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greenheart group ltd (94) Details

Greenheart Group Limited, an investment holding company, operates as an integrated forest-products company. The company operates through three segments: Suriname, New Zealand, and Elsewhere. It is involved in hardwood log harvesting, timber processing, and marketing and sale of logs and timber products. The company offers softwood products, such as radiata pine logs used as sawn timber, and plywood and veneer; and hardwood products used for furniture, flooring, decking, interior decoration, and outdoor construction. As of December 31, 2015, it managed radiata pine plantation forest assets, which had a total freehold title land base of approximately 13,000 hectares in Northland region of New Zealand, as well as operated and managed approximately 322,000 hectares of hardwood forest concessions in Suriname, South America. The company also provides corporate, and administration and management services; administers forestry operations; and manufactures and sells pallets. The company was formerly known as Omnicorp Limited and changed its name to Greenheart Group Limited in December 2010 to better reflect its single focus on forestry. The company is headquartered in Wanchai, Hong Kong. As of December 31, 2015, Greenheart Group Limited operates as a subsidiary of Newforest Limited.

335 Employees
Last Reported Date: 09/23/16

greenheart group ltd (94) Top Compensated Officers

Chief Executive Officer and Executive Directo...
Total Annual Compensation: $1.8M
Executive Director
Total Annual Compensation: $725.0K
Compensation as of Fiscal Year 2015.

greenheart group ltd (94) Key Developments

Greenheart Group Limited Reports Unaudited Consolidated Earnings Results for the Six Months Ended June 30, 2016

Greenheart Group Limited reported unaudited consolidated earnings results for the six months ended June 30, 2016. For the period, the company reported revenue of HKD 228,406,000 against HKD 297,344,000 a year ago. Profit before tax was HKD 7,711,000 against loss before tax of HKD 148,476,000 a year ago. Loss for the period was HKD 10,906,000 against HKD 126,446,000 a year ago. Profit for the period attributable to equity holders of the company was HKD 7,407,000 or HKD 0.006 per share basic and diluted against loss for the period attributable to equity holders of the company of HKD 107,583,000 or HKD 0.136 per share basic and diluted a year ago. The decrease in net loss was mainly attributable to the fair value gain on plantation forest assets, reflecting the general improvement of the New Zealand radiata pine market and the increase of the underlying operating profit of its New Zealand division. The decrease in group’s total revenue was primarily attributable to the reduction of sales volume in both New Zealand and Suriname division. The EBITDA of the group changed from negative HKD 61,318,000 in the same period last year to positive HKD 87,406,000 during the period, representing an increase of HKD 148,724,000. The improvement in EBITDA of the group was largely contributed by the New Zealand division as a result of the fair value gain on planation assets of HKD 45,857,000 recorded for the period and lower selling and distribution costs. During the six months ended June 30, 2016, the group spent approximately HKD 9,509,000 on the acquisition of items of property, plant and equipment against HKD 33,082,000 a year ago.

Greenheart Group Limited Provides Earnings Guidance for the Six Months Ended June 30, 2016

The board of directors of Greenheart Group Limited informed the shareholders of the Company and potential investors that, based on the information currently available, the Group expects to record a significant decrease in its consolidated net loss for the six months period ended 30 June 2016 as compared to that for the six months period ended 30 June 2015. Such expected decrease in net loss is primarily attributable to, among other things, the substantial non-cash fair value gain on the plantation forest assets located in New Zealand. According to the draft valuation report prepared by an independent valuer, it is expected that a fair value gain on plantation assets of HKD 45.9 million will be recorded for the Period, while a fair value loss of HKD 86.9 million was recorded during the same period of last year. The deferred tax arising from the above-mentioned fair value gain will be a deferred tax expense of HKD 12.8 million for the Period (2015: a deferred tax credit of HKD 24.3 million). The Draft Valuation Report was prepared according to industry practice, consistently applied and placed significant weight on the spot market price and return movement during the valuation period. The increase of the fair value is mainly due to the increase of the near term forecast New Zealand Radiata Pine unit log price at wharf gate.

Greenheart Group Limited to Report First Half, 2016 Results on Aug 26, 2016

Greenheart Group Limited announced that they will report first half, 2016 results on Aug 26, 2016

 

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Price/Book 1.4x
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TEV/Sales 1.7x
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