CDI 2024 Interim Report

Iona Stage 1, Havelock North, Hawke’s Bay
INTERIM
REPORT
2024

Highland Drive, Richmond
Lucas Terrace, Nelson
Wairakei Road, Harewood, Christchurch

CDL Investments New Zealand Limited | 3
FINANCIAL PERFORMANCE
On behalf of the Board, I am pleased to advise that CDL Investments New Zealand Limited (“CDI”) made an unaudited operating profit
after tax of $2.74 million (2023: $5.02 million) for the six month period ending 30 June 2024. Our operating profit before tax improved
to $ 9.21 million (2023: $6.98 million) which came from an increase in our property sales and other income for the period of $16.61 million
(2023: $11.97 million). These positive results translated into an increase in our Net Asset Backing (at cost) for the period of 105.20 cents
per share (2023: 104.99 cents per share).
As we announced in early July, our profit after tax was affected by a one-off non-cash adjustment of $3.91 million due to the change of
government policy on the depreciation of commercial buildings. This taxation adjustment has no impact on our trading performance
or cash flow.
Operationally, we are satisfied with our performance over the first half of the year. Our key metrics reflect the start of recovery in the
residential property markets. Our target remains improving our 2023 results despite the impact of the non-cash taxation adjustment
and based on what we are seeing across our developments, we are currently on track to do so through additional sales which we
expect to settle before the end of the year.
PORTFOLIO U P DAT E
We believe that the markets in the residential sectors have passed peak trough and are likely to start recovering from 2025 onwards.
With that in mind, we have been looking to accelerate both our development work and acquisitions in line with our updated strategy.
As we advised at our annual meeting, scheme plans have been developed for our recent land acquisitions in Christchurch and Nelson.
We anticipate development work beginning on these sites in Q4 2024 and Q1 2025 respectively. We are targeting sales from both
developments in the course of 2025 and will provide further updates as these developments take shape.
In addition, the Board was pleased to announce in July that we had entered into an agreement for the acquisition of the 10.07 hectares
of industrial zone land in Wairakei Road, Harewood, Christchurch. When settled in Q3 of this year, this land will provide us with additional
diversification opportunities within our land development portfolio and will also expand our investment property portfolio.
We have also made two applications in anticipation of the new proposed fast track consenting process for land in Hamilton and Havelock
North. We want to clearly state that neither of these applications involve or are proximate to conservation or other sensitive land. We
have been careful to ensure that the applications are for projects which are aligned to existing policies and goals of the areas where
the land is situated. We fully understand the concerns that many people have about the process. We maintain that the projects we have
applied for are beneficial to the respective regions and in line with our core business of creating residential subdivisions and commercial
development opportunities.
BOARD COMPOSITION
Regarding the composition of the Board, we are still in the process of assessing suitable candidates to be appointed as our new
independent director. While the process has taken a bit longer than anticipated, the Board need to ensure that the successful candidate is
able to bring additional skills and knowledge to the company. We will make an announcement once the process has been completed which
we anticipate will be towards the end of Q3 2024.
COMMENTARY AND OUTLOOK
Putting aside the impact of the one-off non-cash taxation adjustment, we remain absolutely focused on our development work,
particularly on our Iona (Havelock North) site which is still in the initial stages and on our Prestons Park development which is in its final
stages. Sales from both developments will determine our final results for the year.
Adding to our development portfolio is also a priority for this year. Management is exploring a number of interesting opportunities
across the country and we are optimistic that some of these can be brought to completion within this year. These will provide a diversity
of projects and increase our geographical spread which we strongly believe will secure the company’s medium to long term future.
The Board and I are excited about CDI’s future. I believe that we will have some good stories to tell not only for this year but for coming
years as we expand our land and development portfolios and create new opportunities to benefit all shareholders.
DIRECTORS’ REVIEW
DESLEIGH JAMESON BOARD CHAIR
7 August 2024

4 | CDL Investments New Zealand Limited
Prestons Park Neighbourhood Centre, Christchurch
Boundaryline Warehouse, Wiri Auckland
Primepac Warehouse, Wiri Auckland

CDL INVESTMENTS NEW ZEALAND LIMITED AND ITS SUBSIDIARY
CONDENSED INTERIM STATEMENT OF COMPREHENSIVE INCOME
FOR THE HALF YEAR ENDED 30 JUNE 2024 (UNAUDITED)
CDL Investments New Zealand Limited | 5
The accompanying notes form part of, and should be read in conjunction with these financial statements.
GROUP
IN THOUSANDS OF DOLLARSNOTEUNAUDITED
6 MONTHS TO
30/06/24
UNAUDITED
6 MONTHS TO
30/06/23
Property sales15,20210,626
Rental income1,4121,342
Revenue16,61411,968
Cost of sales(6,292)(4,372)
Gross profit10,3227, 596
Administrative expenses(536)( 74 2)
Property expenses(341)(222)
Selling expenses(392)(294)
Other expenses(1,191)(1,067)
Results from operating activities7,8625,271
Finance income1,3501,713
Finance costs(5)(6)
Net finance income1,3451,707
Profit before income tax9,2076,978
Income tax expense5(6,465)(1,954)
Profit for the period2 ,7425,024
Total comprehensive income for the period2 ,7425,024
Profit attributable to:
Equity holders of the parent2,74 25,024
Total comprehensive income for the period2 ,7425,024
Basic and Diluted Earnings per share (cents per share)30.941.73

CDL INVESTMENTS NEW ZEALAND LIMITED AND ITS SUBSIDIARY
CONDENSED INTERIM STATEMENT OF CHANGES IN EQUITY
FOR THE HALF YEAR ENDED 30 JUNE 2024 (UNAUDITED)
6 | CDL Investments New Zealand Limited
The accompanying notes form part of, and should be read in conjunction with these financial statements.
GROUP
IN THOUSANDS OF DOLLARSNOTEUNAUDITED
SHARE
CAPITAL
UNAUDITED
RETAINED
EARNINGS
UNAUDITED
TOTAL
EQUITY
Balance at 1 January 202365,829243,052308,881
Total comprehensive income for the period
Profit for the period-5,0245,024
Total comprehensive income for the period-5,0245,024
Transactions with owners of the Company
Shares issued under dividend reinvestment plan21,489-1,489
Dividend to shareholders2-(10,108)(10,108)
Supplementary dividend-(211)(211)
Foreign investment tax credits-211211
Balance at 30 June 202367, 318237,968305,286
Balance at 1 January 202467, 3 18246,407313,725
Total comprehensive income for the period
Profit for the period-2,74 22,74 2
Total comprehensive income for the period-2 ,7422 ,742
Transactions with owners of the Company
Shares issued under dividend reinvestment plan2723-723
Dividend to shareholders2-(10,177)(10,177)
Supplementary dividend-(221)(221)
Foreign investment tax credits-221221
Balance at 30 June 202468,041238,972307,013

CDL INVESTMENTS NEW ZEALAND LIMITED AND ITS SUBSIDIARY
CONDENSED INTERIM STATEMENT OF FINANCIAL POSITION
FOR THE HALF YEAR ENDED 30 JUNE 2024 (UNAUDITED)
CDL Investments New Zealand Limited | 7
The accompanying notes form part of, and should be read in conjunction with these financial statements.
GROUP
IN THOUSANDS OF DOLLARSNOTEUNAUDITED
AS AT
30/06/24
AUDITED
AS AT
31/12/23
SHAREHOLDERS’ EQUITY
Issued capital68,04167, 3 18
Retained earnings238,972246,407
Total equity307,013313,725
REPRESENTED BY:
NON CURRENT ASSETS
Property, plant and equipment90114
Development property223,458203,034
Investment property35,64635,834
Investment in associate722
Total non current assets259,196238,984
CURRENT ASSETS
Cash and cash equivalents10,7032,159
Short term deposits25,15050,000
Trade and other receivables6,9456,578
Income tax receivable206-
Development property11,26121,507
Total current assets54,26580,244
Total Assets313,461319,228
NON CURRENT LIABILITIES
Deferred tax liabilities4,299284
Lease liability4157
Total non current liabilities4,340341
CURRENT LIABILITIES
Trade and other payables1,9203,820
Employee entitlements153138
Income tax payable-1,165
Lease liability3539
Total current liabilities2,1085,162
Total liabilities6,4485,503
Net assets307,013313,725

CDL INVESTMENTS NEW ZEALAND LIMITED AND ITS SUBSIDIARY
CONDENSED INTERIM STATEMENT OF CASH FLOWS
FOR THE HALF YEAR ENDED 30 JUNE 2024 (UNAUDITED)
8 | CDL Investments New Zealand Limited
The accompanying notes form part of, and should be read in conjunction with these financial statements.
GROUP
IN THOUSANDS OF DOLLARSNOTEUNAUDITED
6 MONTHS TO
30/06/24
UNAUDITED
6 MONTHS TO
30/06/23
CASH FLOWS FROM OPERATING ACTIVITIES
Cash was provided from:
Receipts from customers16,09510,408
Interest received1,5021,962
Cash was applied to:
Payment to suppliers(13,194)(4,250)
Payment to employees(703)(575)
Purchase of development land(6,620)-
Income tax paid(3,600)(5,050)
Net cash (outflow)/inflow from operating activities(6,520)2,495
CASH FLOWS FROM INVESTING ACTIVITIES
Cash was provided from:
Short term deposits50,00040,075
Cash was applied to:
Development of investment property(87)(286)
Purchase of plant and equipment-(6)
Short term deposits(25,150)(20,075)
Net cash outflow from investing activities24,76319,708
CASH FLOWS FROM FINANCING ACTIVITIES
Cash was applied to:
Dividend paid2(9,454)(8,619)
Principal repayment of lease liability(24)(18)
Supplementary dividend paid(221)(211)
Net cash outflow from financing activities(9,699)(8,848)
Net increase in cash and cash equivalents8,54413,355
Add opening cash and cash equivalents2,15931,667
Closing cash and cash equivalents10,70345,022

CDL INVESTMENTS NEW ZEALAND LIMITED AND ITS SUBSIDIARY
CONDENSED INTERIM STATEMENT OF CASH FLOWS – CONTINUED
FOR THE HALF YEAR ENDED 30 JUNE 2024 (UNAUDITED)
CDL Investments New Zealand Limited | 9
The accompanying notes form part of, and should be read in conjunction with these financial statements.
GROUP
IN THOUSANDS OF DOLLARSNOTEUNAUDITED
6 MONTHS TO
30/06/24
UNAUDITED
6 MONTHS TO
30/06/23
RECONCILIATION OF PROFIT FOR THE PERIOD TO CASH FLOWS
FROM OPERATING ACTIVITIES
Net profit after taxation2,74 25,024
Adjusted for non cash items:
Depreciation of investment property275511
Depreciation of plant & equipment43
Depreciation of right-of-use assets2014
Income tax expense6,4651,954
Adjustments for movements in working capital:
Increase in receivables(367)(1,311)
(Increase)/Decrease in development property(10,178)1,952
Decrease in payables(1,881)(602)
Cash (consumed)/generated from operating activities(2,920)7, 545
Income tax paid(3,600)(5,050)
Cash (outflow)/inflow from operating activities(6,520)2,495

CDL INVESTMENTS NEW ZEALAND LIMITED AND ITS SUBSIDIARY
NOTES TO THE CONDENSED INTERIM FINANCIAL STATEMENTS
FOR THE HALF YEAR ENDED 30 JUNE 2024 (UNAUDITED)
10 | CDL Investments New Zealand Limited
1. SIGNIFICANT ACCOUNTING POLICIES
REPORTING ENTITY
CDL Investments New Zealand Limited (the “Company”) is a company domiciled in New Zealand, registered under the Companies Act 1993 and
listed on the New Zealand Stock Exchange. The Company is a FMC Reporting Entity in terms of the Financial Markets Conduct Act 2013 and the
Financial Reporting Act 2013.
The condensed interim financial statements of the Company as at and for the half year ended 30 June 2024 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 NZ IAS 34 Interim Financial Reporting. The condensed interim financial statements do not include all of the information
required for full annual financial statements.
The accounting policies applied by the Group in these condensed financial statements are the same as those applied by the Group in its
consolidated financial statements for the year ended 31 December 2023.
The condensed interim financial statements were authorised for issuance on 7 August 2024.
2. CAPITAL & RESERVES
SHARE CAPITAL
Under the Company’s Dividend Reinvestment Plan, an additional 1,038,719 shares were issued on 17 May 2024 (2023: 1,977,136) at a strike
price of $0.6961 (2023: $0.7530).
At 30 June 2024, the authorised share capital consisted of 291,823,552 fully paid ordinary shares (2023: 290,784,833).
DIVIDENDS
The following dividends were declared and paid during the period ending 30 June:
IN THOUSANDS OF DOLLARS20242023
Cash – 3.5 cents per qualifying ordinary share (2023: 3.5 cents)9,4548,619
Dividend reinvestment plan – 3.5 cents per qualifying ordinary share (2023: 3.5 cents)7231,489
10,17710,108
3. EARNINGS PER SHARE
The calculation of basic and diluted earnings per share at 30 June 2024 of 0.94 cents (2023: 1.73 cents) was based on the profit
attributable to ordinary shareholders of $2,742,000 (2023: $5,024,000); and weighted average number of shares of 291,477,312
(2023: 290,125,788) on issue in the period.
4. SEGMENT REPORTING
OPERATING SEGMENTS
The operating segments of the Group consists of property operations, comprising the development and sale of residential land sections and
rental income from development properties and investment properties.
The Group has determined that its chief operating decision maker is the Board of Directors on the basis that it is this group which determines
the allocation of resources to segments and assesses their performance.
An operating segment is a distinguishable component of the Group:
• 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.

CDL INVESTMENTS NEW ZEALAND LIMITED AND ITS SUBSIDIARY
NOTES TO THE CONDENSED INTERIM FINANCIAL STATEMENTS
FOR THE HALF YEAR ENDED 30 JUNE 2024 (UNAUDITED)
CDL Investments New Zealand Limited | 11
4. SEGMENT REPORTING – CONTINUED
OPERATING SEGMENTS – CONTINUED
RESIDENTIAL LAND
DEVELOPMENT
INVESTMENT
PROPERTY
GROUP
IN THOUSANDS
OF DOLLARS
6 MONTHS
TO
30/06/24
6 MONTHS
TO
30/06/23
6 MONTHS
TO
30/06/24
6 MONTHS
TO
30/06/23
6 MONTHS
TO
30/06/24
6 MONTHS
TO
30/06/23
External revenue15,31010,7491,3041,21916,61411,968
Earnings before interest,
depreciation, amortisation & tax6,8664,6001,2951,1998,1615,799
Finance income1,3501,713--1,3501,713
Finance expense(5)(6)--(5)(6)
Depreciation and amortisation(4)(3)(275)(511)(279)(514)
Depreciation of right-of-use assets(20)(14)--(20)(14)
Profit before income tax8,1876,2901,0206889,2076,978
Income tax expense(2,265)(1,761)(4,200)(193)(6,465)(1,954)
Profit after income tax5,9224,529(3,180)4952,74 25,024
Plant and equipment expenditure-6---6
Investment property expenditure--8728687286
Residential land development
expenditure11,6262,420--11,6262,420
Purchase of land for residential
land development6,620---6,620-
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.
IN THOUSANDS
OF DOLLARS
AS AT
30/06/24
AS AT
31/12/23
AS AT
30/06/24
AS AT
31/12/23
AS AT
30/06/24
AS AT
30/06/23
Cash & cash equivalents and
short term bank deposits35,85352,159--35,85352,159
Investment in associates22--22
Tax receivable206---206-
Other segment assets241,754231,23335,64635,8342 7 7,4 0 0267,067
Total assets277,815283,39435,64635,834313,461319,228
Segment liabilities(2,149)(4,054)--(2,149)(4,054)
Tax liabilities(4,299)(1,449)--(4,299)(1,449)
Total liabilities(6,448)(5,503)--(6,448)(5,503)

CDL INVESTMENTS NEW ZEALAND LIMITED AND ITS SUBSIDIARY
NOTES TO THE CONDENSED INTERIM FINANCIAL STATEMENTS
FOR THE HALF YEAR ENDED 30 JUNE 2024 (UNAUDITED)
12 | CDL Investments New Zealand Limited
5. INCOME TAX EXPENSE
RECOGNISED IN THE STATEMENT OF COMPREHENSIVE INCOME
RECONCILIATION OF EFFECTIVE TAX RATE
GROUP
IN THOUSANDS OF DOLLARS6 MONTHS TO
30/06/24
6 MONTHS TO
30/06/23
Current tax expense
Current year2,4761,768
Under/(over) provided for prior years(26)-
2,4501,768
Deferred tax expense
Origination and reversal of temporary differences102186
Changes in treatment of building depreciation3,913-
4,015186
Total income tax expense in the statement of comprehensive income6,4651,954
GROUP
IN THOUSANDS OF DOLLARS6 MONTHS TO
30/06/24
6 MONTHS TO
30/06/23
Profit before income tax9,2076,978
Income tax using the company tax rate of 28% (2023: 28%)2,5781,954
Changes in treatment of building depreciation3,913-
Under/(over) provided for prior years(26)-
6,4651,954
Effective tax rate70%28%
IMPACT OF CHANGE IN TAX DEPRECIATION
Before 2010, all components of commercial buildings were depreciable for tax purposes. On 28 March 2024, the Taxation (Annual Rates for
2023–24, Multinational Tax, and Remedial Matters) legislation was enacted, encompassing a range of changes to tax legislation including the
removal of the tax deduction for depreciation on building core of commercial buildings.
As a result of the change in legislation, income tax expense and deferred tax liability has increased by $3.9m for the six months ended
30 June 2024.

CDL INVESTMENTS NEW ZEALAND LIMITED AND ITS SUBSIDIARY
NOTES TO THE CONDENSED INTERIM FINANCIAL STATEMENTS
FOR THE HALF YEAR ENDED 30 JUNE 2024 (UNAUDITED)
CDL Investments New Zealand Limited | 13
7. RELATED PARTY TRANSACTIONS
CDL Investments New Zealand Limited is a subsidiary of Millennium & Copthorne Hotels New Zealand Limited by virtue of Millennium &
Copthorne Hotels New Zealand Limited owning 65.31% (2023: 65.54%) of the Company and having one out of four of the Directors on the Board.
Millennium & Copthorne Hotels New Zealand Limited is 70.79% (2023: 70.79%) owned by CDL Hotels Holdings New Zealand Limited (computed on
voting shares), which is a wholly owned subsidiary of Millennium & Copthorne Hotels Ltd in the United Kingdom. The ultimate holding company
is Hong Leong Investment Holdings Pte Ltd in Singapore.
During the six month period ending 30 June 2024 CDL Investments New Zealand Limited has reimbursed its parent, Millennium & Copthorne
Hotels New Zealand Limited, $214,000 (2023: $205,000) for shared office expenses incurred by the parent on behalf of the Group and
reimbursed its parent for its portion of insurance premiums of $20,000 (2023: $28,000).
SUBSIDIARYPRINCIPAL ACTIVITY% HOLDING BY
CDL LAND NEW
ZEALAND LIMITED
BALANCE DATE
CDL Land New Zealand Limited
Property Investment
and Development
100.0031 December
ASSOCIATEPRINCIPAL ACTIVITY% HOLDING BY
CDL LAND NEW
ZEALAND LIMITED
BALANCE DATE
Prestons Road LimitedService Provider33.3331 March
6. COMMITMENTS
As at 30 June 2024, 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 the remainder of 2024 in accordance with the Group’s
development programme.
IN THOUSANDS OF DOLLARSAS AT
30/06/24
AS AT
30/06/23
Capital expenditure on investment properties1160
Development expenditure10,54221,471
Land purchases17,10020,407
27,65341,938

14 | CDL Investments New Zealand Limited

Primepac Warehouse, Wiri Auckland