GENERAL ANNOUNCEMENT::ANNOUNCEMENT BY SUBSIDIARY COMPANY, CDL INVESTMENTS NEW ZEALAND LIMITED

Issuer & Securities

Issuer/ Manager

CITY DEVELOPMENTS LIMITED

Securities

CITY DEVELOPMENTS LIMITED - SG1R89002252 - C09

Stapled Security

No

Announcement Details

Announcement Title

General Announcement

Date &Time of Broadcast

08-Aug-2023 20:37:08

Status

New

Announcement Sub Title

Announcement by Subsidiary Company, CDL Investments New Zealand Limited

Announcement Reference

SG230808OTHR5L2P

Submitted By (Co./ Ind. Name)

Enid Ling Peek Fong

Designation

Company Secretary

Description (Please provide a detailed description of the event in the box below)

Please refer to the Announcement released by CDL Investments New Zealand Limited on 8 August 2023 relating to Half Year Results Ended 30 June 2023.

Attachments

08.08.2023_CDLINZ_HY_2023_Financial_Statements.pdf

Total size =187K MB

CDL Investments New Zealand Limited and its Subsidiary

Condensed Interim Statement of Comprehensive Income

For the half year ended 30 June 2023 (unaudited)

Group

In thousands of dollars

Note

Unaudited

Unaudited

6 months to

6 months to

30/06/23

30/06/22

Property sales

10,626

47,603

Rental income from investment properties

1,219

84

Revenue

11,845

47,687

Cost of sales

(4,372)

(14,050)

Gross profit

7,473

33,637

Other income

123

127

Administrative expenses

(742)

(275)

Property expenses

(222)

(257)

Selling expenses

(294)

(1,089)

Other expenses

(1,067)

(849)

Results from operating activities

5,271

31,294

Finance income

1,713

513

Finance costs

(6)

(2)

Net finance income

1,707

511

Profit before income tax

6,978

31,805

Income tax expense

(1,954)

(8,906)

Profit for the period

5,024

22,899

Total comprehensive income for the period

5,024

22,899

Profit attributable to:

Equity holders of the parent

5,024

22,899

Total comprehensive income for the period

5,024

22,899

Basic and Diluted Earnings per share (cents per share)

3

1.73

7.94

The accompanying notes form part of, and should be read in conjunction with these financial statements.

Page 1

CDL Investments New Zealand Limited and its Subsidiary

Condensed Interim Statement of Changes in Equity

For the half year ended 30 June 2023 (unaudited)

Group

In thousands of dollars

Note

Unaudited

Unaudited

Unaudited

Share Capital

Retained

Total Equity

Earnings

Balance at 1 January 2022

64,454

221,926

286,380

Total comprehensive income for the period

Profit for the period

-

22,899

22,899

Total comprehensive income for the period

-

22,899

22,899

Transactions with owners of the Company

Shares issued under dividend reinvestment plan

2

1,375

-

1,375

Dividend to shareholders

2

-

(10,063)

(10,063)

Supplementary dividend

-

(204)

(204)

Foreign investment tax credits

-

204

204

Balance at 30 June 2022

65,829

234,762

300,591

Balance at 1 January 2023

65,829

243,052

308,881

Total comprehensive income for the period

Profit for the period

-

5,024

5,024

Total comprehensive income for the period

-

5,024

5,024

Transactions with owners of the Company

Shares issued under dividend reinvestment plan

2

1,489

-

1,489

Dividend to shareholders

2

-

(10,108)

(10,108)

Supplementary dividend

-

(211)

(211)

Foreign investment tax credits

-

211

211

Balance at 30 June 2023

67,318

237,968

305,286

The accompanying notes form part of, and should be read in conjunction with these financial statements.

Page 2

CDL Investments New Zealand Limited and its Subsidiary

Condensed Interim Statement of Financial Position

For the half year ended 30 June 2023 (unaudited)

Group

In thousands of dollars

Note

Unaudited

Audited

Unaudited

as at

as at

as at

30/06/23

31/12/22

30/06/22

SHAREHOLDERS' EQUITY

Issued capital

67,318

65,829

65,829

Retained earnings

237,968

243,052

234,762

Total Equity

305,286

308,881

300,591

Represented by:

NON CURRENT ASSETS

Property, plant and equipment

87

98

36

Development property

182,336

186,728

188,361

Investment property

36,156

36,381

33,084

Investment in associate

7

2

2

2

Total Non Current Assets

218,581

223,209

221,483

CURRENT ASSETS

Cash and cash equivalents

45,022

31,667

15,076

Short term deposits

20,075

40,075

60,000

Trade and other receivables

3,638

2,327

1,483

Income tax receivable

372

-

-

Development property

18,860

16,420

8,706

Total Current Assets

87,967

90,489

85,265

Total Assets

306,548

313,698

306,748

NON CURRENT LIABILITIES

Deferred tax liabilities

339

153

74

Lease liability

45

58

15

Total Non Current liabilities

384

211

89

CURRENT LIABILITIES

Trade and other payables

723

1,340

1,698

Employee entitlements

127

118

83

Income tax payable

-

3,122

4,278

Lease liability

28

26

9

Total Current Liabilities

878

4,606

6,068

Total Liabilities

1,262

4,817

6,157

Net Assets

305,286

308,881

300,591

The accompanying notes form part of, and should be read in conjunction with these financial statements.

Page 3

CDL Investments New Zealand Limited and its Subsidiary

Condensed Interim Statement of Cash Flows

For the half year ended 30 June 2023 (unaudited)

Group

In thousands of dollars

Note

Unaudited

Unaudited

6 months to

6 months to

30/06/23

30/06/22

CASH FLOWS FROM OPERATING ACTIVITIES

Cash was provided from:

Receipts from customers

10,408

51,949

Interest received

1,962

374

Cash was applied to:

Payment to suppliers

(4,250)

(13,587)

Payment to employees

(575)

(359)

Purchase of development land

-

(19,380)

Income tax paid

(5,050)

(8,195)

Net Cash Inflow from Operating Activities

2,495

10,802

CASH FLOWS FROM INVESTING ACTIVITIES

Cash was provided from:

Short term deposits

40,075

30,000

Cash was applied to:

Development of investment property

(286)

(9,851)

Purchase of plant and equipment

(6)

-

Short term deposits

(20,075)

(60,000)

Net Cash Inflow/(Outflow) from Investing Activities

19,708

(39,851)

CASH FLOWS FROM FINANCING ACTIVITIES

Cash was applied to:

Dividend paid

(8,619)

(8,688)

Principal repayment of lease liability

(18)

(8)

Supplementary dividend paid

(211)

(204)

Net Cash Outflow from Financing Activities

(8,848)

(8,900)

Net Increase/(Decrease) in Cash and Cash Equivalents

13,355

(37,949)

Add Opening Cash and Cash Equivalents

31,667

53,025

Closing Cash and Cash Equivalents

45,022

15,076

The accompanying notes form part of, and should be read in conjunction with these financial statements.

Page 4

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Disclaimer

CDL - City Developments Ltd. published this content on 08 August 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 08 August 2023 13:08:42 UTC.