CCHL ANNOUNCES HALF YEAR RESULT

Christchurch City Holdings Limited (CCHL) (NZX:CCH) has announced a consolidated Group profit of $36.3 million for the six months ended 31 December 2021. The CCHL Group comprises the parent company (Parent) and a diverse range of infrastructure assets, including Orion New Zealand Limited, Christchurch International Airport Limited, Lyttelton Port Company Limited, Enable Services Limited, City Care Limited, and EcoCentral Limited. The Group recorded a net profit after tax (NPAT) for the six months ended 31 December 2021 of $36.3 million, compared with $26.3 million in the equivalent period last year, an increase of $10 million or 38%. Total operating revenue for the Group for the six month period was $520 million compared to $496 million for the same period last year, an increase of $24 million or 5%. The increased group operating revenue and profit were driven by increased container volumes and pricing at LPC and connection growth at Enable. LPC delivered a $16.9 million or 26% increase in operating revenue and a $6.8 million or 120% increase in profit, a very strong result given the continued impact of COVID on the cruise industry and supply chain volatility across the industry. Enable also delivered a strong result with a $6.4 million or 16% increase in operating revenue and a $4.2 million or 60% increase in profit. CIAL's operating revenue was relatively flat compared with the prior comparative period, but remains 30% lower than pre-COVID levels. Citycare also continued to be impacted by COVID, with a $9.1 million or 6% reduction in revenue compared to the prior comparative period. Group assets increased to $4.9 billion from $4.6 billion, mainly due to: o the continued investment property development programme at CIAL, o the capital programmes at Orion, LPC and Enable, and o revaluation of net assets of CIAL, Enable and Orion at last year end. Consequently, overall Group net assets have increased to $2.1 billion from $1.8 billion. The Parent recorded a net profit after tax (NPAT) for the six months ended 31 December 2021 of $29.1 million, compared with $40.8 million in the equivalent period last year. Total operating revenue for the Parent for the six month period was $41.4 million compared to $53.6 million for the same period last year. The lower revenue and profit was largely due to the $17 million special dividend received from RBL Property in the prior comparative period, partially offset by a $6 million dividend received from ESL in the current reporting period. Parent assets increased to $3.7 billion from $3.3 billion, mainly due to: o revaluation of the investment in CIAL and Enable at last year end, and o $85 million on-lending to LPC. Parent net assets have increased to $2.5 billion from $2.2 billion, a lower increase than for total assets due to the issue of a $150 million sustainability bond. Dividends during the period have been received from Orion ($27.7m), LPC ($6.6m), ESL ($6.0m) and Citycare ($1.1m). Whilst no interim dividend has been paid to Christchurch City Council in line with the statement of intent, CCHL is on track to meet its full year commitment of $16.1m. ENDS For further information contact: Toni Rowell Chief Financial Officer Phone: +64 3 941 8374 Mobile: +64 21 896 486 Email: toni.rowell@cchl.co.nz End CA:00388171 For:CCH Type:HALFYR Time:2022-03-01 12:12:25