Our Annual Report for the financial year ended 30 June 2024 is available at the link below.

• Annual Report 2023-24 PDF, 4359.58 KB

The 2023/24 Annual Report reflects both achievements and financial challenges in a year marked by regulatory changes, weather impacts, and broader economic conditions.

Despite a comprehensive income of $136 million and revenue of $394 million, we recorded normalised earnings of -$9 million after accounting for key adjustments.

The Hardwood Forests Division faced significant constraints due to regulatory changes, legal proceedings, and reduced timber production, leading to a $29 million loss. The financial results reflect the dual role Forestry Corporation plays as both a timber supplier and the appointed public land manager for NSW State forests. This unique responsibility goes beyond timber production to include:

• Conservation and research: Managing conservation programs and conducting ecological research.
• Community access and tourism: Maintaining a vast network of roads and over 100 community recreation facilities.
• Fire Management: Being one of the four fire-fighting authorities in the state, responsible for firefighting and fire prevention.

These land management duties cover nearly 2 million hectares of public native forests and are only partially funded by the government. Timber revenue from about 1% of the forest harvested annually subsidises these activities. In 2023/24, our land management investment exceeded government funding by approximately $23 million.

Additionally, our financial performance was affected by several challenges, including regulatory changes, legal proceedings, adverse weather, and a downturn in the softwood timber market due to macroeconomic factors.

Despite these hurdles, the broader native forestry industry continues to support more than 100 mills throughout NSW. Native forest timber remains essential for products like flooring, decking, power poles, and critical infrastructure such as wharf timbers.

The Softwood Plantations Division performed steadily, with revenue of $257 million and a 16% increase in normalised earnings to $22 million. Investment in renewable energy projects within softwood plantations is expected to yield positive returns in future years.

Strategic investments included $92 million in new plantation land acquisitions, boosting biological asset valuations by 25%. However, short-term borrowings increased to $70 million due to these investments and prior dividend payments.

Forestry Corporation remains committed to sustainable forest management, ensuring timber security and environmental stewardship despite challenging conditions.