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.