70 INTEGRATED ANNUAL REPORT 2025 HG Niebuhr HG Niebuhr AV Schefermann AV Schefermann NC Motloli V Dladla L Naidoo SUBSIDIARY ACTIVITIES (R’000) BAYFIBRE FOREST (PTY) LTD RESOURCES (PTY) LTD 2025 2024 2025 2024 Profit / (loss) before tax 71 606 (4 699) (20 172) 10 255 Profit / (loss) after tax 52 214 (3 432) (14 785) 7 471 Farm profit / (loss) before plantation revaluation (12 887) (21 043) (3 584) 5 802 Favourable / (unfavourable) plantation revaluation (19 387) 27 717 (16 588) 4 453 Dividends declared 0 0 0 0 Net worth 428 230 376 016 181 705 196 492 Current assets exceed current liabilities by: 57 167 58 933 86 524 91 778 Farm area 4 316 4 335 2 141 2 224 2 timber farms 1 timber farm Current Board of Directors
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