Greenheart Group Limited provided earnings guidance for the year ended December 31, 2021. For the period, the company group expects to record an increase of approximately 64.1% in its net loss as compared to that of last year. The increase in the net loss attributable to the Shareholders was the net result of the following: A decrease in non-cash fair value gain on plantation forest assets located in New Zealand by approximately HKD 34,459,000 as compared with last year.

The gain was calculated based on the preliminary valuation as at the end of Year prepared by an independent valuer and such decrease was primarily attributable to the decrease in near term forecast selling prices of radiata pine logs, reflecting the current situation of New Zealand softwood market; A reversal of provision for impairment on timber concessions and cutting rights of HKD 12,785,000, due to the improvement of tropical hardwood log prices, and a specific provision for impairment of processing equipment of HKD 8,128,000, caused by increase in the prices of input materials, in the Suriname division. These provisions were calculated based on the draft valuation report for the Year prepared by the independent valuer; and The absence in the current year of the reversal of impairment losses on other receivables of HKD 8,663,000 made last year.