CDI
10/02/2015 13:50
FLLYR
PRICE SENSITIVE
REL: 1350 HRS CDL Investments New Zealand Limited
FLLYR: CDI: CDI: 2014 Results Announcement
CDI releases its audited financial statements for the year ended 31 December
2014 together with its Directors' Review and Press Release, the text of which
follows below:
DIRECTORS' REVIEW
Financial Performance
CDL Investments New Zealand Limited ("CDLI") is pleased to report a profit
after tax of $14.7 million for the year ended 31 December 2014, an increase
of 9.7% from the previous year (2013: $13.4 million). In 2014, CDLI sold 248
sections (2013: 202).
CDLI's profit before tax was $20.5 million (2013: $18.6 million). Property
sales & other income was $44.2 million (2013: $38.4 million). CDLI's
shareholders' funds as at 31 December 2014 were $128.5 million (2013: $118.9
million) and the Company's total assets stood at $130.5 million (2013: $120.3
million). The net tangible asset per share (at book value) was 46.6 cents
(2013: 43.3 cents).
Dividend Announcement
Reflecting the continued level of profitability, the Company has resolved to
pay an increased fully imputed ordinary dividend of 2.2 cents per share
payable on 15 May 2015 (2013: 2.0 cents per share). The record date will be
1 May 2015. The Dividend Reinvestment Plan will apply to this dividend.
Land portfolio
At 31 December 2014, the independent value of CDLI's land holdings was $206.0
million (2013: $177.5 million).
CDLI acquired a further 4.1 hectares of land in Auckland during the year.
Summary and Outlook
The investment in planning and development of sections in the past two years
continue to benefit the company as the type and location of CDLI's sections
meet the demand from buoyant market conditions in Auckland, Hamilton, and
Canterbury. The real estate cycle will see its way through as price
expectations of land being transacted reach record levels. While the company
is conscious of the need to acquire new land holdings, it will not speculate
but keep its feet grounded to sound project analysis and economics. The
company's focus on developing its land portfolio in Auckland, Christchurch
and Hamilton is planned to achieve sustainable growth over the next few
years.
Management and staff
On behalf of the Board, I thank the Company's management and staff for their
hard work during 2014 which has contributed to another very good result.
Wong Hong Ren
Chairman
10 February 2015
**[Media Release]**
CDL INVESTMENTS NEW ZEALAND INCREASES PROFIT AND DIVIDEND IN 2014
Property development company CDL Investments New Zealand Limited (NZX: CDI)
today reported its results for the year ended 31 December 2014.
CDI increased its profit after tax by 9.7% to $14.7 million (2013: $13.4
million) with property sales & other income increasing by 15.1% to $44.2
million (2013: $38.4 million) over the previous year.
"This profit result is our best result in the past 7 years. It is pleasing to
once again lift our profitability from the previous year which reflects the
continued level of positive market activity within the key areas of our land
portfolio", said Managing Director Mr. B K Chiu.
CDI's land portfolio was independently valued at $206.0 million at 31
December 2014, which was an increase of 16.0% over the previous year. CDI
acquired a further 4.1 hectares of land in Auckland during the year.
CDI's Board had resolved to increase its dividend to 2.2 cents per share
fully imputed (2013: 2.0 cents per share fully imputed) and payable on 15 May
2015. The Record date would be 1 May 2015. The Dividend Reinvestment Plan
would apply to this dividend.
On the year ahead, Mr Chiu said, "We are aiming to grow the level of sales
seen over the past three years but we are conscious that we need to acquire
land and diversify our activities in order to ensure that the Company remains
active and profitable. We are therefore implementing ways of adding value to
our land portfolio", he said.
Summary of results:
Profit after tax: $14.7 million (2013: $13.4 million)
Profit before tax: $20.5 million (2013: $18.6 million)
Total revenue & other income: $44.2 million (2013: $38.4 million)
Shareholders' funds: $128.5 million (2013: $118.9 million)
Total assets: $130.5 million (2013: $120.3 million)
Net tangible asset value (at book value): 46.6 cents per share (2013:43.3cps)
Earnings per share: 5.35 cents per share (2013:4.92cps)
ENDS
Issued by CDL Investments New Zealand Limited
Enquiries to:
B K Chiu
Managing Director
(09) 353 5058
End CA:00260448 For:CDI Type:FLLYR Time:2015-02-10 13:50:42
