CDI FY2024 Annual Report

ANNUAL
REPORT
2024
Iona Block, Havelock North

2 | CDL Investments New Zealand Limited
2024 FINANCIAL SUMMARY3
CHAIR'S REVIEW4
CHIEF EXECUTIVE OFFICER'S REVIEW5
RESIDENTIAL 2024 SNAPSHOT6
COMMERCIAL 2024 SNAPSHOT7
BOARD OF DIRECTORS8
CDL TEAM9
CORPORATE GOVERNANCE S TAT EM EN T10–17
SUSTAINABILITY GOVERNANCE
AND STRATEGY
18–21
OUTLINE OF MATERIAL RISKS22–23
FINANCIAL STATEMENTS CONTENTS24
FINANCIAL S TAT EM EN T S25–45
INDEPENDENT AUDITOR'S REPORT46–49
REGULATORY DISCLOSURES
AND STATUTORY INFORMATION
50–57
SUBDIVISION LOCATION MAP58
CORPORATE DIRECTORY59
The Directors of CDL Investments New Zealand Limited are pleased to present
the Annual Report of the Company for the year ended 31 December 2024.
Signed for and on behalf of the Board of Directors:
DESLEIGH JAMESON
BOARD CHAIR
28 March 2025
JOHN HENDERSON
INDEPENDENT DIRECTOR
THIS BOOKLET IS PRINTED
USING VEGETABLE INKS ON
CE
RTIFIED FOREST PAPER.
CONTENTS

2024 FINANCIAL
SUMMARY
$49.1M
REVENUE &
OTHER INCOME
$328.6M
TOTA L
ASSETS
5.28 CPS
EARNINGS
PER SHARE
$65.1M
*
COMMERCIAL
VA LUAT I O N
$26.8M
PROFIT
B E FO R E TA X
110 CPS
NET TANGIBLE
ASSET
$422.8M
MARKET
VA LUAT I O N
$ NIL
DEBT
$15.4M
PROFIT
A F T E R TA X
$319.6M
SHAREHOLDERS'
FUNDS
$ 357. 8M
*
RESIDENTIAL
VA LUAT I O N
$32.8M
CASH
AT BA N K
CDL Investments New Zealand Limited | 3

Prestons Park, Christchurch*Values are based on independent external valuations.

4 | CDL Investments New Zealand Limited
FINANCIAL
PERFORMANCE
For the period ended 31 December 2024 CDL Investments New Zealand Limited
(“CDI”) recorded a profit after tax of $15.4 million for 2024 (2023: $13.5 million).
Our overall net profit before tax reflected significant improvements in our
operational performance for the year, however, these gains were impacted
by the a one-off non-cash deferred tax adjustment of $3.9 million due to the
change of government policy on the depreciation of commercial buildings.
Taking advantage of these more favourable market conditions, CDI saw its
profit before tax increase to $26.8 million (2023: $18.7 million). The increase
came as a result of higher property sales and other income which totalled
$49.1 million (2023: $31.2 million). These results confirm that property markets
in New Zealand are showing signs of improvement and there is now a positive
momentum shift with lower interest rates, improved access to bank lending
and easing inflation.
At 31 December 2024, CDI’s shareholders’ funds increased to $319.6 million
(2023: $313.7 million) and total assets also increased to $328.6 million
(2023: $319.2 million). Net tangible assets per share (at book value) also
increased to 109.5 cents (2023: 107.9 cents).
The market value of CDI’s property holdings at year end as independently
valued was $422.8 million (2023: $412.6 million), comprising $357.7 million
(2023: $349.9 million) for its development property and $65.1 million
(2023: $62.7 million) for its investment property portfolios. At cost, the
portfolio was valued at $287.7 million (2023: $260.4 million) in line with CDI’s
accounting policies.
PROPERTY
PORTFOLIO
We recorded a total of 92 residential section sales during 2024, notably from
Prestons Park (Christchurch) which performed above expectations along with
contributions from our Kewa and Tram Valley Road subdivisions in Auckland,
which are now sold out. Pre-titled sales have begun at our Iona development
in Havelock North and we expect both Prestons Park and Iona to continue to
be strong sellers in 2025.
In addition to the 10.8 hectares of land in Nelson that was settled during
January 2024, we acquired a further 10.08 hectares of industrial-zoned land
located in Wairakei Road in Harewood, Christchurch. These acquisitions are in
line with our long term strategic objectives to ensure that we have a sufficient
pipeline of land to maintain residential sales over the medium to long term.
Our commercially zoned land will also help ensure that we are able to continue
growing an investment property portfolio with additional design, build and
lease warehousing projects to add value to our portfolio.
As announced in October 2024, we were pleased to have our R2 Growth Cell
(Hamilton) and Arataki Road (Havelock North) projects be included in the
Fast-track Approvals legislation, which was enacted on 23 December 2024.
The CDL Land team are presently progressing both projects and we look
forward to providing further updates during the course of the year as we
progress these exciting two developments.
Post balance date, the purchase of 6.5 hectares of land in Hamilton was
settled during January 2025.
DIVIDEND
ANNOUNCEMENT
The Board has resolved to maintain its fully imputed ordinary dividend at 3.5
cents per share payable on 16 May 2025. Once again, the Board has balanced
the call from shareholders to be rewarded for improved performance against
the company’s need to retain cash to fund development works and acquisitions.
The effect of the deferred tax adjustment, while a non-cash item, was also taken
into consideration.
The record date will be 2 May 2025. The Dividend Reinvestment Plan will apply
to this dividend.
SUMMARY
AND OUTLOOK
Economic indicators are expected to remain stable within the property markets
both for residential and industrial development and we are looking to advance
our development works across our key sites, particularly our two fast track
projects in Hamilton and the Hawke's Bay.
From a residential perspective, with a number of pre-titled section sales from
our Iona and Prestons Park developments in-hand and work already underway
developing additional stages, these developments will be critical to our results
and successes in 2025. Planning works at our two Nelson/Tasman sites and
Worsley Road site in Cashmere, Christchurch, will also be advanced to ensure
that initial earthworks can start as quickly as possible after consents are
received. We will also be looking to progress our fast-track applications as
soon as feasibly possible.
From a commercial point of view, we are keen to advance development of our
industrial-zoned land at Wairakei Road, Christchurch which we acquired this year.
Planning works for this land have commenced and we are looking to prioritise
development of this land to meet current demand.
Having strengthened the Board once more with the appointment of Janie Elrick,
a highly experienced and knowledgeable independent director, the Board is
confident that good progress will continue across our developments, current
sales and development pipeline, as we look to again improve on last year’s
performance during 2025.
On behalf of the Board, I would like to thank Jason and the Management team
for their efforts in 2024 and our shareholders for their continued loyalty to
CDI once again.
DESLEIGH JAMESON
BOARD CHAIR
24 February 2025
CHAIR'S
REVIEW

CDL Investments New Zealand Limited | 5

Last year, I mentioned that 2024 was CDI’s 30th year of operations under its
current name. I also used three words to describe our future plan for the
company, namely “innovative”, “positive” and “profitable”. I am happy to
report that we have managed to live up to all three.
Starting with “profitable”, we were pleased to get back on track in 2024 with
our results reflecting an improvement in the residential property market,
influenced by lower inflation and interest rates, producing an uptick in sales
especially in areas like Christchurch where demand and growth was highest.
Moving forward, management is focused on boosting sales in 2025 where we
can to continue our current tempo as well as ensuring that we are developing
land in regions to meet demand.
“Positive” describes our current attitude and approach towards our development
projects and acquisitions. Market data suggests that sales volumes are rising
across the country as the residential property markets improve. While easing
inflation and falling interest rates are likely to boost residential demand, we are
conscious that the cost of living in NZ remains high and there are still challenges
ahead for a number of business sectors. That said, the government’s focus on
growth is positive and we expect this will support the wider property market
and section sales in areas where economic growth is strongest.
Increasing our residential and commercial development pipeline was our
priority last year and I am pleased to report we have done just that by settling
20.8 hectares of land in Nelson/Tasman and Christchurch, with a further
9.6 hectares in Hamilton and Havelock North under agreement. I am particularly
pleased with our industrial-zoned land acquisition in Christchurch, as it remains
a strategic region for us. As well as generating a healthy percentage of our
overall sales in 2024, we have reinforced our commitment to Christchurch by
acquiring land at Worsley Road where preliminary works will commence later
this year and at our industrial-zoned land at Wairakei Road in Harewood we are
looking to lodge resource consent applications for infrastructure development
works in the near future. The mix of residential and industrial projects will
benefit CDI over the short to medium term and will generate inventory for
additional sales in the next few years as well as allowing us to continue our
commercial development projects, which add further diversity to our portfolio.
Our key development at Iona Road (Havelock North) is progressing very well
with the completion of construction of the first three stages. Pre-titled sales
have already commenced and are due to settle before the end of the year.
Other remaining sub-stages in stage 1 are being developed and these are
targeted for completion and release in the third quarter of 2025.
Opportunities for further growth still exist and we are actively investigating a
number of current opportunities to acquire land in areas where we have existing
holdings as well as re-entering areas where we have not conducted development
for some time. The Board has given the Management team clear directions on
how to execute the company’s medium to long term strategies and to look for
opportunities that will allow the company to grow and flourish over the next
two decades. We are therefore determined to ensure that all shareholders can
continue to be rewarded for their investment in the company over the medium
to long term.
We see our “innovation” coming through new ways to advance our projects
and in 2024 this was reflected in getting our Arataki Road (Havelock North)
and R2 (Hamilton) Growth Cell Projects into the Fast-track approvals legislation,
which was a significant step for us. As we said when announcing the inclusion
of our two projects in the Fast Track process, both were assessed independently
by a Projects Advisory Group and two ministers who resolved each project
demonstrated substantial housing benefits in their respective regions by delivery
of over 1500 dwellings and 35 hectares of commercial land between them.
During 2024 we expanded the CDL team with the addition of a new Accountant/
Financial Controller and Sustainability Advisor who will assist the Board and
Management with the company’s strategy and growth over the next few years.
We are looking forward to another year of being “innovative”, “positive” and
“profitable” in 2025. We have much to be excited about and I look forward to
sharing the journey with you.
JASON ADAMS
CDI CHIEF EXECUTIVE
CEO'S
REVIEW

6 | CDL Investments New Zealand Limited
Kewa Road, AuckandTram Valley Road, Auckland
Iona Terraces, Havelock North
$46.0M
SALES
REVENUE
93.8%
TOTAL
REVENUE
92
# SECTIONS
SOLD
$ 357. 8M
*
RESIDENTIAL
PORTFOLIO VALUE
11
TOTAL #
DEVELOPMENTS
20.8 HA
LAND
ACQUIRED
RESIDENTIAL
2024 SNAPSHOT
*Values are based on independent external valuations.

CDL Investments New Zealand Limited | 7

$3.01M
LEASE REVENUE
4
# OF PROPERTIES
$65.1M
*
COMMERCIAL
PORTFOLIO VALUE
3.1 HA
COMMERCIAL
PORTFOLIO AREA
COMMERICAL
LEASING
2
# OF DEVELOPMENTS
10.08 HA
LAND
ACQUIRED
COMMERICAL
LAND
DEVELOPMENT
16,402 M
2
NETT LETTABLE AREA
100%
LEASED
$2.06M
LEASE REVENUE
5 YEARS
WEIGHTED AVERAGE
LEASE EXPIRY
2
# OF PROPERTIES
WAREHOUSES
3,411 M
2
NETT LETTABLE AREA
80%
LEASED
$0.69M
LEASE REVENUE
4.62 YEARS
WEIGHTED AVERAGE
LEASE EXPIRY
2
# OF PROPERTIES
R ETAIL
Primepac, Roscommon Road, Auckland
Prestons Retail Centre, Canterbury
COMMERCIAL
2024 SNAPSHOT

8 | CDL Investments New Zealand Limited
BOARD OF DIRECTORS
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.
JANIE ELRICK
Independent Non-Executive Director
& Chair of the Audit Committee
Ms. Elrick is a highly skilled governor and senior
executive who brings deep strategic and financial
expertise combined with strong commercial acumen to
the organisations she works with.
She is a seasoned professional who provides sound
counsel from an experience base of deal structuring,
tax, banking, law and multiple CFO roles including
Downer Construction, Steel & Tube Ltd, Synlait, and
Zespri. She is highly principled and passionate about
creating commercial success.
Currently she is a director and Chair of the Audit
Committee of Inframax Construction Ltd, Trustee
and Chair of the Audit and Risk Committee of
Community Living Trust, and Chair and shareholder
of Door Solutions (2021) Ltd.
She is a member of the Institute of Directors, and is
a Chartered Accountant.
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
Board Chair, Independent
Non-Executive Director & Member
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
JACKSON BULL
General Manager & Senior
Development Manager
CDL Land
CDL Invesments & CDL LandCDL Land
JASON ADAMS
Chief Executive Officer
MELISSA CROWE
Development Manager
CDL Investments & CDL LandCDL Invesments & CDL Land
CDL Invesments & CDL LandCDL Invesments & CDL Land
CDL Investments & CDL Land
CDL Invesments & CDL Land
SIMONE CROMHOUT
Administrator
NATASHA HOOD
Group Accounting Manager
TAK ESHI ITO
Company Secretary
SIAN CAMP
Sustainability Manager
GEOFF DONLEY
Accountant/Financial Controller
ANAND RAMBHAI
Vice President Finance

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 financial
year ending 31 December 2024 and is current as at 31 December 2024.
It has been approved by the board of directors of CDI.
In late 2023 financial year and early 2024, 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. CDI regularly conducts 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.
From 1 January 2024 until the updated version of the Code of Ethics was
adopted in February 2024, 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 that 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 was 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 on the Company’s website.
From 1 January 2024 until the written board charter was adopted in March
2024, 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 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 that period.
Certain powers are delegated to Board Committees and Subcommittees.
The role of the Committees is detailed under Principle 3.

CDL Investments New Zealand Limited | 11

Day-to-day management is delegated to the Chief Executive Officer 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. From 1 January 2024
until the Board Charter was adopted in March 2024, 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 that 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
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 in March 2024. The Board
currently comprises Desleigh Jameson (Chair), Janie Elrick (Chair of the
Audit Committee) John Henderson, Eik Sheng Kwek and Vincent Yeo.
CDI has determined that its Chair Desleigh Jameson, Janie Elrick 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.
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.
Highlands Drive, Richmond

12 | CDL Investments New Zealand Limited
CORPORATE GOVERNANCE
STATEMENT – CONTINUED
From 1 January 2024 until when Janie Elrick was appointed in November
2024, CDI did not 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 did 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 that period.
CDI’s Chair is an Independent Director and is not the CEO.
BOARD MEETINGS
Board meetings are generally held quarterly, with additional meetings
convened when required. The table below details directors’ attendances
during 2024.
DIRECTOR MEETINGS ATTENDED IN 2024
Desleigh Jameson (Chair)5/5
Vincent Yeo5/5
Eik Sheng Kwek5/5
John Henderson5/5
Janie Elrick(*)1/1
Colin Sim (Chair to March 2024)2/2
Jason Adams (Managing Director to March 2024)1/2
SKILL/ATTRIBUTE RELEVANT DIRECTOR
Retail, marketing, brand and sales experience Jameson, Yeo
Governance experience
Elrick, Henderson, Jameson, Kwek, Yeo
Large enterprise/multinational
Elrick, Henderson,
business or leadership experience
Jameson, Kwek, Yeo
Accounting/finance/tax experience
Elrick, Jameson, Kwek
Business strategy experience
Elrick, Henderson, Jameson, Kwek, Yeo
Property development/management experience
Jameson, Kwek, Yeo
SKILLS
In 2022, the Board revised its Skills Matrix to demonstrate the skills,
experience and diversity of its Board. The Skills Matrix for 2024 is:
TRAINING
The directors undertake their own training to remain current on how to
best perform their duties as directors of CDI. Under the Board Charter
CDI adopted 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 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.
We are also looking to review and refresh our training around diversity
issues in the workplace. 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 2024.
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 to
December 2024), Janie Elrick (Chair from December 2024), Desleigh Jameson
and Eik Sheng Kwek.
The Audit Committee operates under a written charter. The Audit Committee
Charter is available on the Company’s website.

CDL Investments New Zealand Limited | 13

DIRECTOR MEETINGS ATTENDED IN 2024
Janie Elrick (Chair from December 2024)1/1
John Henderson (Chair until December 2024)3/3
Desleigh Jameson3/3
Kwek Eik Sheng 2/2
Jason Adams (until March 2024) Nil
From 1 January 2024 until when Mr Adams (CDI’s Managing Director) resigned
as a director (and ceased to be an Audit Committee member), CDI did not
comply with 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 that period.
The table below reports attendance of the Audit Committee members
during 2024:
In March 2024, Mr. Adams retired from the Board and became Chief
Executive Officer at which time Mr. Kwek was appointed to the Audit
Committee. CDI therefore complied with Recommendation 3.1 of the
NZX Code from that point.
Employees, including the Chief Executive Officer after he ceased to be
a member of the Audit Committee in March 2024, 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).
From 1 January 2024 until the Takeovers Protocols were adopted in February
2024, 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 that period.
Boundary Line, Roscommon Road, Auckland

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 Chair, the Chair 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;
•
De
termining the timing of disclosure of any information in
accordance with the CDP;
•
Ap
proving 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;
• De
veloping mechanisms designed to identify potential material
information (e.g., agenda item on management meetings); and
•
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 in the Corporate Governance Policies section (under Corporate
Profile) of 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 was increased by shareholder resolution
at the 2024 annual meeting of shareholders. The fee pool is now capped at
$300,000.
After review by the Board, non-executive directors are now each entitled
to receive a base fee of NZ$35,000 per annum. The Board Chair receives a
total fee of $49,000 and the Chair of the Audit Committee receives a further
NZ$7,000 per annum in addition to the base fee. 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 2024 financial year is
set out in the Statutory Information section of our 2024 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. From 1 January 2024 until the
remuneration policy was adopted in March 2024, 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
this period.
EMPLOYEE REMUNERATION
Employee remuneration (including that of the Chief Executive Officer 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

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 medical insurance.
c) Includes short term incentive for FY2022 and FY2023.
The Chief Executive Officer is entitled to receive up to 30% of his base salary
under the short-term incentive arrangements in respect of a financial year.
Payment is based on achieving certain key performance indicators. The key
performance indicators are based on company financial and overall business
performance. These include meeting budget or certain revenue targets.
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, they do 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 within 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.
FY2023FY2024
Base Salary (a)$400,822$405,862
Benefits (b)$15,622$15,470
Short Term Incentives (c)Nil $150,000
Total$416,444$571,332
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. From 1 January 2024 until the
remuneration policy was adopted in March 2024, 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 that period.
CHIEF EXECUTIVE’S REMUNERATION

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 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);
•
Ha
s not, within two years prior to the commencement of the audit, had
as a member of its audit engagement team CDI’s Chief Executive Officer,
Vice President Finance, Group Accounting Manager, or any member of
the Company’s Management who acts in a financial oversight role; and
•
Do
es 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) th
e external auditor should not be responsible for the design
or implementation of financial information systems; and
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:
•
Du
e diligence (except valuations) on proposed transactions;
•
Re
view of financial information where third party verification is
required or deemed necessary (outside the normal audit process);
•
Co
mpletion audits/reviews;
•
Fi
nancial model preparation or review;
•
Ac
counting policy advice;
•
Li
sting advice;
Lucas Terrace, Nelson

CDL Investments New Zealand Limited | 17

• Accounting/technical training; and
• Taxation services of an assurance nature.
It is not considered appropriate for CDI’s external auditors to provide:
• Book keeping services related to accounting records or financial
statements;
• Ta
x 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;
•
Ou
tsourced internal audit and risk management services;
•
Le
gal services;
• Management functions;
• Br
oker/dealer/investment adviser/investment banking services;
•
Advocacy for the Company;
• Actuarial services; and
• As
sistance 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. This policy does
not prescribe any particular ratio of non-audit service fees to audit fees
but the Committee shall monitored the fees and ratio.
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;
• Pu
blication of the company’s annual and interim reports which are
sent to all shareholders; and
•
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 available on CDI’s website
www.cdlinvestments.co.nz.
Shareholders have the option to receive communications from the
issuer electronically.

18 | CDL Investments New Zealand Limited
SUSTAINABILITY GOVERNANCE
AND STRATEGY
OVERVIEW
CDL Investments New Zealand Limited (CDI) has developed sections across
New Zealand for nearly three decades with a residential profile that spans
Auckland, Hamilton, Tauranga, Taupo, Havelock North, Hastings, Nelson,
Canterbury and Queenstown. Our recent commercial developments are
located in the Canterbury and Auckland regions.
CDI prides itself in long-standing relationships across our supply chain and
we strive to be a reliable and trustworthy developer. We are committed to
forming the foundations for sustainable communities through responsible
development and do this by applying a long-term view for each of our
developments to build for generations to come.
We are also aware of the environmental impact that our work may have
on both a short and long-term basis and have taken necessary steps to
both assess and measure our impact, and start planning for adaptation
to maintain a sustainable value chain through our operations.
GOVERNANCE
CDI’s Board oversees Sustainability, which includes environmental, social
and governance, which is commonly referred to as ESG. Their scope also
includes climate related risk and opportunities, climate-related financial
impacts, and transition planning for climate change adaptation. The Board
is responsible for setting sustainability targets and ensuring progress
against climate-related goals.
CDL Land New Zealand Limited (CDL), the 100% wholly owned operational
subsidiary of CDI, has recently on-boarded a Sustainability Advisor (Ms
Sian Camp) to support with preparing, monitoring, assessing and reducing
the potential impact that CDL’s activity may have on the climate and wider
environment. As a team, CDL’s Sustainability Advisor, Development
Managers, General Manager, and CEO will:
•
Mo
nitor and assess climate and environmental impact
•
Re
port on impacts and progress against sustainability targets
•
Ma
nage and implement the sustainability strategy and associated
goals and targets
Arataki Road, Havelock North

CDL Investments New Zealand Limited | 19

STRATEGY
In 2024, CDI adopted the United Nations Sustainable Development Goals
(UN SDGs) as a reference for developing our Sustainability Strategy. We have
outlined key SDGs that are currently relevant to our business and how our
work aligns below:
9: Industry, innovation and infrastructure
•
Cl
imate change
•
Re
sponsible investment
•
De
sign and innovation
8: Decent work and economic growth
• Economic contribution to society
•
Wor
kplace safety
7: Affordable and clean energy
• Climate change
• Energy efficiency
• Ren
ewable energy
6: Clean water and sanitation
• Water management and efficiency
• Erosion and sediment control
5: Gender equality
• Equal opportunity employer
•
Pro
motion of diversity
•
Talent attraction, development and retention
4: Quality education
•
Talen
t attraction, development and retention
UN SDGCDI focus/impact area
15: Peace, justice and strong institutions
• Business ethics and anti-corruption
• Cy
ber security and data governance
15: Life on land
• Responsible supply chain and sourcing
14: Life below water
• Water management and efficiency
• Erosion and sediment control
13: Climate action
• Emissions reduction
•
Wa
ter management and efficiency
•
Renewable energy
12: Responsible consumption and production
• Responsible supply chain and sourcing
•
Wa
ter management and efficiency
•
Supplier engagement
11: Sustainable cities and communities
•
Re
sponsible investment
•
Local community impact
UN SDGCDI focus/impact area
Heading into 2025, CDI has identified the following material topics to focus on:
• Streamlining inventory collection, improvements in capturing sources
and analysis of yearly trends
• Supplier and contractor engagement to help facilitate
inventory improvements
• Em
issions reduction
•
Inclusion of climate-related risks and opportunities in decision making
We have been measuring our emissions footprint since 2023, where we
joined the Toitu Envirocare Carbon Reduce programme and have completed
the requirements to become a Toitu Carbon Reduce certified organisation
for both 2023 and 2024.
Over this time, CDI has been improving our methodology to include capturing
wider emission sources and improving our accuracy of data collection. CDI has
a relatively small direct emissions footprint which is reflected in the size of the
organisation. With two years of data, we are still early in the process but are
progressing interim targets to quantify progress against our 2023 baseline
going forward. Capturing our scope 3 emissions is one of the goals for 2025
and these are expected to increase the size of our emissions footprint.
For 2025, CDI will be focussing on capturing more of our emissions coming from
our supply chain, and will do this through supplier (i.e. external consultant and
contractor) engagement. Once we have a clearer understanding of our scope 3
profile, we will be able to set reasonable and achievable GHG emissions targets
that address our organisations wider impact.
Table 1: United Nations Sustainable Development Goals

20 | CDL Investments New Zealand Limited
SUSTAINABILITY GOVERNANCE
AND STRATEGY
MEASURING
EMISSIONS
CDI began measuring our climate change emissions in 2023 and this has
formed our base-year or baseline. Table 2 shows progress made against
this baseline for 2024.
1
We have had an overall reduction in emissions,
however, it should be noted that some of these reductions are a result
of changing our organisation boundary approach from an “equity share”
to “operational control” approach to better reflect our business activity.
For the reporting period 1 January 2024 to 31 December 2024 our
greenhouse gas emission inventory was prepared in accordance with
the GHG Protocol Corporate Accounting and Reporting Standard and
ISO 14064-1:2018 standard.
GHG SubcategoryISO CategoryDescriptionFY23 tCO
2
e FY24 tCO
2
e
Scope 1: Direct emissions10.80 tCO
2
e
1Mobile combustion (including company owned or leased vehicles) 12.1910.80
1Fugitive emissions (from use of refrigerants in air-conditioning)2.000
Scope 2: Indirect emissions from purchased electricity1.65 tCO
2
e
2Imported electricity consumption (location-based)1.411.60
2Imported electricity for EVs (location-based)00.05
Scope 3: Indirect emissions from value chain30.94 tCO
2
e
C14Purchased goods and services – potable water supply (only)0.06<0.0
C34
Fuel and energy-related activities – transmission and distribution
(T&D) losses from purchased electricity and offsite EV charging
0.120.12
C54Waste generated in operations – disposal of solid waste – landfilled0.671.72
C54
Waste generated in operations – solid waste not landfilled recycling
and composting
0.110.29
C63
Business travel – transport (non-company owned vehicles)
– air travel, rental vehicles and taxi
32.6228.81
Total49.1943.40
CDI’s FY24 GHG inventory (scope 1 and 2 emissions) will be subject to
independent limited assurance. The limited assurance conclusion once
finalised will be included in the FY24 Climate Statement, in accordance
with the Aotearoa New Zealand Climate Standards. The Climate Statement
will expand on GHG inventory development and rationale and include
Climate Related disclosures for FY2024 (see section Climate Related
Financial Disclosures).
Our FY24 Climate Statement can be found on the CDL website at
https://cdlinvestments.co.nz/corporate_profile/
Toitu Carbon Reduce certified organisation: CDL Investments
New Zealand Limited. Toitu Carbon Reduce certified means
measuring emissions to ISO 14064-1:2018 and Toitu requirements;
and managing and reducing against Toitu requirements.
Reference
1 Note numbers are subject to change following limited assurance engagement.
Table 2: FY2024 Emissions Summary

CDL Investments New Zealand Limited | 21

CLIMATE RELATED
FINANCIAL DISCLOSURES
CDI is a climate reporting entity (CRE) under the Financial Sector
(Climate-related Disclosures and Other Matters) Amendment Act 2021. CDI
reported under the Aotearoa New Zealand Climate Standards, for the first
time in our FY23 Annual Report.
For FY24 and beyond, CDI will publish mandatory climate-related disclosures
separately to its Annual Report (using an FMA exemption available for this
financial year). This will be in the form of a Climate Statement outlining
business practices across governance, strategy, risk management, targets
and metrics. This statement will contain the FY2024 greenhouse gas
inventory, climate-related risks and opportunities, current climate-related
financial impacts and other requirements.
Our FY24 Climate Statement can be found on the CDL website at
https://cdlinvestments.co.nz/corporate_profile/
Iona Terraces, Havelock North

22 | 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 what how they will be impacts 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.
We set 2023 as our baseline year for reporting purposes and appointed
Toitu Envirocare to assist with the analysis of emissions and other carbon
data. In early 2025 we appointed a dedicated Sustainability Consultant.
Having achieved Toitu Carbon Reduce certification for FY2023 which we
have retained for FY2024, we are now looking to set targets for emissions
reduction using a science-based target in 2025. CDI will also look for
opportunities to include more environmentally friendly technologies across
its developments.
We completed and filed our first Climate Statement in 2024 and this can be
found at https://cdlinvestments.co.nz/corporate_profile/. Our 2024 Climate
Statement will be published and submitted in April 2025. Later in 2025,
additional work will include analysis of our supply chain and work to report
Scope 3 emissions.
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.
Wairake Road, Harewood, Canterbury

CDL Investments New Zealand Limited | 23

WORKFORCE
As a small business which requires highly skilled personnel, CDI
faces significant risk if it is unable to employ sufficiently qualified
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 managers 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.
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 (both
employees and guests) 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 Project
Managers or engaging external assistance where necessary. Together with
external consultants such as 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 the best-qualified vendors 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.
MCK 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.

24 | CDL Investments New Zealand Limited
CDL INVESTMENTS NEW ZEALAND LIMITED
FINANCIAL STATEMENTS CONTENTS
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME 25
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY 26
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
27
CONSOLIDATED STATEMENT OF CASH FLOWS
28–29
NOTES TO THE FINANCIAL STATEMENTS 30–45
INDEPENDENT AUDITOR'S REPORT 46–49
REGULATORY DISCLOSURES
AND STATUTORY INFORMATION CONTENTS
REGULATORY DISCLOSURES 50–51
STATUTORY INFORMATION
52
–57

CDL Investments New Zealand Limited | 25

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 2024 2023
Property sales 46,049 28,063
Rental income 3,010 2,716
REVENUE 49,059 30,779
Cost of sales (19,274) (10,926)
GROSS PROFIT 29,785 19,853
Other income 28 397
Administrative expenses 3, 4 (1,070) (1,433)
Property expenses (712) (527)
Selling expenses (1
,291)
(7
20)
Other expenses 3, 4 (2,351) (2,373)
RESULTS FROM OPERATING ACTIVITIES 24,389 15,197
Finance income 5 2,381 3,514
Finance costs 5 (9) (12)
NET FINANCE INCOME 2,372 3,502
PROFIT BEFORE INCOME TAX 26,761 18,699
Income tax expense 6 (11,380) (5,236)
PROFIT FOR THE PERIOD 15,381 13,463
TOTAL COMPREHENSIVE INCOME FOR THE PERIOD 15,381 13,463
Profit attributable to:
Equity holders 15,381 13,463
TOTAL COMPREHENSIVE INCOME ATTRIBUTABLE TO: EQUITY HOLDERS 15,381 13,463
Basic and diluted earnings per share (cents per share) 13 5.28 4.64
For the year ended 31 December 2024
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

26 | 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 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 - (1
0,108)
(1
0,108)
Supplementary dividend
13 – (211) (211)
Foreign investment tax credits 13 – 21
1
21
1
BALANCE AT 31 DECEMBER 2023 67,318 246,407 313,725
Balance at 1 January 2024 67,318 246,407 313,725
Total comprehensive income for the period
Profit for the period - 15
,381
15
,381
TOTAL COMPREHENSIVE INCOME FOR THE PERIOD – 15,381 15,381
Transactions with owners of the Company
Shares issued under dividend reinvestment plan 13 723 - 723
Dividend to shareholders
13 – (10,177) (10,177)
Supplementary dividend 13 – (221) (221)
Foreign investment tax credits 13 – 221 221
BALANCE AT 31 DECEMBER 2024 68,041 251,611 319,652
For the year ended 31 December 2024
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 | 27

CDL INVESTMENTS NEW ZEALAND LIMITED
GROUP
IN THOUSANDS OF DOLLARS NOTE 2024 2023
SHAREHOLDERS’ EQUITY
Issued capital 13 68,041 67,318
Retained earnings 251,611 246,407
TOTAL EQUITY 319,652 313,725
Represented by:
NON CURRENT ASSETS
Property, plant and equipment
70 11
4
Development property
8 222,077 203,034
Investment property 9 36,301 35,834
Investment in associate 2 2
TOTAL NON CURRENT ASSETS 258,450 238,984
CURRENT ASSETS
Cash and cash equivalents 12 32,803 2,159
Short term deposits
484 50,000
Trade and other receivables 11 7,517 6,578
Development property 8 29,368 21,507
TOTAL CURRENT ASSETS 70,172 80,244
TOTAL ASSETS 328,622 319,228
NON CURRENT LIABILITIES
Deferred tax liabilities 10 4,354 284
Lease liability 23 57
TOTAL NON CURRENT LIABILITIES 4,377 341
CURRENT LIABILITIES
Trade and other payables
2,
154
3,
820
Employee entitlements
151 138
Income tax payable
2,
254
1,
165
Lease liability
34 39
TOTAL CURRENT LIABILITIES 4,593 5,162
TOTAL LIABILITIES 8,970 5,503
NET ASSETS
319,652 313,725
For and on behalf of the Board
As at 31 December 2024
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
J ELRICK, DIRECTOR
24 February 2025
The accompanying notes form part of, and should be read in conjunction with these financial statements.
D JAMESON, DIRECTOR
24 February 2025

28 | CDL Investments New Zealand Limited
CDL INVESTMENTS NEW ZEALAND LIMITED
GROUP
IN THOUSANDS OF DOLLARS NOTE 2024 2023
CASH FLOWS FROM OPERATING ACTIVITIES
Cash was provided from:
Receipts from customers 48,007 29,469
Interest received 2,850 3,509
Cash was applied to:
Payment to suppliers (27,317) (14,088)
Payment to employees (1,286) (1,280)
Deposits paid on unconditional contracts for development land 19 (663) (662)
Purchase of development land
(23,720) (20,407)
Income tax paid (6,000) (6,850)
NET CASH OUTFLOW FROM OPERATING ACTIVITIES (8,129) (10,309)
CASH FLOWS FROM INVESTING ACTIVITIES
Cash was provided from:
Short term deposits 50,000 40,075
Cash was applied to:
Development of investment property (1,017) (386)
Purchase of plant and equipment
(2) (14)
Short term deposits (484) (50,000)
NET CASH INFLOW/(OUTFLOW) FROM INVESTING ACTIVITIES 48,497 (10,325)
CASH FLOWS FROM FINANCING ACTIVITIES
Cash was applied to:
Dividend paid (9,454) (8,619)
Principal repayment of lease liability (49) (44)
Supplementary dividend paid (2
21)
(2
11)
NET CASH OUTFLOW FROM FINANCING ACTIVITIES (9,724) (8,874)
Net increase/(decrease) in cash and cash equivalents 30,644 (29,508)
Add opening cash and cash equivalents
2,
159
31
,667
CLOSING CASH AND CASH EQUIVALENTS 12 32,803 2,159
For the year ended 31 December 2024
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 | 29

CDL INVESTMENTS NEW ZEALAND LIMITED
GROUP
IN THOUSANDS OF DOLLARS NOTE 2024 2023
RECONCILIATION OF PROFIT FOR THE PERIOD TO CASH FLOWS FROM OPERATING ACTIVITIES
Net Profit after Taxation 15,381 13,463
Adjusted for non cash items:
Depreciation of investment property 550 933
Depreciation of plant and equipment 8 7
De
preciation of right-of-use assets
39 34
I
ncome tax expense 6 11,380 5,236
Interest expense 9 12
Adjustments for movements in working capital:
Increase in receivables (939) (4,251)
Increase in development property (26,904) (21,393)
Increase/(decrease) in payables (1,653) 2,500
CASH CONSUMED FROM OPERATING ACTIVITIES (2,129) (3,459)
Income tax paid (6,000) (6,850)
CASH OUTFLOW FROM OPERATING ACTIVITIES (8,129) (10,309)
For the year ended 31 December 2024
CONSOLIDATED STATEMENT OF CASH FLOWS – CONTINUED
The accompanying notes form part of, and should be read in conjunction with these financial statements.

30 | CDL Investments New Zealand Limited
CDL INVESTMENTS NEW ZEALAND LIMITED
MATERIAL 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 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
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 24 February 2025.
(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)
BA
SIS 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
it
s involvement with the entity and has the ability to affect those returns through its power over the entity. The financial statements of subsidiaries
are i
ncluded in the consolidated financial statements from the date on which control commences until the date on which control ceases.
In
tragroup balances and any unrealised gains and losses or income and expenses arising from intragroup transactions, are eliminated in preparing
th
ese consolidated financial statements.
(D)
TRA
DE AND OTHER PAYABLES
Trade and other payables are stated at amortised cost.
(E)
PRO
PERTY, 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 y
ears
• Building surfaces and finishes
30 y
ears
• Building services
20 – 3
0 years
• Plant and equipment
3 – 10 y
ears
No residual values are ascribed to building surfaces and finishes. Residual values ascribed to building core depend on the nature, location and tenure
of each property. Depreciable values of 10% are ascribed to building core.
For the year ended 31 December 2024
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

CDL Investments New Zealand Limited | 31

CDL INVESTMENTS NEW ZEALAND LIMITED
MATERIAL ACCOUNTING POLICIES – CONTINUED
(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 2025 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 2025.
The Group is in the process of finalising the evaluation of impact from the following new and amended standards, including changes in the
Presentation and Disclosure in Financial Statements in line with NZ IFRS 18. The Group does not expect material financial impact from these new
and amended standards but note this may change the presentation and disclosures of the consolidated financial statements.
1. Am
endments to NZ IAS21 Lack of Exchangeability.
2.
Am
endments to NZ IFRS 9 and NZ IFRS 7 Classification and Measurement of Financial Instruments.
3.
Annual Improvements to NZ IFRS Accounting Standards – Volume 11.
4.
NZ I
FRS 18 Presentation and Disclosure in Financial Statements.
5.
IAF
RS 19 Subsidiaries without Public Accountability: Disclosures.
6.
Am
endments to NZ IFRS 10 and NZ IAS 28 Sale or Contribution of Assets between an Investor and its Associate or Joint Venture.
(H)
NEW CURRENTLY EFFECTIVE STANDARDS
The Group adopted all amended standards that became effective during the reporting period, specifically FRS- 44 New Zealand Additional Disclosures
of Fees for Audit Firms’ Services. However, these new standards did not have any impact on the financial position, performance and cash flows of
the Group.
The Group has adopted the International Tax Reform – Pillar Two Model Rules – Amendments to NZ IAS 12 approved by the New Zealand External
Reporting Board from the issuance date of 10 August 2023. The amendments provide a temporary mandatory exception from deferred tax accounting
and require new disclosures in the annual financial statements in relation to the implementation of the Pillar Two Model Rules published by the
Organisation for Economic Co-operation and Development. The Group has applied the exception with immediate effect. The mandatory exception applies
retrospectively. The group has a presence in jurisdictions that have enacted or substantively enacted legislation in relation to the Pillar Two model rules.
The ultimate parent of the group also being captured under the said rule in their country of operation. Refer to income tax note 6 for detail discussion.
For the year ended 31 December 2024
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS – CONTINUED

32 | CDL Investments New Zealand Limited
CDL INVESTMENTS NEW ZEALAND LIMITED
For the year ended 31 December 2024
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 m
ake decisions on resource allocation to the segment and assess its performance, and
• For which discrete financial information is available.


IN THOUSANDS OF DOLLARS 2024 2023 2024 2023 2024 2023
External revenue 46,313 28,285 2,746 2,494 49,059 30,779
Earnings before interest, depreciation,
amortisation & tax
22,255 13,698 2,731 2,473 24,986 16,171
Finance income 2,381 3,514 - - 2,381 3,514
Finance costs
(9
)
(1
2)
- – (9
)
(1
2)
Depreciation and amortisation
(8) (7) (550) (933) (558) (940)
Depreciation of right-of-use assets (39) (34) - – (39) (34)
Profit before income tax
24,580 17,159 2,181 1,540 26,761 18,699
Income tax expense (6
,852)
(4
,805)
(4
,528)
(4
31)
(1
1,380)
(5
,236)
PROFIT AFTER INCOME TAX 17,728 12,354 (2,347) 1,109 15,381 13,463
Cash & cash equivalents and
short term bank deposits 33,287 52,159 - - 33,287 52,159
Investment in associates
2 2 – – 2 2
Ot
her segment assets 259,032 229,456 36,301 35,834 295,333 265,290
TOTAL ASSETS 292,321 281,617 36,301 35,834 328,622 317,451
Segment liabilities (2,362) (2,277) – - (2,362) (2,277)
Tax liabilities
(2
,229)
(1
,449)
(4
,379)
- (6
,608)
(1
,449)
TOTAL LIABILITIES (4,591) (3,726) (4,379) - (8,970) (3,726)
Plant and equipment expenditure 2 57 - - 2 57
Investment property expenditure - - 1,017 386 1,017 386
Residential land development expenditure 22
,458
10
,135
- - 22
,458
10
,135
Purchase of land for residential land development
23,720 20,407 - - 23,720 20,407
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.
GROUP
RESIDENTIAL LAND
DEVELOPMENT
INVESTMENT
PROPERTY

CDL Investments New Zealand Limited | 33

CDL INVESTMENTS NEW ZEALAND LIMITED
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS – CONTINUED
For the year ended 31 December 2024
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 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 exceeds the carrying value of investment properties (see Note 9). In determining the recoverable amount, the valuer adopted primarily
the income capitalisation approach with discounted cash flow and depreciated replacement cost approaches used to corroborate. The income capitalisation
approach 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 continues to assess the impact of climate change on its business and its tangible assets. Climate change poses significant risks and challenges
for the land development industry (residential and commercial), as it affects the physical, operational, and financial aspects of land development. Extreme
weather events, such as floods, storms, heatwaves, and droughts, can damage existing infrastructure, disrupt the supply chain, reduce the ability to conduct
and complete works, and increase the insurance and development and acquisition costs. While property developers and landowners are increasingly
cognisant of the climate-related impacts on their properties, the investment community have yet to price in the climate-related impacts on asset values.
This means that the current market value of residential and commercial land 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. While valuers have made no
explicit adjustments to the recoverable amount of the selected properties in respect of climate change matters, it is anticipated that climate change may
have a greater influence on valuations in the future as investment markets place a greater emphasis on climate change and a property's environmental
resilience and credentials. Known climate risks are reflected in the adopted capitalisation and discount rates.

34 | CDL Investments New Zealand Limited
CDL INVESTMENTS NEW ZEALAND LIMITED
For the year ended 31 December 2024
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 2024 2023
Fees incurred for services received from audit firm
• Audit fees current year
10
4
91
• O
ut of scope audit fees relating to prior year
6 –
• Tax compliance 4 4
• Greenhouse gas reporting assurance 26 –
• Strategy support advisory services – 74
Depreciation 597 974
Directors’ fees
16 12
6
13
0
Rental payments
90 90
4. PERSONNEL EXPENSES
GROUP
IN THOUSANDS OF DOLLARS
20
24
20
23
Wages and salaries 1,045 1,129
Employee related expenses and benefits
23
6
14
5
Increase in liability for long-service leave
5 6
1,286 1,280
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
20
24
20
23
Finance income 2,381 3,514
Finance costs (9) (12)
NET FINANCE INCOME 2,372 3,502
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 | 35

CDL INVESTMENTS NEW ZEALAND LIMITED
For the year ended 31 December 2024
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS – CONTINUED
6. INCOME TAX EXPENSE
Recognised in the statement of comprehensive income
GROUP
IN THOUSANDS OF DOLLARS
20
24
20
23
Current tax expense
Current year
7,
336
5,
105
Adjustments for prior years
(2
6)
-
7,310 5,105
Deferred tax expense
Origination and reversal of temporary differences
4,
070
13
1
4,070 131
TOTAL INCOME EXPENSE IN THE STATEMENT OF COMPREHENSIVE INCOME 11,380 5,236
Reconciliation of effective tax rate
GROUP
IN THOUSANDS OF DOLLARS
20
24
20
23
Profit before income tax 26,761 18,699
Income tax using the company tax rate of 28% (2023: 28%) 7,493 5,236
Removal of deductibility of tax depreciation for industrial and commercial buildings 3,
913
-
Ov
er provided in prior years (26) -
11,380 5,236
EFFECTIVE TAX RATE (EXCLUDING OFF-ONE CHANGES ON TAX DEPRECIATION IMPACT) 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.
REMOVAL OF TAX DEPRECIATION ON COMMERCIAL AND INDUSTRIAL BUILDINGS
From the 2020/21 tax year, the Group has been depreciating its commercial and industrial buildings on a 2% diminishing value basis, following the reinstatement
of tax depreciation for buildings with a useful life of 50 years or more as part of the government's COVID-19: Economic Response Package.
Effective from 1 April 2024, the tax depreciation rate reverted to 0%, impacting the tax value of buildings held from the 2024/25 tax year onwards.
The Group recognises deferred tax on temporary differences at the tax rates expected to apply when these differences reverse, using the tax rates enacted
or substantively enacted at the balance sheet date. The change in tax legislation effective from 1 April 2024 eliminates the tax base of commercial and
industrial buildings, thereby creating a temporary difference that leads to a deferred tax liability. This liability is recognised unless the initial recognition
exemption (IRE) under NZ IAS 12 applies, which precludes the recognition of deferred tax on initial recognition of an asset or liability in a transaction that
is not a business combination and at the time of the transaction affects neither accounting nor taxable profit and is a non-cash item.

36 | CDL Investments New Zealand Limited
CDL INVESTMENTS NEW ZEALAND LIMITED
For the year ended 31 December 2024
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS – CONTINUED
6. INCOME TAX EXPENSE – CONTINUED
DEFERRED TAX ON BUILDINGS
The impact of the removal of tax depreciation on commercial and industrial buildings, which reduced the tax base to nil creating a significant taxable
temporary difference for all the Group’s hotel assets and commercial buildings, classified as either Property, Plant and Equipment or investment properties,
irrespective of their date of acquisition. The recognition of this temporary difference as a deferred tax liability depends on whether the buildings were
acquired through business combination and whether the initial recognition exception (IRE) in NZ IAS 12 was previously applied.
The change in tax legislation effective from 1 April 2024 eliminates the tax base for these assets, thereby creating a temporary difference that leads to a
deferred tax liability (DTL). As part of recognising the DTL, a one-off tax expense of $3.9m has been recognised within the year ended 31 December 2024.
PILLAR 2
The ultimate parent of the Group operates in multiple jurisdictions, some of which have enacted or substantively enacted tax legislation to implement the
Pillar Two Model Rules from a date commencing on or after 1 January 2024. As the Pillar Two Model Rules are not effective in New Zealand, for the current
financial year, there is no current tax impact in the Group’s financial statements for the year ended 31 December 2024. The Group has applied a temporary
mandatory exception from deferred tax accounting in respect of the Pillar Two Model Rules and will account for any top-up tax liabilities arising from the
application of the rules as a current tax when it is incurred. Under the Pillar Two Model Rules, the Group will be required to pay a top-up tax if the effective
tax rate per jurisdiction (calculated using the prescribed approach) is below the 15% minimum rate.
The group continues to monitor and evaluate the domestic implementation of the Pillar Two rules in the jurisdictions in which it operates. The group's
potential exposure to Pillar Two taxes, based on legislation that is enacted or substantively enacted, is not expected to be material.
7. IMPUTATION CREDITS
GROUP
IN THOUSANDS OF DOLLARS
20
24
20
23
IMPUTATION CREDITS AVAILABLE FOR USE IN SUBSEQUENT REPORTING PERIODS
98,506 96,243
8. DEVELOPMENT PROPERTY
GROUP
IN THOUSANDS OF DOLLARS
20
24
20
23
Expected to settle greater than one year 222,077 203,034
Expected to settle within one year 29,368 21,507
DEVELOPMENT PROPERTY 251,445 224,541
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 (2023: 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 2024 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 | 37

CDL INVESTMENTS NEW ZEALAND LIMITED
For the year ended 31 December 2024
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 2023 659 36,331 - 36,990
Additions
– – 38
6
3
86
Transfers between categories – 386 (386) –
Balance at 31 December 2023 659 36,717 - 37,376
Balance at 1 January 2024 659 36,717 – 37,376
Additions – – 1,017 1,017
Balance at 31 December 2024 659 36,717 1,017 38,393
Depreciation and impairment losses
Balance at 1 January 2023 – (609) – (609)
Depreciation charge for the year – (933) – (933)
Balance at 31 December 2023 – (1
,542)
– (1
,542)
Balance at 1 January 2024
– (1,542) – (1,542)
Depreciation charge for the year – (5
50)
– (5
50)
Balance at 31 December 2024 – (2,092) – (2,092)
Carrying amounts
Balance at 1 January 2023 65
9
35
,722
- 36
,381
BALANCE AT 31 DECEMBER 2023 659 35,175 - 35,834
Balance at 1 January 2024 659 35,175 - 35,834
BALANCE AT 31 DECEMBER 2024 659 34,625 1,017 36,301
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 2024 was determined by an independent registered valuer,
DM Koomen SPINZ of Extensor Advisory Limited as $65.1 million (2023: $62.7 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. primarily the income capitalisation approach with discounted cash flow and
depreciated replacement cost approaches used to corroborate.
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 (e). 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 primarily the income capitalisation approach with discounted cash flow and depreciated
replacement cost approaches used to corroborate.

38 | CDL Investments New Zealand Limited
CDL INVESTMENTS NEW ZEALAND LIMITED
For the year ended 31 December 2024
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS – CONTINUED
9. INVESTMENT PROPERTY – IMPAIRMENT – CONTINUED
During the year, management identified two (2023: two) properties with a carrying value of $14.5 million (2023: $13.7 million) that had indicators of impairment.
Average market capitalisation rates appropriate to the properties range from 6.25% to 7.25% (2023: 6.50% to 7.00%). Average market rent per square metre
rates appropriate to the properties range from $318 to $396 (2023: $341 to $358). There is no impairment expense recognised in the period (2023: no impairment).
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 2024 was $2.7 million (2023: $2.5 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 2024 2023
Within 1 year 2,745 2,665
More than 1 year but within 2 years 2,793 2,675
More than 2 years but within 3 years 2,
835
2,
722
More than 3 years but within 4 years 2,784 2,760
More than 4 years but within 5 years 1,
947
2,
668
After 5 years 708 2,553
13,812 16,043

CDL Investments New Zealand Limited | 39

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 2024 2023 2024 2023 2024 2023
Investment property - – (4,379) (345) (4,379) (345)
Development property - - (81) (81) (81) (81)
Employee benefits 106 142 - - 106 142
NET TAX ASSETS/(LIABILITIES) 106 142 (4,460) (426) (4,354) (284)
MOVEMENT IN DEFERRED TAX BALANCES DURING THE YEAR
GROUP
BALANCE AT RECOGNISED IN BALANCE AT
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)
MOVEMENT IN DEFERRED TAX BALANCES DURING THE YEAR
GROUP
BALANCE AT RECOGNISED IN BALANCE AT
IN THOUSANDS OF DOLLARS 1 JAN 2024 PROFIT OR LOSS 31 DEC 2024
Investment property (345) (4,034) (4,379)
Development property
(8
1)
– (8
1)
Employee benefits 142 (36) 106
(284) (4,070) (4,354)
Refer note 6 for the deferred tax impact of the removal of tax depreciation on commercial and industrial build.
11. TRADE AND OTHER RECEIVABLES
GROUP
IN THOUSANDS OF DOLLARS 2024 2023
Trade receivables 672 325
Other receivables and prepayments 6,845 6,253
TRADE AND OTHER RECEIVABLES 7,517 6,578
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 2024

40 | 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 2024 2023
Bank balances 32,803 2,084
Call deposits – 75
CASH AND CASH EQUIVALENTS 32,803 2,159
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 2024 2024 2023 2023
SHARES SHARES
‘000S $000’S ‘000S $000’S
Shares issued 1 January 290,785 67,318 288,808 65,829
Issued under dividend reinvestment plan 1,039 723 1,977 1,489
TOTAL SHARES ISSUED AND OUTSTANDING 291,824 68,041 290,785 67,318
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 2024, the authorised
share capital consisted of 291,823,552 fully paid ordinary shares (2023: 290,784,833).
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 1,038,719 additional shares under the Dividend Reinvestment Plan on 16 May 2024 (2023: 1,977,136) at a strike price of $0.6961
per share issued (2023: $0.7530).
DIVIDENDS
The following dividends were declared and paid during the year 31 December 2024:
COMPANY
IN THOUSANDS OF DOLLAR 2024 2023
3.5 cents per qualifying ordinary share (2023: 3.5 cents) 10,177 10,108
10,177 10,108
The following dividends were declared by the directors on 20 February 2025. 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.
COMPANY
IN THOUSANDS OF DOLLAR
202
4
3.5 cents ordinary dividend per qualitying ordinary share 10,214
3.5 CENTS TOTAL DIVIDEND PER QUALITYING ORDINARY SHARE 10,214
For the year ended 31 December 2024

CDL Investments New Zealand Limited | 41

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 2024
was based on the profit attributable to ordinary shareholders of $15,381,000 (2023: $13,463,000); and weighted average number of ordinary shares outstanding
during the year ended 31 December 2024 of 291,477,000 (2023: 290,126,000), calculated as follows:
PROFIT ATTRIBUTABLE TO ORDINARY SHAREHOLDERS (BASIC & DILUTED)
GROUP
IN THOUSANDS OF DOLLARS 2024 2023
Profit for the period 15,381 13,463
PROFIT ATTRIBUTABLE TO ORDINARY SHAREHOLDERS 15,381 13,463
WEIGHTED AVERAGE NUMBER OF ORDINARY SHARES
COMPANY
2024 2023
SHARES SHARES
‘000S ‘000S
Issued ordinary shares at 1 January 290,785 288,808
Effect of 1,038,719 shares issued in May 2024 692 -
Ef
fect of 1,977,136 shares issued in May 2023 - 1,318
WEIGHTED AVERAGE NUMBER OF ORDINARY SHARES AT 31 DECEMBER 291,477 290,126
EARNINGS PER SHARE (BASIC & DILUTED)
GROUP
2024 2023
BASIC AND DILUTED EARNINGS PER SHARE (CENTS PER SHARE)
5.28 4.64
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.

42 | 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 non-derivative financial instruments are measured as described below.
On initial recognition, a financial asset is classified as subsequently measured at: Amortised cost; FVOCI- debt investment; FVOCI- equity investment; or FVTPL.
Financial liabilities are classified as measured at amortised cost or FVTPL.
Financial assets are not reclassified subsequent to their initial recognition unless the Group changes its business model for managing financial assets,
in which case all affected financial assets are reclassified on the first day of the first reporting period following the change in the business model.
A financial asset is measured at amortised cost if it meets both of the following conditions and not designated at FVTPL:
• It is held within a business model whose objective is to hold assets to collect contractual cash flows: and
• Its contractual terms give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding.
Financial assets are derecognised if the Group’s contractual rights to the cash flows from the financial assets expire or if the Group transfer the financial
asset to another party without retaining control or substantially all risks and rewards of the asset.
Financial liabilities are derecognised if the Group’s obligations specified in the contract expire or are discharged or cancelled.
GROUP
IN THOUSANDS OF DOLLARS
NO
TE
20
24
20
23
Financial Assets
Cash and cash equivalents
12 32
,803
2,
159
Short term deposits
484 50,000
Trade and other receivables 11 7,517 6,578
Financial Liabilities
Trade and other payables 2,154 3,820
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 (2023: 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 $473,000 (2023: $641,000) 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 $473,000
(2023: $641,000) in the current period.
For the year ended 31 December 2024

CDL Investments New Zealand Limited | 43

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 2024
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS – CONTINUED
20242023
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 4.25%
32,80332,803–0.00%
to 5.77%
2 ,1592 ,159–
Short term deposits5.24%
to 5.46%
484754095.79%
to 6.05%
50,00045,0005,000
33,28732,87840952,1594 7,1 5 95,000
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
202
4
202
3
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 2,154 2,154 - 3,820 1,625 2,195
2,154 2,154 - 3,820 1,625 2,195
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.

44 | CDL Investments New Zealand Limited
CDL INVESTMENTS NEW ZEALAND LIMITED
15. CAPITAL AND LAND DEVELOPMENT COMMITMENTS
As at 31 December 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 2025 in accordance with the Group’s development programme.
GROUP
IN THOUSANDS OF DOLLARS 2024 2023
Development expenditure 24,269 19,743
Land purchases
13
,261
6,
620
37,530 26 , 36 3
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 officer.
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, executive director and executive officer.
The total remuneration and value of other benefits earned by each of the Directors of the Company for the year ending 31 December 2024 was:
GROUP
IN THOUSANDS OF DOLLARS
20
24
20
23
Non-executive directors 126 130
Executive director 86 413
Executive officer
482 -
694 543
Non-executive directors receive director’s fees only. The executive director and executive officer 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 director
and executive officer is included in “personnel expenses” (see Note 4).
For the year ended 31 December 2024
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS – CONTINUED

CDL Investments New Zealand Limited | 45

CDL INVESTMENTS NEW ZEALAND LIMITED
For the year ended 31 December 2024
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 65.31% (2023: 65.54%) of the Company and having one out of five of the Directors on the Board. Millennium & Copthorne Hotels New
Zealand Limited is 75.86% (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 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, $431,000
(2023: $427,000) for shared office expenses incurred by the parent on behalf of the Group and reimbursed its parent for its portion of insurance premiums
of $254,000 (2023: $199,000).
During 2024, CDL Investments New Zealand Limited issued no additional shares (2023: 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
(2023: 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 (2023: $75,000).
19. SUBSEQUENT EVENTS
Post balance date, the purchase of 6.5 hectares of land for $13.3 million in Hamilton was settled during January 2025. The settlement will be recognised as
an increase in land classified as development property in 2025.
On 20 February 2025, an ordinary dividend of 3.5 cents per qualifying share was declared by the Directors (see Note 13).

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



© 2025 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.

Document classification: KPMG Public

Independent Auditor’s Report
To the shareholders of CDL Investments New Zealand Limited (Group)
Report on the audit of the consolidated financial statements
Opinion
We have audited the accompanying consolidated
financial statements which comprise:
­ the consolidated statement of financial position as
at 31 December 2024;
­ the consolidated statements of comprehensive
income, changes in equity and cash flows for the
year then ended; and
­ notes, including material accounting policy
information and other explanatory information.

In our opinion, the accompanying consolidated
financial statements of CDL Investments New
Zealand Limited (the Company) and its subsidiaries
(the Group) on pages 1 to 20 present fairly in all
material respects:
­ the Group’s financial position as at 31
December 2024 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 (NZ IFRS) issued by
the New Zealand Accounting Standards
Board and the International Financial
Reporting Standards issued by the
International Accounting Standards Board.


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 CDL Investments New Zealand Limited 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), as applicable to audits of financial statements of
public interest entities. We have also fulfilled our other ethical responsibilities in accordance with Professional and
Ethical Standards 1 and the IESBA Code.
Our responsibilities under ISAs (NZ)(Revised) are further described in the Auditor’s responsibilities for the audit of
the consolidated financial statements section of our report.
Our firm has provided other services to the Group in relation to tax compliance, taxation advisory and limited
assurance services in respect of Green House Gas Emissions reporting. 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.




© 2025 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.
Document classification: KPMG Public





2

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 the Group’s total assets. We chose the
benchmark because, in our view, this is a key measure of the Group’s performance.


Key audit matters
Key audit matters are those matters that, in our professional judgement, were of most significance in our audit of
the consolidated financial statements in the current period. We summarise below those matters and our key audit
procedures to address those matters in order that the shareholders as a body may better understand the process
by which we arrived at our audit opinion.
Our procedures were undertaken in the context of and solely for the purpose of our 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
statements.
The group’s development property
comprises land and development costs
incurred to develop land into
subdivisions and individual properties
for sale. The development property
portfolio represents 77% 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
on 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:
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.
• Performing a retrospective review of the forecast costs
and cost of sales to ensure the reasonableness of forecast
cost estimation.
(the Group) on pages 25 to 45 present fairly in all

CDL Investments New Zealand Limited | 47






2

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 the Group’s total assets. We chose the
benchmark because, in our view, this is a key measure of the Group’s performance.

Key audit matters
Key audit matters are those matters that, in our professional judgement, were of most significance in our audit of
the consolidated financial statements in the current period. We summarise below those matters and our key audit
procedures to address those matters in order that the shareholders as a body may better understand the process
by which we arrived at our audit opinion.
Our procedures were undertaken in the context of and solely for the purpose of our 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
statements.
The group’s development property
comprises land and development costs
incurred to develop land into
subdivisions and individual properties
for sale. The development property
portfolio represents 77% 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
on 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:
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.
• Performing a retrospective review of the forecast costs
and cost of sales to ensure the reasonableness of forecast
cost estimation.





2

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 the Group’s total assets. We chose the
benchmark because, in our view, this is a key measure of the Group’s performance.

Key audit matters
Key audit matters are those matters that, in our professional judgement, were of most significance in our audit of
the consolidated financial statements in the current period. We summarise below those matters and our key audit
procedures to address those matters in order that the shareholders as a body may better understand the process
by which we arrived at our audit opinion.
Our procedures were undertaken in the context of and solely for the purpose of our 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
statements.
The group’s development property
comprises land and development costs
incurred to develop land into
subdivisions and individual properties
for sale. The development property
portfolio represents 77% 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
on 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:
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.
• Performing a retrospective review of the forecast costs
and cost of sales to ensure the reasonableness of forecast
cost estimation.

48 | CDL Investments New Zealand Limited





3

The key audit matter How the matter was addressed in our
audit
• 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.
• Evaluating the reasonableness of the group’s judgement
to record liabilities for future obligations and that these
have been appropriately measured and recorded in
accordance with the applicable accounting standard.
• Assessing disclosures included in the consolidated
financial statements in respect of the development
properties using our understanding obtained from our
testing and against the requirements of the accounting
standards.
Our testing did not identify any material exceptions related to
capitalised development costs, the allocation of those costs to
individual project stages and the recognition of future development
cost obligations.


Other information
The Directors, on behalf of the group, are responsible for the other information included in the entity’s Annual
Report and Annual Climate Statement (prepared in accordance with the Aotearoa New Zealand Climate
Standards). Other information in the Annual Report may include the Directors’ Review, disclosures relating to
Corporate Governance, Portfolio information, 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. 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, none of KPMG, any entities
directly or indirectly controlled by KPMG, or any of their respective members or employees, accept or assume
any responsibility and deny all liability to anyone other than the shareholders for our audit work, this independent
auditor’s report, or any of the opinions we have formed.






3

The key audit matter How the matter was addressed in our
audit
• 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.
• Evaluating the reasonableness of the group’s judgement
to record liabilities for future obligations and that these
have been appropriately measured and recorded in
accordance with the applicable accounting standard.
• Assessing disclosures included in the consolidated
financial statements in respect of the development
properties using our understanding obtained from our
testing and against the requirements of the accounting
standards.
Our testing did not identify any material exceptions related to
capitalised development costs, the allocation of those costs to
individual project stages and the recognition of future development
cost obligations.


Other information
The Directors, on behalf of the group, are responsible for the other information included in the entity’s Annual
Report and Annual Climate Statement (prepared in accordance with the Aotearoa New Zealand Climate
Standards). Other information in the Annual Report may include the Directors’ Review, disclosures relating to
Corporate Governance, Portfolio information, 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. 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, none of KPMG, any entities
directly or indirectly controlled by KPMG, or any of their respective members or employees, accept or assume
any responsibility and deny all liability to anyone other than the shareholders for our audit work, this independent
auditor’s report, or any of the opinions we have formed.

CDL Investments New Zealand Limited | 49

Responsibilities of directors for the consolidated financial
statements
The directors, on behalf of the Group, are responsible for:
— the preparation and fair presentation of the consolidated financial statements in accordance with NZ
IFRS issued by the New Zealand Accounting Standards Board and the International Financial Reporting
Standards issued by the International Accounting Standards Board;
— implementing the 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 of the Group to continue as a going concern. This includes disclosing, as
applicable, matters related to going concern and using the going concern basis of accounting unless
they either intend to liquidate or to cease operations or have no realistic alternative but to do so.
Auditor’s responsibilities for the audit of the consolidated
financial statements
Our objective is:
— to obtain reasonable assurance about whether the financial statements as a whole are free from
material misstatement, whether due to fraud or error; and
— to issue an independent auditor’s report that includes our opinion.
Reasonable assurance is a high level of assurance but it 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 the
consolidated financial statements.
A further description of our responsibilities for the audit of the consolidated financial statements is located at the
External Reporting Board (XRB) website at:
https://www.xrb.govt.nz/standards/assurance-standards/auditors-responsibilities/audit-report-1-1/

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
24 February 2025

50 | CDL Investments New Zealand Limited
CDL INVESTMENTS NEW ZEALAND LIMITED
20 LARGEST SHAREHOLDERS (as at 3 March 2025)
RANK SHAREHOLDER NUMBER OF SECURITIES % OF ISSUED CAPITAL
1. Millennium & Copthorne Hotels New Zealand Limited 190,591,297 65.31
2
Ad
rian Ho
23
,832,598
8.1
7
3
Ac
cident Compensation Corporation – NZCSD
13
,244,925
4.
54
4
Citibank Nominees (New Zealand) Limited – NZCSD 4,844,727 1.66
5 NZX WT Nominees Limited 3,185,201 1.09
6 Christina Seet 2,851,740 0.98
7 Faro Equities Limited 2,100,000 0.72
8
MF
L Mutual Fund Limited – NZCSD
1,
441,196
0.
49
9
Hugh Green Limited 1,412,055 0.48
10 Custodial Services Limited 1,280,328 0.44
11 Geok Loo Goh 1,079,834 0.37
12
HS
BC Nominees (New Zealand) Limited – NZCSD
84
8,698
0.
29
13
Gr
aeme Stuart Lord & Lisa Anne Lord
81
7,499
0.
28
14
New Z
ealand Depository Nominee Limited
75
5,826
0.
26
15
St
even Cheong Kwok Wing
70
2,823
0.
24
16
Ro
ger Parker
69
7,116
0.
24
17
Ca
liber Investments (2011) Limited
69
3,573
0.
24
18
Mi
chael Robert Mayger & Eleanor Margaret Mayger
67
9,710
0.
23
19
BNP Paribas Nominees (NZ) Limited – NZCSD 638,460 0.22
20
NZ
X WT Nominees Limited
59
8,924
0.
21
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 3 March 2025)
SIZE OF SHAREHOLDING NUMBER OF SHAREHOLDERS NUMBER OF SHARES % OF ISSUED CAPITAL
1–499 58 9,999 0.00
500–999 39 27,053 0.01
1
,000–1,999
32
6
44
6,890
0.1
5
2,000–4,999 861 2,647,376 0.91
5
,000–9,999
45
3
3,
172,667
1.
09
1
0,000–49,999
58
9
11
,987,717
4.1
1
50,000–99,999 82 5,570,330 1.91
1
00,000–499,999
82 15
,158,498
5.1
9
5
00,000–999,999
10 6,
939,121
2.3
8
1,
000,000 Over
11 24
5,863,901
84
.25
ROUNDING 0.00
TOTAL 2,511 291,823,552 100.00
REGULATORY DISCLOSURES

CDL Investments New Zealand Limited | 51

CDL INVESTMENTS NEW ZEALAND LIMITED
DOMICILE OF SHAREHOLDERS (as at 1 March 2025)
NUMBER OF SHAREHOLDERS NUMBER OF SHARES % OF ISSUED CAPITAL
New Zealand 2400 255,670,013 87.61
Australia and overseas 111 36,153,539 12.39
TOTAL 2511 291,823,552 100.00
SUBSTANTIAL PRODUCT HOLDERS
According to notices given to the Company under the Financial Markets Conducts Act 2013, as at 1 March 2025, the substantial product holders in the Company
are noted below:
SECURITIES CLASS %
Millennium & Copthorne Hotels New Zealand Limited 190,591,297 Ordinary Shares 65.31
Adrian Ho 23,832,598 Ordinary Shares 8.17
As at 1 March 2025, the total number of issued voting securities of CDL Investments New Zealand Limited (all of which are ordinary shares) was 291,823,552.
REGULATORY DISCLOSURES – CONTINUED

52 | CDL Investments New Zealand Limited
CDL INVESTMENTS NEW ZEALAND LIMITED
DIRECTORS (section 211(1)(I), Companies Act 1993)
As at 31 December 2024, the Company’s Directors were Messrs. JE Elrick, JH Henderson, DJ Jameson, ES Kwek and VWE Yeo.
The gender breakdown of the Board is 3 male directors, 2 female directors and 0 gender diverse directors (2023: 5 male directors, 1 female director,
0 gender diverse directors). CDI currently has 1 female and 3 male officers and 0 gender diverse officers (2023: 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 2024)
DIRECTOR 2023 2024
J Elrick Not applicable Nil
J Henderson Nil Nil
DJ Jameson Ni
l
Ni
l
ES Kwek Nil Nil
VWE Yeo Ni
l
Ni
l
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 2024 was:
DIRECTOR REMUNERATION
Colin Sim (to March 2024) $7,192
J Elrick (from November 2024) $6,125
J Henderson
$37,000
DJ Jameson $43,167
ES Kwek Nil^
VWE Yeo $32,917
^ 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 to March 2024 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 | 53

CDL INVESTMENTS NEW ZEALAND LIMITED
GENERAL DISCLOSURES OF INTEREST (Section 140(2), Companies Act 1993)
As at 31 December 2024, the Directors of the Company have made general disclosures of interest in the following companies:
J E ELRICK
Director of:
Community Living Limited Crown Irrigation Limited Door Solutions (2021) Limited
Inframax Construction Limited Jandrew Investments Limited Janie Elrick Limited
Trustee of:
Community Living Trust
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
ES KWEK
Chairman/Director/President of:
Grand Plaza Hotel Corporation;
Chairman and Director of:
Millennium Hotels Italy Holdings srl
Mi
llennium Hotels Palace Management srl
Mi
llennium Hotels Property srl
Director/President of:
Five Star Assurance Inc.
The Philippine Fund Limited
Managing Director of:
ATOS Holdings GmbH
President of:
Chalon Heritage Hotel Holdings SAS
Director of:
125 OBS (Nominees 1) Limited
12
5 OBS (Nominees 2) Limited
12
5 OBS GP Limited
58 High Street Pty Ltd
Ac
tas Holdings Pte. Ltd
Ad
elanto Investments Pte. Limited
Allinvest Holding Pte. Ltd
Al
lsgate Properties Limited
Al
phagate Holdings Limited
Androgate Properties Limited
Aq
uarius Properties Pte. Ltd
Ar
chyfield Limited

As
cent View Holdings Pte. Ltd
As
ter Land Development Pte Ltd
As
ton Properties Pte. Ltd

At
lasgate SG Holdings Pte. Ltd
At
lasgate UK Holdings Pte. Ltd
At
lasgate UK Holdings Limited
Baynes Investments Pte Ltd Be
aumont Properties Limited
Be
ijing Fortune Hotel Co. Ltd
Bellevue Properties Pte. Ltd
Bestro Holdings Limited Bloomshine Holdings Limited
BO
P Luxembourg (125 Obs) 2 SARL
Br
anbury Investments Ltd
Br
avogate Holdings SARL

Bridge North Limited Camborne Developments Pte. Ltd Canterbury Riverside Opco Limited
Canterbury Riverside Propco Limited
Ca
nvey Developments Pte. Ltd
CD
L Ace Pte Ltd
CDL Acquisitions Pte. Ltd
CD
L Aquila Pte. Ltd
CD
L Australia Holdings Pty. Ltd

CD
L Centroid Pte Ltd
CD
L CityInd Pte Ltd
CD
L Cityscape Pte Ltd
CDL Commercial REIT Management Pte. Ltd
CD
L Conservo Pte Ltd
CD
L Constellation Pte. Ltd


CD
L Crestview Holdings Pte. Ltd
CD
L Crown REIT Management Pte. Ltd
CD
L Entertainment & Leisure Pte. Ltd

CD
L Evergreen Pte. Ltd
CD
L Galliard Grand GP Limited
CD
L Hotels (Chelsea) Ltd
STATUTORY INFORMATION – CONTINUED

54 | 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 2024, the Directors of the Company have made general disclosures of interest in the following companies:
ES KWEK – CONTINUED
Director of:
CDL Hotels (Korea) 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 Holdings New Zealand Limited
CDL Hotels Japan Pte. Ltd
CD
L Infinity Pte. Ltd
CD
L 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 Pavona Pte Ltd CDL Pegasus Pte. Ltd CDL Perseus Pte. Ltd
CDL Pisces Commercial Pte. Ltd
CD
L Pisces Services Residences Pte. Ltd
CD
L 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
Ce
ntro Property Holding Pte Ltd
Ch
ania Holdings Limited
Chestnut Avenue Developments Pte Ltd
Ci
ty Apex Pte. Ltd
Ci
ty Bonsai Pte Ltd
City Boost Pte. Ltd City Century Pte. Ltd City Condominiums Pte. Ltd
City Connected Communities Pte. Ltd
Ci
ty Delta Pte. Ltd
Ci
ty Developments Investments Pte. Ltd
City Developments Realty Limited
Ci
ty Elite Pte. Ltd
Ci
ty Gemini Pte Ltd
City Grand Investments Limited
Ci
ty Hotels Pte Limited
Ci
ty Ikonik Pte. Ltd
City Leo Pte Ltd City Lux Pte. Ltd City Montage Pte. Ltd
City Oasis Pte. Ltd
Ci
ty Orchard Pte. Ltd
Ci
ty Platinum Holdings Pte. Ltd
City REIT Management Pte. Ltd
City Resyde Pte. Ltd City Sceptre Investments Pte. Ltd
City Serviced Offices Pte. Ltd Ci
ty Sol Luna Holdings Pte. Ltd
Ci
ty Sol Pte. Ltd
City Strategic Equity Pte. Ltd City Sunshine Holdings Pte. Ltd City Symphony Pte. Ltd
City Thrive Pte. Ltd
Ci
tydev Real Estate (Singapore) Pte. Ltd
Ci
tydev Venture Holdings Pte. Ltd
CityNexus (UK) Limited
CityNexus Pte. Ltd. Cityview Place Holdings Pte. Ltd
Cityzens Developments Pte Ltd Cop
thorne (Nominees) Limited
Cop
thorne Aberdeen Limited
Copthorne Hotel (Birmingham) Limited Copthorne Hotel (Cardiff) Limited Copthorne Hotel (Effingham Park) Limited
Copthorne Hotel (Gatwick) Limited
Cop
thorne Hotel (Manchester) Limited
Cop
thorne Hotel (Merry Hill) Construction Limited
Copthorne Hotel (Merry Hill) Limited
Copthorne Hotel (Newcastle) Limited Copthorne Hotel (Plymouth) Limited
Copthorne Hotel (Slough) Limited Cop
thorne Hotel Holdings Limited
Cop
thorne Hotels Limited
Copthorne Orchid Hotel Singapore Pte Ltd Copthorne Orchid Hotel Penang Sd. Bhd. Crescent View Developments Pte Ltd
Delfi One Investments Pte Ltd
De
lfi Three Investments Pte Ltd
De
lfi Two Investments Pte Ltd
Diplomat Hotel Holding Company Limited
Ea
stwest Portfolio Pte Ltd
Ea
sy Thrive Ventures Limited
Educado Company Limited
El
ite Hotel Management Services Pte Ltd
El
linois Management Services Pte Ltd
Euroform (S) Pte Ltd
Fe
rguson Hotels Holdings Limited
Fe
rguson Investment Corp.
Finite Properties Investment Limited
Fi
rst Platinum Holdings Pte. Ltd
Fr
eshview Developments Pte Ltd
Friars Road Manco Limited
GH
L CDL Morden Limited
Gl
ades Properties Pte. Ltd
Grande Strategic Pte. Ltd
Gr
ange 100 Pte Ltd
Gr
anmill Holdings Pte Ltd
Greystand Holdings Limited
Gu
an Realty (Private) Limited
Har
bour Land Corporation
Harbour View Hotel Pte Ltd
Harrow Entertainment Pte Ltd Heritage Pro International Limited
Highline Holdings Limited Hi
ghline Investments GP Limited
Hi
ghline Properties GP Limited
Hoko Fitzroy Pty Ltd
Hoko Kenmore Pty Ltd Hoko Macaulay Pty Ltd
Hoko Mina Pty Ltd Ho
ko Spencer Pty Ltd
Ho
ko Toowong Pty Ltd
Hong Bee Hardware Company Sdn Berhad
Ho
ng Leong Enterprises Pte Ltd
Ho
ng Leong Foundation
Hong Leong Hotel Development Limited
Ho
ng Leong International Hotel (Singapore) Pte Ltd
Ho
ng Leong Properties Pte Limited
Hospitality Holdings Pte Ltd
Hospitality Ventures Pte Ltd Hotel Liverpool Limited
Hotel Liverpool Management Limited HS
RE Crosslane (Coventry) Limited
HS
RE Crosslane (Leeds) Limited
HSU JV Holdco Limited
HT
hree City Jade Pte Ltd
Ic
onique Tokutei Mokuteki Kaisha
STATUTORY INFORMATION – CONTINUED

CDL Investments New Zealand Limited | 55

CDL INVESTMENTS NEW ZEALAND LIMITED
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 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, stapled together with CDL Real Estate Investment Trust as CDL Hospitality Trusts)
M&C Capital Pte Ltd M&C Galiant Holdings Limited 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 (manager of CDL Hospitality Real Estate Investment Trust, stapled together with CDL Hospitality Business Trust as CDL Hospitality Trusts)
M&C Restaurants (London) Limited
M&C Sakura Holdings Pte Ltd M&C Sakura Hotel Pte Ltd
M&C Sakura TMK 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
Ma
x Office (SKD) General Partner Limited
Me
lvale Holdings Limited
Millennium & Copthorne (Australian Holdings) Limited
Millennium & Copthorne (Jersey Holdings) Limited Millennium & Copthorne Hotels Limited
Millennium & Copthorne Hotels Management (Shanghai) Limited Millennium & Copthorne Hotels New Zealand 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
Morden Wharf 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
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 Si
ena Residential Development Pte Ltd
Si
ena Trustee Pte Ltd
Silkparc Holdings Limited
Singapura Developments (Private) Limited SKD Marina Limited
SKIL Four Limited SK
IL Three Limited
So
nic Investment Pte. Limited
South Beach International Hotel Management Pte Ltd
Southwaters Investment Pte Ltd Sparkland Holdings Pte Ltd
Summervale Properties Pte Ltd Su
mmit Vistas Pte Ltd
Su
nmaster Holdings Pte Ltd
Sunny Vista Developments Pte Ltd
Su
nshine Plaza Pte Ltd
Sy
camore House Manco Limited
TC Development Pte Ltd
TOS
CAP Limited
Tr
easure Realm Limited
Trentwell Management Pte Ltd
Trentworth Properties Limited Verwood Holdings Pte Ltd
Vinemont Investments Pte Ltd We
lland Investments Limited
Wh
ite City Investments Limited
Whitehall Holdings Limited
Za
trio Pte Ltd
STATUTORY INFORMATION – CONTINUED

56 | 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 2024, the Directors of the Company have made general disclosures of interest in the following companies:
ES KWEK – CONTINUED
General Manager of:
M&C Hotels France SAS
Manager of:
M&C Hotels France Management SARL Chalon Heritage Hotel SNC
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 Investments (III) Pte. Ltd CDL HBT Investments (IV) 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
CD
LHT CFM Two Pte Ltd
CD
LHT 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 CDLHT MTN Pte. Ltd
CDLHT Oceanic Holdings Pte Ltd
CDLHT Two Pte Ltd Gemini Two Pte Ltd
Hospitality Holdings Pte Ltd
Mun
ich Furniture BV
NK
S Hospitality I BV
NKS Hospitality III SRL Sunshine Hotels Australia Pty Ltd TK Yeo (Private) Limited
STATUTORY INFORMATION – CONTINUED

CDL Investments New Zealand Limited | 57

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
$190,001–$200,000 1
$220,001–$230,000
1
$2
70,001–$280,000
1
$570,001–$580,000 1
DONATIONS (Sections 211(1)(H) and 211(2), Companies Act 1993)
The Company made donations totalling $2,000 in 2024.
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 2023 2024
Fees incurred for services received from audit firm
• Audit fees current year 91 104
• Out of scope audit fees relating to prior year – 6
• Ta
x compliance 4 4
• Greenhouse gas reporting assurance – 26
• S
trategy support advisory services 74 –
SUBSIDIARY COMPANY AND DIRECTORS (Section 211(2), Companies Act 1993)
The Company’s subsidiary and its directors as at 31 December 2024 are listed below:
NAME DIRECTORS OWNERSHIP ACTIVITY
CDL Land New Zealand Limited JC Adams, T Ito 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
• Pelorus Sound, Marlborough
HAWKE'S BAY PROJECTS
• Arataki Road, Havelock North
• Iona Block, Havelock North
CHRISTCHURCH
• Prestons Park
• Prestons Park Retail Centre
• Worsleys Road, Cashmere
• Wairakei Road, Harewood
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
Desleigh Jameson (Independent Director, Board Chair from March
2024 and Member of the Audit Committee)
John Henderson (Independent Director, Member of the Audit Committee)
Janie Elrick (Independent Director, Chair of the Audit Committee
from 1 November 2024)
Kwek Eik Sheng (Non-Executive Director)
Vincent Yeo (Non-Executive Director)

MANAGEMENT
TEAM
Jason Adams (CEO and Executive Director, CDL Land New Zealand Limited)
Jackson Bull (General Manager and Senior Development Manager,
CDL Land New Zealand Limited)
Natasha Hood (Group Accounting Manager)
Takeshi Ito (Company Secretary/Legal Counsel)
Geoff Donley (Accountant/Financial Controller from December 2024)
Sian Camp (Sustainability Manager from December 2024)

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

60 | CDL Investments New Zealand Limited