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- Release Date: 22/02/12 18:35
- Summary: ADDRESS: CDI: CDI - FY2011 Directors' Review
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CDI
22/02/2012 16:35
ADDRESS
REL: 1635 HRS CDL Investments New Zealand Limited
ADDRESS: CDI: CDI - FY2011 Directors' Review
DIRECTORS' REVIEW
--Financial Performance
CDL Investments New Zealand Limited ("CDLI") is pleased to report a profit
after tax of $3.8 million for the year ended 31 December 2011, an increase of
30.1% from the previous year (2010: $2.9 million).
Profit before tax was $5.4 million (2010: $4.0 million). Property sales &
other income was $11.7 million (2010: $9.7 million) with 77 sections being
sold (2010: 54).
Shareholders' funds as at 31 December 2011 were $98.0 million (2010: $94.8
million) and total assets stood at $99.2 million (2010: $95.6 million). The
net tangible asset per share (at book value) was 37.6 cents (2010: 37.5
cents).
--Dividend Announcement
The Company has resolved to pay a fully imputed ordinary dividend of 1.4
cents per share payable on 11 May 2012 (2010: 1.2 cents per share). The
record date will be 27 April 2012. The Dividend Reinvestment Plan will
apply to this dividend.
--Land portfolio
At 31 December 2011, the independent value of CDLI's land holdings was $162.7
million (2010: $159.4 million). No new land acquisitions were made during
2011.
The Company's land holdings in Canterbury have not been affected by the
continued aftershocks. The Company has interests in land located at Prestons
Road in Christchurch and, together with its joint venture partners, applied
for a private plan change which was approved in the second half of 2011. The
plan change, subsequently made operative by the Canterbury Earthquake
Recovery Authority (CERA), will be of benefit over the medium term as this
land is developed.
Sales increased in the North and South Islands particularly in the Hamilton
and Rolleston (Canterbury) areas but also from West Auckland and Hawkes Bay.
--Outlook
2011 was a welcome recovery after the moderate sales activity of the past two
years. We believe that this increased activity will continue during 2012
however demand remains primarily for lower priced sections at this stage.
Having paced its development programme conservatively to date, the Company is
in a good position to offer competitive and high-quality sections in
Auckland, Hamilton, Hawkes Bay and Queenstown in order to meet increasing
market demand and is therefore focused on selling more sections in 2012.
--Management and staff
On behalf of the Board, I thank the Company's management and staff for their
work during 2011.
Wong Hong Ren
Chairman
22 February 2012
End CA:00219868 For:CDI Type:ADDRESS Time:2012-02-22 16:35:48
