For the years ended 30 June

1999

1998

1997

1996

1995

1994

$NZ 000's (unless otherwise stated)

Operating revenue

8,811

591

1,145

2,550

3,428

266

Net (deficit) surplus before taxation

3,091

(147)

(202)

(63)

255

46

Equity

99,281

96,190

96,337

79,606

76,982

22,079

Shares on issue (number in 000's)

131,434

131,434

131,434

100,411

96,828

23,000

Land at cost

24,082

24,247

24,180

18,105

16,890

916

Forest at cost

116,063

108,890

101,512

62,646

58,095

15,885

Forest at valuation (nine percent discount rate)

129,886

122,323

122,176

72,170

78,211

16,357

Net asset backing at historical cost

$0.76

$0.73

$0.73

$0.79

$0.80

$0.96

Net asset backing at valuation

$0.86

$0.83

$0.89

$0.89

$1.00

$0.98

As at close of day – 30 June

Share price

$0.44

$0.40

$0.58

$0.59

$0.69

$0.78

Convertible note price

$1.03

–

–

–

–

–

NZSE 40 Capital Index

2,136

1,965

2,502

2,096

2,030

1,997

Ten year government stock interest rate

6.63%

6.35%

6.95%

8.67%

7.59%

7.66%

90 day bank bill interest rate

4.76%

7.88%

6.88%

10.27%

9.02%

6.99%

NZD/USD exchange rate

0.5363

0.5199

0.6800

0.6770

0.6690

0.5942

NZD/AUD exchange rate

0.8152

0.8427

0.9002

0.8621

0.9373

0.8164

NZD/JPY exchange rate

64.91

72.19

77.95

73.74

56.62

58.42