Evergreen announces further valuation reduction

Wednesday, 22 December 2004, 10:41 am
Press Release: Evergreen Forests Limited

Evergreen Forests Limited has advised that its 31st December 2004 forest value has fallen by $14.6 million compared with the June 2004, following independent valuation.

Chairman, Peter Wilson, said that the company's valuers noted that "assumed values for near term log prices have been revised downwards to reflect market conditions and long term prices associated with export grades have also been revised downwards".

Mr Wilson added that this is the third valuation reduction over the last two years and reflects the continued impact of competitive markets, the strong NZ dollar and high shipping costs. The company expects to announce the results for the half year to 31st December in late February 2005.

Evergreen is a public company listed on the NZSX Market. The company owns or has cutting rights over 19,461 stocked hectares (48,089 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 Peter Wilson on +64 0274 440 418. The company's web site is located at: www.evergreen.co.nz.

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