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FINANCIAL SUMMARY

For the years ended 30 June
NZ$ 000’S (UNLESS OTHERWISE STATED) 2004 2003 2002 2001 2000 1999
Operating revenue 40,247 40,100 21,755 33,101 19,606 8,811
Operating profit (ex revaluation of forests) (1,226) 7,305 6,968 6,508 5,159 3,091
Net surplus/(deficit) (12,026) (36,484) 6,746 5,044 5,152 3,091
Equity 80,837 90,459 123,540 114,347 104,433 99,281
Shares on issue (number in 000’s) 155,703 151,629 145,807 140,734 131,434 131,434
Independent forest valuation 120,211 141,900 162,400 157,400 148,557 129,886
Net asset backing per share $0.52 $0.60 $0.85 $0.81 $0.79 $0.76
AS AT CLOSE OF DAY – 30 JUNE
Share price $0.38 $0.50 $0.65 $0.53 $0.45 $0.44
Convertible note price $1.28 $1.30 $1.28 $1.10 $1.05 $1.03
NZSX 40 Index 2,143 2,068 2,086 2,062 2,136
NZX 50 Index 2,696
Ten year government stock interest rate 6.35% 5.37% 7.20% 6.74% 6.78% 6.63%
90 day bank bill interest rate 6.20% 5.25% 5.97% 5.81% 6.90% 4.76%
NZD/USD exchange rate 0.6280 0.5835 0.4867 0.4030 0.4679 0.5363
NZD/AUD exchange rate 0.9098 0.8738 0.8627 0.7940 0.7768 0.8152
NZD/JPY exchange rate 69.34 69.70 58.23 50.65 49.68 64.91
All financial information is in New Zealand dollars, unless otherwise stated.

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