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- Release Date: 22/02/13 15:32
- Summary: FLLYR: CDI: CDI: FY2012 Directors' Review
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CDI
22/02/2013 13:32
FLLYR
REL: 1332 HRS CDL Investments New Zealand Limited
FLLYR: CDI: CDI: FY2012 Directors' Review
DIRECTORS' REVIEW
Financial Performance
CDL Investments New Zealand Limited ("CDLI") is pleased to report a profit
after tax of $9.3 million for the year ended 31 December 2012, an increase of
145.6% from the previous year (2011: $3.8 million). The result, the
Company's best since 2007, reflects increased sales of residential sections
across the Company's portfolio of subdivisions.
Profit before tax was $12.9 million (2011: $5.4 million). Property sales &
other income was $27.0 million (2011: $11.7 million) with 123 sections being
sold (2011: 77).
Shareholders' funds as at 31 December 2012 were $106.5 million (2011: $98.0
million) and total assets stood at $108.0 million (2011: $99.2 million). The
net tangible asset per share (at book value) was 39.6 cents (2011: 37.6
cents).
Dividend Announcement
Reflecting the increased profitability, the Company has resolved to pay an
increased fully imputed ordinary dividend of 1.7 cents per share payable on
10 May 2013 (2011: 1.4 cents per share). The record date will be 26 April
2013. The Dividend Reinvestment Plan will apply to this dividend.
Land portfolio
At 31 December 2012, the independent value of CDLI's land holdings was $157.9
million (2011: $162.7 million). No new land acquisitions were made during
2012.
Summary and Outlook
The 2012 result is one of the best results achieved by the Company and
reflected both increased demand as a result of a variety of factors and prior
investments made in acquiring properties in areas which have proven to have
been demand centres. While demand remains strongest for sections in the
lower to medium price brackets, the Company's higher value sections have also
shown increased interest.
The Company's CrestView subdivision in West Auckland has sold well as has the
further stages of Ashmore in Hamilton. In Hawkes Bay, demand continues to be
steady for the Brookfield subdivision in Havelock North and in Christchurch
the Company is targeting commencement of civil works during the course of
2013 on its land at Prestons Road. A further stage at Rolleston, named
Stonebrook, has been made available for sale. Civil works are progressing
well.
Continuing the current tempo of sales is the focus for 2013 and the Company
has already made good progress by accelerating development in areas where
demand is high and selling off the plans prior to issue of title. Management
is looking to better the 2012 result in 2013 and has sufficient sections in
development or available for sale in Auckland, Hamilton, Hawkes Bay and
Canterbury.
Management and staff
On behalf of the Board, I thank the Company's management and staff for their
work during 2012 in delivering a very good result.
Wong Hong Ren
Chairman
22 February 2013
End CA:00233341 For:CDI Type:FLLYR Time:2013-02-22 13:32:47
