Note	Year ended 30 June 2004 $’000	Year ended 30 June 2003 $’000
Current assets
Cash		19 704	13 428
Receivables	10	13 605	11 961
Inventories	11	1 463	1 909
Other	12	731	461
Total current assets		35 503	27 759
Non-current assets
Growing timber	11	633 026	618 270
Property, plant and equipment	13	276 682	243 389
Tax Assets	14	78	61
Total non-current assets		909 786	861 720
Total assets		945 289	889 479
Current liabilities
Creditors and accruals	15	8 882	6 236
Employee Benefits	16	873	1 241
Interest Bearing Loan	17	189	165
Provisions	18	3 921	3 011
Other	19	41	63
Total current liabilities		13 906	10 716
Non-current liabilities
Creditors and accruals	15	272	269
Employee Benefits	16	2 549	2 614
Interest Bearing Loan	17	1 677	1 866
Tax Liabilities	18	1 062	1 017
Total non-current liabilities		5 560	5 766
Total liabilities		19 466	16 482
Net assets		925 823	872 997
Equity
Contributed Equity	21	4 983	4 983
Reserves	24	847 258	801 648
Retained profits	22	73 582	66 366
Total equity		925 823	872 997
Commitments and contingent liabilities