- 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
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- Ann: FLLYR: CDI: CDI: FY2012 Directors' Revie
Ann: FLLYR: CDI: CDI: FY2012 Directors' Revie
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