CDI HY25 Results Announcement

Results announcement




.

Results for announcement to the market
Name of issuer CDL Investments New Zealand Limited
Reporting Period 6 months to 30 June 2025
Previous Reporting Period 6 months to 30 June 2024
Currency NZD

Amount (000s) Percentage change
Revenue from continuing
operations
$13,808 (16.89%)
Total Revenue $13,808 (16.89%)
Net profit/(loss) from
continuing operations
$3,565 30.01%
Total net profit/(loss) $3,565 30.01%
Interim/Final Dividend
Amount per Quoted Equity
Security
No interim dividend declared
Imputed amount per Quoted
Equity Security
Not applicable
Record Date Not applicable
Dividend Payment Date Not applicable
Current period Prior comparable period
Net tangible assets per
Quoted Equity Security (in
dollars and cents per
security)
$1.07 $1.05
A brief explanation of any of
the figures above necessary
to enable the figures to be
understood
Refer to Shareholder Update
Authority for this announcement
Name of person

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

12 August 2025

Unaudited financial statements accompany this announcement.

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Page 1
CDL Investments New Zealand Limited and its Subsidiary
Condensed Interim Statement of Comprehensive Income
For the half year ended 30 June 2025 (unaudited)

Group
In thousands of dollars Note Unaudited
6 months to
30/06/25
Unaudited
6 months to
30/06/24

Property sales 12,017 15,202
Rental income 1,742 1,412
Revenue 13,759 16,614

Cost of sales (6,157) (6,292)

Gross profit 7,602 10,322

Other income
Administrative expenses

49
(686)
-
(536)
Property expenses (484) (341)
Selling expenses (378) (392)
Other expenses (1,291) (1,191)

Results from operating activities 4,812 7,862

Finance income 241 1,350
Finance costs (3) (5)

Net finance income 238 1,345

Profit before income tax 5,050 9,207

Income tax expense 5 (1,485) (6,465)

Profit for the period 3,565 2,742

Total comprehensive income for the period 3,565 2,742

Profit attributable to:
Equity holders of the parent 3,565 2,742

Total comprehensive income for the period 3,565 2,742

Basic and Diluted Earnings per share (cents per share) 3 1.22 0.94























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

Page 2
CDL Investments New Zealand Limited and its Subsidiary
Condensed Interim Statement of Changes in Equity
For the half year ended 30 June 2025 (unaudited)

Group

In thousands of dollars Note Unaudited
Share Capital
Unaudited
Retained
Earnings
Unaudited
Total
Equity
Balance at 1 January 2024 67,318 246,406 313,724

Total comprehensive income for the period
Profit for the period - 2,742 2,742
Total comprehensive income for the period - 2,742 2,742

Transactions with owners of the Company
Shares issued under dividend reinvestment plan 2 723 - 723
Dividend to shareholders 2 - (10,176) (10,176)
Supplementary dividend - (221) (221)
Foreign investment tax credits - 221 221
Balance at 30 June 2024 67,992 238,934 306,926

Balance at 1 January 2025 68,041 251,611 319,652

Total comprehensive income for the period
Profit for the period - 3,565 3,565
Total comprehensive income for the period - 3,565 3,565

Transactions with owners of the Company
Shares issued under dividend reinvestment plan 2 674 - 674
Dividend to shareholders 2 - (10,214) (10,214)
Supplementary dividend - (229) (229)
Foreign investment tax credits - 229 229
Balance at 30 June 2025 68,715 244,962 313,677

































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

Page 3
CDL Investments New Zealand Limited and its Subsidiary
Condensed Interim Statement of Financial Position
For the half year ended 30 June 2025 (unaudited)

Group
In thousands of dollars Note Unaudited
as at
30/06/25
Audited
as at
31/12/24
SHAREHOLDERS’ EQUITY
Issued capital 68,715 68,041
Retained earnings 244,962 251,611

Total equity 313,677 319,652

Represented by:

NON CURRENT ASSETS
Property, plant and equipment 63 70
Development property 244,369 222,077
Investment property 36,409 36,301
Investment in associate 7 2 2

Total non current assets 280,843 258,450


CURRENT ASSETS
Cash and cash equivalents 10,403 32,803
Short term deposits 483 484
Trade and other receivables 3,780 7,517
Income tax receivable

919 -
Development property

27,469 29,368

Total current assets 43,054 70,172

Total assets 323,897 328,622


NON CURRENT LIABILITIES
Deferred tax liabilities 4,413 4,354
Lease liability 10 23

Total non current liabilities 4,423 4,377


CURRENT LIABILITIES
Trade and other payables 5,583 2,154
Employee entitlements 184 151
Income tax payable - 2,254
Lease liability 31 34

Total current liabilities 5,797 4,593

Total liabilities 10,220 8,970

Net assets 313,677 319,652












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

Page 4
CDL Investments New Zealand Limited and its Subsidiary
Condensed Interim Statement of Cash Flows
For the half year ended 30 June 2025 (unaudited)

Group
In thousands of dollars Note Unaudited
6 months to
30/06/25
Unaudited
6 months to
30/06/24

CASH FLOWS FROM OPERATING ACTIVITIES
Cash was provided from:
Receipts from customers 17,529 16,095
Interest received 243 1,502

Cash was applied to:
Payment to suppliers (10,009) (13,194)
Payment to employees (812) (703)
Purchase of development land (14,811) (6,620)
Income tax paid (4,370) (3,600)

Net cash (outflow)/inflow from operating activities (12,230) (6,520)

CASH FLOWS FROM INVESTING ACTIVITIES
Cash was provided from:
Short term deposits 484 50,000

Cash was applied to:
Development of investment property (383) (87)
Purchase of plant and equipment - -
Short term deposits (483) (25,150)

Net cash outflow from investing activities (382) 24,763

CASH FLOWS FROM FINANCING ACTIVITIES
Cash was applied to:
Dividend paid 2 (9,540) (9,454)
Principal repayment of lease liability (19) (24)
Supplementary dividend paid (229) (221)

Net cash outflow from financing activities (9,788) (9,699)

Net increase in cash and cash equivalents

(22,400) 8,544
Add opening cash and cash equivalents 32,803 2,159

Closing cash and cash equivalents 10,403 10,703






















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

Page 5
CDL Investments New Zealand Limited and its Subsidiary
Condensed Interim Statement of Cash Flows - continued
For the half year ended 30 June 2025 (unaudited)

Group
In thousands of dollars Note Unaudited
6 months to
30/06/25
Unaudited
6 months to
30/06/24

RECONCILIATION OF PROFIT FOR THE PERIOD TO CASH
FLOWS FROM OPERATING ACTIVITIES


Net Profit after Taxation

3,565 2,742

Adjusted for non cash items:
Depreciation of investment property 275 275
Depreciation of plant & equipment 5 4
Depreciation of right-of-use assets 15 20
Income tax expense 1,485 6,465

Adjustments for movements in working capital:
Increase in receivables (3,736) (367)
(Increase)/Decrease in development property (20,392) (10,178)
Decrease in payables (3,451) (1,881)

Cash (consumed)/generated from operating activities (7,860) (2,920)

Income tax paid (4,370) (3,600)

Cash (outflow)/inflow from operating activities (12,230) (6,520)




































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

Page 6
CDL Investments New Zealand Limited and its Subsidiary
Notes to the Condensed Interim Financial Statements
For the half year ended 30 June 2025 (unaudited)

1. Significant Accounting Policies

Reporting Entity
CDL Investments New Zealand Limited (the “Company”) is a company domiciled in New Zealand, registered
under the Companies Act 1993 and listed on the New Zealand Stock Exchange. The Company is a FMC Reporting
Entity in terms of the Financial Markets Conduct Act 2013 and the Financial Reporting Act 2013.

The condensed interim financial statements of the Company as at and for the half year ended 30 June 2025
comprises the Company and its subsidiary (together referred to as the “Group”). The registered office is located
at Level 7, 23 Customs Street East, Auckland, New Zealand.

The principal activities of the Group are the development and sale of residential land properties and rental income
from the ownership of development properties and investment properties comprising commercial warehousing
and retail shops.

(a) Statement of compliance

The financial statements have been prepared in accordance with New Zealand Generally Accepted
Accounting Practice (“NZ GAAP”). They comply with NZ IAS 34 Interim Financial Reporting. The condensed
interim financial statements do not include all of the information required for full annual financial statements.

The accounting policies applied by the Group in these condensed financial statements are the same as those
applied by the Group in its consolidated financial statements for the year ended 31 December 2024.

The condensed interim financial statements were authorised for issuance on 12 August 2025.

2. Capital & Reserves

Share Capital
Under the Company’s Dividend Reinvestment Plan, an additional 848,744 shares were issued on 16 May 2025
(2024: 1,038,719) at a strike price of $0.7947 (2024: $0.6961).

At 30 June 2025, the authorised share capital consisted of 292,672,296 fully paid ordinary shares (2024:
291,823,552).

Dividends
The following dividends were declared and paid during the period ending 30 June:
In thousands of dollars 2025 2024
Cash - 3.5 cents per qualifying ordinary share (2024: 3.5 cents) 9,540 9,454
Dividend reinvestment plan - 3.5 cents per qualifying ordinary share (2024: 3.5 cents) 674 723
10,214 10,177

3. Earnings Per Share

The calculation of basic and diluted earnings per share at 30 June 2025 of 1.22 cents (2024: 0.94 cents) was
based on the profit attributable to ordinary shareholders of $3,564,686 (2024: $2,742,000); and weighted average
number of shares of 292,389,381 (2024: 291,477,312) on issue in the period.

Page 7
CDL Investments New Zealand Limited and its Subsidiary
Notes to the Condensed Interim Financial Statements
For the half year ended 30 June 2025 (unaudited)

4. Segment Reporting

Operating segments
The operating segments of the Group consists of property operations, comprising the development and sale of
residential land sections and rental income from development properties and investment properties.

The Group has determined that its chief operating decision maker is the Board of Directors on the basis that it is
this group which determines the allocation of resources to segments and assesses their performance.

An operating segment is a distinguishable component of the Group:
 that is engaged in business activities from which it earns revenues and incurs expenses,
 whose operating results are regularly reviewed by the Group’s chief operating decision maker to make
decisions on resource allocation to the segment and assess its performance, and
 for which discrete financial information is available.

Residential land
development
Investment property Group
In thousands of dollars
6 months
to
30/06/25
6 months
to
30/06/24
6 months
to
30/06/24
6 months
to
30/06/24
6 months
to
30/06/25
6 months
to
30/06/24
External revenue 12,279 15,310 1,529 1,304 13,808 16,614
Earnings before interest,
depreciation, amortisation & tax 3,590 6,866 1,519 1,295 5,109 8,161
Finance income 241 1,350 - - 241 1,350
Finance expense (6) (5) - - (6) (5)
Depreciation and amortisation (4) (4) (275) (275) (279) (279)
Depreciation of Right-of-use
assets (15) (20) - - (15) (20)
Profit before income tax 3,806 8,187 1,244 1,020 5,050 9,207
Income tax expense (1,137) (2,265) (348) (4,200) (1,485) (6,465)
Profit after income tax 2,669 5,922 896 (3,180) 3,565 2,742



Investment property expenditure - - 383 87 383 87
Residential land development
expenditure 11,737 11,626 - - 11,737 11,626
Purchase of land for residential
land development 14,811 6,620 - - 14,811 6,620

In thousands of dollars
As at
30/06/25
As at
31/12/24
As at
30/06/25
As at
31/12/24
As at
30/06/25
As at
31/12/24
Cash & cash equivalents and
short term bank deposits 10,886 33,287 - - 10,886 33,287
Investment in associates 2 2 - - 2 2
Other segment assets 276,600 259,032 36,409 36,301 313,009 295,333
Total assets 287,488 292,321 36,409 36,301 323,897 328,622



Segment liabilities (5,807) (2,362) - - (5,807) (2,362)
Tax liabilities (4,413) (2,229) - (4,379) (4,413) (6,608)
Total liabilities (10,220) (4,591) - (4,379) (10,220) (8,970)

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.

Page 8
CDL Investments New Zealand Limited and its Subsidiary
Notes to the Condensed Interim Financial Statements
For the half year ended 30 June 2025 (unaudited)

5. Income Tax Expense

Recognised in the statement of comprehensive income

In thousands of dollars Group
Current tax expense
6 months to
30/06/25
6 months to
30/06/24
Current year 1,379 2,476
Under/(over) provided for prior years 46 (26)
1,425 2,450
Deferred tax expense
Origination and reversal of temporary differences 59 102
Changes in treatment of building depreciation - 3,913
59 4,015
Total income tax expense in the statement of comprehensive income 1,485 6,465

Reconciliation of effective tax rate

In thousands of dollars Group
6 months to
30/06/25
6 months to
30/06/24
Profit before income tax 5,050 9,207
Income tax using the company tax rate of 28% (2024: 28%) 1,414 2,578
Changes in treatment of building depreciation
Non-deductible expenses
-
25
3,913
-
Under/(over) provided for prior years 46 (26)
1,485 6,465
Effective tax rate 29% 70%


6. Related Party Transactions

CDL Investments New Zealand Limited is a subsidiary of Millennium & Copthorne Hotels New Zealand Limited by
virtue of Millennium & Copthorne Hotels New Zealand Limited owning 65.12% (2024: 65.31%) of the Company
and having one out of four of the Directors on the Board. Millennium & Copthorne Hotels New Zealand Limited is
83.92% (2024: 70.79%) owned by CDL Hotels Holdings New Zealand Limited (computed on voting shares), which
is a wholly owned subsidiary of Millennium & Copthorne Hotels Ltd in the United Kingdom. The ultimate holding
company is Hong Leong Investment Holdings Pte Ltd in Singapore.

During the six-month period ending 30 June 2025 CDL Investments New Zealand Limited has reimbursed its
parent, Millennium & Copthorne Hotels New Zealand Limited, $114,000 (2024: $214,000) for shared office
expenses incurred by the parent on behalf of the Group and reimbursed its parent for its portion of insurance
premiums of $20,000 (2024: $20,000).

Subsidiary Principal Activity % Holding by
CDL Investments New Zealand Limited
Balance Date
CDL Land New Zealand
Limited
Property Investment
and Development
100.00 31 December

Associate Principal Activity % Holding by
CDL Land New Zealand Limited
Balance Date
Prestons Road Limited Service Provider 33.33 31 March

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(*) The FY24 interim profit after tax was affected by a one-off non-cash adjustment of $3.91 million due to the change of government policy on the
depreciation of commercial buildings.

DIRECTORS’ REVIEW

Financial Performance:

For the six month period ending 30 June 2025 CDL Investments New Zealand Limited (“CDI”) made an unaudited operating profit
after tax of $3.57 million (2024: $2.74 million*). The result reflects current market conditions which have been more subdued
than anticipated. The effects of recent reductions in bank lending rates have not yet translated to increased activity in housing
and other property markets.

CDI recorded an operating profit before tax to $5.05 million (2024: $9.21 million) and recorded property sales and other income
for the period of $13.81 million (2024: $16.61 million). The Company’s Net Asset Backing (at cost) for the period was 107.50
cents per share (2024: 105.20 cents per share).


Portfolio update:

The first six months of 2025 have seen a lot of activity across all of the Company’s key development sites.

We recorded the first sales from our Iona development in Havelock North in the last few months and the remainder of Stage 1
will be complete by the end of this year. The Stage 2 consents have been granted and earthworks are underway with civil works
expected to commence early next year.

As we announced recently, the decision by the Hastings District Council to exclude our Iona land at Middle Road from their
Future Development Strategy (FDS) despite the weight of professional, independent advice is disappointing. We collaborated
extensively with Council and independent experts to prepare a proposal that aligns with the objectives of the FDS. While CDI
respects the Council’s role in setting strategic direction, the decision undermines a robust recommendation made by a panel of
independent experts that was evidence-led and future-focused. We are considering our options and seeking legal and planning
advice on the appropriate next steps.

On a more positive note, our fast track application for Arataki Road in Havelock North, Hawkes Bay is well advanced and was
recently filed with the Environmental Protection Authority. We expect to hear what the composition of the panel who will
consider the application will be and their timing to determine the application in the coming month. We remain optimistic that
our application can be determined by the end of Q1 2026 which would then allow works to commence.

Sales of the remaining stages at Prestons Park (Canterbury) are proceeding well and we expect that we will complete the
remaining development works and sales by the end of the year.

We also are on track to commence development works at our Richmond site in the coming months which will open another
market for residential section sales for us. We anticipate commencing sales in the second half of 2026 for the first settlements
occurring before the end of next year.

In relation to our Wairakei Road industrial site in Christchurch, the subdivision consent application has been lodged and
earthworks consent granted which will allow us to commence development works from September. We anticipate that we will
be able to commence pre-title commercial land sales in the second half of next year.

Board composition:

With the retirement of John Henderson immediately after the annual meeting in May, the Board has begun the process of
recruiting an additional independent director. The Board is conscious that a new director should bring different skills and
knowledge to the company to strengthen the capability of the Board and we anticipate making an announcement some time in
Q4 2025.

Commentary and Outlook:

At the annual meeting in May, we said that our FY25 targets are likely to be difficult to achieve and this is still the case. Given
the softer than expected market conditions, the priority for both the Board and Management is to focus on optimising the sale
of residential sections where demand is highest and to ensure that development works are producing sections for future sales
and settlement. Particular attention is being given to sales at Prestons Park (Canterbury) where we are seeing the highest interest
and activity along with pre-titled sales at our Iona development in the Hawkes Bay. We do expect a pick up in the residential
property markets in 2026 as a result of reduced interest rates and also due to economic growth in areas which are currently
doing well.

We remain committed to building for our future and ensuring that CDI can grow and develop strategically. The outcome will be
a sustainable and long-term future and the work being undertaken now is absolutely critical to delivering that goal.


Desleigh Jameson
Board Chair
12 August 2025

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12 August 2025

CDL INVESTMENTS FOCUSED ON OPTIMISING SALES
AND DEVELOPING FUTURE PIPELINE

NZX-listed property development and investment company CDL Investments New Zealand Limited (NZX:CDI) today
released its (unaudited) results for the six months to 30 June 2025 and reported an operating profit after tax of
$3.57 million (2024: $2.74 million*) on revenue of $13.81 million (2024: $16.61 million).

CDI Board Chair Desleigh Jameson said that the results reflected market conditions.

“The market in the first half of 2025 has been subdued and this was unexpected”, she said. “That is reflected in
these results and, as we said at our annual meeting in May, will make achieving our 2025 goals difficult”.

“We did expect that with falling interest rates there would be more positive activity in the property markets and
while there are regions that are doing better than others, on the whole, we are somewhat disappointed that we
have not been able to grow revenue and profit so far this year”.

CDI’s CEO Jason Adams said that the Company was already in the process of optimising its sales and development
work activity.

“We are no stranger to slower property markets. We have the luxury of being able to adjust our development
cadences and we will prioritise sales in the strongest performing areas”, he said.

“We also want to make sure we have a solid sales and development pipeline for 2026 which is when we expect an
uplift in the market. The work we are carrying out during the rest of 2025 is absolutely critical to meeting that”.

Ms. Jameson also said that the company was looking to appoint a new independent director before the end of the
year and that an announcement would be made when confirmed.


ENDS

Issued by CDL Investments New Zealand Limited

Any inquiries please contact:
Jason Adams
CEO
CDL Investments New Zealand Ltd
(09) 353 5077


(*) The FY24 interim profit after tax was affected by a one-off non-cash adjustment of $3.91 million due to the change of government policy on the
depreciation of commercial buildings.