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Major events 2008

4,200 ha new forest planted An all-time-high record of planting in 2008, 50% more than 2007, and three times the level of three years ago. FSCTM auditor recommends certification SGS, an accredited FSCTM auditor, certified Green Resources’ main Tanzanian plantations, Mapanda and Uchindele, under the Forest Stewardship Council’s standards, the world’s leading certification system for sustainable forest management.

Strong industrial growth

Revenues increased by 64% reaching USD 10mn and the EBITA margin recovered to 23%, back to 2006 levels after a poor 2007. It was the fourth year averaging 50% pa revenue growth.

Raising USD 32mn of financing

In December 2008, Green Resources raised USD 32mn in new equity and convertible debt, primarily from Phaunos Timber Fund, in addition to an existing shareholder, securing continued strong growth of the company.

Development grants

Green Resources received close to USD 1mn in development grants from the IFC, Norway and Austria, an all-time record for the company.

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