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.
FSC auditor recommends certification
SGS, an accredited FSC 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
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.
Green Resources received close to USD 1mn in development
grants from the IFC, Norway and Austria, an all-time record for