CDI
19/02/2016 15:20
FLLYR
PRICE SENSITIVE
REL: 1520 HRS CDL Investments New Zealand Limited
FLLYR: CDI: CDI: 2015 Results Announcement
CDI releases its audited financial statements for the year ended 31 December
2015 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 $17.5 million for the year ended 31 December 2015, an increase
of 18.8% from the previous year (2014: $14.7 million). This result is the
sixth consecutive year of profit growth and a record profit for the company.
Profit before tax also increased to $24.2 million (2014: $20.5 million).
Property sales & other income totaled $47.6 million (2014: $44.2 million)
with the number of sections sold in 2015 at 255 (2014: 248).
Shareholders' funds as at 31 December 2015 increased to $140.3 million (2014:
$128.5 million) and the Company's total assets stood at $142.7 million (2014:
$130.5 million). The net tangible asset per share (at book value) was 50.8
cents (2014: 46.6 cents).
Dividend Announcement
Reflecting the continued level of profitability, the Company has resolved to
maintain its fully imputed ordinary dividend at 2.2 cents per share payable
on 20 May 2016. The record date will be 6 May 2016. The Dividend
Reinvestment Plan will apply to this dividend.
Land portfolio
At 31 December 2015, the independent market value of CDLI's land holdings was
$265.0 million (2014: $206.0 million). CDLI's accounting policies require
the company to carry the value of its land portfolio at the lower of cost or
net realisable value and at 31 December 2015, the land portfolio at cost was
$126.6 million (2014:$ 97.0 million).
CDLI acquired a further 4.1 hectares of land in Auckland during the year.
Summary and Outlook
Strong customer demand for high quality residential sections continue to
underpin CDLI's results and this is being reflected in both increased revenue
and profitability. The Board and Management are therefore focused on growth
as well as meeting future demand expectations with supply in a sustainable
and sensible way. With sales having commenced at Prestons Road, Christchurch
and Greville Road, Auckland, 2016 should prove to be another profitable year.
Management and staff
On behalf of the Board, I thank the Company's management and staff for their
hard work during 2015 to deliver this outstanding result.
Wong Hong Ren
Chairman
19 February 2016
**MEDIA RELEASE**
CDL INVESTMENTS NEW ZEALAND REPORTS RECORD PROFIT FOR 2015
Property development company CDL Investments New Zealand Limited (NZX: CDI)
today reported its results for the year ended 31 December 2015.
CDI increased its profit after tax by 18.8% to $17.5 million with property
sales & other income increasing by 7.8% to $47.6 million over the previous
twelve months.
"It is very pleasing to report a sixth consecutive year of increased
profitability and even more pleasing to report a record profit," said
Managing Director Mr. B K Chiu. "The result is underpinned by continued
strong demand for residential sections and we believe that this level of
demand will continue through 2016".
CDI's geographically diverse land portfolio was independently valued at
$265.0 million at 31 December 2015 and the company also acquired an
additional 4.1 hectares of land in Auckland during the year.
CDI's Board resolved to maintain its dividend at 2.2 cents per share fully
imputed which would be paid to shareholders on 20 May 2016. The Record Date
would be 6 May 2016 and the Dividend Reinvestment Plan would apply to this
dividend.
With regard to 2016, Mr. Chiu said that CDI would be focused on growth as
well as meeting future demand expectations with supply in a sustainable and
sensible way.
"We have commenced sales at our Prestons Park (Christchurch) and Greville
Road (Auckland) subdivisions and these, together with sales from our other
developments, should ensure that 2016 will be another profitable year", he
said.
Summary of results:
--Profit after tax = $17.5 million (2014: $14.7 million)
--Total revenue & other income = $47.6 million (2014: $44.2 million)
--Shareholders' funds = $140.3 million (2014: $128.5 million)
--Total assets = $142.7 million (2014: $130.5 million)
--Nnet tangible asset value (at book value)= 50.8 cents per share
(2014:46.6cps)
--Earnings per share = 6.33 cents per share (2014:5.35cps)
About CDL Investments New Zealand Limited:
CDL Investments New Zealand Limited (CDI) has a proud track record of
acquiring and developing residential sections in New Zealand for two decades.
With a focus on creating and developing a range of high-quality residential
sections to New Zealanders, CDI has over the past twenty years 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.
ENDS
Issued by CDL Investments New Zealand Limited
Enquiries to:
B K Chiu, Managing Director
(09) 353 5058
End CA:00277999 For:CDI Type:FLLYR Time:2016-02-19 15:20:58
