61 INTEGRATED ANNUAL REPORT 2023 HIGHLIGHTS NCT FORESTRY AGRICULTURAL CO-OPERATIVE LIMITED and its SUBSIDIARIES FINANCIAL REPORT for the year ended 28 February 2023 FARMS Turnover R’000 2023 2022 349 723 291 810 13% increase in exchange rate 8% increase in tonnes sold Positive plantation valuation adjustments due to MDP increases Efficiencies achieved in group operations TONNES PURCHASED 2023 2022 Eucalyptus 1 123 397 1 027 264 9% Acacia 998 158 999 330 0% Pinus 1 866 0 Other timber 73 210 76 148 -4% TONNES 2023 2022 2 196 631 Purchased 2 102 742 2 251 084 Sold 2 076 404 GROUP Turnover R’000 2023 2022 3 280 869 2 754 038 Net profit / (loss) before tax R’000 2023 2022 283 192 64 299 CO-OPERATIVE Turnover R’000 2023 2022 3 280 386 2 757 194 Net profit before tax R’000 2023 2022 132 630 55 724 MEMBERS’ BONUS R’000 2023 38 034 MILLS 43 vessels / 6 customers / 3 countries Exchange rate achieved R16.66 : 1 USD R2.9 billion turnover NCT OWNED / LEASED FARMS Turnover R’000 2023 2022 243 424 205 144 Farm profits before revaluations and tax R’000 2023 2022 58 471 45 029 Plantation revaluation R’000 2023 2022 104 775 (40 641) Reduced stock holdings, selling all available timber Maximising distributions to members
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