Phaunos Timber Fund reports full-year 2013 loss of US$55.4M compared with US$43.2M loss in 2012; executive chairman pledges focus on disposal of non-core assets, realizing further operating efficiencies, after 'disappointing' results
April 23, 2014
– Phaunos Timber Fund Limited ("Phaunos" or the "Company"), the Authorised Closed ended investment scheme established to invest in timberland and timber related assets on a global basis, today issues its audited results for the year ended 31 December 2013.
Key Developments and Financial Results
Year to 31 Dec 2013
Year to 31 Dec 2012
Net Asset Value ("NAV")
NAV per Ordinary Share
Loss for the year
Loss per Ordinary Share
The major drivers of change in the Company's NAV included the following:
► Unrealised foreign exchange losses totaling US$25.4 million, which includes losses of US$8.6 million (against the Norwegian Krone and the New Zealand dollar) relating to financial assets; and losses of US$16.9 million (mainly against the Brazilian Real) relating to the translation of wholly-owned subsidiaries.
► Unrealised valuation losses on biological, land, and financial assets totalling US$25.2 million, excluding foreign exchange. Included in this unrealised loss is the significant revaluation loss of US$40.7 million in Green Resources, which was partly offset by the revaluation gain in Matariki of US$24.0 million (see the Explanatory Notes to the Consolidated Statement of Comprehensive Income for further details).
► Net operating losses of US$9.5 million includes revenue from timber operations and other operating income totalling US$12.3 million, less expenses totalling US$21.8 million (see the Consolidated Statement of Comprehensive Income for further details).
► Non-recurring items totalling US$6.5 million which includes the Investment Manager termination and restructure costs of US$5.5 million.
A presentation for analysts will be held at 09:00 this morning at Citigate Dewe Rogerson, 3 London Wall Buildings, London Wall, EC2M 5SY. Details for analysts unable to attend the presentation are as follows: Dial in: +44 (0) 20 3003 2666; PIN: 2016954.