CDI FY2025 Results Announcement
Page 1
CDL Investments New Zealand Limited
Consolidated Statement of Comprehensive Income
For the year ended 31 December 2025
The a
ccompanying notes form part of and should be read in conjunction with these financial statements.
Statement of Comprehensive Income
Continuing Ope ra tions
Group
In thousands of dollarsNote20252024
Property sales34,549 46,049
Rental income3,568 3,010
Re ve nue38,117 49,059
Co st o f sa le s(17,205) (19,274)
Gross profit20,912 29,785
Other income19 28
Ad ministra tive e xp e nse s3, 4(1,270) (1,070)
Property expenses(864)(712)
Selling expenses(1,025) (1,291)
Other e xp e nse s3, 4(2,737) (2,351)
Results from operating activities15,035 24,389
Finance income5407 2,381
Finance costs5(8) (9)
N
e t fina nce inco me399 2,372
Profit before income tax15,434 26,761
Inco me ta x e xp e nse6(4,368) (11,380)
Pro fit fo r the p e rio d11,066 15,381
T otal co mprehe nsive inco me fo r the pe rio d11,066 15,381
Profit Attributable to:
Equity holders11,066 15,381
11,066 15,381
Basic and diluted earnings per share (cents per share)133.78 5.28
T o ta l co mp re he nsive inco me a ttrib uta b le to :
Equity hold ers
Page 2
CDL Investments New Zealand Limited
Consolidated Statement of Changes in Equity
For the year ended 31 December 2025
The a
ccompanying notes form part of and should be read in conjunction with these financial statements.
Statement of Changes in Equity
Group
In thousands of dollarsNote
Share
Ca p ita l
Retained
Earnings
Total
Equity
Balance at 1 January 202467,318 246,407 313,725
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 plan13723 - 723
Dividend to shareholders13- (10,177) (10,177)
Supplementary dividend13- (221)(221)
Fo reig n inve stme nt ta x cre d its13- 221
221
Balance at 31 Dece mbe r 202468,041 251,611 319,652
Balance at 1 January 202568,041 251,611 319,652
Total comprehensive income for the period
Profit for the period- 11,066
11,066
Total comprehensive income for the period-11,066
11,066
Transactions with owners of the Company
Shares issued under dividend reinvestment plan13674 - 674
Dividend to shareholders13- (10,214) (10,214)
Supplementary dividend13- (229)(229)
Fo reig n inve stme nt ta x cre d its13- 229
229
Balance at 31 Dece mbe r 202568,715 252,463 321,178
Page 3
CDL Investments New Zealand Limited
Consolidated Statement of Financial Position
As at 31 December 2025
For an
d on behalf of the Board
D JAMESO
N, DIRECTOR, 24 February 2026 J ELRICK, DIRECTOR, 24 February 2026
The accompanying notes form part of and should be read in conjunction with these financial statements.
Statement of Financial Position
Group
In thousands of dollarsNo te20252024
SHAREHOLDERS' EQUITY
Issued capital1368,715 68,041
Retained earnings252,463 251,611
T o ta l e q uity321,178 319,652
Represented by:
NON CURRENT ASSETS
Property, plant and equipment87 70
Development property8257,854 222,077
Inve stme nt p ro p e rty935,525 36,301
Investment in associate2 2
T ota l non current a ssets293,468 258,450
CURRENT ASSETS
Cash and cash equivalents1213,440 32,803
Short term deposits12484 484
Trade and other receivables116,613 7,517
Development property817,620 29,368
Total current assets38,157 70,172
T o ta l a s s e ts331,625 328,622
NON CURRENT LIABILITIES
Deferred tax liabilities104,432 4,354
Lease Liability26 23
Total non current liabilities4,458 4,377
CURRENT LIABILITIES
Trade and other payables14, 164,860 2,154
Employee entitlements152 151
Income tax payable947 2,254
Lease Liability30 34
Total current liabilities5,989 4,593
Total liabilities10,447 8,970
N e t a s s e ts321,178 319,652
Page 4
CDL Investments New Zealand Limited
Consolidated Statement of Cash Flows
For the year ended 31 December 2025
The accompanying notes form part of and should be read in conjunction with these financial statements.
Statement of Cash Flows
Group
In thousands of dollarsNo te20252024
CASH FLOWS FROM OPERAT ING ACT IVIT IES
Ca sh wa s p ro vid e d fro m:
Receipts from Customers40,490 48,007
Inte re s t R e c e iv e d409 2,850
Ca sh wa s a p p lie d to :
Payments to suppliers(28,051) (27,317)
Payments to employees4(1,657) (1,286)
Deposits paid on unconditional contracts for development land- (663)
Purchase of development land(14,811) (23,720)
Income tax paid(5,370) (6,000)
Ne t cash o utflo w fro m op e ra ting a ctivitie s(8,990) (8,129)
CASH FLOWS FROM INVESTING ACTIVITIES
Ca sh wa s p ro vid e d fro m:
Short term deposits- 50,000
Ca sh wa s a p p lie d to :
Development of investment property9(535) (1,017)
Purchase of plant and equipment(25) (2)
Short term deposits- (484)
Ne t cash (outflow)/inflo w from inve sting activitie s(560) 48,497
CASH FLOWS FROM FINANCING ACTIVITIES
Ca sh wa s a p p lie d to :
Dividend paid(9,540) (9,454)
Principal repayment of lease liability(36) (40)
Lease liability interest component(8) (9)
Supplementary dividend paid(229) (221)
Ne t cash o utflo w fro m financing a ctivitie s(9,813) (9,724)
Net increase/(decrease) in cash and cash equivalents(19,363) 30,644
Add opening cash and cash equivalents32,803 2,159
Closing cash and cash equivalents1213,440 32,803
Page 5
CDL Investments New Zealand Limited
Consolidated Statement of Cash Flows - continued
For the year ended 31 December 2025
The accompanying notes form part of and should be read in conjunction with these financial statements.
Group
In thousands of dollarsNo te20252024
Net profit after taxation11,066 15,381
Adjusted for non cash items:
Depreciation of investment property554 550
Depreciation of plant and equipment7 8
Depreciation of right-of-use assets37 39
Inco me ta x e xp e nse64,368 11,380
Inte re s t Exp e ns e8 9
Adjustments for movements in working capital:
Decrease / (Increase) in receivables1,661 (939)
Increase in development property(24,027) (26,904)
Increase/(decrease) in payables2,706 (1,653)
Cash co nsume d from o pe rating activitie s(3,620) (2,129)
Income tax paid(5,370) (6,000)
Cash o utflow fro m op erating a ctivities(8,990) (8,129)
RECONCILIAT ION OF PROFIT FOR T HE PERIOD
TO CASH FLOWS FROM OPERATING ACTIVITIES
CDL Investments New Zealand Limited
Notes to the Consolidated Financial Statements
For the year ended 31 December 2025
Page 6
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 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 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 2026.
(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 except
where IFRS requires fair value to be used.
The preparation of financial statements in conformity with NZ IFRS requires management to make judgements,
estimates and assumptions that affect the application of company policies and reported amounts of assets and
liabilities, income and expenses. Estimates and underlying assumptions are reviewed on an ongoing basis.
Revisions to accounting estimates are recognised in the period in which the estimate is revised and in any future
period affected.
In particular, information about significant areas of estimation uncertainty and critical judgements in applying
accounting policies that have the most significant effect on the amounts recognised in the financial statements are
described in Note 2 – Accounting Estimates and Judgements.
(c) Basis of consolidation
(i) Subsidiaries
Subsidiaries are entities controlled by the Company. The Company controls an entity when it is exposed to, or
has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through
its power over the entity. The financial statements of subsidiaries are included in the consolidated financial
statements from the date on which control commences until the date on which control ceases.
Intragroup balances and any unrealised gains and losses or income and expenses arising from intragroup
transactions, are eliminated in preparing these consolidated financial statements.
(d) Property, plant and equipment
Items of property, plant and equipment are stated at cost less accumulated depreciation. The cost of purchased
property, plant and equipment is the value of the consideration given to acquire the assets and the value of other
directly attributable costs, which have been incurred in bringing the assets to the location and condition necessary
for their intended service. Depreciation on assets is calculated using the straight-line method to allocate cost to
their residual values over their estimated useful lives, as follows:
Buildings 50 years
Building surfaces and finishes 30 years
Building services 20 - 30 years
Plant and equipment 3 - 10 years
CDL Investments New Zealand Limited
Notes to the Consolidated Financial Statements
For the year ended 31 December 2025
Page 7
Material accounting policies - continued
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 2% are ascribed to building core.
(e) 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 at a point in time. 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.
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.
Rental income from investment properties under operating leases is recognised over time 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.
(f) New standards and interpretations not yet adopted
A number of amendments to standards are effective for annual periods beginning after 1 January 2026 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 2027.
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.
1. Amendments to NZ IFRS 9 and NZ IFRS 7 Classification and Measurement of Financial Instruments
2.
Annual Improvements to NZ IFRS Accounting Standards – Volume 11
3.
NZ IFRS 18 Presentation and Disclosure in Financial Statements
(g) New currently effective standards
The Group adopted all amended standards that became effective during the prior 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 further information.
CDL Investments New Zealand Limited
Notes to the Consolidated Financial Statements
For the year ended 31 December 2025
Page 8
1. SEGMENT REPORTING
Operating segments
The operating segments of the Group consists of property operations, comprising the development and sale of
residential land sections and rental income from investment properties.
The Group has determined that its chief operating decision maker is the Board of Directors on the basis that it is this
group which determines the allocation of resources to segments and assesses their performance.
An operating segment is a distinguishable component of the Group:
that is engaged in business activities from which it earns revenues and incurs expenses,
whose operating results are regularly reviewed by the Group’s chief operating decision maker to make decisions
on resource allocation to the segment and assess its performance, and
for which discrete financial information is available.
Geographical segments
Segment revenue is based on the geographical location of the segment assets. All segment revenues are derived
in New Zealand.
Segment assets are based on the geographical location of the development property. All segment assets are located
in New Zealand.
The Group has no major customer representing greater than 10% of the Group’s total revenues.
In thousands of dollars2025 2024 2025 2024 2025 2024
Exte rna l re ve nue34,970 46,313 3,147 2,746 38,117 49,059
Earnings before interest,
depreciation, amortisation & tax12,493 22,255 3,140 2,731 15,633 24,986
Fina nce inco me407 2,381 - - 407 2,381
Fina nce co sts(8) (9) - - (8) (9)
Depreciation and amortisation(7) (8) (554) (550) (561) (558)
Depreciation of right-of-use assets(37) (39) - - (37) (39)
Profit before income tax12,848 24,580 2,586 2,181 15,434 26,761
Inc o me ta x e xp e ns e(3,644) (6,852) (724) (4,528) (4,368) (11,380)
Profit
after income ta x
9,204
17,728 1,862 (2,347) 11,066 15,381
Cash & cash equivalents and short
term bank deposits13,924 33,287 - - 13,924 33,287
Investment in associates2 2 - - 2 2
Other segment assets282,174 259,032 35,525 36,301 317,699 295,333
T o ta l a sse ts296,100 292,321 35,525 36,301 331,625 328,622
Segment liabilities(5,068) (2,362) - - (5,068) (2,362)
Tax liabilities(884) (2,229) (4,495) (4,379) (5,379) (6,608)
T o ta l lia b ilitie s(5,952) (4,591) (4,495) (4,379) (10,447) (8,970)
Plant and equipment expenditure25 2 - - 25 2
Investment property expenditure- - 535 1,017 535 1,017
Residential land development
expenditure26,424 22,458 - - 26,424 22,458
Purcha se o f la nd fo r re sid e ntial la nd
development 14,811 23,720 - - 14,811 23,720
Residential land
development
Investment propertyGroup
CDL Investments New Zealand Limited
Notes to the Consolidated Financial Statements
For the year ended 31 December 2025
Page 9
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:
The assessment of impairment indicators for investment properties (refer to note 9 for key assumptions and
estimates used).
Determining the net realisable value of development property to identify any impairment.
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. There are no indicators of
impairment as assessed by management. In addition, the Group has engaged an independent valuer to corroborate
the net realisable value base exceeding the carrying value of development properties and confirm the absence of
impairment (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 are no indicators
of impairment. 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.
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.
CDL Investments New Zealand Limited
Notes to the Consolidated Financial Statements
For the year ended 31 December 2025
Page 10
3. ADMINISTRATIVE AND OTHER EXPENSES
The following items of expenditure are included in administrative and other expenses:
4. PERSONNEL EXPENSES
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
Finance income comprises interest receivable on funds invested that are recognised in profit or loss. Interest income
is recognised in profit or loss as it accrues, using the effective interest method.
Finance costs comprises interest costs on lease liabilities that are recognised in the income statement.
6. INCOME TAX EXPENSE
Recognised in the statement of comprehensive income
In thousands of dollarsGroup
No te20252024
Fees incurred for services received from audit firm
- Audit fees current year100 104
- Out of scope audit fees relating to prior year- 6
- Tax preparation services & GST advice21 4
- Greenhouse gas reporting assurance4 26
Non audit firm sustainability advisory 139 -
Depreciation598 597
Directors' fees16145 126
Rental payments90 90
In thousands of dollarsGroup
20252024
Wages and Salaries1,371 1,045
Employee related expenses and benefits281 236
Increase in liability for long-service leave7 5
1,659 1,286
In thousands of dollarsGroup
20252024
Finance income407 2,381
Finance costs(8) (9)
N e t fina nc e inc o me399 2,372
In thousands of dollarsGroup
20252024
Current tax expense
Curre nt ye ar4,245 7,336
Adjustments for prior years46 (26)
4,291 7,310
D e fe rre d ta x e xp e ns e
Origination and reversal of temporary differences77 4,070
77 4,070
Total income expense in the statement of comprehensive income4,368 11,380
CDL Investments New Zealand Limited
Notes to the Consolidated Financial Statements
For the year ended 31 December 2025
Page 11
6. INCOME TAX EXPENSE - continued
Reconciliation of effective tax rate
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.
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 the 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 was recognised within the year ended 31 December 2024.
In thousands of dollarsGroup
20252024
Profit before income tax15,434 26,762
Inco me ta x using the co mp a ny ta x ra te o f 28% (2024: 28%)4,322 7,493
Removal of deductibility of tax depreciation for industrial and commercial buildings- 3,913
Adjustment in respect of prior years46 (26)
4,368 11,380
Effective tax rate (excluding one-off changes on tax depreciation impact related to 2024)28%28%
CDL Investments New Zealand Limited
Notes to the Consolidated Financial Statements
For the year ended 31 December 2025
Page 12
6. INCOME TAX EXPENSE - continued
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 2025. 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
8. DEVELOPMENT PROPERTY
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 (2024: 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. Across the development portfolio there were no indicators of impairment. The annual
process of independent valuations being carried out by Extensor Advisory Limited corroborates the Group’s
development property balances carried. The management team evaluate the assessment of impairment indicators
and confirm the recorded development property balance is lower than the net realisable value.
In thousands of dollarsGroup
20252024
Imputation credits available for use in subsequent periods100,133 98,506
In thousands of dollarsGroup
20252024
Expected to settle greater than one year257,854 222,077
Expected to settle within one year17,620 29,368
Development property275,474 251,445
CDL Investments New Zealand Limited
Notes to the Consolidated Financial Statements
For the year ended 31 December 2025
Page 13
9. INVESTMENT PROPERTY
Investment properties are stated at cost less accumulated depreciation and accumulated impairment losses.
Depreciation on the investment properties is computed by asset classes using the policy disclosed in Note (d). Cost
includes expenditure that is directly attributable to the acquisition of the investment properties. Costs of self-
constructed investment properties include costs of materials and direct labour, any other costs directly attributable
to bringing the investment properties to a working condition for their intended use and capitalised borrowing costs.
Gains and losses on disposal of investment properties (calculated as the difference between the net proceeds from
disposal and the carrying amounts of the investment properties) are recognised in the profit and loss.
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. 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.
Impairment
During the year, management performed an assessment of indicators of impairment which includes annual reviews
of the carrying amounts of investment properties. No indicators of impairment were identified.
The fair value of investment properties held at 31 December 2025 was determined by an independent registered
valuer, DM Koomen SPINZ of Extensor Advisory Limited as $69.9 million (2024: $65.1 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.
In thousands of dollarsGroup
Freehold
La nd
Buildin
gs
Work in
Progress Total
Co st
Ba la nce a t 1 Ja nua ry 2024659 36,717 - 37,376
Additions- - 1,017 1,017
Transfers between categories- - - -
Balance at 31 December 2024659 36,717 1,017 38,393
Ba la nce a t 1 Ja nua ry 2025659 36,717 1,017 38,393
Additions- - 535 535
Reclassify to other assets- - (757) (757)
Transfers between categories- 118 (118) -
Balance at 31 December 2025659 36,835 677 38,171
Depreciation and impairment losses
Ba la nce a t 1 Ja nua ry 2024- (1,542) - (1,542)
Depreciation charge for the year- (550) - (550)
Balance at 31 December 2024- (2,092) - (2,092)
Ba la nce a t 1 Ja nua ry 2025- (2,092) - (2,092)
Depreciation charge for the year- (554) - (554)
Balance at 31 December 2025- (2,646) - (2,646)
Ca rrying a mounts
Ba la nce a t 1 Ja nua ry 2024659 35,175 - 35,834
Ba lance at 31 De cemb er 2024659 34,625 1,017 36,301
Ba la nce a t 1 Ja nua ry 2025659 34,625 1,017 36,301
Ba lance at 31 De cemb er 2025659 34,189 677 35,525
CDL Investments New Zealand Limited
Notes to the Consolidated Financial Statements
For the year ended 31 December 2025
Page 14
9. INVESTMENT PROPERTY – Impairment – continued
Average market capitalisation rates appropriate to the properties range from 5.00% to 6.88% (2024: 4.50% to
7.25%). Average market rent per square metre rates appropriate to the properties range from $275 to $476 (2024:
$263 to $450). There is no impairment expense recognised in the period (2024: 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 2025 was $3.1 million (2024: $2.7 million).
The following table sets out a maturity analysis of lease payments, showing the undiscounted lease payments to be
received after the reporting date:
10. DEFERRED TAX ASSETS AND LIABILITIES
Recognised deferred tax assets and liabilities
Deferred tax assets and liabilities are attributable to the following:
Movement in deferred tax balances during the year
Movement in deferred tax balances during the year
In thousands of dollarsGroup
20252024
Within 1 Year3,336 2,745
More than 1 year but within 2 years3,377 2,793
More than 2 years but within 3 years3,339 2,835
More than 3 years but within 4 years2,359 2,784
More than 4 years but within 5 years814 1,947
After 5 years787 708
14,012 13,812
In thousands of dollarsGroup
AssetsLiabilitiesNet
202520242025202420252024
Investment Property- - (4,495) (4,379) (4,495) (4,379)
Development Property- - (81) (81) (81) (81)
Employee Benefits144 106 - - 144 106
N e t ta x a s se ts/(lia b ilitie s )144 106 (4,576) (4,460) (4,432) (4,354)
In thousands of dollarsGroup
Investment Property(345) (4,034) (4,379)
Development Property(81) - (81)
Employee Benefits142 (36) 106
(284) (4,070) (4,354)
Balance at 1 Jan
2024
Recognised in
profit or loss
Balance at 31 Dec
2024
In thousands of dollarsGroup
Investment Property(4,379) (116) (4,495)
Development Property(81) - (81)
Employee Benefits106 38 144
(4,354) (78) (4,432)
Balance at 1 Jan
2025
Recognised in
profit or loss
Balance at 31 Dec
2025
CDL Investments New Zealand Limited
Notes to the Consolidated Financial Statements
For the year ended 31 December 2025
Page 15
11. TRADE AND OTHER RECEIVABLES
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 incorporates forward looking information and relevant macroeconomic factors. Based on this view, none of the
trade and other receivables are impaired.
12. CASH AND CASH EQUIVALENTS
Cash and cash equivalents comprise cash balances and call deposits with an original maturity of three months or
less.
13. CAPITAL AND RESERVES
Share capital
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 2025, the authorised share capital consisted of 292,672,296 fully paid ordinary shares
(2024: 291,823,552).
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 848,744 additional shares under the Dividend Reinvestment Plan on 16 May 2025
(2024: 1,038,719) at a strike price of $0.7947 per share issued (2024: $0.6961).
In thousands of dollarsGroup
20252024
Trade receivables403 672
Sundry receivables4,017 4,506
Prepayments, bonding & others2,193 2,339
Trade and other receivables6,613 7,517
In thousands of dollarsGroup
20252024
Bank balances13,440 32,803
Call deposits484 -
Cash and cash equivalents13,924 32,803
Co mp a ny
2025202520242024
Shares
'000s $000's
Shares
'000s $000's
Shares Issued 1 January291,824 68,041 290,785 67,318
Issued under dividend reinvestment plan849 674 1,039 723
Total shares issued and outstanding292,673 68,715 291,824 68,041
CDL Investments New Zealand Limited
Notes to the Consolidated Financial Statements
For the year ended 31 December 2025
Page 16
13. CAPITAL AND RESERVES - continued
Dividends
The following dividends were declared and paid during the year 31 December 2025:
The following dividends were declared by the directors on 24 February 2026. 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.
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 2025 was based on the profit attributable to ordinary shareholders of $11,066,000
(2024: $15,381,000); and weighted average number of ordinary shares outstanding during the year ended 31
December 2025 of 292,389,381 (2024: 291,477,312), calculated as follows:
Profit attributable to ordinary shareholders (basic & diluted)
Weighted average number of ordinary shares
Earnings per share (basic & diluted)
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.
In thousands of dollarsCo mp a ny
20252024
3.5 ce nts p e r q ua lifying o rid na ry sha re (2024: 3.5 ce nts)10,214 10,177
10,214 10,177
In thousands of dollarsCo mp a ny
2025
1.0 cents ordinary dividend per qualifying ordinary share2,927
1.0 cents total dividend per qualifying ordinary share2,927
In thousands of dollarsGroup
20252024
Profit for the period11,066 15,381
Profit attributable to ordinary shareholders11,066 15,381
Company
20252024
Shares
'000s
Shares
'000s
Issued ordinary shares at 1 January291,824 290,785
Effect of 1,038,719 shares issued in May 2024- 692
Effe ct o f 848,744 sha re s issue d in Ma y 2025530 -
Weighted average number of ordinary shares at 31 December292,354 291,477
Group
20252024
Basic and Diluted Earnings per share (cents per share)3.78 5.28
CDL Investments New Zealand Limited
Notes to the Consolidated Financial Statements
For the year ended 31 December 2025
Page 17
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 typically recognised at fair value. After an initial recognition, non-derivative
financial instruments deemed financial assets are characterised at amortised cost; FVOCI- debt investment; FVOCI-
equity investment; or FVTPL. Non-derivative financial instruments deemed financial liabilities are characterised
amortised cost or FVTPL.
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.
* These prior period comparative amounts have been restated to exclude non-financial assets and liabilities such as
prepayments, deposits paid for asset purchases and revenue in advance.
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. Exposure to credit and interest rate risks arises in the normal course of the
Group’s business.
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 (2024: nil) and is only exposed to movements in interest rates on short-term investments
which is explained in the sensitivity analysis. Interest income is earned on the cash and cash equivalent balance and
the short-term deposits balance.
In thousands of dollarsGroup
No te2025
2024*
Financia l Assets
Cash and cash equivalents1213,440 32,803
Short term deposits12484 484
Trade and other receivables111,137 1,653
Financial Liabilities
Trade payables2,622 936
Related party payables16116 -
Other accruals & provisions1,122 811
CDL Investments New Zealand Limited
Notes to the Consolidated Financial Statements
For the year ended 31 December 2025
Page 18
14. FINANCIAL INSTRUMENTS - continued
Sensitivity analysis
The Group manages interest rate risk by maximising its interest income through forecasting its cash requirements
and cash inflows. Over the longer-term, however, permanent changes in interest rates will have an impact on profit.
An increase of one percentage point in interest rates would have increased the Group’s profit before income tax by
$118,640 (2024: $473,000) 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 $118,640 (2024: $473,000) in the current period.
Effective interest and repricing analysis
In respect of income earning financial assets, the following tables indicate the effective interest rates at the balance
sheet date and the periods in which they reprice.
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:
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.
Group
20252024
N o te Effe c tiv e
interest
rate
Total6
mo nths
or less
6-12
months
Effe c tiv e
interest
ra te
Total6
months
or less
6-12
mo nths
Cash and cash
equivalents
12
0.00% to
4.25%
13,440 13,440 -
0.00% to
4.25%
32,803 32,803 -
Sho rt te rm
deposits
3.51% to
3.74%
484 - 484
5.24% to
5.46%
484 75 409
13,924
13,440 484 33,287 32,878 409
In thousands of
dollars
In thousands of dollarsGroup
2025 2024
Balance
Sheet
6
months
or less
6-12
months
Balance
Sheet
6
months
or less
6-12
mo nths
Trade and other payables3,860 3,860 - 2,154 2,154 -
3,860 3,860 - 2,154 2,154 -
CDL Investments New Zealand Limited
Notes to the Consolidated Financial Statements
For the year ended 31 December 2025
Page 19
15. CAPITAL AND LAND DEVELOPMENT COMMITMENTS
As at 31 December 2025, the Group had entered into contractual commitments for development expenditure and
unconditional purchases of land. Within the Groups land development commitments, two properties remain
unconditional with extended settlement terms. CDI are yet to assume any control of these properties which govern
their treatment as an asset and any financial liability. Development expenditure represents amounts contracted and
forecast to be incurred in 2026 and future years in accordance with the Group’s development programme.
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.
During the year, CDL Investments New Zealand Limited and its subsidiary has incurred costs from its parent,
Millennium & Copthorne Hotels New Zealand Limited of $596,787 (2024: $685,000) for shared office expenses,
insurance premiums and recoverable recharges passed through at cost. As of 31 December 2025, $480,870 of these
related party transactions had been settled and $115,917 remained outstanding and are included in trade payables
(2024: $ Nil).
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 2025 was:
Non-executive directors receive director’s fees only. The executive officer received 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).
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 65.12% (2024: 65.31%) of the Company and
having one out of five of the Directors on the Board. Millennium & Copthorne Hotels New Zealand Limited is 83.84%
(2024: 75.86%) 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 2025, CDL Investments New Zealand Limited issued no additional shares (2024: 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 (2024: 190,591,297).
In thousands of dollarsGroup
20252024
Development expenditure29,949 24,269
La nd p urcha se s4,913 13,261
34,862 37,530
In thousands of dollarsGroup
20252024
Non-executive directors145 126
Executive director- 86
Executive officer485 482
630 694
CDL Investments New Zealand Limited
Notes to the Consolidated Financial Statements
For the year ended 31 December 2025
Page 20
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 (2024: $75,000).
19. SUBSEQUENT EVENTS
On 24 February 2026, an ordinary dividend of $0.01 per qualifying share was declared by the Directors (see Note 13).
© 2026 KPMG, a New Zealand Partnership and a member firm of the KPMG global organisation of independent member firms affiliated with KPMG International Limited,
a private English company limited by guarantee. All rights reserved.
Document classification: KPMG Confidential
Independent Auditor’s Report
To the shareholders of CDL Investments New Zealand Limited
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 2025;
- 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
2025 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) 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 and tax advisory services, as well
as limited assurance work on climate related disclosure. Subject to certain restrictions, partners and employees
of our firm may also deal with the Group on normal terms within the ordinary course of trading activities of the
business of the Group. These matters have not impaired our independence as auditor of the Group. The firm has
no other relationship with, or interest in, the Group.
Materiality
The scope of our audit was influenced by our application of materiality. Materiality helped us to determine the
nature, timing and extent of our audit procedures and to evaluate the effect of misstatements, both individually
and on the consolidated financial statements as a whole. The materiality for the consolidated financial statements
as a whole was set at $1.3m determined with reference to a benchmark of the Group’s profit before tax. We
chose the benchmark because, in our view, this is a key measure of the Group’s performance.
2
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 consolidated
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 83% 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
the development of the land is
subjective and depends on whether
the costs are recoverable as costs of
conversion. In addition, there is
significant judgement in determining
whether obligations exist for future
costs and how to allocate capitalised
development costs to individual
properties or stages.
The key judgements used in this
determination are:
- Whether costs are eligible for
capitalisation under the
relevant accounting standards
- The allocation of capitalised
costs to the individual
projects, stages and land lots
and the associated
recognition of cost of sales
- Whether a capitalised cost
and the associated liability for
future obligations should be
recorded under the relevant
accounting standard.
Our audit procedures included:
- Evaluating the Group’s accounting policy for capitalisation of
development costs against NZ IAS 2;
- Testing the design and implementation, as well as operating
effectiveness of internal review of allocation of costs to
projects or stages;
- Testing samples of capitalised development costs and
vouched to supporting documents. For each selected sample,
we:
— Considered the nature of the costs capitalised and
evaluated whether they are eligible for capitalisation
under NZ IAS 2;
— Assessed the appropriateness of the allocation of cost to
the individual project and stages;
— Compared the amount capitalised against amounts per
supporting documents;
- Inspecting Sales and Purchase Agreements, settlement
statements and cash payments for land acquisitions during
the reporting period. We further assessed the accounting
treatment for unsettled land acquisitions for which the Group
has paid a deposit prior to the year-end;
- Performing analytical procedures to assess appropriateness
of the margins across periods of sale;
- Performing a retrospective review of the forecast costs and
cost of sales to assess management’s ability to forecast
future costs accurately based on readily available information;
- 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 standards;
- Assessing the accuracy and completeness of disclosures
made in the Consolidated Financial Statements of the Group
against results of our testing and against the requirements of
the accounting standards.
Our testing did not identify any material exceptions related to the
capitalisation of development costs, the allocation of those costs to
individual project stages and the recognition of future development
cost obligations.
3
Other information
The directors, on behalf of the Group, are responsible for the other information. The other information comprises
the Directors’ Review, NZX Results Announcement, and Media Release (but does not include the consolidated
financial statements and our auditor’s report thereon), which we obtained prior to the date of this auditor’s report,
and the Group’s Annual Report, which is expected to be made available to us after that date.
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 other
information and in doing so, consider whether the other information is materially inconsistent with the
consolidated financial statements or our knowledge obtained in the audit or otherwise appears materially
misstated.
If, based on the work we have performed on the other information that we obtained prior to the date of this
auditor’s report, we conclude there is a material misstatement of this other information, we are required to report
that fact. We have nothing to report in this regard.
When we read the Annual Report, if we conclude that there is a material misstatement therein, we are required to
communicate the matter to directors and use our professional judgement to determine the appropriate action to
take.
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.
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.
4
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 Matthew Wilcox.
For and on behalf of:
KPMG
Auckland
24 February 2026
---
Results announcement
.
Results for announcement to the market
Name of issuer CDL Investments New Zealand Limited
Reporting Period 12 months to 31 December 2025
Previous Reporting Period 12 months to 31 December 2024
Currency NZD
Amount (000s) Percentage change
Revenue from continuing
operations
$38,136 (22.31%)
Total Revenue $38,136 (22.31%)
Net profit/(loss) from
continuing operations
$11,066 (28.05%)
Total net profit/(loss) $11,066 (28.05%)
Interim/Final Dividend
Amount per Quoted Equity
Security
$0.01000000
Imputed amount per Quoted
Equity Security
$0.00388889
Record Date 01 May 2026
Dividend Payment Date 15 May 2026
Current period Prior comparable period
Net tangible assets per
Quoted Equity Security (in
dollars and cents per
security)
$1.097 $1.095
A brief explanation of any of
the figures above necessary
to enable the figures to be
understood
Refer Directors’ Review accompanying this announcement
Authority for this announcement
Name of person
authorised
to make this announcement
Abigail Wong
Contact person for this
announcement
Abigail Wong
Contact phone number 09 353 5074
Contact email address Abbi.Wong@cdli.co.nz
Date of release through MAP
24 February 2026
Audited financial statements accompany this announcement.
---
DIRECTORS’ REVIEW
Overview
T
he Board of CDL Investments New Zealand Limited (“CDI”) reflects on a year in which the Company
continued to progress its development programme and position the business for the future, against a
backdrop of softer residential market conditions.
T
hroughout 2025, easing inflation and mortgage interest rates were not sufficient to materially lift
purchaser confidence. Broader economic pressures continued to influence buying decisions, resulting
in lower levels of transactional activity across the sector. In this environment, the Board’s focus
remained on disciplined capital management, progressing active developments, preserving balance
sheet strength and flexibility, and capitalising on softer market conditions to pursue strategic portfolio
acquisitions.
Financial performance
F
or the year ended 31 December 2025, CDI recorded a profit after tax of $11.1 million (2024: $15.4
million). Property sales and other income totalled $38.1 million (2024: $49.1 million), reflecting the
subdued residential sales environment experienced throughout the year.
S
hareholders’ funds remained strong at $321.2 million (2024: $319.7 million), with total assets of
$331.6 million (2024: $328.6 million). Net tangible assets per share at book value were 109.7 cents
(2024: 109.5 cents), underlining the strength of the Company’s asset base.
Development activity
D
espite softer market conditions, CDI continued to advance its consented and active developments
during the year.
D
evelopment progressed at Iona in Havelock North through Stages 1 and 2, while construction was
completed at Prestons Park in Christchurch, with Stages 4 and 6 finalised. The Canterbury region
continued to perform well for the Company, reflecting the benefits of CDI’s regional diversification.
C
onstruction of the land development phase also commenced at the Company’s Wairakei Road
industrial development in Christchurch, supporting the continued focus on diversification by expansion
of the commercial and industrial portfolio.
The Company also entered into agreements to purchase strategic land holdings in Havelock North
(0.36 ha) and Hamilton (1.63 ha), further strengthening CDI’s position in relation to its Fast-t rack
applications.
Development pipeline and planning environment
The timing of commencement of some future developments continues to be influenced by evolving
planning and land-use settings at national and regional levels. This period of transition has required
councils to reassess growth sequencing and land classifications, adding complexity and extending
timeframes across the sector.
T
hese factors have contributed to constraints within CDI’s development pipeline which has resulted
in CDI considering ways it can expedite inventory constraint issues. In response, CDI has maintained
flexibility across its landholdings, carefully staged investment, and progressed consent pathways
where possible to improve certainty of delivery.
During the year, the Company lodged a Fast-track application for its Arataki Road development in
Havelock North and expects a decision in the first quarter of 2026. Progress also continued on
preparations for Fast-track applications of the Company’s large-scale residential and industrial
development in Hamilton and its future urban land at Iona, Havelock North.
P
ortfolio diversification
C
DI’s industrial and commercial assets continued to provide earnings resilience during the year,
reflecting a deliberate diversification strategy commenced in 2019 to moderate exposure to residential
market cycles.
O
ur industrial assets at Wiri, Auckland remained fully tenanted, and retail leasing activity progressed
our Prestons Park retail centre in Christchurch despite challenging retail sector conditions. The retail
centre at our Stonebrook subdivision in Rolleston is fully leased. The Board considers this
diversification an important contributor to the Company’s ability to manage earnings volatility through
the cycle.
People, governance and capability
D
uring the year, CDI continued to invest in organisational capability to support its long-term strategy.
At governance level, the Board was strengthened with the addition of independent non-executive
director Julian Smith, who brings 15 years of governance, strategic and transformational experience.
At an operational level, the appointment of a General Counsel and Company Secretary, and a
Financial Controller were welcomed new members to the team.
T
hese appointments build on CDI’s existing governance and management capability and reflect the
Board’s focus on ensuring the Company remains well-equipped to manage regulatory, financial and
operational requirements as the development pipeline progresses.
O
utlook
Look
ing ahead, the Board remains cautiously optimistic while expecting any recovery in residential
demand to be gradual over a period of time and influenced by broader economic conditions.
C
DI enters the next financial year with a strong balance sheet, a refreshed and experienced Board
and management team, and a development pipeline that supports long-term value creation. The
Board remains focused on disciplined capital allocation, leveraging prevailing market conditions to
make strategic acquisitions, progressing consented and Fast-track projects, and ensuring the
Company is well-positioned for the future.
Desleigh Jameson
Board Chair
24 February 2026
---
24 February 2026
CDL INVESTMENTS REPORTS 2025 RESULT, PROGRESSES
DEVELOPMENT PIPELINE
CDL Investments New Zealand Limited (NZX: CDI) today reported its financial results for the
year ended 31 December 2025, reflecting subdued residential market conditions
alongside
continued progress across its active development portfolio and pipeline.
Chair Desleigh Jameson said 2025 had been a challenging year for the residential property
sector, with market confidence remaining constrained despite easing inflation and mortgage
interest rates.
“Cost-of-living pressures and broader economic uncertainty continued to influence purchasing
decisions, wit h many buyers
adopting a cautious, wait -and-see approach”, s he said.
Against this backdrop, CDI reported profit after tax of $11.1 million (2024: $15.4 million) on
property sales and other income of $38.1 million (2024: $49.1 million).
Dividend Announcement
The Board has taken a balanced approach to reward shareholders for another profitable year against
the company’s need to retain cash to fund its forward development works, Fast-track projects and
potential future acquisitions. The Board has resolved to provide shareholders a fully imputed ordinary
dividend of 1 cent per share payable 15 May 2026.
The record date will be 1 May
2026. The Dividend Reinvestment Plan will apply to this dividend.
Active development delivery continues
Despite softer market conditions, CDI continued to advance its consented and active
developments during the year.
At Iona in Havelock North, development progressed through Stages 1 and 2, while construction
was completed at Stage 4 and 6 at Prestons Park in Christchurch. Christchurch has continued
to perform well for the Company, reflecting the benefits of CDI’s regional diversification.
Earthworks also commenced at the Company’s Wairakei Road industrial development in
Christchurch, continuing momentum across CDI’s commercial and industrial portfolio.
Chief Executive Officer Jason Adams
said the focus during the year had been on progressing
developments that were construction-ready and aligned with long-term demand.
“While residential sales activity has been subdued, we have continued to advance our active
developments and invest in the infrastructure that supports future growth”, he said.
Pipeline timing influenced by planning transition
Future developments continue to be influenced by evolving land-use and planning settings at
national and regional levels. This period of transition has required councils to reassess growth
and land classifications, adding complexity and extending timeframes across the sector. In
response, CDI has focused on maintaining flexibility across its landholdings, carefully staging
investment, and progressing consents where possible to improve delivery certainty.
24 February 2026
The Company’s future urban land at Iona was considered through the Napier-Hastings Future
Development Strategy process. An Independent Hearing Panel recommended the land be
included, although councillors subsequently made the decision not to include it. In response,
CDI commenced the urban zoning of this land through the Fast-track process.
T
he Company also lodged a Fast-track application for its Arataki Road development in Havelock
North and expects a decision in the first quarter of 2026. Progress continued on preparations for
Fast-track applications of the Company’s large 130 hectare Hamilton residential and industrial
development. The Company has also entered into agreements to purchase strategic land
holdings in Havelock North (0.36 ha) and Hamilton (1.63 ha), further strengthening CDI’s position
in relation to the Fast-t rack applications.
Diversified portfolio supporting resilience
C
DI’s industrial and commercial assets continued to provide earnings resilience during the year.
This reflects a deliberate diversification strategy commenced in 2019 to reduce reliance on
residential market cycles.
The Company’s industrial warehouses remained fully tenanted, and construction of the land
development phase commenced at Wairakei Road. While retail leasing conditions remained
challenging across the sector, CDI completed leasing activity at its Stonebrook retail centre in
Rolleston and secured two new leases at Prestons Park retail centre in Christchurch, during the
year.
R
esidential demand signals and outlook
R
esidential enquiry levels improved toward the end of the year, particularly in the period leading
up to Christmas. While this has yet to flow through to contracted sales at scale, management
considers these signals encouraging.
Mr
Adams said any recovery is expected to be gradual.
“
Based on current conditions, we are cautiously optimistic and anticipate any recovery in
residential demand to be gradual over a period of time and influenced by the broader economic
environment. Our focus remains on disciplined capital management and ensuring we are well
positioned as confidence returns.”
D
uring the year, CDI also strengthened its internal management team capability with key
appointments including a dedicated In-house General Counsel/ Company Secretary, Ms Abigail
Wong and Financial Controller/ Accountant, Mr Geoff Donley, strengthening the Company’s
position for the future.
Ms
Jameson said the Board remained cautiously optimistic about the long-term outlook.
“While economic headwinds and election-year dynamics may continue to influence the pace of
recovery, CDI enters 2026 with cautious optimism, a refreshed and experienced Board and
management team, and a development pipeline that supports long-term value creation.”
C
DI will continue to prioritise disciplined capital allocation while progressing consented and Fast-
track projects, and leveraging prevailing market conditions to pursue strategic acquisitions,
ensuring the Company remains well positioned for the next phase of the market cycle.
24 February 2026
Summary of results
•
Profit after tax
•
Profit before tax
•
Property sales & other income
•
Shareholders’ funds
•
Total assets
•
Net tangible asset value (at book value)
•Earnings per share
$11.1 million (2024: $15.4 million)
$15.4 million (2024: $26.7 million)
$38.1 million (2024: $49.1 million)
$321.2 million (2024: $319.7 million)
$331.6 million (2024: $328.6 million)
109.7 cents per share (2024: 109.5cps)
3.78 cents per share (2024: 5.28cps)
A
bout CDL Investments New Zealand Limited:
CDL Investments New Zealand Limited (NZX:CDI) has a proud track record of acquiring and
developing residential sections in New Zealand for over two decades. With a focus on creating
and developing a range of high-quality residential sections to New Zealanders, CDI has
successfully completed numerous subdivision projects in Auckland, Hamilton, Tauranga,
Hastings, Havelock North, Taupo, Nelson, Christchurch, Rolleston (Canterbury) and
Queenstown. CDI is a majority-owned subsidiary of NZX-listed Millennium & Copthorne Hotels
New Zealand Limited.
EN
DS
I
ssued by CDL Investments New Zealand Limited
E
nquiries to:
Jason Adams, Chief Executive Officer
j
ason.adams@cdli.co.nz
027 683 7220
---
Distribution Notice
Please note: all cash amounts in this form should be provided to 8 decimal places, including zeros (ie 0.01001000)
Section 1: Issuer information
Name of issuer CDL Investments New Zealand Limited
Financial product name/description Ordinary Shares
NZX ticker code CDI
ISIN (If unknown, check on NZX
website)
NZKGLE0001S8
Type of distribution
(Please mark with an X in the
relevant box/es)
Full Year
X Quarterly
Half Year Special
DRP applies
X
Record date 01/05/2026
Ex-Date (one business day before the
Record Date)
30/04/2026
Payment date (and allotment date for
DRP)
15/05/2026
Total monies associated with the
distribution
1
$ 2,926,722.96
Source of distribution (for example,
retained earnings)
Retained earnings
Currency NZD
Section 2: Distribution amounts per financial product
Gross distribution
2
$ 0.01388889
Gross taxable amount
3
$ 0.01388889
Total cash distribution
4
$ 0.01000000
Excluded amount (applicable to listed
PIEs)
n/a
Supplementary distribution amount
$ 0.00176471
Section 3: Imputation credits and Resident Withholding Tax
5
1
Continuous issuers should indicate that this is based on the number of units on issue at the date of the form
2
“Gross distribution” is the total cash distribution plus the amount of imputation credits, per financial product, before the deduction of
Resident Withholding Tax (RWT).
3
“Gross taxable amount” is the gross distribution minus any excluded income.
4
“Total cash distribution” is the cash distribution excluding imputation credits, per financial product, before the deduction of RWT.
This should include any excluded amounts, where applicable to listed PIEs.
5
The imputation credits plus the RWT amount is 33% of the gross taxable amount for the purposes of this form. If the distribution is
fully imputed the imputation credits will be 28% of the gross taxable amount with remaining 5% being RWT. This does not constitute
advice as to whether or not RWT needs to be withheld.
Is the distribution imputed Fully imputed
Partial imputation
No imputation
If fully or partially imputed, please
state imputation rate as % applied
6
28%
Imputation tax credits per financial
product
$0.00388889
Resident Withholding Tax per
financial product
$0.00069444
Section 4: Distribution re-investment plan (if applicable)
DRP % discount (if any)
Nil
Start date and end date for
determining market price for DRP
04/05/2026 08/05/2026
Date strike price to be announced (if
not available at this time)
11/05/2026
Specify source of financial products to
be issued under DRP programme
(new issue or to be bought on market)
Ordinary Shares (new issue)
DRP strike price per financial product
[to be advised]
Last date to submit a participation
notice for this distribution in
accordance with DRP participation
terms
04/05/2026
Section 5: Authority for this announcement
Name of person
authorised to make
this announcement
Abigail Wong (Company Secretary)
Contact person for this
announcement
Abigail Wong (Company Secretary)
Contact phone number
09 353 5074
Contact email address
abbi.wong@cdli.co.nz
Date of release through MAP
24/02/2026
6
Calculated as (imputation credits/gross taxable amount) x 100. Fully imputed dividends will be 28% as a % rate applied.
Data sourced from publicly available filings. Our datasets may not be complete. Automated analysis can produce errors. If you believe any data on this page is incorrect, please contact us at hello@nzxplorer.co.nz. For informational purposes only. Not investment advice.
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