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Ann: FLLYR: CDI: CDI: 2014 Results Announcement

  1. 					CDI
    10/02/2015 13:50
    FLLYR
    PRICE SENSITIVE
    REL: 1350 HRS CDL Investments New Zealand Limited
    
    FLLYR: CDI: CDI: 2014 Results Announcement
    
    CDI releases its audited financial statements for the year ended 31 December
    2014 together with its Directors' Review and Press Release, the text of which
    follows below:
    
    DIRECTORS' REVIEW
    
    Financial Performance
    
    CDL Investments New Zealand Limited ("CDLI") is pleased to report a profit
    after tax of $14.7 million for the year ended 31 December 2014, an increase
    of 9.7% from the previous year (2013: $13.4 million).  In 2014, CDLI sold 248
    sections (2013: 202).
    
    CDLI's profit before tax was $20.5 million (2013: $18.6 million).  Property
    sales & other income was $44.2 million (2013: $38.4 million).  CDLI's
    shareholders' funds as at 31 December 2014 were $128.5 million (2013: $118.9
    million) and the Company's total assets stood at $130.5 million (2013: $120.3
    million).  The net tangible asset per share (at book value) was 46.6 cents
    (2013: 43.3 cents).
    
    Dividend Announcement
    
    Reflecting the continued level of profitability, the Company has resolved to
    pay an increased fully imputed ordinary dividend of 2.2 cents per share
    payable on 15 May 2015 (2013: 2.0 cents per share).  The record date will be
    1 May 2015.   The Dividend Reinvestment Plan will apply to this dividend.
    
    Land portfolio
    
    At 31 December 2014, the independent value of CDLI's land holdings was $206.0
    million (2013: $177.5 million).
    
    CDLI acquired a further 4.1 hectares of land in Auckland during the year.
    
    Summary and Outlook
    
    The investment in planning and development of sections in the past two years
    continue to benefit the company as the type and location of CDLI's sections
    meet the demand from buoyant market conditions in Auckland, Hamilton, and
    Canterbury. The real estate cycle will see its way through as price
    expectations of land being transacted reach record levels. While the company
    is conscious of the need to acquire new land holdings, it will not speculate
    but keep its feet grounded to sound project analysis and economics. The
    company's focus on developing its land portfolio in Auckland, Christchurch
    and Hamilton is planned to achieve sustainable growth over the next few
    years.
    
    Management and staff
    
    On behalf of the Board, I thank the Company's management and staff for their
    hard work during 2014 which has contributed to another very good result.
    
    Wong Hong Ren
    Chairman
    10 February 2015
    
    **[Media Release]**
    CDL INVESTMENTS NEW ZEALAND INCREASES PROFIT AND DIVIDEND IN 2014
    
    Property development company CDL Investments New Zealand Limited (NZX: CDI)
    today reported its results for the year ended 31 December 2014.
    
    CDI increased its profit after tax by 9.7% to $14.7 million (2013: $13.4
    million) with property sales & other income increasing by 15.1% to $44.2
    million (2013: $38.4 million) over the previous year.
    
    "This profit result is our best result in the past 7 years. It is pleasing to
    once again lift our profitability from the previous year which reflects the
    continued level of positive market activity within the key areas of our land
    portfolio", said Managing Director Mr. B K Chiu.
    
    CDI's land portfolio was independently valued at $206.0 million at 31
    December 2014, which was an increase of 16.0% over the previous year.  CDI
    acquired a further 4.1 hectares of land in Auckland during the year.
    
    CDI's Board had resolved to increase its dividend to 2.2 cents per share
    fully imputed (2013: 2.0 cents per share fully imputed) and payable on 15 May
    2015. The Record date would be 1 May 2015.  The Dividend Reinvestment Plan
    would apply to this dividend.
    
    On the year ahead, Mr Chiu said, "We are aiming to grow the level of sales
    seen over the past three years but we are conscious that we need to acquire
    land and diversify our activities in order to ensure that the Company remains
    active and profitable. We are therefore implementing ways of adding value to
    our land portfolio", he said.
    
    Summary of results:
    
    Profit after tax: $14.7 million (2013: $13.4 million)
    Profit before tax: $20.5 million (2013: $18.6 million)
    Total revenue & other income: $44.2 million (2013: $38.4 million)
    Shareholders' funds: $128.5 million (2013: $118.9 million)
    Total assets: $130.5 million (2013: $120.3 million)
    Net tangible asset value (at book value): 46.6 cents per share (2013:43.3cps)
    
    Earnings per share: 5.35 cents per share (2013:4.92cps)
    
    ENDS
    
    Issued by CDL Investments New Zealand Limited
    
    Enquiries to:
    B K Chiu
    Managing Director
    (09) 353 5058
    End CA:00260448 For:CDI    Type:FLLYR      Time:2015-02-10 13:50:42
    
    				

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