensity and a further increase in the number of extreme
heat days. Such events could have cascading effects into areas such as
agriculture and horticulture. Social and response services and critical
infrastructure would be put under severe pressure. “Climate refugees”
to New Zealand could further exacerbate this scenario.
PHYSICAL RISKS
• Limiting the availability of land for development/constraints on the
areas we can invest in or develop: Should climate change and extreme
weather events continue to have a widespread impact across various
regions of New Zealand such that these affected areas are unable to be
effectively used for a productive purpose, this is likely impact the ability
of CDI to maintain its historic acquisition and development strategies.
At an extreme, this could limit or curtail the ability of CDI to progress
existing developments or to embark on new ones as the financial viability
or costs to complete would make such developments unprofitable or
uneconomic. CDI would then be forced to look for alternative ways to use
the remainder of its land portfolio or in the most extreme circumstances
divest completely.
• Responses to extreme weather events such as flooding and
extreme heat days: The obvious risks under a 3.0 degree scenario
are whether existing land holdings could continue to be developed as
intended, whether there would need to be a change of plan for any such
development, what additional costs or delays would be incurred as a
result and how that would affect CDI’s trading and financial position.
These are extreme circumstances and for 2023, we have not been able
to model what this scenario looks like for our businesses. This will be
the subject of future work. Under such a scenario, there could be an
existential threat to some of our locations if such extreme events cause
a level of disruption or damage to render a property unusable or unviable.
If that is correct, such a scenario would have a material impact to the
business. Because the scenario will vary accordingly to location and
the size of the land/development, the potential financial impact will
vary accordingly.
• Building maintenance costs: in a similar way to the responses to
extreme weather events, we would assume under this scenario that
increased maintenance would be an automatic assumption for our
commercial building portfolio. The question we are looking to address is
whether any level of maintenance even at an increased tempo would be
sufficient. Future modelling will look at such a scenario.
• Revenue loss: The potential level of revenue loss will depend on the
extent and location of the land or buildings affected and may also vary
depending on seasonal conditions. At an extreme end, the extent of
revenue loss caused by one major or a series of extreme events could
potentially cause the viability of land or properties to become unviable.
Future modelling will consider such possibilities and their impacts.
TRANSITION RISKS
• Insurance premium increases/insurance availability: If more frequent
weather events continue to be prevalent, a sustained amount of loss
incidents could cause insurance to be severely priced or potentially
unavailable. While bare land cannot be insured like developed property,
as we now have a portfolio of commercial property, this still has the
potential to affect CDI. If insurance became too costly, then options such
as self-insurance or parametric cover would need to be considered.
• Increased environmental obligations such as GHG pricing: in this
scenario, we are assuming that there will be mandatory demands to
structurally decarbonise or likely pay for the emissions which are made
above a mandated threshold in order to try and limit or reduce emissions.
With no clear guidance on the financial impact of such measures,
forecasting the impacts is very difficult and leads into the uncertainty
risk below.
• Energy costs (fuel and electricity): We would assume in this
scenario that there would be a steep increase in energy costs to power
infrastructure such as air conditioning and for transport generally
whatever mode is selected. Higher demand would inevitably add pressure
on constrained networks leading to increased failures which would result
in delays or further increased costs. Conversely, there would be a strong
focus on maximising energy efficiency and looking at alternative sources
of power to reduce costs where practicable.
• Further market uncertainty: Increased structural costs and obligations
as detailed above could have a material financial impact on our
businesses. How viable land development would be in an extreme climate
scenario is difficult to model, much less predict. Calculating the financial
impact to CDI of a 3.0 degree scenario is therefore very difficult.

CDL Investments New Zealand Limited | 25

CLIMATE RELATED
OPPORTUNITIES
Where there are risks, there is usually space for opportunities. In the course
of measuring our GHGs in 2023, we identified a number of areas which could
constitute potential opportunities which we will consider exploring in the
future as we look to reduce our impact on the environment. These include:
• Using more environmentally friendly/more efficient modes of
transport: As part of our GHG emissions measuring, we noted that the
largest contribution to our GHGs was transport (road and air). Making
more efficient choices would result in a reduction of direct emissions
and a reduction of operating and fuel costs. We have already started
transitioning to some lower emissions and electric vehicles and we
looking at additional options.
• Increasing overall resiliency: as issues arise with infrastructure
and services where investment is sub-optimal or unlikely, solutions to
mitigate risk through self-provision of certain services or infrastructure
could be beneficial. One example is installing batteries in developments
to supplement existing power supply networks or to create/promote
resiliency within a development or suburb. This is an opportunity that
we could start to explore as part of future subdivision designs.
• Providing for lower emission or alternative sources of energy: this
could take the form of providing for a future solar panel installation/
infrastructure as part of a linear park or requirements to ensure that
residential developments are designed in such a way to as to provide
for space to allow alternative energy solutions to be accommodated.
While policy direction is not clear on these issues, this is potentially an
opportunity that we can start to explore as part of future subdivision
designs.
• Reducing water use: with increasing demand for water and higher
infrastructure costs forecast, a reduction in water consumption/use
would see a reduction in operating costs to the business. This is another
opportunity that can be explored now and does not have to wait for a
2.0 degree or 3.0 degree scenario.
RISK
MANAGEMENT
As part of its wider review of its overall strategy, CDI will be reviewing its risk
management framework in 2024. When implemented, the new framework
will to identify climate related risks for the business and will also assess
the impact of those and other risks. Currently, CDI does not look at climate-
specific risks in isolation, rather they are considered as part of the overall
risk framework.
In 2023, CDI engaged Toitu Envirocare (“Toitu”) as its external advisory firm
to assist with the identification of risks and measurement of its Greenhouse
Gas (GHG) emissions. In 2023, Toitu also conducted an audit to ISO 14064-3:
2019 standards of CDI’s GHG emissions. As part of its base year work, CDI is
incorporating climate-related risks into the risk framework and in terms of
time horizons will also be using the definitions under its scenario modelling.
8

Within this Annual Report, CDI has published its Outline of Material Risks
on pages 30 and 31, we state that climate impact is expected to affect the
property sectors in a variety of ways. We understand how important it is to
review our operations and developments to see how they will be impacted
and whether we can make climate-positive improvements.
For these Climate Related Disclosures, we understand that physical risks
are those relating to the physical impacts of climate change, including
via temperature, rainfall, storms, extreme weather events, and sea-level
rise. Transition risks on the other hand are those related to transitioning
to a climate-resilient environment and economy both at the global and
regional level. Thus, these would include policy, legal, technology, market
and reputation changes associated with the mitigation and adaptation
requirements relating to climate change.
We know that our development locations are likely to be affected by climate
change in some way and will therefore have both physical and transition
risks. As an example, severe weather incidents such as those experienced
in 2023 have already shown us how our land holdings and development
operations can be impacted by flooding and infrastructure pressures
causing delays to our project timelines and also potentially increasing costs.
Putting in place contingency plans for short term physical risks has been a
priority over the last year.
A more immediate transition risk arises out of compliance with the
Standards. Given that this is the first year of reporting, there is uncertainty
as to exactly what expectations are from both the wider market and from
the regulator. As these become clearer, CDI will look to refine and expand
its disclosures accordingly. In addition, there have been additional costs
associated with compliance such as the engagement of external consultants,
the audit of GHG emissions and additional time and resource expended
internally to collate and process the data. These increases are likely to
continue for the short term as additional advice is sought and additional
reporting undertaken.
In 2023, CDI did not allocate specific funds for climate related risks or
opportunities. It has not yet determined the amount or percentage of assets
or business activities which are vulnerable to transition risks. This will be the
subject of further assessment work to be carried out. As modelling is yet to
be completed, CDI has not yet set an internal emission price per metric tonne
of CO2e used internally.
While we have not yet seen any changes to regulations as a result of those
weather events affecting our development sites, other parts of the country
have seen changes as a direct result of weather events and we are conscious
that when considering new acquisitions in the future, such changes will be a
factor in determining whether a project is feasible or not and what additional
costs will need to be expended in the course of completing the development.
Those risks are mid term transition risks. In 2024, more work will be done to
refine mid-term and long term physical and transition risks as we obtain and
refine more information about our environment impact. CDI is not aware of
any specific industry-based metrics for residential property development in
New Zealand that is it is currently able to utilise.
Reference
8 “Near Term” is being 2023 to 2030, “Mid Term” is between 2031 to 2050 and “Long Term” is 2051 onwards.

26 | CDL Investments New Zealand Limited
CLIMATE RELATED
DISCLOSURES – CONTINUED
STRATEGY
Given that 2023 is our base year and additional work will need to be done to
fully map out our climate-related strategy, CDI is not disclosing a transition
plan that would meet the requirements of NZ CS 1 and has applied Adoption
Provision 3 of the Standards which provides an exemption in the first
reporting period from the requirements to disclose the transition plan
aspects of an entity’s strategy.
In 2023, CDI undertook a review of its strategic direction and as part of that
review it will be looking to incorporate climate-positive improvements. In
2024, CDI is aiming to develop its transition plan which is expected to contain
short and long term emissions reduction targets. Outside of the transition
plan, CDI has adopted the United Nations Sustainable Development Goals
(the “UN SDGs”) as a point of reference to assist with identifying areas that
need to be included as part of its wider sustainability strategy. To date, CDI
has identified the following UN SDGs and material topics:
CDI aims to include as many of the SDGs as practicable and relevant in future
materiality assessments.
From our 2023 materiality assessment, we also identified the list of material
topics which we believe need to be addressed as part of our future strategy.
These are:
• Emissions reductions
• Waste reduction/recycling
• Staff engagement
EMISSIONS REDUCTIONS
In 2023 we have been developing our understanding of our emissions
footprint, how we can reduce our emissions and carbon footprint and what
this means for our business. At this stage, we have not set a target for
carbon reduction as this is our base line year but we are aiming to do so
now that we have our emissions data compiled and analysed.
Although CDI’s emissions are relatively small and reflect the size of the
organization, carbon emissions reductions across our operations are part
of our strategy and looking at how we can reduce our emissions as well as
looking at the feasibility of lower emission energy in our operations will be
a strategic issue for CDI. In 2023, the main source of GHG emissions was
through air travel as staff travelled to and from the company’s various
development projects around New Zealand and one of our initiatives in 2024
will be to see how we can reduce those emissions through more efficient
travel patterns.
In 2023, we joined Toitu Envirocare’s carbonreduce programme and in
February 2024 we successfully completed the requirements to become a
Toitu carbon reduce certified organisation.
9
This is an important step on
our continued journey to improve our carbon footprint and environmental
efficiency in general.
11: Sustainable cities and communities
• Responsible investment
• Local community impact
7: Affordable and clean energy
• Climate change
• Energy efficiency
• Renewable energy
4: Quality education
• Talent attraction, development and retention
5: Gender equality
• Equal opportunity employer
• Promotion of diversity throughout CDI
• Talent attraction, development and retention
12: Responsible consumption and production
• Responsible supply chain and sourcing
• Water management and efficiency
8: Decent work and economic growth
• Economic contribution to society
• Workplace safety
6: Clean water and sanitation
• Water management and efficiency
13: Climate action
• Climate change
• Emissions reduction
• Water management and efficiency
• Renewable energy
15: Life on land
• Responsible supply chain and sourcing
14: Life below water
• Water management/and efficiency
16: Peace, justice and strong institutions
• Business ethics and anti-corruption
• Cyber security and data governance

CDL Investments New Zealand Limited | 27

WASTE REDUCTION/RECYCLING
CDI does not itself directly undertake earthworks or other intensive property
development or refurbishment works as these works are contracted out by
way of tender. As a residential land developer and not a builder of houses
or other buildings, it does not procure or use materials such as steel or
concrete as these are procured by the builders or purchasers of the sections
which CDI develops. That said, in developing the land into residential
sections, CDI and its contractors will produce impacts such as greenhouse
gas emissions and generate waste from the movement of earth and other
materials to and from sites, demolition works and related activities.
CDI and its contractors aim to minimise the impact of these activities
where practicable.
CDI is not yet in a position to measure waste and GHGs from the activities
conducted by its contractors (Scope 3 emissions) and is relying on the
exemptions in the Standards for 2023. This is something which is being
worked on in conjunction with those contractors and external advice on how
to measure these impacts will be sought. The nature of land development
makes it difficult to consider lower impact materials and methodologies
but CDI will look to engage with its contractors and stakeholders to develop
a framework where such alternatives can be considered in the course of
future land development.
STAFF ENGAGEMENT
Environmental initiatives have been part of CDI's land development
operations for many years and the company looks to design residential
subdivisions and commercial projects to alleviate material impacts on the
environment where this is possible. Within CDL Land’s management and
development teams, the relevant issues are well understood especially with
regard to urban design and land development.
Being a small company, CDI’s team is small and highly engaged in all of the
company’s development operations. With a history of creating suburbs and
legacy subdivisions, promoting positive social impacts through development
is a hallmark of the company’s philosophy and creating a positive and safe
working environment is critical to CDI’s success.
• Reducing our overall environmental impact (SDG 7, 12, 13, 15) – especially
with regard to water use/energy use; and
• Maintaining a fair, safe and inclusive workplace (SDG 8 and 16).
Other more defined targets will be set in 2024.
Reference
9 Certification was achieved through an audit which aligned to the following criteria: ISO 14064-1:2018,
ISO 14064-3:2019, Toitu Programme Technical Requirements 3.1 Audit & Certification Technical requirements
3.0, Certification Mark Guide v 3.0.
OUR FUTURE
VALUE GOALS
As 2023 is our base line year, we will be looking at conducting more detailed
risk assessments from 2024 and performing climate change analysis in the
near future to allow us to set firm targets and goals. Our aim is to use these
risk assessments and analyses to be able to better integrate climate-related
risks into our business strategy and our future financial analysis.
Using the UN SDGs, our current targets and goals are:
Prestons Park Retail Centre, Christchurch

28 | CDL Investments New Zealand Limited
CLIMATE RELATED
DISCLOSURES – CONTINUED
ASSESSING STAKEHOLDER
RELATIONSHIPS AND PARTNERSHIPS
Based on the principle of continuous engagement we have developed a
stakeholder engagement framework and identified key areas of concern or
assessment which apply to each stakeholder/stakeholder group:
StakeholderMethod of engagementKey areas of concern/assessment
Board of directors
• Scheduled meetings of the whole board
• Meetings and briefings outside the normal board schedule
• Other communications between management and the board
• Meetings and discussions with ESG/climate consultants
• Overall economic and financial performance of CDI
• Sustainability performance – setting the strategy, goals
and assessing and reassessing targets
• Risk management
Government/regulators• Submissions or participation in public consultations• Environmental legislation and policy
Employees
• Employee training
• Employee surveys and reviews
• Career development opportunities
• Workplace safety and overall wellbeing
• Employee, contractor, consultant health and safety
Our purchasers
• Social media (Facebook, Twitter)
• Website
Our management team and employees
• Management training, meetings and other communication
• Performance and operational reviews
• Employment and engagement surveys
• Workplace health and safety
Investors
and media
• Release of annual and interim results to NZX
and investors
• Annual Meetings of shareholders; Annual and
Interim Reports
• Media releases and public comments
• Responding to shareholder questions
• Financial and operational performance
• Earnings and dividends
• Strategy and future outlook
• Corporate governance
• Regulatory compliance
Suppliers
• Meetings and other engagement as per supply agreements
• Assessment of supply targets as set out in the
supply agreement
• Supply chain performance
• Alignment of sustainability frameworks
OUR METRICS AND TARGETS
In 2023, we achieved Toitu Envirocare carbon reduce certification for the
first time for our GHG Inventory and emissions, covering our Scope 1, Scope
2 and selected Scope 3 emissions. The GHG emissions data covered our
direct emissions and indirect emissions, including: refrigerants, composting,
air travel, purchased energy, transmission and distribution (T&D) losses
for purchased energy, fuel emissions (rental and other cars), office waste,
water supply and recycling for the reporting period (January 1, 2023
through December 31, 2023).The programme requirements that applied
are in accordance with ISO 14064-1:2018. This is a significant step towards
measurement and setting future targets which we are looking to confirm
in 2024.
CDI is committed to measuring and looking at ways to reduce its carbon
footprint. Our assessment of emissions included vehicles, business travel,
fuel and electricity usage, paper consumption, and waste generation.
The emissions will be evaluated annually, and the inventory will undergo
independent audit and verification. Currently, CDI is not looking at carbon
offsets or purchasing carbon credits but in the future will investigate options
by which it could offset or credit its emissions. In 2024, work will be done to
include Scope 3 emissions from sources such as employee commuting and
supplier generated emissions.
In measuring GHG emissions for 2023, we set an operational boundary
which covered our support office operations. The emissions of third
party contractors were not included as CDI does not have ownership and
operational control of those operations or assets. Thus, we did not include
Scope 3 emissions as this was our base year and therefore we are relying on
adoption relief as provided for in the Standards for these areas.
CDI considered a wide range of direct and indirect emissions in 2023
and made a number of exclusions for various categories as these were
considered to be de minimis, third party emissions or not used by CDI in
2023. As stated in the Introduction, for 2023, CDI has used Adoption Provision
4 which provides for an exemption from the requirement to disclose Scope 3
GHG emissions in the first reporting period.
The de minimis emissions sources included paper use, aluminium can
and glass recycling, industrial gases, paints and other coatings, postal
and courier services used directly. Sources that were not used included
agricultural products, iron and steel (including structural steel), coal/lignite/
peat and other refined petroleum products, employment services.

CDL Investments New Zealand Limited | 29

CDI emissions intensity: emissions intensity is operating revenue
(gross tCO2e/$millions) = 1.59
At this stage, we have not set a target for overall carbon reduction as
this is our base line year but we are aiming to do so now that we have our
emissions data compiled and analysed. CDI has not yet determined whether
the targets will be on an intensity or absolute basis but will be science-
based. Targets which are currently being contemplated include reductions
in GHG emissions and use of energy (electricity and gas) and reducing water
consumption at various sites such as commercial and office premises.
Category
(ISO 14062–1:2018)
Scopes
(ISO 14064–1:2006)
2023
Category 1: Direct emissionsScope 114.18
Category 2: Indirect emissions
from imported energy
(location-based method)*
Scope 21.41
Category 3: Indirect emissions
from transportation
Scope 332.62
Category 4: Indirect emissions
from products used by organisation
Scope 30.98
Category 5: Indirect emissions
associated with the use of products
from the organisation
Scope 30.00
Category 6: Indirect emissions
from other sources
Scope 30.00
Total direct emissions14.18
Total indirect emissions35.00
Total gross emissions49.19
Category 1 direct removals0.00
Purchased emission reductions0.00
Total net emissions49.19
EMISSIONS FACTORS
The emission factors used are drawn from a variety of sources, primarily:
Government published emission factors (such as the NZ Ministry for the
Environment); other government publications or data; industry publications
or data; international bodies; technical reports; peer-reviewed journals or
literature; the IPCC; supplier-specific data (from providers); Global Warming
Potentials (GWP) from the IPCC fifth assessment report (AR5) are the
preferred GWP conversion. CDI’s GHG emissions data has been quantified
according to the requirements of ISO 14064-1:2018.
In alignment with ISO 14064-1 we have completed an uncertainty assessment
of the activity data, emissions factors, and calculation methodologies.
Emissions factors sources and uncertainty can be found in the full
ISO 14064-1 aligned GHG inventory. Uncertainty is inherent within GHG
accounting, however we have committed to review and reduce our
assumptions and uncertainty through using supplier specific methodologies
and reported emissions where possible.
CDI measures and manages our Greenhouse Gas (GHG) emissions in
accordance with the requirements of International Standard ISO 14064-1
Greenhouse gases – Part 1: Specification with guidance at the organisation
level for quantification and reporting of greenhouse gas emissions and
removals (‘ISO 14064-1:2018’). CDI has used a calculation methodology in
alignment with ISO 14064-1 as: Emissions = activity data x emissions factor.
All emissions were calculated using Toitu emanage with emissions factors
and Global Warming Potentials provided by the Toitu emanage tool. Global
Warming Potentials (GWP) from the IPCC fifth assessment report (AR5) are
the primary GWP conversion however some emissions factors are (AR4).
If emission factors have been derived from recognised publications
approved by the programme, which still use earlier GWPs, the emission
factors have not been altered from as published.
Where applicable, unit conversions applied when processing the activity
data has been disclosed. There are systems and procedures in place that
will ensure applied quantification methodologies will continue in future
GHG emissions inventories.
ASSURANCE
CDI’s GHG inventory is subject to independent assurance by Toitu Envirocare
(Enviromark Solutions Limited 2020) in accordance with ISO 14064-3:2019.
Assurance was Reasonable for categories 1 and 2 and Limited for categories
3 and 4. The disclosures required by the Aotearoa Climate Standards were
not assessed with the GHG inventory.
The climate related disclosures were authorised for issue for and on behalf
of the directors on 28 March 2024.
JOHN HENDERSON
INDEPENDENT DIRECTOR
Third party emissions excluded include architectural and engineering
services, electrical equipment, postal and courier services (used indirectly),
publishing services, repair of computers and other IT equipment, living
plants/seeds/crops, tyres/tubes, domestic appliances, emissions from
residential and non-residential building construction, civil engineering
services, electrical installation work, plumbing services, land and land
improvements, storage services, legal and accounting services, IT design/
development/infrastructure/technical/consulting/network management
services, cleaning services, paper products, printing, computer support and
miscellaneous scientific or technical services. Building completion work,
housing and other real estate, rail/sea/air freight, telecommunications and
internet were also considered but were not applicable to CDI in 2023.
The categories of Scope 3 Emissions excluded are: purchased goods and
services, capital goods, upstream transportation and distribution, upstream
leased assets, downstream transportation and distribution, processing of
sold products, use of sold products, end-of-life treatment of sold products,
downstream leased assets, franchises, and investments.
Our 2023 inventory summary of greenhouse gas (GHG) emissions covering
the measurement period 01 January 2023 to 31 December 2023 is:
DESLEIGH JAMESON
BOARD CHAIR

30 | CDL Investments New Zealand Limited
OUTLINE
OF MATERIAL RISKS
MARKETS
AND COMPETITION
Although it is well spread geographically within New Zealand, CDI
competes in a narrow sector of the economy namely the property
market for residential sections. It is a competitive market with
several different participants in each geographic market and a
failure to meet the market or remain competitive could affect
CDI’s operational and financial position as it loses sales and
market share to its competitors, thus affecting its revenues
and potentially its ability to make necessary investments in its
business for the future.
In order to mitigate market risks, we constantly monitor market trends and
pricing and develop strategies to respond to changing market conditions.
We regularly speak with our land agents to ensure that our service delivery
and sections remain attractive and competitive in the marketplace and we
make changes where necessary. We mitigate our exposure to the various
markets we trade in by adjusting our sales strategies and our marketing to
maximize demand and therefore sales from developments where demand
is highest. We will also adjust the timing of our developments to meet/
anticipate demand.
CLIMATE
CHANGE
Climate impact is expected to affect the property sectors in a
variety of ways. It is imperative to review our operations and
developments to see how they will be impacted and whether we
can make climate-positive improvements. Our locations are likely
to be affected by climate change in some way. Severe weather
incidents have the potential to affect our operations
with impacts to the land and development works themselves as
well as access to and from our developments.
CDI has been very conscious about its environmental impact resulting from
its property development activities. While it outsources the vast majority
of the activity which generates the most emissions to other contractors,
with the mandatory climate-related financial disclosures regime now in
place it is looking to see what additional measures it can take to improve its
operations even further. Having set 2023 as its baseline year for reporting
purposes and having appointed Toitu Envirocare to assist with the analysis
of emissions and other carbon data, CDI is looking to set targets for carbon
reduction using a science-based target in the near future. CDI will also look
for opportunities to include more environmentally friendly technologies
across its developments.
As part of its reporting processes, CDI is using the Task Force on Climate-
related Financial Disclosures (TCFD) recommendations to outline its
responses. Future work will include monitoring of CDI’s supply chain and
increase its ESG communications to shareholders and stakeholders.
For more information, please refer to CDI’s Climate-Related Disclosures.
REPUTATIONAL
Over the last thirty years, CDI has worked hard to develop a
reputation as a trustworthy and competent developer which
delivers results to its customers in a timely and cost effective
way. As a small company compared to its competitors, it is very
conscious that a loss of reputational risk will harm its business.
We engage in dialogue with our stakeholders and customers in an open and
transparent way. We monitor customer feedback by checking traditional and
social media platforms, responding to and managing any complaints which
may be received whether directly or through our agents.
We aim to avoid any situations that could result in a negative impact on our
reputation and brand.
LIQUIDITY
/SOLVENCY
Financial risks could affect CDI arise in many ways, both due to
external and internal causes. For example, they could arise from
a lower level sales of its sections and due to external events
over which CDI has little or no control over. CDI’s ability to trade
depends on its ability to manage its financial situation optimally
to ensure that it has sufficient liquidity and solvency to maintain
its business.
CDI manages its financial and solvency risks by continuously monitoring
its financial performance and cashflow and ensures that it maintains
sufficient financial resources to carry out its operations and any projects
that are undertaken.
CDI also takes a conservative approach to its capital management and
taxation planning.
WORKFORCE
As a small business which requires highly skilled personnel,
CDI faces significant risk if it is unable to employ sufficiently
qualified and experienced people to maintain its operations.
An inability to retain talented staff would result in a loss of
historic/collective knowledge.
While CDI has historically sought to outsource key functions of its business,
with the current level of development it has chosen to increase its in-house
capabilities and recruited several new development manager to oversee
and manage key projects. Finding suitably qualified and experienced people
remains challenging and CDI is constantly looking at how it can attract and
retain suitably qualified and experienced personnel across its operations.
Remuneration is benchmarked and reviewed to ensure that it is competitive.

CDL Investments New Zealand Limited | 31

H E ALTH
AND SAFETY
Ensuring the health and safety of our employees and customers is
essential for our business to succeed. The nature of our business
means that there are numerous risks across our business which
might result in harm to an employee or guest.
We have a comprehensive set of health and safety policies and risk registers
in place that identify and categorise risks in the workplace.
We also monitor health and safety incidents and results at each development
alongside our contractors. We also have an employee assistance programme
through EAP Services Limited to help with employee’s mental health and
counselling where required.
BUSINESS
DISRUPTION
A local or global event which affects the movement of people
(employees) has the potential to be highly disruptive to our
business. The impact of such an event, sustained or not,
could impact on our operations, revenue and cashflow and
our reputation.
CDI has a range of policies across its business which would be used to
respond to an emergency situation or natural disaster. Training of staff to
respond to incidents is also conducted periodically.
CDI also has insurance cover for its buildings and for loss of (rental) income.
PROJECT
MANAGEMENT
Risks arise in some of the following ways: schedule delay, cost
overrun, building defects, contractor’s performance, as well as
contract disputes, that could impact our operations and sales.
CDI manages this risk by ensuring that there is sufficient oversight and
review of all projects. This can take the form of oversight by its Development
Managers or engaging external assistance where necessary. Together with
external consultants such as planners, engineers and quantity surveyors,
CDI imposes an assessment and monitoring process to identify and manage
the key risks for each project. Stringent evaluation and tendering procedures
apply to all projects to ensure that suitably qualified and experienced
consultants and contractors are appointed. Regular site visits are also
conducted to closely monitor the progress of projects and manage potential
risks of delays, defects and cost overruns.
TECHNOLOGY
Technology is a critical element to ensuring that CDI is able
to operate its business effectively. The risks to CDI include
compromise of those business-critical systems, cybersecurity
incidents, maintaining data it holds securely, ensuring that
its systems remain fit for purposes and adapt to business and
customer needs
To mitigate these and other risks, CDI (through its majority shareholder
MCK) invests in its hardware and software platforms across its network.
CDI uses the resources of MCK’s dedicated Information Technology
team which also supports CDI’s networks and operations and deals with
cybersecurity threats.
Disaster recovery planning and penetration testing is done to ensure the
security and resilience of our network and systems. External experts and
partners are engaged as required to improve our system resiliency.
LEGAL, REGULATORY
AND COMPLIANCE
CDI is subject to political and policy risks, such as new or amended
public policies, statutory and regulatory requirements. CDI is
exposed to legal and reputational damage resulting from breach
of law or civil actions.
CDI manages these risks by monitoring changes to laws and regulations
and engaging with Government or regulatory bodies on such changes.
It frequently lodges submissions on new legislation and regulations and
will meet with government and local authority officials as part of the
consultation process.
CDI manages legal risk by monitoring and reporting significant litigation
and disputes to the Board and seeking advice from our external lawyers.
Insurers will be involved where necessary.
R2 Growth Cell, Puketaha, Hamilton (View from Greenhill Road)

32 | CDL Investments New Zealand Limited
CDL INVESTMENTS NEW ZEALAND LIMITED
FINANCIAL STATEMENTS CONTENTS
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME 33
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY 34
CONSOLIDATED STATEMENT OF FINANCIAL POSITION 35
CONSOLIDATED STATEMENT OF CASH FLOWS 36–37
NOTES TO THE FINANCIAL STATEMENTS 38–53
INDEPENDENT AUDITOR'S REPORT 54–57
REGULATORY DISCLOSURES
AND STATUTORY INFORMATION CONTENTS
REGULATORY DISCLOSURES 58–59
STATUTORY INFORMATION 60–65

CDL Investments New Zealand Limited | 33

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 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
For the year ended 31 December 2023
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

34 | CDL Investments New Zealand Limited
CDL INVESTMENTS NEW ZEALAND LIMITED
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 – 31,189 31,189
Total comprehensive income for the period – 31,189 31,189
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 – 204 204
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 – 13,463 13,463
Total comprehensive income for the period – 13,463 13,463
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 – 211 211
BALANCE AT 31 DECEMBER 2023 67,318 246,407 313,725
For the year ended 31 December 2023
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
The accompanying notes form part of, and should be read in conjunction with these financial statements.

CDL Investments New Zealand Limited | 35

CDL INVESTMENTS NEW ZEALAND LIMITED
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
As at 31 December 2023
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
J ADAMS
MANAGING DIRECTOR
26 February 2024
The accompanying notes form part of, and should be read in conjunction with these financial statements.
D JAMESON
DIRECTOR
26 February 2024

36 | CDL Investments New Zealand Limited
CDL INVESTMENTS NEW ZEALAND LIMITED
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
For the year ended 31 December 2023
CONSOLIDATED STATEMENT OF CASH FLOWS
The accompanying notes form part of, and should be read in conjunction with these financial statements.

CDL Investments New Zealand Limited | 37

CDL INVESTMENTS NEW ZEALAND LIMITED
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 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
For the year ended 31 December 2023
CONSOLIDATED STATEMENT OF CASH FLOWS – CONTINUED
The accompanying notes form part of, and should be read in conjunction with these financial statements.

38 | CDL Investments New Zealand Limited
CDL INVESTMENTS NEW ZEALAND LIMITED
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.
(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.
For the year ended 31 December 2023
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

CDL Investments New Zealand Limited | 39

CDL INVESTMENTS NEW ZEALAND LIMITED
MATERIAL SIGNIFICANT ACCOUNTING POLICIES – CONTINUED
(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.
For the year ended 31 December 2023
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS – CONTINUED

40 | CDL Investments New Zealand Limited
CDL INVESTMENTS NEW ZEALAND LIMITED
For the year ended 31 December 2023
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS – CONTINUED
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.


IN THOUSANDS OF DOLLARS 2023 2022 2023 2022 2023 2022
RESTATED RESTATED 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).
GROUP
RESIDENTIAL LAND
DEVELOPMENT
INVESTMENT
PROPERTY

CDL Investments New Zealand Limited | 41

CDL INVESTMENTS NEW ZEALAND LIMITED
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS – CONTINUED
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.

42 | CDL Investments New Zealand Limited
CDL INVESTMENTS NEW ZEALAND LIMITED
For the year ended 31 December 2023
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS – CONTINUED
3. ADMINISTRATIVE AND OTHER EXPENSES
The following items of expenditure are included in administrative and other expenses:
GROUP
IN THOUSANDS OF DOLLARS NOTE 2023 2022
Auditors’ remuneration
• Audit fees 91 88
• Tax compliance and tax advisory fees 4 4
• Strategy advisory fees 74 –
Depreciation 974 560
Directors’ fees 17 130 130
Rental payments 90 66
4. PERSONNEL EXPENSES
GROUP
IN THOUSANDS OF DOLLARS 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
GROUP
IN THOUSANDS OF DOLLARS 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.

CDL Investments New Zealand Limited | 43

CDL INVESTMENTS NEW ZEALAND LIMITED
For the year ended 31 December 2023
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS – CONTINUED
6. INCOME TAX EXPENSE
Recognised in the statement of comprehensive income
GROUP
IN THOUSANDS OF DOLLARS 2023 2022
Current tax expense
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
GROUP
IN THOUSANDS OF DOLLARS 2023 2022
Profit before income tax 18,699 43,318
Income tax using the company tax rate of 28% (2021: 28%) 5,236 12,129
5,236 12,129
EFFECTIVE TAX RATE 28% 28%
Income tax for the year comprises current and deferred tax. Income tax is recognised in profit or loss except to the extent that it relates to items recognised
directly in equity or other comprehensive income, in which case it is recognised in equity or in other comprehensive income.
Current tax is the expected tax payable on the taxable income for the year, using tax rates enacted or substantively enacted at the balance date, and any
adjustment to tax payable in respect of previous years.
Deferred tax is recognised in respect of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the
amounts used for taxation purposes. The temporary differences relating to investments in subsidiaries are not provided for to the extent that they will probably
not reverse in the foreseeable future. The amount of deferred tax provided is based on the expected manner of realisation or settlement of the carrying amount
of assets and liabilities, using tax rates enacted or substantively enacted at the balance date.
A deferred tax asset is recognised only to the extent that it is probable that future taxable profits will be available against which the asset can be utilised.
Deferred tax assets are reduced to the extent that it is no longer probable that the related tax benefit will be realised.
7. IMPUTATION CREDITS
GROUP
IN THOUSANDS OF DOLLARS 2023 2022
IMPUTATION CREDITS AVAILABLE FOR USE IN SUBSEQUENT REPORTING PERIODS 96,243 93,113

44 | CDL Investments New Zealand Limited
CDL INVESTMENTS NEW ZEALAND LIMITED
For the year ended 31 December 2023
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS – CONTINUED
8. DEVELOPMENT PROPERTY
GROUP
IN THOUSANDS OF DOLLARS 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.

CDL Investments New Zealand Limited | 45

CDL INVESTMENTS NEW ZEALAND LIMITED
For the year ended 31 December 2023
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS – CONTINUED
9. INVESTMENT PROPERTY
GROUP
WORK IN
IN THOUSANDS OF DOLLARS FREEHOLD LAND BUILDINGS 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.

46 | CDL Investments New Zealand Limited
CDL INVESTMENTS NEW ZEALAND LIMITED
For the year ended 31 December 2023
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS – CONTINUED
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:
GROUP
IN THOUSANDS OF DOLLARS 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

CDL Investments New Zealand Limited | 47

CDL INVESTMENTS NEW ZEALAND LIMITED
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS – CONTINUED
10. DEFERRED TAX ASSETS AND LIABILITIES
Recognised deferred tax assets and liabilities
Deferred tax assets and liabilities are attributable to the following: GROUP
ASSETS LIABILITIES NET
IN THOUSANDS OF DOLLARS 2023 2022 2023 2022 2023 2022
Investment property – – (345) (156) (345) (156)
Development property – – (81) (81) (81) (81)
Employee benefits 142 84 – – 142 84
Trade and other payables – – – – – –
NET TAX ASSETS/(LIABILITIES) 142 84 (426) (237) (284) (153)
MOVEMENT IN DEFERRED TAX BALANCES DURING THE YEAR
GROUP
BALANCE RECOGNISED IN BALANCE
IN THOUSANDS OF DOLLARS 1 JAN 2022 PROFIT OR LOSS 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
GROUP
BALANCE RECOGNISED IN BALANCE
IN THOUSANDS OF DOLLARS 1 JAN 2023 PROFIT OR LOSS 31 DEC 2023
Investment property (156) (189) (345)
Development property (81) – (81)
Employee benefits 84 58 142
(153) (131) (284)
11. TRADE AND OTHER RECEIVABLES
GROUP
IN THOUSANDS OF DOLLARS 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.
For the year ended 31 December 2023

48 | CDL Investments New Zealand Limited
CDL INVESTMENTS NEW ZEALAND LIMITED
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS – CONTINUED
12. CASH AND CASH EQUIVALENTS
GROUP
IN THOUSANDS OF DOLLARS 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
COMPANY
Share capital 2023 2023 2022 2022
SHARES SHARES
‘000S $000’S ‘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).
DIVIDENDS
The following dividends were declared and paid during the year 31 December 2023:
COMPANY
IN THOUSANDS OF DOLLAR 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 DOLLAR COMPANY
3.5 cents ordinary dividend per qualifying ordinary share 10,177
3.5 CENTS TOTAL DIVIDEND PER QUALIFYING ORDINARY SHARE 10,177
For the year ended 31 December 2023

CDL Investments New Zealand Limited | 49

CDL INVESTMENTS NEW ZEALAND LIMITED
For the year ended 31 December 2023
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS – CONTINUED
13. CAPITAL AND RESERVES – CONTINUED
BASIC AND DILUTED EARNINGS PER SHARE
The basic earnings per share and the diluted earnings per share are the same. The calculation of basic and diluted earnings per share at 31 December 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)
GROUP
IN THOUSANDS OF DOLLARS 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 SHARES
‘000S ‘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.

50 | CDL Investments New Zealand Limited
CDL INVESTMENTS NEW ZEALAND LIMITED
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS – CONTINUED
14. FINANCIAL INSTRUMENTS
The Group only holds non-derivative financial instruments which comprise trade and other receivables, cash and cash equivalents, short term deposits, and trade
and other payables.
Non-derivative financial instruments are recognised initially at fair value plus, for instruments not at fair value through profit or loss, any directly attributable
transaction costs. Subsequent to initial recognition nonderivative financial instruments are measured as described below.
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.
GROUP
IN THOUSANDS OF DOLLARS 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
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.
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.
For the year ended 31 December 2023

CDL Investments New Zealand Limited | 51

CDL INVESTMENTS NEW ZEALAND LIMITED
14. FINANCIAL INSTRUMENTS – CONTINUED
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.
For the year ended 31 December 2023
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS – CONTINUED
20232022
IN THOUSANDS OF DOLLARSNOTE
EFFECTIVE
INTEREST
RAT ETOTAL
6 MONTHS
OR LESS
6–12
MONTHS
EFFECTIVE
INTEREST
RAT ETOTAL
6 MONTHS
OR LESS
6–12
MONTHS
Cash and cash equivalents120.00%
to 5.77%
2,1592,159–0.00%
to 4.78%
31,66731,667–
Short term deposits5.79%
to 6.05%
50,00045,0005,0003.30%
to 5.26%
40,07535,0755,000
52,1594 7,1 5 95,00071,74266,7425,000
GROUP
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
BALANCE 6 MONTHS 6–12 BALANCE 6 MONTHS 6–12
IN THOUSANDS OF DOLLARS SHEET OR LESS MONTHS SHEET OR LESS 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.

52 | CDL Investments New Zealand Limited
CDL INVESTMENTS NEW ZEALAND LIMITED
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.
GROUP
IN THOUSANDS OF DOLLARS 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:
GROUP
IN THOUSANDS OF DOLLARS 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).
For the year ended 31 December 2023
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS – CONTINUED

CDL Investments New Zealand Limited | 53

CDL INVESTMENTS NEW ZEALAND LIMITED
For the year ended 31 December 2023
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS – CONTINUED
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).
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).

54 | CDL Investments New Zealand Limited
© 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.
pages 33 to 53 present fairly, in all material respects:
© 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 33 to 53 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.

CDL Investments New Zealand Limited | 55









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.

56 | CDL Investments New Zealand Limited








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.

CDL Investments New Zealand Limited | 57

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
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

58 | CDL Investments New Zealand Limited
CDL INVESTMENTS NEW ZEALAND LIMITED
20 LARGEST SHAREHOLDERS (As at 1 March 2024) (Listing Rule 3.7.1C)
RANK SHAREHOLDER NUMBER OF SECURITIES % OF ISSUED CAPITAL
1. Millennium & Copthorne Hotels New Zealand Limited 190,591,297 65.99
2. Adrian Ho 23,832,598 8.20
3. Accident Compensation Corporation - NZCSD 13,244,925 4.55
4. Citibank Nominees (New Zealand) Limited – NZCSD 4,445,954 1.53
5. Christina Seet 2,715,227 0.93
6. Custodial Services Limited 2,219,212 0.76
7. Faro Equities Limited 2,156,591 0.74
8. MFL Mutual Fund Limited – NZCSD 1,962,577 0.67
9. Hugh Green Limited 1,344,460 0.46
10. Geok Loo Goh 1,079,834 0.37
11. HSBC Nominees (New Zealand) Limited – NZCSD 1,023,660 0.35
12. Roger Parker 697,116 0.24
13. New Zealand Depository Nominee Limited 687,498 0.24
14. Steven Cheong Kwok Wing 669,179 0.23
15. Caliber Trustee Company Limited 662,573 0.23
16. Tea Custodians Limited Client Property Trust Account – NZCSD 623,359 0.21
17. Michael Robert Mayger & Eleanor Margaret Mayger 559,477 0.19
18. Graeme Stuart Lord & Lisa Anne Lord 487,306 0.17
19. Robert Wong & Christein Joe Wong 483,855 0.17
20. Simon Hugh Berry 465,994 0.16
NZCSD provides a custodial depositary service to its clients and does not have a beneficial interest in the shares held in its name.
HOLDINGS SIZE (As at 1 March 2024)
SIZE OF SHAREHOLDING NUMBER OF SHAREHOLDERS NUMBER OF SHARES % OF ISSUED CAPITAL
1–499 59 10,296 0.00
500–999 46 31,951 0.01
1,000–1,999 339 462,097 0.16
2,000–4,999 899 2,761,215 0.95
5,000–9,999 499 3,498,827 1.20
10,000–49,999 661 13,656,032 4.70
50,000–99,999 93 6,272,123 2.16
100,000–499,999 81 15,576,755 5.36
500,000–999,999 6 3,899,202 1.34
1,000,000+ 11 244,616,335 84.12
ROUNDING 0.00
TOTAL 2,694 290,784,833 100.00
REGULATORY DISCLOSURES

CDL Investments New Zealand Limited | 59

CDL INVESTMENTS NEW ZEALAND LIMITED
DOMICILE OF SHAREHOLDERS (As at 1 March 2024)
NUMBER OF SHAREHOLDERS NUMBER OF SHARES % OF ISSUED CAPITAL
New Zealand 2583 255,488,093 87.86
Australia and overseas 111 35,296,740 12.14
TOTAL 2,694 290,784,833 100.00
PUBLIC EXERCISE OF NZX POWERS
On 5 October 2023, NZ RegCo referred to the NZ Markets Disciplinary Tribunal (the Tribunal) alleged breaches of Rules 2.13.2(b), 3.8.1(b) and (d) by CDI.
The Company accepted that it had breached:
• Rule 2.13.2(b) by having only two members on its Audit Committee from February 2018 until 27 July 2020;
• Rule 3.8.1(b) by not adequately disclosing or explaining its non-compliance with NZX Corporate Governance Code recommendations
2.8, 3.1, 4.2, 5.3 and 8.1 in its annual reports for some or all of the 2017 to 2022 financial years; and
• Rule 3.8.1(d) by not including an evaluation by its Board on its performance with respect to its Diversity Policy in its annual reports
for the 2018 to 2022 financial years.
The Tribunal noted that CDI admitted the breaches at the earliest opportunity and co-operated fully with NZ RegCo’s investigation.
The Tribunal ordered CDI to pay a financial penalty of $50,000 ($35,000 for its Audit Committee breach and $15,000 for its annual report breaches), pay the
costs of NZX and the Tribunal, and be publicly censured. The determination and public censure were released to the market on 3 November 2023.
SUBSTANTIAL PRODUCT HOLDERS
According to notices given to the Company under the Financial Markets Conducts Act 2013, as at 1 March 2024, the substantial product holders in the Company
are noted below:
SECURITIES CLASS %
Millennium & Copthorne Hotels New Zealand Limited 190,591,297 Ordinary Shares 65.99
Adrian Ho 23,832,598 Ordinary Shares 8.20
As at 1 March 2024, the total number of issued voting securities of CDL Investments New Zealand Limited (all of which are ordinary shares) was 290,784,833.
REGULATORY DISCLOSURES – CONTINUED

60 | CDL Investments New Zealand Limited
CDL INVESTMENTS NEW ZEALAND LIMITED
DIRECTORS (Section 211(1)(I), Companies Act 1993)
As at 31 December 2023, the Company’s Directors were Messrs. C Sim, JC Adams, JH Henderson, DJ Jameson, ES Kwek and VWE Yeo.
The gender breakdown of the Board is 5 male directors, 1 female director and 0 gender diverse directors (2022: 5 male directors, 1 female director,
0 gender diverse directors). CDI currently has 1 female and 3 male officers and 0 gender diverse officers (2022: 1 female officer, 3 male officers and
0 gender diverse officers).
INTERESTS REGISTER (Sections 189(1)(C) and 211(1)(E), Companies Act 1993)
The Company maintains an Interests Register as required under the Companies Act 1993. For the period under review, the following entries were recorded:
USE OF COMPANY INFORMATION (Section 145, Companies Act 1993)
During the year, the Board did not receive any notices from any Directors of the Company requesting the use of company information which they would have
received in their capacity as Directors which would not otherwise have been available to them.
SHARE DEALING (Section 148, Companies Act 1993)
No share dealings by Directors occurred during the year.
DIRECTORS’ AND ASSOCIATED PERSONS SHAREHOLDINGS (AS AT 31 DECEMBER 2023)
DIRECTOR 2022 2023
C Sim Nil Nil
JC Adams Nil Nil
J Henderson Nil Nil
DJ Jameson Nil Nil
ES Kwek Nil Nil
VWE Yeo Nil Nil
REMUNERATION (Sections 161 and 211(1)(F), Companies Act 1993)
The total remuneration and value of other benefits earned received by each of the Directors of the Company for the year ending 31 December 2023 was:
DIRECTOR REMUNERATION
C Sim $35,000
JC Adams $416,444
J Henderson $30,000
DJ Jameson $35,000
ES Kwek Nil^
VWE Yeo $30,000
^Mr ES Kwek, being the Executive Director of Millennium & Copthorne Hotels Limited, did not receive any fees as Chairman or as a Director of the Company.
Mr. Jason Adams, in his capacity as Managing Director of the Company did not receive any fees as a Director of the Company or its subsidiary.
INDEMNITY AND INSURANCE (Section 162, Companies Act 1993)
In accordance with the Company’s constitution, the Company has insured all its Directors and the Directors of its subsidiary against liabilities to other parties
(except the Company or a related party of the Company) that may arise from their positions as Directors. The insurance does not cover liabilities arising from
criminal actions.
STATUTORY INFORMATION

CDL Investments New Zealand Limited | 61

CDL INVESTMENTS NEW ZEALAND LIMITED
GENERAL DISCLOSURES OF INTEREST (Section 140(2), Companies Act 1993)
As at 31 December 2023, the Directors of the Company have made general disclosures of interest in the following companies:
COLIN SIM
Chairman/Director of:
Millennium & Copthorne Hotels New Zealand Limited
Director of:
Autocaps (Aust) Pty Ltd Autocaps Pastoral Division Pty Limited Autocaps Vogue Pty Limited
Bathurst Range Investments Pty Limited Builders Recycling Properties Pty Ltd Builders Recycling Operations Pty Ltd
Desert Rose Group Pty Limited Desert Rose Holdings Pty Limited DMM Investments (NSW) Pty Ltd
East Quarter Group Pty Ltd East Quarter Hurstville Pty Limited EQ Equity Pty Ltd
EQ Gosford Pty Ltd EQ Projects Pty Ltd EQ Projects Holdings Pty Ltd
EQ Revesby Pty Ltd EQ Riverside Pty Ltd EQ Zetland Pty Ltd
Hurstville NSW Pty Limited Naxta Pty Ltd New Dale Sim Pty Ltd
PBD Phoenix Pty Limited PCC Devco 1 Pty Limited Phoenix Palm Developments Pty Limited
Preslite Drive Technologies Pty Limited SSK Investments Pty Ltd SSK Investments No 2 Pty Ltd
SSK Investments O/S Pty Ltd TECH5 Australia Pty Ltd Waterbrook Bayview Pty Ltd
Waterbrook Bayview Investment Pty Ltd Waterbrook Bayview Village Management Pty Ltd West Quarter Hurstville Pty Limited
J C ADAMS
Director of:
Adams 2008 Limited CDL Land New Zealand Limited Jaymen Limited
Prestons Road Limited
J H HENDERSON
Director of:
Ding Bay Limited John Henderson Resources Limited
D J JAMESON
Director of:
Ampio Limited GH Securities Trustee Limited Gubb & Hardy Limited
Milford Haven Limited
STATUTORY INFORMATION – CONTINUED

62 | CDL Investments New Zealand Limited
CDL INVESTMENTS NEW ZEALAND LIMITED
GENERAL DISCLOSURES OF INTEREST (Section 140(2), Companies Act 1993) – CONTINUED
As at 31 December 2023, the Directors of the Company have made general disclosures of interest in the following companies:
ES KWEK
Chairman/Director/President of:
Grand Plaza Hotel Corporation;
Chairman and Director of:
Millennium Hotels Italy Holdings srl Millennium Hotels Palace Management srl Millennium Hotels Property srl
Director/President of:
Five Star Assurance Inc. The Philippine Fund Limited
Managing Director of:
ATOS Holdings GmbH
Director of:
125 OBS (Nominees 1) Limited 125 OBS (Nominees 2) Limited 125 OBS GP Limited
58 High Street Pty Ltd Actas Holdings Pte. Ltd Adelanto Investments Pte. Limited
Allinvest Holding Pte. Ltd Allsgate Properties Limited Alphagate Holdings Limited
Androgate Properties Limited Aquarius Properties Pte. Ltd Archyfield Limited
Ascent View Holdings Pte. Ltd Aster Land Development Pte Ltd Aston Properties Pte. Ltd
Atlasgate SG Holdings Pte. Ltd Atlasgate UK Holdings Pte. Ltd Atlasgate UK Holdings Limited
Baynes Investments Pte Ltd Beaumont Properties Limited Beijing Fortune Hotel Co. Ltd
Bellevue Properties Pte. Ltd Bestro Holdings Limited Bloomshine Holdings Limited
BOP Luxembourg (125 Obs) 2 SARL Branbury Investments Ltd Bravogate Holdings SARL
Bridge North Limited Camborne Developments Pte. Ltd Canterbury Riverside Opco Limited
Canterbury Riverside Propco Limited Canvey Developments Pte. Ltd CDL Ace Pte Ltd
CDL Acquisitions Pte. Ltd CDL Aquila Pte. Ltd CDL Australia Holdings Pty. Ltd
CDL Centroid Pte Ltd CDL CityInd Pte Ltd CDL Cityscape Pte Ltd
CDL Commercial REIT Management Pte. Ltd CDL Conservo Pte Ltd CDL Constellation Pte. Ltd
CDL Crestview Holdings Pte. Ltd CDL Crown REIT Management Pte. Ltd CDL Entertainment & Leisure Pte. Ltd
CDL Evergreen Pte. Ltd CDL Hotels (Chelsea) Ltd CDL Hotels (Korea) Ltd
CDL Hotels (Labuan) Ltd CDL Hotels (Malaysia) Sdn. Bhd CDL Hotels (U.K.) Ltd
CDL Hotels Australia Holdings (SG) Pte Ltd CDL Hotels Australia Holdings Pty Ltd CDL Hotels Japan Pte. Ltd
CDL Infinity Pte. Ltd CDL Investments New Zealand Limited CDL Kingtse Pte Ltd
CDL Land Pte. Ltd CDL Libra Commercial Pte. Ltd CDL Libra Pte. Ltd
CDL Management Services Pte. Ltd CDL Netherlands Investments BV CDL Orion Investment Holdings Pte. Ltd
CDL Pavona Pte Ltd CDL Pegasus Pte. Ltd CDL Perseus Pte. Ltd
CDL Pisces Commercial Pte. Ltd CDL Pisces Services Residences Pte. Ltd CDL Pro Star Development Pty Ltd
CDL Properties BV CDL Queensray Pte Ltd CDL Real Estate Asset Managers Pte Ltd
CDL Real Estate Investment Managers Pte Ltd CDL Regulus Pte. Ltd CDL Sakura Pte Ltd
CDL Shanghai Holdings Pte. Ltd CDL Suzhou Investment Pte. Ltd Central Mall Pte. Ltd
Centro Investment Holding Pte Ltd Centro Property Holding Pte Ltd Chania Holdings Limited
Chestnut Avenue Developments Pte Ltd Cideco Pte Ltd City Bonsai Pte Ltd
City Boost Pte. Ltd City Century Pte. Ltd City Condominiums Pte. Ltd
City Connected Communities Pte. Ltd City Delta Pte. Ltd City Developments Investments Pte. Ltd
City Developments Realty Limited City Elite Pte. Ltd City Gemini Pte Ltd
City Grand Investments Limited City Hotels Pte Limited City Ikonik Pte. Ltd
City Leo Pte Ltd City Lux Pte. Ltd City Montage Pte. Ltd
City Platinum Holdings Pte. Ltd City REIT Management Pte. Ltd City Resyde Pte. Ltd
City Sceptre Investments Pte. Ltd City Serviced Offices Pte. Ltd City Strategic Equity Pte. Ltd
STATUTORY INFORMATION – CONTINUED

CDL Investments New Zealand Limited | 63

CDL INVESTMENTS NEW ZEALAND LIMITED
City Sunshine Holdings Pte. Ltd City Thrive Pte. Ltd Citydev Real Estate (Singapore) Pte. Ltd
Citydev Venture Holdings Pte. Ltd Cityview Place Holdings Pte. Ltd Cityzens Developments Pte Ltd
Copthorne (Nominees) Limited Copthorne Aberdeen Limited Copthorne Hotel (Birmingham) Limited
Copthorne Hotel (Cardiff) Limited Copthorne Hotel (Effingham Park) Limited Copthorne Hotel (Gatwick) Limited
Copthorne Hotel (Manchester) Limited Copthorne Hotel (Merry Hill) Construction Limited Copthorne Hotel (Merry Hill) Limited
Copthorne Hotel (Newcastle) Limited Copthorne Hotel (Plymouth) Limited Copthorne Hotel (Slough) Limited
Copthorne Hotel Holdings Limited Copthorne Hotels Limited Copthorne Orchid Hotel Singapore Pte Ltd
Copthorne Orchid Hotel Penang Sd. Bhd. Crescent View Developments Pte Ltd Delfi One Investments Pte Ltd
Delfi Three Investments Pte Ltd Delfi Two Investments Pte Ltd Diplomat Hotel Holding Company Limited
Eastwest Portfolio Pte Ltd Easy Thrive Ventures Limited Educado Company Limited
Elite Hotel Management Services Pte Ltd Ellinois Management Services Pte Ltd Euroform (S) Pte Ltd
Ferguson Hotels Holdings Limited Ferguson Investment Corp. Finite Properties Investment Limited
First Platinum Holdings Pte. Ltd Freshview Developments Pte Ltd Friars Road Manco Limited
Glades Properties Pte. Ltd Grande Strategic Pte. Ltd Grange 100 Pte Ltd
Granmill Holdings Pte Ltd Greystand Holdings Limited Guan Realty (Private) Limited
Harbour Land Corporation Harbour View Hotel Pte Ltd Harrow Entertainment Pte Ltd
Heritage Pro International Limited Highline Holdings Limited Highline Investments GP Limited
Highline Properties GP Limited Hoko Fitzroy Pty Ltd Hoko Kenmore Pty Ltd
Hoko Macaulay Pty Ltd Hoko Mina Pty Ltd Hoko Spencer Pty Ltd
Hoko Toowong Pty Ltd Hong Bee Hardware Company Sdn Berhad Hong Leong Enterprises Pte Ltd
Hong Leong Foundation Hong Leong Hotel Development Limited Hong Leong International Hotel (Singapore) Pte Ltd
Hong Leong Properties Pte Limited Hospitality Holdings Pte Ltd Hospitality Ventures Pte Ltd
Hotel Liverpool Limited Hotel Liverpool Management Limited HSRE Crosslane (Coventry) Limited
HSRE Crosslane (Leeds) Limited HSU JV Holdco Limited HThree City Jade Pte Ltd
Iconique Tokutei Mokuteki Kaisha Infinity Properties Limited Iselin Limited
Island Glades Developments Pte Ltd Jayland Properties Limited Keygate Holdings Limited
King’s Tanglin Shopping Pte Ltd Kwek Holdings Pte Ltd Kwek Hong Png Investment Pte Ltd
Landco Properties Limited Le Grove Management Pte Ltd Legend Commercial Pte Ltd
Legend Commercial Trustee Pte Ltd Legend Investment Holdings Pte Ltd Legend Quay Pte Ltd
Lightspark Holdings Limited Lingo Enterprises Limited Lingo Enterprises Limited (Singapore Branch)
London Britannia Hotel Limited London Tara Hotel Limited Lukestone Properties Limited
M&C (CB) Limited M&C (CD) Limited M&C Finance (1) Limited
M&C Management Holdings Limited M&C NZ Limited M&C Reservations Services Limited
M&C Asia Finance (UK) Limited M&C Asia Holdings (UK) Limited
M&C Business Trust Management Limited (as trustee-manager of CDL Hospitality Business Trust) M&C Capital Pte Ltd
M&C Holdings (Thailand) Limited M&C Hotel Investments Pte Limited M&C Hotels Holdings Japan Pte Limited
M&C Hotels Holdings Limited M&C Hotels Holdings USA Limited M&C Hotels Japan Pte Limited
M&C New York Finance (UK) Limited M&C REIT Management Limited M&C Restaurants (London) Limited
M&C Sakura Hotel Pte Ltd M&C Sakura Hotel Pte Ltd M&C Singapore Finance (UK) Limited
M&C Singapore Holdings (UK) Limited M&C Sponsorship Limited Marquee Brisbane Hotel 2 Pty Limited
Marquee Brisbane Hotel Pty Limited Marquee Hotel Holdings Pty Limited Max Office (SKD) General Partner Limited
Melvale Holdings Limited Millennium & Copthorne (Australian Holdings) Limited Millennium & Copthorne (Jersey Holdings) Limited
Millennium & Copthorne Hotels Limited Millennium & Copthorne Hotels Management (Shanghai) Limited
Millennium & Copthorne International Limited Millennium & Copthorne Share Trustees Limited Millennium Hotel Holdings EMEA Limited
Millennium Hotels & Resorts Services Limited Millennium Hotels (West London) Limited Millennium Hotels (West London) Management Limited
Millennium Hotels Europe Holdings Limited Millennium Hotels Limited Millennium Hotels London Limited
MPG St Katharine Finance Limited MPG St Katharine GP Limited MPG St Katharine Limited
MPG St Katharine LP Limited MPG St Katharine Nominee Limited MPG St Katharine Nominee Two Limited
New Bath Court (Opco) Limited New Bath Court Limited New Empire Investments Pte Ltd
New Unity Holdings Ltd New Vista Realty Pte Ltd Newbury Investments Pte Ltd
Newmarket Property Holdings Limited Northgate Investments Limited Novel Developments Pte Ltd
Palmerston Holdings Sdn. Bhd. Paradise Investments Limited Pavo Properties Pte Ltd
Pinenorth Properties Limited Qaiser Holdings Limited Queensway Hotel Holdings Limited
STATUTORY INFORMATION – CONTINUED

64 | CDL Investments New Zealand Limited
CDL INVESTMENTS NEW ZEALAND LIMITED
GENERAL DISCLOSURES OF INTEREST (Section 140(2), Companies Act 1993) – CONTINUED
As at 31 December 2023, the Directors of the Company have made general disclosures of interest in the following companies:
ES KWEK
Director of:
Queensway Hotel Limited Rainbow North Limited Redvale Developments Pte Ltd
Redvale Investments Pte Ltd Redvale Properties Pte Ltd Rehi Normanby Pty Limited
Republic Hotels and Resorts Limited Republic Iconic Hotel Pte Ltd Republic Plaza City Club (Singapore) Pte Ltd
Reselton Properties Limited Richmond Hotel Pte Ltd Richview Holdings Pte Ltd
Rogo Investments Pte Ltd Rogo Realty Corporation Scentview Holding Limited
Scottsdale Properties Pte Ltd Serangoon Green Pte Ltd Siena Commercial Development Pte Ltd
Siena Residential Development Pte Ltd Siena Trustee Pte Ltd Silkparc Holdings Limited
Singapura Developments (Private) Limited SKD Marina Limited SKIL Four Limited
SKIL Three Limited Sonic Investment Pte. Limited South Beach International Hotel Management Pte Ltd
Southwaters Investment Pte Ltd Sparkland Holdings Pte Ltd Summervale Properties Pte Ltd
Summit Vistas Pte Ltd Sunmaster Holdings Pte Ltd Sunny Vista Developments Pte Ltd
Sunshine Plaza Pte Ltd Sycamore House Manco Limited TC Development Pte Ltd
Tempus Platinum Investments Tokutei Mokuteki Kaisha TOSCAP Limited Treasure Realm Limited
Trentwell Management Pte Ltd Trentworth Properties Limited Ventagrand Holdings Limited
Verwood Holdings Pte Ltd Vinemont Investments Pte Ltd Welland Investments Limited
White Haven Properties Pte Ltd Whitehall Holdings Limited Zatrio Pte Ltd
General Manager of:
M & C Hotels France SAS
Manager of:
M &C Hotels France Management SARL
Alternate Director of:
Mount V Development Pte Ltd South Beach Consortium Pte Ltd
VWE YEO
Executive Director/Chief Executive Officer of:
M&C Business Trust Management Limited M&C REIT Management Limited
Director/Managing Director of:
CDLHT Oceanic Maldives Private Ltd CDL HBT Oceanic Maldives Pvt Ltd Sanctuary Sands Maldives Private Limited
Director of:
CDL HBT Cambridge City Pte. Ltd CDL HBT Hanei Pte. Ltd CDL HBT Investments (I) Pte. Ltd
CDL HBT Oceanic Holdings Pte Ltd CDL HBT Sun Pte Ltd CDL HBT Sun Four Ltd
CDL HBT Sun Three Ltd CDLHT CFM One Pte Ltd CDLHT CFM Two Pte Ltd
CDLHT CFM III BV CDDLHT CFM III SRL CDLHT Hanei One Pte.Ltd
CDLHT Hanei Two Pte.Ltd CDLHT Munich One Pte Ltd CDLHT Munich Two Pte Ltd
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TK Yeo (Private) Limited
STATUTORY INFORMATION – CONTINUED

CDL Investments New Zealand Limited | 65

CDL INVESTMENTS NEW ZEALAND LIMITED
EMPLOYEE REMUNERATION (Section 211(1)(G), Companies Act 1993)
The number of employees or former employees of the Company and its subsidiary who received remuneration and any other benefits in their capacity as
employees, the value of which was or exceeded $100,000 per annum are as follows:
REMUNERATION AND VALUE OF OTHER BENEFITS NUMBER OF EMPLOYEES
150001–160000 1
180001–190000 1
250001–260000 1
410001–420000 1
DONATIONS (Sections 211(1)(H) and 211(2), Companies Act 1993)
The Company made no donations during the year.
AUDIT FEES (Sections 211(1)(J) and 211(2), Companies Act 1993)
During the period under review, the following amounts were payable to the external auditors KPMG:
IN THOUSANDS OF DOLLARS 2022 2023
Annual audit 88 90
Tax compliance and tax advisory fees 4 6
Strategy advisory service – 74
SUBSIDIARY COMPANY AND DIRECTORS (Section 211(2), Companies Act 1993)
The Company’s subsidiary and its directors as at 31 December 2023 are listed below:
NAME DIRECTORS OWNERSHIP ACTIVITY
CDL Land New Zealand Limited JC Adams, T Ito, JB Pua 100.00% Development & Sale of Residential Land Sections
The directors of CDL Land New Zealand Limited did not receive any remuneration or other benefits as directors.
STATUTORY INFORMATION – CONTINUED

NELSON/TASMAN
• Lucas Terrace, Nelson
• Highland Drive, Richmond
HAWKE'S BAY PROJECTS
• Arataki Road, Havelock North
• Iona Block, Havelock North
CHRISTCHURCH
• Prestons Park
• Prestons Park Retail Centre
• Worsleys Road, Cashmere
ROLLESTON, SELWYN
• Stonebrook, Rolleston
• Stonebrook Retail Centre
HAMILTON PROJECTS
• R2 Growth Cell, Puketaha
AUCKLAND PROJECTS
• Kewa Road, Albany
• Christian Road, Swanson
• Roscommon Road Warehousing, Wiri
• Trig Road, West Harbour
SUBDIVISION LOCATION MAP
AUCKLAND
HAMILTON
CHRISTCHURCH
HAVELOCK NORTH
HAWKE'S BAY
NELSON/TASMAN
ROLLESTON, SELWYN
SUBDIVISION LOCATION MAP

CORPORATE
DIRECTORY
BOARD OF
DIRECTORS
Colin Sim (Independent Director and Chair)
Jason Adams (Managing Director)
John Henderson (Independent Director and Member of the Audit Committee)
Desleigh Jameson (Independent Director and Chair of the Audit Committee)
Kwek Eik Sheng (Non-Executive Director)
Vincent Yeo (Non-Executive Director)

MANAGEMENT
TEAM
Jason Adams (Managing Director and Executive Director,
CDL Land New Zealand Limited)
Jackson Bull (General Manager, CDL Land New Zealand Limited)
Natasha Hood (Group Accounting Manager)
Takeshi Ito (Company Secretary/Legal Counsel)

REGISTERED OFFICE
AND CONTACT DETAILS
Level 7, 23 Customs Street East, Auckland, New Zealand
P O Box 3248, Shortland Street, Auckland 1140, New Zealand
Telephone: +64 9 353 5077
www.cdlinvestments.co.nz

AUDITORS
KPMG, Auckland

BANKERS
ANZ Bank New Zealand Limited, Auckland

SOLICITORS
Bell Gully (Auckland)
Anthony Harper (Christchurch)

SHARE
REGISTRAR
Computershare Investor Services Limited
Level 2, 159 Hurstmere Road, Takapuna
Private Bag 92119, Auckland 1142, New Zealand
Telephone: +64 9 488 8700
Facsimile: +64 9 488 8787
Email: enquiry@computershare.co.nz

STOCK EXCHANGE
LISTING
New Zealand Exchange (NZX)
Company Code: CDI

68 | CDL Investments New Zealand Limited