26 August 2005
Evergreen Forests
Results Reflect Reduced Forest Valuation
Evergreen Forests Limited announced a full year after tax loss of $18.032 million (2004 loss $12.026 million) on
turnover of $32.8 million (2004 $40.247 million). Harvest volume was reduced by 17% in response to low NZ$ prices.
Forest revaluation was negative $29.547 million (2004 $17.298 million). Chairman Peter Wilson said the continuing
decline in forest value was a consequence of current poor NZ$ receipts and higher assumed long term average shipping
rates and U.S. dollar / N.Z. dollar cross rate.
Mr Wilson said the company anticipated the Notice of a Special Meeting of shareholders to consider sale or
recapitalisation options would be sent to shareholders in early September. This meeting would allow shareholders to
consider clear options and determine the future path for the company.
The company will place a copy of the audited financial statements for the year to 30 June 2005 on its website.
ENDS