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Evergreen Announces Increased Profit And Valuation

Fri, 23 Aug 2002

Evergreen Announces Increased Profit And Valuation

Evergreen Forests Limited announced today consolidated net profit of $6.746m for the 12 months ended 30th June 2002 (2001: $5.044m). The operating profit before abnormals was also higher at $6.968m (2001: $6.508m) on a harvest volume of 211,204t (2001: 171,620t).

Chief Executive Mark Bogle said that the profit increase was a positive result in a year in which volatile international events had affected prices and demand in international markets. Pruned log prices in particular had been affected and Mr. Bogle said that Evergreen had responded by reducing its harvest of pruned stands, instead harvesting a greater proportion of its lower value stands than scheduled.

Mr. Bogle said that current trading conditions were favourable, particularly in Asia, evidenced by higher export volumes, improved pricing and the emergence of China as an exciting future market for New Zealand plantation grown products. US prices had also recovered and remain firm.

Evergreen's net asset value on a fully diluted, going concern basis, is $0.77 per share (2001: $0.76). The NAV is based on the $161.3 (2001: $151.6m) book value of the company's forests at year end. Jaakko Poyry Consulting[1] valued Evergreen's forest estate at $162.4m as at June 30 2002 (2001: $157.4m).

The company also announced the cancellation of the 678,470 shares purchased under the share buyback scheme over the past year. In addition, Chairman Peter Wilson announced the board of directors had authorised a continuation of the share buyback programme and that it will also allow for the purchase of the convertible notes. Further information will be mailed to shareholders shortly.

Evergreen is a public company listed on the New Zealand Stock Exchange. The company owns or has cutting rights over 21,000 stocked hectares (52,000 acres) planted in fast-growing radiata pine. Its forest properties are principally located in Northland, South Auckland, the East Coast and the West Coast of the South Island.
For further information contact Mr Mark Bogle (09) 307 3240, email: msb@evergreen.co.nz

The company's web site is located at: www.evergreen.co.nz For information on the New Zealand stockmarket and the company's share price on the NZSE, please go to: www.nzse.co.nz

[1] Independent Forestry Valuers and Consultants

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