NZX Governance Explorer

How CDL Investments New Zealand Limited makes money

Where CDI’s revenue went in FY2022: operating costs, depreciation, interest and tax, and what was left as net profit. Built from the income statement in the filed annual report, and drawn only when the figures reconcile with each other. CDI company profile

How CDL Investments New Zealand Limited makes money — FY2022

Revenue $67.1m · EBITDA $42.2m (62.9% of revenue) · Net profit $31.2m (46.5% of revenue) · Financial year ending December (from the issuer record)

CDL Investments New Zealand Limited (CDI) FY2022: where revenue of $67.1m wentRevenue → EBITDA: $42.2mRevenue → Operating costs (net of other income): $24.9mEBITDA → EBIT: $41.7mEBITDA → Depreciation & amortisation: $559kEBIT → Net profit: $31.2mEBIT → Interest: $7kEBIT → Income tax: $10.5mOther items (net gain) → Income tax: $1.7mRevenue: $67.1mRevenue$67.1mEBITDA: $42.2mEBITDA$42.2mOperating costs (net of other income): $24.9m (derived)Operating costs (net ofother income)$24.9m · derivedEBIT: $41.7mEBIT$41.7mDepreciation & amortisation: $559kDepreciation &amortisation$559kOther items (net gain): $1.7m (balancing item)Other items (net gain)$1.7m · balancingNet profit: $31.2mNet profit$31.2mInterest: $7kInterest$7kIncome tax: $12.1mIncome tax$12.1m

Band widths are proportional to NZD amounts. Dashed outlines mark derived figures; the hatched node is a balancing item (net profit less every line above it).

CDL Investments New Zealand Limited FY2022 figures used in the chart
FY2022AmountStatusNote
Revenue$67.1mReported
Operating costs (net of other income)−$24.9mDerived *Reported operating expenses $5.2m do not reconcile; not used.
EBITDA$42.2mReported
Depreciation & amortisation−$559kReported
EBIT$41.7mReported
Interest (net finance costs)−$7kReported
Income tax−$12.1mReported
Other items (net gain)+$1.7mBalancing item *Net profit less the lines above; covers fair-value movements, impairments, associates and anything else not itemised.
Net profit$31.2mReported
  • * operating costs: $24.9m = Revenue − EBITDA
Checks run on these figures (6)
  • Passed: Revenue is within the scale of a column stored in thousands.
  • Passed: Revenue in the income statement ($67.1m) vs the summary table ($67.1m): agree within 2%.
  • Passed: EBITDA − D&A = $41.7m vs reported EBIT $41.7m: reconciles.
  • Not met: Reported operating expenses ($5.2m) leave $61.9m, not EBITDA of $42.2m (gap $19.7m); costs derived as revenue minus operating profit instead. No split is shown.
  • Passed: Balancing item $1.7m is 2.5% of revenue (limit 25%).
  • Not met: Segment(s) with negative revenue that are not eliminations (Property operating expenses); not drawn.

Figures extracted automatically from the annual report; check against the report. NZD thousands as stored, shown in millions. Source: annual_report_pdf · method: claude_haiku_pdf · extracted 7 March 2026.

Annual report: CDI 2022 Annual Report (PDF, NZX)

EBITDA bridge, FY2021 → FY2022

What moved EBITDA between the two years: the change in revenue, less the change in operating costs (revenue less EBITDA, net of other income; not a reported line). The costs are one net figure; no split by type is held, so none is shown.

CDI EBITDA bridge FY2021 to FY2022FY2021 EBITDA: $42.9m$42.9mFY2021 EBITDARevenue change: −$21.7m−$21.7mRevenue changeCost change (derived): +$21.0m+$21.0mCost change (derived)FY2022 EBITDA: $42.2m$42.2mFY2022 EBITDA
CDI EBITDA bridge FY2021 to FY2022: figures
StepFY2021FY2022Effect on EBITDAStatus
FY2021 EBITDA$42.9m$42.9mAs charted
Revenue$88.8m$67.1m−$21.7mReported
Operating costs (net, derived)$45.9m$24.9m+$21.0mDerived: revenue − EBITDA
FY2022 EBITDA$42.2m$42.2mAs charted

$42.9m −$21.7m +$21.0m = $42.2m, which equals FY2022 EBITDA of $42.2m. EBITDA is the figure stored from each statement; companies that headline an adjusted measure (EBITDAF, underlying EBITDA) can report a different number.

What changed from FY2021 to FY2022

MeasureFY2021FY2022ChangeChange %
Revenue$88.8m$67.1m−$21.7m−24.4%
EBITDA$42.9m$42.2m−$677k−1.6%
Net profit$30.1m$31.2m+$1.1m+3.6%
EBITDA margin48.3%62.9%+14.6 pts—
Net margin33.9%46.5%+12.6 pts—

Both years passed the same checks. Margins are shares of revenue; their change is in percentage points. n/m = not meaningful (prior-year figure at or below zero). Each year holds the figures from its own annual report; restated comparatives are not applied.

Margins over time

EBITDA, EBIT and net profit as a share of revenue for each year whose figures passed the checks (5 of 9 years from FY2017). The shaded line is the median of 3 other listed Real Estate operating companies, using each one’s same financial year where it passed the checks; the number of companies in each median is in the table. Gaps are years that were not charted.

EBITDA margin
CDI ebitda margin by financial year, with peer median-10%30%70%FY17FY18FY20FY22FY24FY25FY2017: not charted — not from annual reportFY2018: not charted — no annual statement on fileFY2019: not charted — not from annual reportFY2020: not charted — not from annual reportFY2021: CDI 48.3%; peer median — (1)FY2022: CDI 62.9%; peer median 19.3% (2)FY2023: CDI 52.5%; peer median 28.4% (2)FY2024: CDI 50.9%; peer median 13.7% (2)FY2025: CDI 41.0%; peer median — (1)
EBIT margin
CDI ebit margin by financial year, with peer median-10%30%70%FY17FY18FY20FY22FY24FY25FY2017: not charted — not from annual reportFY2018: not charted — no annual statement on fileFY2019: not charted — not from annual reportFY2020: not charted — not from annual reportFY2021: CDI 48.2%; peer median — (1)FY2022: CDI 62.1%; peer median 15.1% (2)FY2023: CDI 49.4%; peer median 24.5% (2)FY2024: CDI 49.7%; peer median 9.0% (2)FY2025: CDI 39.4%; peer median — (1)
Net margin
CDI net margin by financial year, with peer median-10%30%70%FY17FY18FY20FY22FY24FY25FY2017: not charted — not from annual reportFY2018: not charted — no annual statement on fileFY2019: not charted — not from annual reportFY2020: not charted — not from annual reportFY2021: CDI 33.9%; peer median — (1)FY2022: CDI 46.5%; peer median 9.8% (2)FY2023: CDI 43.7%; peer median 13.3% (2)FY2024: CDI 31.4%; peer median -1.2% (2)FY2025: CDI 29.0%; peer median — (1)

CDI   peer median   below the axis: year not charted (reason in the table). All panels share one scale.

CDI margins by year with peer medians
YearEBITDA margin: CDI · peer median (n)EBIT margin: CDI · peer median (n)Net margin: CDI · peer median (n)Note
FY2017—— (1)—— (1)—— (1)Not charted: not from annual report
FY2018—— (1)—— (1)—— (1)Not charted: no annual statement on file
FY2019—— (1)—— (1)—— (1)Not charted: not from annual report
FY2020—— (0)—— (0)—— (0)Not charted: not from annual report
FY202148.3%— (1)48.2%— (1)33.9%— (1)
FY202262.9%19.3% (2)62.1%15.1% (2)46.5%9.8% (2)
FY202352.5%28.4% (2)49.4%24.5% (2)43.7%13.3% (2)
FY202450.9%13.7% (2)49.7%9.0% (2)31.4%-1.2% (2)
FY202541.0%— (1)39.4%— (1)29.0%— (1)

Peer medians use only peer-years that passed the same checks; a median of fewer than two companies is not shown. Years are grouped by financial-year label, and year-end months differ between companies.

Not yet available: where the cash goes (operating cash flow to capex, dividends and debt) and underlying versus reported earnings. The figures they need are not yet validated.

Years not charted

These years are on file but their figures did not pass the checks, so no chart is drawn for them.

  • FY2020: Figures were not read from a filed annual report (source: earnings_sync).
  • FY2019: Figures were not read from a filed annual report (source: earnings_sync).
  • FY2017: Figures were not read from a filed annual report (source: not recorded).
  • FY2016: Figures were not read from a filed annual report (source: not recorded).
  • FY2015: Figures were not read from a filed annual report (source: not recorded).

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Data sourced from NZX company annual reports (income statements). 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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