Share
- Release Date: 14/02/14 14:11
- Summary: FLLYR: CDI: CDI: 2013 Results Announcement
- Price Sensitive: No
- Download Document 4.59KB
CDI
14/02/2014 12:11
FLLYR
REL: 1211 HRS CDL Investments New Zealand Limited
FLLYR: CDI: CDI: 2013 Results Announcement
CDI releases its audited financial statements for the year ended 31 December
2013 together with its Directors' Review and Press Release, the text of which
follows below:
DIRECTORS' REVIEW
Financial Performance
The Board of CDL Investments New Zealand Limited ("CDLI") is pleased to
report a profit after tax of $13.4 million for the year ended 31 December
2013, an increase of 44.1% from the previous year (2012: $9.3 million). In
line with guidance provided earlier in 2013, CDLI achieved its target of
bettering its 2012 results and the 2013 result reflected increased sales and
development activity across the Company's development portfolio.
CDLI recorded a profit before tax of $18.6 million (2012: $12.9 million).
Property sales & other income was $38.4 million (2012: $26.5 million) with
202 sections being sold (2012: 123).
CDLI's shareholders' funds as at 31 December 2013 were $118.9 million (2012:
$106.5 million) and the Company's total assets stood at $120.3 million (2012:
$108.0 million). The net tangible asset per share (at book value) was 43.3
cents (2012: 39.6 cents).
Dividend Announcement
Reflecting the increased profitability, the Company has resolved to pay an
increased fully imputed ordinary dividend of 2.0 cents per share payable on
16 May 2014 (2012: 1.7 cents per share). The record date will be 2 May 2014.
The Dividend Reinvestment Plan will apply to this dividend.
Land portfolio
At 31 December 2013, the independent value of CDLI's land holdings was $177.5
million (2012: $157.9 million).
CDLI acquired 5.5 hectares of land situated in Auckland during the year.
Summary and Outlook
The fact that we were able to better our 2012 results in 2013 provides us
with confidence that the property market is buoyant. However, we note the
caution being exercised by the Reserve Bank in relation to its loan-to-value
(LVR) ratios for bank lending and we also note the trend towards increasing
interest rates. We welcome the fact that the Reserve Bank has lifted the LVR
restrictions for new build homes and we believe that this will have a
positive impact on our section sales.
Our focus for 2014 will be ensuring that the Company has sufficient stock to
continue to sell and develop at a positive rate. Our sales activity will
again be focused in Auckland, Hamilton, and Canterbury and we are excited by
the prospect of our first sales at Prestons Road, Christchurch by the end of
the year.
Management and staff
The directors and I thank the Company's management and staff for their hard
work during 2013 which produced another very good result.
Wong Hong Ren
Chairman
14 February 2014
PRESS RELEASE
CDL INVESTMENTS NEW ZEALAND INCREASES PROFITS IN 2013
Property development company CDL Investments New Zealand Limited (NZX: CDI)
today reported its results for the year ended 31 December 2013.
CDI increased its profit after tax by 44.1% to $13.4 million (2012: $9.3
million) with revenue & other income increasing by 45.0% to $38.4 million
(2012: $26.5 million) over the previous year. The Company said that this
sales result was its best in the past ten years.
"The fact that we were able to improve on our 2012 results reflects the
demand, location and availability of our quality residential sections", said
Managing Director Mr. B K Chiu.
CDI's land portfolio was independently valued at $177.5 million at 31
December 2013, which was an increase over the previous year. The company
also made an acquisition of 5.5 hectares of land in Auckland in late 2013.
CDI's Board had resolved to increase its dividend to 2.0 cents per share
fully imputed (2012: 1.7 cents per share fully imputed) and payable on 16 May
2014. The Record date would be 2 May 2014. The Dividend Reinvestment Plan
would apply to this dividend.
On the year ahead, Mr Chiu said, "Our focus will be on ensuring that we have
sufficient sections for sale now and a solid development pipeline to meet
future demand".
Summary of results:
--Profit after tax $13.4 million (2012: $9.3 million)
--Profit before tax $18.6 million (2012: $12.9 million)
--Total revenue & other income $38.4 million (2012: $26.5 million)
--Shareholders' funds $118.9 million (2012: $106.5 million)
--Total assets $120.3 million (2012: $108.0 million)
--Net tangible asset value (at book value) 43.3 cents per share (2012:
39.6cps)
--Earnings per share 4.92 cents per share (2012: 3.50cps)
ENDS
Issued by CDL Investments New Zealand Limited
Enquiries to:
B K Chiu
Managing Director
(09) 353 5058
End CA:00247019 For:CDI Type:FLLYR Time:2014-02-14 12:11:19
