74 INTEGRATED ANNUAL REPORT 2026 HG Niebuhr HG Niebuhr AV Schefermann AV Schefermann NC Motloli V Dladla L Naidoo BAYFIBRE FOREST (PTY) LTD RESOURCES (PTY) LTD 2026 2025 2026 2025 R’000 R’000 R’000 R’000 Profit / (loss) before tax (35 915) 71 606 (25 193) (20 172) Profit / (loss) after tax (26 246) 52 214 (18 304) (14 785) Farm profit / (loss) before plantation revaluation (18 373) (12 887) (1 922) (3 584) Favourable / (unfavourable) plantation revaluation (25 678) (19 387) (23 271) (16 588) Dividends declared 0 0 0 0 Net worth 401 984 428 230 163 402 181 705 Current assets exceed current liabilities by: 35 854 57 167 85 077 86 524 Farm area 4 346 ha 4 316 ha 2 237 ha 2 141 ha 2 timber farms 1 timber farm Current Board of Directors SUBSIDIARY ACTIVITIES
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