Interim Report - 19 January 2011

Cambium Global Timberland Limited
Unaudited condensed consolidated interim report and financial statements for the six months ended 31 October 2010 Registration number: 95719
Cambium Global Timberland Limited Unaudited condensed consolidated interim report and financial statements 2010
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About us
The Company provides exposure to the worlds timberland markets through development projects in high growth regions and standing timber in developed markets.
IFC 01 02 03 06
About us Highlights 08 Chairmans statement Investment managers report 09 Unaudited condensed consolidated interim statement of comprehensive 10 income 07 Unaudited condensed consolidated interim statement of financial position IBC
Unaudited condensed consolidated interim statement of changes in equity Unaudited condensed consolidated interim statement of cash flows Notes to the unaudited condensed consolidated interim financial statements Key parties
Highlights
Completed large land sale in the United States Land preparation completed to make way for planting 2.3 million seedlings on 5,700 acres in Brazil Obtained American Tree Farm System certification for US assets
01
Chairmans statement
We believe that the characteristics of low-volatility and high long-term risk-adjusted returns compared with other asset classes identified at the time of the Companys launch remain valid.
The period covered by the interim financials saw many positive developments including land sales and additional land preparation to make way for the planting of approximately 2.3 million seedlings on 5,700 acres in the Cambium portfolio. The period also proved to be a difficult one for many timberland owners including Cambium Global Timberland Limited. The Companys Net Asset Value (NAV) as of 31 October 2010 is 80 pence per share compared to 91 pence per share at year end 30 April 2010. A dividend of 3 pence per share was paid during the period. Since inception in March 2007 total returns have been -10.9% compared to a -6.4% return for the FTSE EPRA/NAREIT Global Real Estate Index Series and a -21.8% return for the FTSE AIM index. Neither index tracks timberland values but they do provide for a comparison of returns across asset classes over the period. The NAV of the Company was primarily impacted by both the cost of the options and the portion of the Sterling appreciation that was unhedged. There was also a reduction in the appraised value of the timberland properties during the period. The negative impact of revaluations on the appraised value of the portfolio of approximately -2.7% over the six months was primarily due to an adjustment to one of the two properties in Hawaii. The adjustment was made for damage associated with the sulphur dioxide emissions from a volcanic vent located upwind from the plantation. Additionally, the land value component of the US South properties was reduced during the period as third-party valuations caught up with current market realities. We do not anticipate further losses from either the volcanic emissions or land values in the southern United States. As we have communicated previously, the Company is using options on currencies to hedge the impact of foreign exchange movements. The options are purchased out of the money in order to reduce the option premiums paid by the Company, and therefore do not protect the first few percent of loss due to Sterling appreciation. During the period covered by these interim reports, the Company had a loss of approximately 1.0% of the NAV on the option contracts themselves and an additional loss of about 2.4% of the NAV due to Sterling appreciation. Much of this loss has been recouped since the end of this reporting period as Sterling was weakened against the US Dollar and Brazilian Real, our two main currency pairs. The first half of the fiscal year has been very active and we have taken steps to improve the liquidity of the portfolio and will reallocate this capital into higher risk-adjusted return projects, particularly in Brazil. In May a $20,000,000 loan facility was taken out at attractive rates. Since the end of the reporting period we have completed the sale of 14,273 relatively immature acres in the southern United States for 97% of the 30 April 2010 NAV. These assets represented approximately 13.3% of the portfolio. Approximately $5,310,000 of the proceeds from the land sale has been used to retire debt. Additionally, the 3,200 acre asset in New Zealand was contracted to sell at 118% of 30 April 2010 NAV. The asset in New Zealand represents 4.1% of the NAV. We believe that these transactions provide market tested support for the valuation process. We will announce the dividend for the Company with the year end report. In the absence of unseen circumstances we will maintain the dividend at the current level. We believe that the characteristics of low-volatility and high long-term risk-adjusted returns compared with other asset classes identified at the time of the Companys launch remain valid. The Board and the Investment Manager are optimistic that the Companys portfolio of investments provides balanced and diversified global exposure to an attractive asset class. We look forward to updating you on our progress with the full-year results for the period ending 30 April 2011. Donald Adamson Chairman 18 January 2011
02
Investment managers report
The two primary actions during the period were the $20,000,000 loan in May and the large land sale which closed in November.
We believe, as constructed, the global portfolio of timberland properties provides exposure to development projects in high growth areas and standing timber in the worlds most developed timber markets. We are encouraged by increases in product prices across most of our target markets during the period and believe this trend will continue. We are happy with the actions we were able to take through the first half of the year including the large land sale in the United States, the smaller non-strategic land sales, the execution of a sale contract at a favourable price for the property in New Zealand and the low cost loan facility. While the financial results during this period are disappointing, we took a number of steps during the period to maximise the return from the Company going forward. The two primary actions during the period are the $20,000,000 loan in May and the large land sale which closed in November. From the sale proceeds, $5,310,000 was used to retire debt. Both of these transactions provided liquidity and balance sheet flexibility to invest in higher returning investments primarily in Brazil. Plantation establishment in Brazil remains the most significant ongoing investment activity and we anticipate investing an additional
R$9,000,000 (3,700,000) during this planting season. Administrative expenses for the Company, including the Investment Managers fees, the Directors fees and the legal and other professional fees associated with running the Company and all of the subsidiaries, were about 820,000 for the period covered by the financials. We anticipate the administrative expenses of the Company will remain near this level of slightly less than 2% of net assets on an annual basis. As of 31 October 2010, the Company had investments in each of the following areas: US South The primary end-use market served by our properties in the United States is housing. Through August, United States housing starts were 412,000 year-to-date, about 8% above the same period in 2009. Additionally pine-saw log prices were 6% higher then the average for the same period last year. Although we are pleased with the positive improvement in stumpage prices, like many forestland owners, we will continue to store pine log timber inventory on the stump. Pine pulpwood harvest continues in the south as prices for this product continue to be attractive to timber growers.
The US South comprised approximately 49% of the value of the portfolio prior to the land sale and about 35% after the land sale. During the first half of the year, the properties declined in value by 4.9%. Property values have continued to be impacted by the difficulties of the building product markets and increased return expectations of timberland buyers. During the period, the properties produced revenue of $1,030,000 from the harvest of timber and recreational leases and $470,000 from the sale of non-strategic land. The timber sales were primarily from pulpwood thinning harvests. The land sale yielded a price at a premium to the fair value as of 30 April 2010. Non-strategic land sales remain a key part of the strategy in these areas and will continue as long as we own these assets. These timberlands will continue to generate positive cash flows from timber harvest, recreational leases and non-strategic land sales for the foreseeable future. On 30 September 2010 we announced the sale of 14,273 acres of timberland in the United States. The transaction generated net proceeds of approximately $18,100,000, representing 97% of the 30 April 2010 NAV and 111% of the Companys cost basis. This land sale closed on 24 November 2010. After the retirement of debt,
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Investment managers report continued
Brazil continues to be the most important ongoing investment project of the Company.
the balance of the proceeds from the sale will be reallocated to higher returning investments primarily in Brazil. During the period the properties were enrolled in an American Tree Farm System (ATFS) certification scheme. The ATFS, a programme of the American Forest Foundations Center for Family Forests, is committed to sustaining forests, watershed and healthy habitats through the power of private stewardship. ATFS has established standards and guidelines for property owners to meet to become a Certified Tree Farm. Under these standards and guidelines, private forest owners must develop a management plan based on strict environmental standards and pass an inspection by an ATFS volunteer forester every five years. Hawaii The properties in Hawaii are influenced predominately by the woodchip and log import markets in the Pacific Rim. We anticipate stronger markets for both wood chips and saw logs in 2011 as the global market continues to recover. The largest market is eucalyptus wood chips destined for pulp mills in Japan and China and the location of the assets in Hawaii is favourable to these growing end-user markets. The logs on these assets are currently being marketed to a mix
of end users including pulp and paper and energy producers. The Hawaii properties comprise 9% of the portfolio. This year we experienced a write down of the Pahala asset due to the sulphur dioxide emissions from a volcanic vent that began emitting after the asset was acquired. The impact has been some mortality of the standing timber and general stunting of tree growth which impacts the final harvest. The Pinnacle asset has not been impacted by the emissions and continues to increase in value as it benefits from excellent biological growth. The net decline in the NAV of these assets over the six months is 15.5% and we do not anticipate further reductions from the volcanic gas in the future. Although we conduct our forestry operations in an environmentally conscientious manner, there is no plan for certification of these properties at this time. As we do not own the land and cannot control the land use after the leases expire, we are unable to receive Forest Stewardship Council (FSC) certification. Australia/New Zealand China continues to be the driving force for the log markets in Asia. Australia, New Zealand, the United States Pacific Northwest
and Canada have benefited from this demand for softwood logs and finished lumber. Prices for radiata pine in the third quarter of 2010 were approximately 21% higher than the same period last year. The Australia/New Zealand properties represent 12% of the value of the portfolio. During the period we entered into a contract to sell the asset in New Zealand. The price achieved was at a premium to the 30 April 2010 NAV. Proceeds from the land sale will be approximately NZ$7,080,000 and will allow us to continue to invest in the high growth timber markets in Brazil. The asset located in Australia generated AU$1,850,000 in proceeds from the sale of non-strategic land and other assets associated with the land. This sale was completed at the NAV as of 30 April 2010. Planting on the property has been completed and maintenance activities are minimal over the rotation length. The asset in New Zealand is FSC certified and we are currently reviewing the certification options for the Australia asset. Brazil Brazil continues to be the most important ongoing investment project of the Company. Properties are being developed to capitalise on existing charcoal markets to be sold
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The first half of the fiscal year has been very active and we have taken steps to improve the liquidity of the portfolio and will reallocate this capital into higher risk-adjusted return projects.
to pig iron producers and emerging pulp markets. Global pulp production was near record highs in the third quarter of 2010. South America has become a much more important player in the global market for fibre-based market pulp the past five years and this trend is expected to continue. In Brazil, the markets for charcoal used for the pig iron industry have improved since experiencing a decline in 2009 and the average price for charcoal in 2010 is 35% improved over 2009. The Brazil properties represent 29% of the overall value of the portfolio. Over the six months the properties produced returns of -5.4% due to a downward adjustment for land value as well as expenditures for site preparation that are not valued until the trees are planted, which will occur in the second half of the fiscal year. We do not anticipate land values to decline further. As the planted timber continues to grow, the biological growth will add significant value and drive NAV gains. As part of our ongoing investment program in Brazil, we completed the site preparation work to make way for the planting of approximately 2.3 million seedlings on 5,700 acres which will occur in the second half of the year. At the end of this planting season in May we will have planted 13,500 acres, representing approximately 50%
of our plantable acreage in Brazil. The remainder of the property will be established over the next two years. We anticipate the properties will become cash flow positive beginning in 2015. We have begun the certification process on these properties and it is anticipated we will achieve certification across each of the properties in Brazil over the next 618 months. The first half of the fiscal year has been very active and we have taken steps to improve the liquidity of the portfolio and will reallocate this capital into higher risk-adjusted return projects. The portfolio is located in favourable proximity to some of the fastest-growing timber markets including Brazil and Asia. The global timber environment continues to improve in most of the regions where Cambium owns timber and timberland and we believe this bodes well for our investors. The existing portfolio has been designed to meet the return and cash flow targets that were outlined in the initial Prospectus. While disappointed in the results during the period, we are confident that the actions we took will seek to maximise return in the long term. CP Cogent Asset Management LP Investment Manager 18 January 2011
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Unaudited condensed consolidated interim statement of comprehensive income

for the six months ended 31 October 2010
For the six months ended 31 October 2010 Unaudited For the six months ended 31 October 2009 Unaudited
Notes
Revenue Cost of sales Gross profit Decrease in fair value of investment property and plantations Administrative expenses Other operating forestry expenses Profit on sale of plantations Revaluation of buildings, plant and equipment Profit on sale of fixed assets Operating loss (Loss)/profit on foreign currency options Finance income Finance costs Net foreign exchange (loss)/gain Net finance (expense)/income (Loss)/profit before taxation Taxation charge (Loss)/profit for the period attributable to shareholders Other comprehensive income Foreign exchange losses on translation of foreign operations Increase in fair value of intangible assets Disposal of intangible asset to revaluation reserve Other comprehensive income for the period Total comprehensive income for the period attributable to shareholders Basic and diluted (loss)/earnings per share
769,769 (589,213) 180,556
569,835 (301,031) 268,804 (254,881) (1,025,954) (1,284,671) (37,279) (2,347,904) (2,333,981) 297,444 27,109 (2,779) 2,973,317 3,295,091 961,110 (520,507) 440,603 (3,948,466) 9,447 (3,939,019) (3,498,416) 0.42 pence
12 5 13 14 15
(2,541,145) (844,011) (1,573,445) 132,843 18,097 (2,266,516) (4,627,105)
21 6 7
(952,036) 20,522 (339,053) (223,323) (1,493,890) (6,120,995) (266,960) (6,387,955)
21 17
(2,037,538) (54,885) (2,092,423) (8,480,378)
10
(6.13) pence
All items in the above statement are derived from continuing operations. All income is attributable to the equity holders of the parent company. There are no minority interests. The notes on pages 10 to 24 form an integral part of these unaudited condensed consolidated interim financial statements.
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Unaudited condensed consolidated interim statement of financial position

at 31 October 2010
31 October 2010 Unaudited 30 April 2010 Audited 31 October 2009 Unaudited
Notes
Non-current assets Investment property Plantations Buildings, plant and equipment Intangible assets Deferred tax assets Current assets Cash and cash equivalents Trade and other receivables Financial assets held at fair value through profit and loss Total assets Current liabilities Trade and other payables Non-current liabilities Bank loan Deferred tax liabilities Total liabilities Net assets Equity Stated capital Distributable reserve Translation reserve Revaluation reserve Retained loss Total equity Net asset value per share
12 12 14 16
53,898,824 35,355,414 131,165 4,117 89,389,520
58,062,195 36,873,332 431,245 162,511 32,031 95,561,314 3,087,414 559,461 1,294,939 4,941,814
50,669,026 29,801,885 517,197 146,833 191,471 81,326,412 14,648,714 365,383 4,325,183 19,339,280
22 18 20
8,039,509 163,005 4,128,837 12,331,351
101,720,871 100,503,128 100,665,692 23 1,936,001 1,936,001 19 12,173,263 4,182,365 16,355,628 18,291,629 83,429,242 25 26 26 26 1,384,438 1,384,438 4,085,170 4,085,170 5,469,608 95,033,520 1,830,003 1,830,003 3,626,973 3,626,973 5,456,976 95,208,716
2,000,000 2,000,000 2,000,000 92,806,700 95,930,600 95,930,600 18,388,805 20,426,343 13,339,663 6,603 61,488 74,791 (29,772,866) (23,384,911) (16,136,338) 83,429,242 95,033,520 0.91 95,208,716 0.91 0.80
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These financial statements were approved and authorised for issue on 18 January 2011 by the Board of Directors. Donald Adamson Director Martin Richardson Director
The notes on pages 10 to 24 form an integral part of these unaudited condensed consolidated interim financial statements.
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Unaudited condensed consolidated interim statement of changes in equity

For the six months ended 31 October 2010 (unaudited)
Stated Distributable capital reserve Translation reserve Revaluation reserve Retained earnings Total
At 30 April 2010 2,000,000 Loss for the period Loss on sale of intangible asset Foreign exchange movement Total comprehensive income for the period Dividends At 31 October 2010
95,930,600 (3,123,900)
20,426,343 (2,037,538) (2,037,538)
61,488 (23,384,911) 95,033,520 (6,387,955) (6,387,955) (54,885) (54,885) (2,037,538) (54,885) (6,387,955) (8,480,378) (3,123,900)
2,000,000 92,806,700 18,388,805
6,603 (29,772,866) 83,429,242
For the six months ended 31 October 2009 (unaudited)

Stated capital Distributable reserve Translation reserve Revaluation reserve Retained earnings Total
At 30 April 2009 2,000,000 Profit for the period Foreign exchange movement Revaluations in period Total comprehensive income for the period Dividends Share buy-back At 31 October 2009 2,000,000
99,219,500 (3,130,500) (158,400) 95,930,600
17,288,129 (3,948,466) (3,948,466) 13,339,663
65,344 (16,576,941) 101,996,032 440,603 440,603 (3,948,466) 9,447 9,447 9,447 440,603 (3,498,416) (3,130,500) (158,400)
74,791 (16,136,338) 95,208,716
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Unaudited condensed consolidated interim statement of cash flows

For the six months ended 31 October 2010 Unaudited For the six months ended 31 October 2009 Unaudited
Notes
Cash flows from operating activities Operating loss for the period Adjustments for: Decrease in fair value of investment property and plantations Profit on sale of land and plantations Depreciation Revaluation of buildings, plant and equipment Profit on sale of fixed assets Decrease in trade and other receivables Increase in trade and other payables Net cash used in operating activities Cash flows from investing activities Cost capitalised to plantations Purchase of land and plantations Net proceeds from sale of plantations Purchase of buildings, plant and equipment Net proceeds from sale of property, plant and equipment Net proceeds from sale of intangible asset Gain on options Options acquired Net cash used in investing activities Cash flows from financing activities Bank loan taken out Share buy-back Dividend paid Finance income Finance costs Net cash from/(used in) financing activities Net increase/(decrease) in cash and cash equivalents Foreign exchange movements Balance at the beginning of the period Balance at the end of the period
(4,627,105) 12 13 14 14 15 2,541,145 (132,843) 884 (18,097) 376,124 330,099 3,097,312 (1,529,793) 12 12 13 14 15 16 (1,513,630) 987,031 311,174 57,476 172,800 (3,958,746) (3,943,895) 12,408,678 (3,123,900) 20,522 (574,468) 8,730,832 3,257,144 1,694,951 3,087,414 8,039,509
(2,333,981) 254,881 760 37,279 18,535 678,063 989,518 (1,344,463) (1,413,530) (2,337,205) (318) (1,059,000) (4,810,053) (158,400) (3,130,881) 27,472 (2,779) (3,264,588) (9,419,104) 378,429 23,689,389 14,648,714
9 6
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Notes to the unaudited condensed consolidated interim financial statements

1 General information The Company and its subsidiaries, including special purpose vehicles (SPVs) controlled by the Company (together the Group), were established to invest in a global portfolio of forestry-based properties which can be managed on an environmentally and socially sustainable basis. Assets may be managed for timber production, environmental credit production or both. As at the interim date, the Group owned forestry assets located in Australia, Brazil, Hawaii, New Zealand and the United States. The Company is a closed-ended company with limited liability, incorporated in Jersey, Channel Islands on 19 January 2007. The address of its registered office is One the Esplanade, St Helier, Jersey JE4 8UW. These financial statements were approved and authorised for issue on 18 January 2011 and signed by Donald Adamson and Martin Richardson on behalf of the Board. The Company has its primary listing on AIM, a market of the London Stock Exchange, as well a dual listing on the Channel Islands Stock Exchange. 2 Basis of preparation The unaudited condensed consolidated interim financial information included in the half-year report for the six months ended 31 October 2010 has been prepared in accordance with International Accounting Standard (IAS) 34 Interim Financial Reporting. It does not include all of the information required for full annual financial statements. The half-year report should be read in conjunction with the Groups Annual Report and Financial Statements for the year ended 30 April 2010, which have been prepared in accordance with International Financial Reporting Standards (IFRS). The extra column of comparatives for the half year ended 31 October 2009 in the statement of financial position is an AIM requirement and notes to these accounts are not required. Except as described below, the accounting policies applied by the Group in these condensed interim consolidated financial statements are the same as those applied by the Group in its consolidated financial statements as at and for the year ended 30 April 2010. The condensed consolidated interim financial statements have been prepared in Sterling, which is the presentational currency of the Group and under the historical cost convention, except for investment property, plantations, buildings, intangible assets and certain financial instruments, which are carried at fair value. The preparation of the condensed consolidated interim financial statements requires the Directors to make estimates and assumptions that affect the reported amounts of revenues, expenses, assets and liabilities, and the disclosure of contingent liabilities at the date of the condensed consolidated interim financial statements. If, in the future, such estimates and assumptions, which are based on the Directors best judgement at the date of the condensed consolidated interim financial statements, deviate from actual circumstances, the original estimates and assumptions will be modified as appropriate in the period in which the circumstances change. In preparing these condensed consolidated interim financial statements, the significant judgements made by management in applying the Groups accounting policies and the key sources of estimating uncertainty were the same as those that applied to the consolidated financial statements as at, and for the year ended, 30 April 2010.
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2 Basis of preparation continued The following significant rates applied during the periods:
31 October 2010 Closing rate 31 October 2010 Average rate 30 April 2010 Closing rate 30 April 2010 Average rate
Australian Dollar Brazilian Real Hungarian Forint New Zealand Dollar United States Dollar
1.6307 2.7282 312.3450 2.0927 1.6038
1.6958 2.6898 332.0582 2.1358 1.5304
1.6522 2.6567 309.0236 2.1008 1.5274
1.8494 2.9368 308.4517 2.3272 1.6015
New accounting policies effective and adopted The International Accounting Standards Boards (IASB) annual improvements project of 2008 amended a number of existing standards with effect from 1 January 2009, none of which has had a material impact on the Group. At the date of authorisation of these financial statements, the following Standards and Interpretations, which have not been applied in these financial statements, were in issue but not yet effective: IAS 24 (amended) Related Party Disclosures (effective for periods commencing on or after 1 January 2011); IFRS 7 (amended) Financial Instruments: Disclosures (effective for periods commencing on or after 1 July 2011); IFRS 9 Financial Instruments Classification and Measurement (effective for periods commencing on or after 1 January 2013); and IFRIC 19 Extinguishing Financial Liabilities with Equity Instruments (effective for periods commencing on or after 1 July 2010). In addition the IASB completed its second and third annual improvements projects in April 2009 and May 2010, respectively. These projects amended a number of existing standards and interpretations effective for accounting periods commencing between 1 July 2009 and 1 January 2011. The Directors anticipate that the adoption of these Standards and Interpretations in future periods will have no material impact on the financial statements of the Group except as follows: IFRS 9 will introduce new requirements for classifying and measuring financial assets.
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Notes to the unaudited condensed consolidated interim financial statements continued

3 Operating segments The Board of Directors is charged with setting the Companys investment strategy in accordance with the Prospectus. The Board of Directors is the Chief Operating Decision Maker (CODM). They have delegated the day to day implementation of this strategy to its Investment Manager but retain responsibility to ensure that adequate resources of the Company are directed in accordance with their decisions. The investment decisions of the Investment Manager are reviewed on a regular basis to ensure compliance with the policies and legal responsibilities of the Board. The Investment Manager has been given full authority to act on behalf of the Company, including the authority to purchase and sell timberland and other investments on behalf of the Company and to carry out other actions as appropriate to give effect thereto. Whilst the Investment Manager may make the investment decisions on a day to day basis regarding the allocation of funds to different investments, any changes to the investment strategy or major allocation decisions have to be approved by the Board, even though they may be proposed by the Investment Manager. The Board therefore retains full responsibility as to the major allocation decisions made on an ongoing basis. The Investment Manager will always act under the terms of the Prospectus which cannot be radically changed without the approval of the Board of Directors and shareholders. Details of the investment restrictions are set out in part 3 of the Admission Document and the Investment Strategy, available on www.cambiumfunds.com. The Group operates in five distinctly separate geographical locations, with timberlands located in New South Wales (Australia), the southern United States, Hawaii, New Zealand and Brazil.
Jersey New Zealand Australia North America Hawaii Brazil Total
31 October 2010
Total assets Total liabilities
7,074,194 143,390
Jersey
3,770,683 333,098
New Zealand
7,539,573 46,481,992 963,360 14,012,757

Australia North America
8,964,768 27,889,661 101,720,871 882,956

Hawaii
1,956,068 18,291,629
Brazil Total
30 April 2010
Total assets Total liabilities
2,778,561 69,024
Jersey
3,054,384 155,428
New Zealand
8,856,576 810,334
Australia
48,107,940 1,496,341
North America
10,529,042 764,168
Hawaii
27,176,625 100,503,128 2,174,313

Brazil
5,469,608
Total
31 October 2009
Segment revenue Segment gross profit Increase/(decrease) in fair value of investment property and plantations Forestry expenses
1,171 1,171
695,139 105,926
73,459 73,459
769,769 180,556
655,479 26,764
(466,588) 220,461
(1,570,889) 434,148
(1,110,790) 184,195
(48,357) 707,877
(2,541,145) 1,573,445
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3 Operating segments continued

Jersey New Zealand Australia North America Hawaii Brazil Total
31 October 2009
Segment revenue Segment gross profit Increase/(decrease) in fair value of investment property and plantations Forestry expenses
1,026 1,026
95,685 95,685
426,814 125,783
46,310 46,310
569,835 268,804
162,781 24,168
(148,752) 120,430
(2,295,387) 379,207
45,668 172,246
1,980,809 575,320
(254,881) 1,271,371
The Group owns ten distinct parcels of land across five main investment strategies. The Group owns approximately 16,445 acres in Ashford, New South Wales, Australia. This land was previously being used for cattle grazing and is now being planted with high-value commercial and non-commercial species with a view to longer term revenue from plantations and exposure to potential environmental markets. The second strategy consists of buying established plantations in the southern United States. Established plantations with a balanced age class distribution are suitable for long and short-term sustainable yield. Marketable products include sawtimber and pulp, which can be sold into healthy forest product markets that exist in this geography. These properties also generate revenue from hunting leases and non-strategic land sales. After a land sale completed during the period since the reporting date, the Group owns 7,270 acres of land in Texas and another 29,122 acres of land spread across Florida and Georgia dedicated to this strategy. The third investment strategy involves the development of fast-growth eucalyptus plantations to serve either export log markets in Asia or developing markets in Hawaii. The Group has a leasehold interest in two plantations on the Big Island of Hawaii dedicated to this strategy. Pahala consists of 3,700 acres and Pinnacle is approximately another 4,500 acres of maturing eucalyptus trees. The Group has a fourth investment strategy of converting bare land to eucalyptus plantation for conversion to charcoal to serve pig iron markets or for emerging pulp and paper markets in Brazil. The Group owns one property in Tocantins, Brazil of approximately 25,700 acres and three properties in Minas Gerias, Brazil totalling 29,377 acres dedicated to this strategy. It is anticipated that the eucalyptus will be grown on a rotation length of seven years. The Group also owns 3,200 acres located in New Zealand. It consists predominately of mid-rotation radiata pine plantation established in the mid 1990s with a small component of Douglas Fir and Cypress. During the period covered by these reports the property was contracted to be sold and the transaction is expected to complete in the next reporting period.
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4 Revenue
31 October 2010 31 October 2009
Sales harvested timber and stumpage Sales right of way Lease income Grant income
677,123 92,646 769,769
389,480 11,197 90,004 79,154 569,835
The grant income was received from Border Rivers-Gwydir Catchment Management Authority (an Australian Government Authority) on signature of a Property Vegetation Plan (PVP) in connection with the Tarrangower property. The PVP covers conservation management, regeneration of the area, natural revegetation and plantation and allows for income receipts of up to a total of AU$960,000 (approximately 524,990) on certification of certain milestones having been achieved by the landholder. The PVP is for a term of 15 years and is governed by the laws of New South Wales. 5 Administrative expenses
Investment Managers fees Directors fees Auditors fees Other professional fees and costs Costs to sell intangible asset Administration of subsidiaries
472,344 57,500 29,248 173,440 1,493 109,986 844,011
513,896 57,500 31,500 176,386 246,672 1,025,954
Administration of subsidiaries includes statutory fees, accounting fees and administrative expenses in regards to asset holding subsidiaries. The Manager receives an annual management fee of 1% of the NAV of the Company, payable quarterly in advance. In addition, the Manager shall be entitled to a performance fee in certain circumstances. The performance hurdle is 100 pence per ordinary share increased at a rate of 8% per annum (compound). If the performance hurdle is met, the performance fee payable will be an amount equal to 20% of the excess amount between the NAV and the performance hurdle.
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6 Finance income
Bank interest The classification of finance income per financial asset class is listed in notes 7 and 8. 7 Finance costs
20,522
27,109
31 October 2010
31 October 2009
Bank interest Loan interest
3,230 335,823 339,053
2,779 2,779
8 Net gains and losses on financial assets and liabilities at fair value through profit and loss
Net change in unrealised appreciation on financial assets held at fair value through profit or loss: Options Forward currency exchange contracts
1,377,588 1,377,588
297,444 2,968,739 3,266,183
9 Dividend
Dividend per share Paid
Dividend reference period
Shares
Date
2008 2009 2010
104,350,000 104,350,000 104,130,000
0.03 0.03 0.03
3,130,500 3,130,500 3,123,900
24/09/2008 30/09/2009 20/10/2010
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10 Basic and diluted (loss)/earnings per share The calculation of the basic and diluted earnings per share is based on the following data:
(Loss)/profit for the purposes of basic and diluted earnings per share being net (loss)/profit for the period Number of ordinary shares Number of ordinary shares for basic and diluted earnings per share:
(6,387,955)
440,603
31 October 2010
31 October 2009
Weighted average number of ordinary shares for the purposes of basic and diluted earnings per share Basic and diluted (loss)/earnings per share 11 Net asset value
104,130,000 104,130,000 (6.13) pence 0.42 pence
31 October 2010
31 October 2009
Total assets Total liabilities Net asset value Number of shares in issue Net asset value per share 12 Investment property and plantations
PreMerchantable merchantable timber timber Total plantations
101,720,871 100,503,128 18,291,629 5,469,608 83,429,242 95,033,520 104,130,000 104,130,000 0.80 0.91
31 October 2010
Land
Total
Fair value opening balance of plantations at 1 May 2010 Costs capitalised Harvested timber Transfer to merchantable timber Disposal of plantation and land Fair value adjustments on price gains/(losses) on land and plantation Fair value adjustments on growth gains on land and plantation Fire, hazardous weather and other damages (impairment) (Decrease)/increase in fair value of investment property and plantations Foreign exchange effect Fair value as at 31 October 2010
21,833,426 15,039,906 36,873,332 58,062,195 94,935,527 1,510,081 1,510,081 3,549 1,513,630 (589,227) (589,227) (589,227) 2,933,475 (2,933,475) (47,944) (47,944) (806,244) (854,188) 24,177,674 13,568,568 37,746,242 57,259,500 95,005,742 815,161 516,917 (2,352,262) (1,020,184) (1,100,649) 61,193 876,354 516,917 (2,352,262) (1,582,154) (705,800) 516,917 (2,352,262)
61,193 (958,991) (1,582,154) (2,541,145) (331,188) (1,431,837) (1,778,522) (3,210,359)
22,056,841 13,298,573 35,355,414 53,898,824 89,254,238
16
12 Investment property and plantations continued

Merchantable timber Premerchantable timber Total plantations
30 April 2010
Land
Total
Fair value opening balance of plantations at 1 May 2009 Land acquired in the year Plantations acquired in the year Acquisition costs capitalised Harvested timber Transfer to merchantable timber Fair value adjustments on price gains/(losses) on land and plantation Fair value adjustments on growth gains on land and plantation Fire, hazardous weather and other damages (impairment) Increase/(decrease) in fair value of investment property and plantations Foreign exchange effect Fair value as at 30 April 2010
14,246,698 16,708,863 30,955,561 50,472,805 1,052,801 1,466,089 1,466,089 578 2,534,677 2,535,255 5,803,643 (777,912) (777,912) 7,580,089 (7,580,089) 21,049,453 870,227 690,181 (663,531) 896,877 (112,904) 21,833,426 13,129,540 1,900,076 1,900,076 10,290 15,039,906 34,178,993 2,770,303 690,181 (663,531) 2,796,953 (102,614) 36,873,332 57,329,249 (2,507,486) (2,507,486) 3,240,432 58,062,195
81,428,366 1,052,801 1,466,089 8,338,898 (777,912) 91,508,242 262,817 690,181 (663,531) 289,467 3,137,818 94,935,527
No harvested timber was held at the end of the period (30 April 2010: nil). The land and plantations are carried at their fair value as at 31 October 2010 and 30 April 2010, as measured by external independent valuers American Forest Management Inc., James W. Sewall Company, Pyry Forest Industry, URS New Zealand Limited, Holtz Consultoria LTDA, and Sandro Al-Alam Elias. Each of the valuers uses similar methodologies, though this can vary depending on the type of investment and local practices. The appraisals for the Corrigan and South Atlantic States properties in the United States were undertaken by American Forest Management Inc. and James W. Sewall Company, respectively. These appraisals conform to Uniform Standards of Professional Appraisal Practice in the United States. For these valuations, three valuation approaches were considered: the cost approach; the sales comparison approach; and the income approach. Each approach selected as being applicable and necessary to produce credible results is believed to have been applied appropriately. The properties in Hawaii, Pahala and Pinnacle, are leasehold interests without any ownership of the underlying land. These investments were valued by James W. Sewall Company in accordance with IFRS. For these valuations the sales comparison approach and the income capitalisation approach were considered. Each approach selected as being applicable and necessary to produce credible results is believed to have been applied appropriately. Pyry Forest Industry valued the Tarrangower investment in Australia consistent with the local equivalent of IFRS. There is little comparable transaction evidence to determine the value of land for forestry purposes in the region. Therefore, Pyry has applied a combination of the cost approach and the income approach to value the assets.
17

12 Investment property and plantations continued The 3R Tocantins property in Brazil was valued by Holtz Consultoria LTDA. The method applied for the bare land appraisal was the sales comparison approach. The analysis considered the bare land price from comparable transactions, soil quality, topography of the land, access and distance from cities and the proportion of the property which could be used for cultivation. The method applied for valuing the young tree crop is based on the standard costs approach. The three properties in Minas Gerias were valued by Sandro Al-Alam Elias by first determining the highest and best use of the subject property. This analysis helps the appraiser identify comparable properties and identify the use that would produce the maximum income to the property. After determining the best use of the subject property, the appraiser analysed the value of the property using the cost approach, the sales comparison approach and the income capitalisation approach. The asset in New Zealand is being held at the value at which it has been contracted to be sold. The discount rates used in these appraisals range in value from 6.25% to 10%. 13 Sale of land and plantations
Corrigan Tarrangower Total
Proceeds from sale Fair value as at 30 April 2010 Cost to sell Profit 14 Buildings, plant and equipment
Furniture and fittings
307,043 (199,925) (6,888) 100,230
712,705 (654,263) (25,829) 32,613
1,019,748 (854,188) (32,717) 132,843
31 October 2010
Buildings Improvements
Motor vehicles
Total
Cost Accumulated depreciation Balance as at 30 April 2010 Movements Disposals Depreciation for the period Foreign exchange effect Carrying value Balance as at 31 October 2010
2,141 (198) 1,943 (168) (49) (217) 1,726
355,284 355,284 (247,081) (5,180) (252,261) 103,023
62,341 62,341 (45,996) (1,014) (47,010) 15,331
16,468 (4,792) 11,676 (716) 125 (591) 11,085
436,234 (4,990) 431,244 (293,077) (884) (6,118) (300,079) 131,165
18
14 Buildings, plant and equipment continued

Furniture and fittings Buildings Improvements Motor vehicles Total
30 April 2010
Cost Accumulated depreciation Balance as at 30 April 2009 Movements Assets acquired in year Reclassification to land Disposals Revaluation Depreciation for the year Foreign exchange effect Carrying value Balance as at 30 April 2010
707 (36) 671 1,157 (139) 254 1,272 1,943
358,138 358,138 (1,081) (76,241) 74,468 (2,854) 355,284
130,602 130,602 (70,775) (15,140) (2,334) 19,989 (68,260) 62,342
13,349 (2,533) 10,816 (1,490) 2,350 860 11,676
502,796 (2,569) 500,227 1,157 (70,775) (16,221) (78,575) (1,629) 97,061 (68,982) 431,245
The buildings and improvements are carried at their fair value as at 31 October 2010 and 30 April 2010, as measured by external independent valuers Pyry Forest Industry at 31 October 2010 and 30 April 2010 (in conjunction with the external valuation of plantations). The valuations have been prepared using techniques approved under IFRS. The motor vehicles and furniture and fittings are carried at cost less accumulated depreciation. No impairment was recognised on buildings and improvements as the carrying value was the same as the valuations. 15 Sale of fixed assets
Buildings Improvements Total
Proceeds from sale Fair value as at 30 April 2010 Cost to sell Profit
269,151 (247,081) (6,814) 15,256
50,105 (45,996) (1,268) 2,841
319,256 (293,077) (8,082) 18,097
19

16 Intangible assets
31 October 2010 30 April 2010
Valuation water licence as at 30 April 2010 Revaluation Disposal Foreign exchange effect
162,511 (141,934) (20,577)
122,650 10,003 29,858 162,511
17 Sale of intangible assets

Total
Proceeds from sale Fair value as at 30 April 2010 Cost to sell Loss to revaluation reserve Loss to deferred tax Loss
58,969 (141,934) (1,493) 54,885 29,573
The Tarrangower property has approximately 4 kilometres of frontage to the Severn River and has attached to it a water licence administered by the Department of Natural Resources in Australia (DNR). The 105 mega litre surface irrigation licence (Number 90SL100620) has rights attached to it allowing an annual allocation of 48 mega litres A class and 57 mega litres B class from Pindari Dam, which is located 11 kilometres further upstream. The licence is renewable on a five year basis and at a small administration cost to the Group. In the period to 31 October 2010 this water licence was disposed of along with the property it related to. 18 Trade and other receivables
Currency option receivable MF Global Goods and services tax receivable Other debtors Prepaid expenses Trade receivables
57,728 30,003 50,924 24,350 163,005
313,291 44,343 45,940 155,887 559,461
20
19 Bank borrowings
Metropolitan Life Insurance Company
12,173,263
The loan is secured on approximately 50,975 acres of timber and timberland assets located in multiple tracts in the states of Texas, Florida and Georgia. The fair value of these assets at the period end was 42,797,536. The loan term is for ten years. The interest rate is fixed at 5.75% over the life of the loan. The loan has a termination date of 15 October 2020. 20 Financial assets and liabilities held at fair value through profit and loss
Forward foreign currency contracts: at forward rate at market rate Gain Currency options: premium paid gain Fair value Total financial assets held at fair value through profit and loss The above gains on options represent the total net unrealised gain.
2,751,249 1,377,588 4,128,837 4,128,837
313,292 11 313,303 1,062,282 (80,646) 981,636 1,294,939
Forward exchange currency contracts and options are used to hedge against foreign exchange exposure arising from investing in foreign operations and foreign currency transactions. The Group incurred an unrealised gain of 1,377,588 on the foreign exchange options. It is not the policy of the Group to perform hedge accounting under the terms of IAS 39 and therefore the effect of changes in exchange rates for foreign operations is recognised directly in comprehensive income. The loss on exchange differences recognised directly in other comprehensive income for the period amounted to 952,036. As at 31 October 2010 there were six options to trade currency in place; three are held with MF Global (United Kingdom) Limited and three with Morgan Stanley. Forward exchange currency contracts held by the Group at their forward exchange rates are listed below:
31 October 2010 US$ 31 October 2010 30 April 2010 US$ 30 April 2010
Forward exchange currency contracts to sell United States dollar Forward exchange currency contracts buy Pounds Sterling
US$
40,477,770
26,856,092
US$
26,542,800
40,477,770
21

21 Foreign exchange effect Comparison of movement in translation reserve and hedging loss:
Beginning period spot Ending period spot Translation reserve Hedging profit/(loss) Difference profit/(loss)
Australian Dollar Brazilian Real New Zealand Dollar United States Dollar
1.6522 2.6567 2.1008 1.5274
1.6307 2.7282 2.0927 1.6038
87,310 (699,221) 19,573 (1,445,200) (2,037,538)
(312,996) (780,253) (111,540) 252,753 (952,036)
(225,686) (1,479,474) (91,967) (1,192,447) (2,989,574)
22 Cash and cash equivalents

Cash held at bank Cash held at broker
7,585,825 453,684 8,039,509
3,017,328 70,086 3,087,414
Cash at broker is held with MF Global (United Kingdom) Limited and an amount of 453,684 (30 April 2010: 70,086) is held as security. 23 Trade and other payables
Accruals Trade creditors Tax payable Retentions held* Advances held
219,997 576,340 3,714 353,830 782,120 1,936,001
116,502 785,947 363,353 118,636 1,384,438
* The Companys Brazilian subsidiary, 3R Tocantins Florestais Ltda., retained approximately 6% of the purchase price of the 3R Tocantins property for a period of five years, to support any liability associated with the previous ownership. Advances held comprise timber sale proceeds received in advance.
22
24 Net asset value reconciliation NAV 30 April 2010 Translation foreign exchange differences Profit on revaluation of property and plantation Profit on sale of plantations Finance costs Evaluation reserve movement intangible sale Loss on currency options Net foreign exchange loss Loss before revaluation of property and plantation Dividend paid NAV 31 October 2010 25 Stated capital 95,033,520 (2,037,538) (2,541,145) 132,843 (339,053) (54,885) (952,036) (223,323) (2,465,241) (3,123,900) 83,429,242
30 October 2010
30 April 2010
Balance as at period end
2,000,000
2,000,000
The total authorised share capital of the Company is 250 million ordinary shares of no par value with 104,350,000 shares issued at 100 pence each on initial placement. Ordinary shares carry no automatic rights to fixed income but the Company may declare dividends from time to time to which ordinary shareholders are entitled. Each share is entitled to one vote at meetings of the Company. On 22 February 2007 a special resolution was passed by the Company to reduce the stated capital account from 104,350,000 to 2,000,000. Approval was sought from the Royal Court of Jersey and was granted on 29 June 2007. The balance of 102,350,000 was transferred to a distributable reserve on that date. The Company, pursuant to its authority granted by shareholders on 15 August 2008 to make market purchases of its own shares, on 4 September 2009 purchased 220,000 ordinary shares for cancellation at a price of 72 pence per share. The total amount was 158,400. This distributable reserve was utilised to make the share buy-back. The Company renewed authority granted by shareholders of the Company to make market purchases of its own shares on 4 October 2010. 26 Reserves The movements in the reserves for the Group are shown on page 8. Distributable reserve The Company reduced its stated capital account and a balance of 102,350,000 was transferred to distributable reserves. This reserve can be applied if the entity wishes to purchase its own shares and for the payment of dividends. Translation reserve The translation reserve contains exchange differences arising on consolidation of the Groups foreign operations. Revaluation reserve The revaluation reserve arises from the revaluation of available-for-sale investments, intangible assets and buildings, plant and equipment.
23

27 Capital risk management The Groups objectives when managing capital are to safeguard the Groups ability to continue as a going concern in order to provide returns for shareholders and to maintain an optimal capital structure to reduce the cost of capital. In order to maintain or adjust the capital structure, the Group may adjust the amount of dividends paid to shareholders, return capital to shareholders, issue new shares or sell net assets to reduce debt. In order to ensure that the Group will be able to continue as a going concern, management continually monitors forecast and actual cash flows and attempts to match the maturity profiles of assets and liabilities. 28 Contingent liability There is a security interest on the 3R Tocantins property to cover a liability, amounting to BRL 5,781,038 (approximately 2,118,993), between the previous owners and Banco da Amazonia, a financial institution which lent money to the previous owners who used the property as collateral. 3R Tocantins Florestais Ltda. holds a security interest of superior value on another property of the previous owner to cover this potential liability in the event it materialises. The last valuation on the security interest property amounted to BRL 6,942,578 (2,393,167). The security interest the Company holds will only be released after Banco da Amazonia releases the security interest on the 3R Tocantins property. 29 Related party transactions Parties are considered to be related if one party has the ability to control the other party or exercise significant influence over the other party in making financial or operational decisions. CP Cogent Asset Management LP is the Investment Manager to the Company under the terms of the Investment Management Agreement and is thus considered a related party of the Company. During the period, 472,344 (2009: 513,896) was paid to CP Cogent Asset Management LP in respect of management fees. Colin McGrady is a director of CP Cogent Asset Management LP, which acts as Investment Manager. He is also a Director of the Company and has waived his Directors fees for the period. The Directors of the Company received total fees as follows:
Donald Adamson (Chairman) Martin Richardson Robert Rickman William Spitz Colin McGrady
20,000 12,500 12,500 12,500 57,500
20,000 12,500 12,500 12,500 57,500
30 Events after the reporting period After the period end the Group completed the land sale of 14,273 acres of land located around Corrigan, Texas. Net of sales commissions and other transaction costs proceeds were approximately $18,100,000 equating to 97% of NAV from the year end appraisal cycle at 30 April 2010 and 111% of the Groups current cost basis. Additionally, the 3,200 acre asset in New Zealand was contracted to sell at 118% of the 30 April 2010 NAV. The assets in New Zealand represent 4.1% of the NAV. Around $5,300,000 of the proceeds was used to pay down principal on the amount borrowed by the Group. The remaining amounts will be reinvested in expected higher return projects including the Groups forestation projects in Brazil.
24
Key parties
Directors Donald Adamson (Chairman) Robert Rickman William Spitz Martin Richardson Colin McGrady Registrar, Paying Agent and Transfer Agent Capita Registrars (Jersey) Limited PO Box 378 Jersey JE4 0FF Nominated Adviser for AIM PwC Plumtree Court London EC4A 4HT United Kingdom Investment Manager CP Cogent Asset Management LP 2101 Cedar Springs Road Suite 1200 Dallas, TX 75201 United States
Property Valuers American Forest Management Inc. Forest Resource Consultants PO Box 1919 407 North Pike Road East North Pike Road East Sumter, SC 29151 United States James W. Sewall Company 136 Centre Street PO Box 433 Old Town, ME 04468 United States Holtz Consultoria LTDA Avenida Repblica Argentina 452 Cj. 1506 gua Verde CEP 80240-210 Curitiba Brazil Pyry Forest Industry Level 5, HSBC House 1 Queen Street PO Box 105891 Auckland City New Zealand
Registered Office of the Company One the Esplanade St Helier Jersey JE4 8UW Telephone +44 (0)1534 512512 Sponsor to CISX Listing and Legal Adviser Carey Olsen Corporate Finance Limited 44 Esplanade St Helier Jersey JE1 0BD Corporate Broker Matrix Corporate Capital LLP One Vine Street London W1J 0AH United Kingdom Administrator and Company Secretary Investec Trust (Jersey) Limited One the Esplanade St Helier Jersey JE4 8UW Sub Administrator Praxis Property Fund Services Limited PO Box 296 Sarnia House St Peter Port Guernsey GY1 4NA
Auditors KPMG Channel Islands Limited URS New Zealand Limited 1315 College Hill 5 St Andrews Place PO Box 821 Charing Cross Auckland 1140 St Helier New Zealand Jersey JE4 8WQ Sandro Al-Alam Elias Safras & Cifras Rua Santos Dumont 621 Pelotas RS CEP 96020-380 Brazil
One the Esplanade St Helier Jersey JE4 8UW Telephone +44 (0)1534 512512

Interim Report - 19 January 2011

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Interim Report - 19 January 2011

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Cambium Global Timberland Limited

Investment managers report

Investment managers report continued

Unaudited condensed consolidated interim statement of comprehensive income

769,769 (589,213) 180,556

(2,541,145) (844,011) (1,573,445) 132,843 18,097 (2,266,516) (4,627,105)

(952,036) 20,522 (339,053) (223,323) (1,493,890) (6,120,995) (266,960) (6,387,955)

(2,037,538) (54,885) (2,092,423) (8,480,378)

Unaudited condensed consolidated interim statement of financial position

53,898,824 35,355,414 131,165 4,117 89,389,520

8,039,509 163,005 4,128,837 12,331,351

Unaudited condensed consolidated interim statement of changes in equity

20,426,343 (2,037,538) (2,037,538)

2,000,000 92,806,700 18,388,805

6,603 (29,772,866) 83,429,242

For the six months ended 31 October 2009 (unaudited)

99,219,500 (3,130,500) (158,400) 95,930,600

17,288,129 (3,948,466) (3,948,466) 13,339,663

74,791 (16,136,338) 95,208,716

Unaudited condensed consolidated interim statement of cash flows

Notes to the unaudited condensed consolidated interim financial statements

1.6307 2.7282 312.3450 2.0927 1.6038

1.6958 2.6898 332.0582 2.1358 1.5304

1.6522 2.6567 309.0236 2.1008 1.5274

1.8494 2.9368 308.4517 2.3272 1.6015

Notes to the unaudited condensed consolidated interim financial statements continued

Total assets Total liabilities

7,539,573 46,481,992 963,360 14,012,757

8,964,768 27,889,661 101,720,871 882,956

Total assets Total liabilities

27,176,625 100,503,128 2,174,313

3 Operating segments continued

Notes to the unaudited condensed consolidated interim financial statements continued

677,123 92,646 769,769

389,480 11,197 90,004 79,154 569,835

472,344 57,500 29,248 173,440 1,493 109,986 844,011

513,896 57,500 31,500 176,386 246,672 1,025,954

Bank interest Loan interest

3,230 335,823 339,053

297,444 2,968,739 3,266,183

Dividend reference period

2008 2009 2010

104,350,000 104,350,000 104,130,000

0.03 0.03 0.03

3,130,500 3,130,500 3,123,900

24/09/2008 30/09/2009 20/10/2010

Notes to the unaudited condensed consolidated interim financial statements continued

104,130,000 104,130,000 (6.13) pence 0.42 pence

61,193 (958,991) (1,582,154) (2,541,145) (331,188) (1,431,837) (1,778,522) (3,210,359)

22,056,841 13,298,573 35,355,414 53,898,824 89,254,238

12 Investment property and plantations continued

Notes to the unaudited condensed consolidated interim financial statements continued

307,043 (199,925) (6,888) 100,230

712,705 (654,263) (25,829) 32,613

1,019,748 (854,188) (32,717) 132,843

2,141 (198) 1,943 (168) (49) (217) 1,726

355,284 355,284 (247,081) (5,180) (252,261) 103,023

62,341 62,341 (45,996) (1,014) (47,010) 15,331

16,468 (4,792) 11,676 (716) 125 (591) 11,085

436,234 (4,990) 431,244 (293,077) (884) (6,118) (300,079) 131,165

14 Buildings, plant and equipment continued

707 (36) 671 1,157 (139) 254 1,272 1,943

358,138 358,138 (1,081) (76,241) 74,468 (2,854) 355,284