CDI 2025 Interim Report

Iona, Havelock North, Hawke’s Bay
INTERIM
REPORT
2025

Iona Stage 1, Havelock North, Hawke’s Bay
Prestons Park Stage 5, Christchurch

CDL Investments New Zealand Limited | 3
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 U P DAT E
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 are also 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. 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.
DIRECTORS’ REVIEW
DESLEIGH JAMESON BOARD CHAIR
12 August 2025
* 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.

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

CDL INVESTMENTS NEW ZEALAND LIMITED AND ITS SUBSIDIARY
CONDENSED INTERIM STATEMENT OF COMPREHENSIVE INCOME
FOR THE HALF YEAR ENDED 30 JUNE 2025 (UNAUDITED)
CDL Investments New Zealand Limited | 5
The accompanying notes form part of, and should be read in conjunction with these financial statements.
GROUP
IN THOUSANDS OF DOLLARSNOTEUNAUDITED
6 MONTHS TO
30/06/25
UNAUDITED
6 MONTHS TO
30/06/24
Property sales12,017 15,202
Rental income1,74 2 1,412
Revenue13,759 16,614
Cost of sales(6,157) (6,292)
Gross profit7,602 10,322
Other income49-
Administrative expenses(686) (536)
Property expenses(484)(341)
Selling expenses(378)(392)
Other expenses(1,291) (1,191)
Results from operating activities4,812 7,862
Finance income241 1,350
Finance costs(3)(5)
Net finance income2381,345
Profit before income tax5,0509,207
Income tax expense5(1,485) (6,465)
Profit for the period3,5652 ,742
Total comprehensive income for the period3,565 2 ,742
Profit attributable to:
Equity holders of the parent3,565 2,74 2
Total comprehensive income for the period3,565 2 ,742
Basic and Diluted Earnings per share (cents per share)31.22 0.94

CDL INVESTMENTS NEW ZEALAND LIMITED AND ITS SUBSIDIARY
CONDENSED INTERIM STATEMENT OF CHANGES IN EQUITY
FOR THE HALF YEAR ENDED 30 JUNE 2025 (UNAUDITED)
6 | CDL Investments New Zealand Limited
The accompanying notes form part of, and should be read in conjunction with these financial statements.
GROUP
IN THOUSANDS OF DOLLARSNOTEUNAUDITED
SHARE
CAPITAL
UNAUDITED
RETAINED
EARNINGS
UNAUDITED
TOTAL
EQUITY
Balance at 1 January 202467, 3 18 246,406 313,724
Total comprehensive income for the period
Profit for the period-2,74 22,74 2
Total comprehensive income for the period-2 ,742 2 ,742
Transactions with owners of the Company
Shares issued under dividend reinvestment plan2723 -723
Dividend to shareholders2-(10,176)(10,176)
Supplementary dividend-(221)(221)
Foreign investment tax credits-221221
Balance at 30 June 2024 67,992 238,934 306,926
Balance at 1 January 202568,041 251,611 319,652
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 plan2674 -674
Dividend to shareholders2-(10,214)(10,214)
Supplementary dividend-(229) (229)
Foreign investment tax credits-229229
Balance at 30 June 2025 68,715 244,962 313,677

CDL INVESTMENTS NEW ZEALAND LIMITED AND ITS SUBSIDIARY
CONDENSED INTERIM STATEMENT OF FINANCIAL POSITION
FOR THE HALF YEAR ENDED 30 JUNE 2025 (UNAUDITED)
CDL Investments New Zealand Limited | 7
The accompanying notes form part of, and should be read in conjunction with these financial statements.
GROUP
IN THOUSANDS OF DOLLARSNOTEUNAUDITED
AS AT
30/06/25
AUDITED
AS AT
31/12/24
SHAREHOLDERS’ EQUITY
Issued capital68,71568,041
Retained earnings244,962 251,611
Total equity313,677319,652
REPRESENTED BY:
NON CURRENT ASSETS
Property, plant and equipment6370
Development property244,369222,077
Investment property36,409 36,301
Investment in associate722
Total non current assets280,843 258,450
CURRENT ASSETS
Cash and cash equivalents10,403 32,803
Short term deposits483 484
Trade and other receivables3,7807, 5 1 7
Income tax receivable919 -
Development property2 7,4 69 29,368
Total current assets43,054 70,172
Total Assets323,897328,622
NON CURRENT LIABILITIES
Deferred tax liabilities4,413 4,354
Lease liability1023
Total non current liabilities4,4234,377
CURRENT LIABILITIES
Trade and other payables5,5832,154
Employee entitlements184151
Income tax payable-2,254
Lease liability3134
Total current liabilities5,7974,593
Total liabilities10,2208,970
Net assets313,677 319,652

CDL INVESTMENTS NEW ZEALAND LIMITED AND ITS SUBSIDIARY
CONDENSED INTERIM STATEMENT OF CASH FLOWS
FOR THE HALF YEAR ENDED 30 JUNE 2025 (UNAUDITED)
8 | CDL Investments New Zealand Limited
The accompanying notes form part of, and should be read in conjunction with these financial statements.
GROUP
IN THOUSANDS OF DOLLARSNOTEUNAUDITED
6 MONTHS TO
30/06/25
UNAUDITED
6 MONTHS TO
30/06/24
CASH FLOWS FROM OPERATING ACTIVITIES
Cash was provided from:
Receipts from customers1 7, 52 916,095
Interest received2431,502
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 deposits48450,000
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 paid2(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 equivalents32,803 2,159
Closing cash and cash equivalents10,403 10,703

CDL INVESTMENTS NEW ZEALAND LIMITED AND ITS SUBSIDIARY
CONDENSED INTERIM STATEMENT OF CASH FLOWS – CONTINUED
FOR THE HALF YEAR ENDED 30 JUNE 2025 (UNAUDITED)
CDL Investments New Zealand Limited | 9
The accompanying notes form part of, and should be read in conjunction with these financial statements.
GROUP
IN THOUSANDS OF DOLLARSNOTEUNAUDITED
6 MONTHS TO
30/06/25
UNAUDITED
6 MONTHS TO
30/06/24
RECONCILIATION OF PROFIT FOR THE PERIOD TO CASH FLOWS
FROM OPERATING ACTIVITIES
Net profit after taxation3,565 2,74 2
Adjusted for non cash items:
Depreciation of investment property275 275
Depreciation of plant & equipment54
Depreciation of right-of-use assets1520
Income tax expense1,4856,465
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)

CDL INVESTMENTS NEW ZEALAND LIMITED AND ITS SUBSIDIARY
NOTES TO THE CONDENSED INTERIM FINANCIAL STATEMENTS
FOR THE HALF YEAR ENDED 30 JUNE 2025 (UNAUDITED)
10 | CDL Investments New Zealand Limited
1. SIGNIFICANT ACCOUNTING POLICIES
REPORTING ENTITY
CDL Investments New Zealand Limited (the “Company”) is a company domiciled in New Zealand, registered under the Companies Act 1993 and
listed on the New Zealand Stock Exchange. The Company is a FMC Reporting Entity in terms of the Financial Markets Conduct Act 2013 and the
Financial Reporting Act 2013.
The condensed interim financial statements of the Company as at and for the half year ended 30 June 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 DOLLARS20252024
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)674723
10,21410,177
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.
4. SEGMENT REPORTING
OPERATING SEGMENTS
The operating segments of the Group consists of property operations, comprising the development and sale of residential land sections
and rental income from development properties and investment properties.
The Group has determined that its chief operating decision maker is the Board of Directors on the basis that it is this group which determines
the allocation of resources to segments and assesses their performance.
An operating segment is a distinguishable component of the Group:
• that is engaged in business activities from which it earns revenues and incurs expenses,
• whose operating results are regularly reviewed by the Group’s chief operating decision maker
to make decisions on resource allocation to the segment and assess its performance, and
• for which discrete financial information is available.

CDL INVESTMENTS NEW ZEALAND LIMITED AND ITS SUBSIDIARY
NOTES TO THE CONDENSED INTERIM FINANCIAL STATEMENTS
FOR THE HALF YEAR ENDED 30 JUNE 2025 (UNAUDITED)
CDL Investments New Zealand Limited | 11
4. SEGMENT REPORTING – CONTINUED
OPERATING SEGMENTS – CONTINUED
RESIDENTIAL LAND
DEVELOPMENT
INVESTMENT
PROPERTY
GROUP
IN THOUSANDS
OF DOLLARS
6 MONTHS
TO
30/06/25
6 MONTHS
TO
30/06/24
6 MONTHS
TO
30/06/25
6 MONTHS
TO
30/06/24
6 MONTHS
TO
30/06/25
6 MONTHS
TO
30/06/24
External revenue12,279 15,3101,529 1,30413,808 16,614
Earnings before interest,
depreciation, amortisation & tax3,590 6,8661,519 1,2955,109 8,161
Finance income241 1,350--2411,350
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 tax3,806 8,1871,244 1,0205,050 9,207
Income tax expense(1,137) (2,265)(348)(4,200)(1,485) (6,465)
Profit after income tax2,669 5,922896(3,180)3,565 2,74 2
Investment property expenditure--38387383 87
Residential land development
expenditure11,737 11,626--11,737 11,626
Purchase of land for residential
land development14,811 6,620--14,811 6,620
GEOGRAPHICAL SEGMENTS
Segment revenue is based on the geographical location of the segment assets. All segment revenues are derived in New Zealand.
Segment assets are based on the geographical location of the development property. All segment assets are located in New Zealand.
The Group has no major customer representing greater than 10% of the Group’s total revenues.
IN THOUSANDS
OF DOLLARS
AS AT
30/06/25
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 deposits10,886 33,287--10,88633,287
Investment in associates22--22
Other segment assets276,600259,032 36,40936,301 313,009 295,333
Total assets287,488292,321 36,40936,301 323,897 328,622
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)

CDL INVESTMENTS NEW ZEALAND LIMITED AND ITS SUBSIDIARY
NOTES TO THE CONDENSED INTERIM FINANCIAL STATEMENTS
FOR THE HALF YEAR ENDED 30 JUNE 2025 (UNAUDITED)
12 | CDL Investments New Zealand Limited
5. INCOME TAX EXPENSE
RECOGNISED IN THE STATEMENT OF COMPREHENSIVE INCOME
RECONCILIATION OF EFFECTIVE TAX RATE
GROUP
IN THOUSANDS OF DOLLARS6 MONTHS TO
30/06/25
6 MONTHS TO
30/06/24
Current tax expense
Current year1,379 2,476
Under/(over) provided for prior years46 (26)
1,425 2,450
Deferred tax expense
Origination and reversal of temporary differences59102
Changes in treatment of building depreciation–3,913
594,015
Total income tax expense in the statement of comprehensive income1,485 6,465
GROUP
IN THOUSANDS OF DOLLARS6 MONTHS TO
30/06/25
6 MONTHS TO
30/06/24
Profit before income tax5,050 9,207
Income tax using the company tax rate of 28% (2024: 28%)1,414 2,578
Changes in treatment of building depreciation–3,913
Non-deductible expenses25–
Under/(over) provided for prior years46(26)
1,4856,465
Effective tax rate29%70%

CDL INVESTMENTS NEW ZEALAND LIMITED AND ITS SUBSIDIARY
NOTES TO THE CONDENSED INTERIM FINANCIAL STATEMENTS
FOR THE HALF YEAR ENDED 30 JUNE 2025 (UNAUDITED)
CDL Investments New Zealand Limited | 13
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).
SUBSIDIARYPRINCIPAL ACTIVITY% HOLDING BY
CDL LAND NEW
ZEALAND LIMITED
BALANCE DATE
CDL Land New Zealand Limited
Property Investment
and Development
100.0031 December
ASSOCIATEPRINCIPAL ACTIVITY% HOLDING BY
CDL LAND NEW
ZEALAND LIMITED
BALANCE DATE
Prestons Road LimitedService Provider33.3331 March

14 | CDL Investments New Zealand Limited

Iona, Havelock North, Hawke’s Bay