FOR THE YEARS ENDED 30 JUNE

$NZ 000’S (UNLESS OTHERWISE STATED)

2002

2001

2000

1999

1998

1997

Operating revenue

21,755

33,101

19,606

8,811

591

1,145

Net surplus (deficit)

6,746

5,044

5,152

3,091

(147)

(202)

Equity

123,540

114,347

104,433

99,281

96,190

96,337

Shares on issue (number in 000’s)

145,807

140,734

131,434

131,434

131,434

131,434

Land at cost

27,400

27,402

27,090

24,082

24,247

24,180

Forest at cost

161,277

151,651

140,030

116,063

108,890

101,512

Forest at valuation (nine percent discount rate)

162,400

157,400

148,557

129,886

122,323

122,176

Net asset backing at historical cost

$0.85

$0.81

$0.79

$0.76

$0.73

$0.73

Net asset backing at valuation

$0.85

$0.85

$0.86

$0.86

$0.83

$0.89

As at close of
day – 30 June

Share price

$0.65

$0.53

$0.45

$0.44

$0.40

$0.58

Convertible note price

$1.28

$1.10

$1.05

$1.03

–

–

NZSE 40 Capital Index

2,068

2,086

2,062

2,136

1,965

2,502

Ten year government stock interest rate

7.20%

6.74%

6.78%

6.63%

6.35%

6.95%

90 day bank bill interest rate

5.97%

5.81%

6.90%

4.76%

7.88%

6.88%

NZD/USD exchange rate

0.4867

0.4030

0.4679

0.5363

0.5199

0.6800

NZD/AUD exchange rate

0.8627

0.7940

0.7768

0.8152

0.8427

0.9002

NZD/JPY exchange rate

58.23

50.65

49.68

64.91

72.19

77.95

All financial information is in New Zealand dollars, unless otherwise stated.