Rubicon Announces $14.1 Million Profit

Rubicon Announces $14.1 Million Profit for 2003 Financial Year

Rubicon Limited today announced audited results for its 12 months reporting period, to 31 March 2003.

The Company reported Net Earnings of $14.1 million for the period. The 2003 result is one that essentially reflects three earnings streams:
$ m

Earnings from existing operations / investments

Fletcher Challenge Forests (FCF) equity earnings 17.4

Trees and Technology operating earnings (EBITD) 1.3

ArborGen earnings (5.9)

FTSA equity earnings 0.0

Other investment earnings / writedowns (3.8)

Corporate (0.5)
8.5
Earnings from portfolio restructuring

Release of surplus restructuring provisions 7.6

Closure of Brazil / South American office (0.6)
7.0

Earnings from 'one-time' events

Costs (incl fx) related to unsuccessful Tahorakuri transaction (3.6)

GPG v Perry litigation costs (0.8)

Cash receipt from FCF in relation to asset transfer obligations 6.0

Accelerated tracking unit expense in relation to unsuccessful GPG takeover offer (2.1)
(0.5)

Earnings before depreciation 15.0

Depreciation (0.9)

Net Earnings 14.1

The Company noted that this result could not be compared with the $30.4 million reported in the previous period, as that was a result that was derived largely from the gains made from the disposal of the Group’s Energy portfolio.

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