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Annual Report 2018
Annual Report 2018
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Annual Report 2018
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Table of contents for the Annual Report 2018 report

Operational review
Key FiguresTo our shareholdersAbout Precious Woods
VisionFocus on economic, social, and environmental added valueProducts and marketsGlobal and economic challenges in a dynamic environmentA pioneering role – more than just certified sustainable managementStrategy: Market orientation and continuous optimization of the value chainMedium term goals: Sustainable growthManagement organization with increased market orientationMilestones Precious Woods
Group results
Income statementBalance sheet
Brazil
Higher harvest volume – increased production volumes with higher yieldContinuous efforts on legacies and exceptional factorsPrecious Woods Amazon in briefSocial and environmental sustainabilityOutlook for 2019
Gabon
Productivity and profitability have sufferedSetbacks can be overcomeReport on further progress in social and environmental sustainabilityPrecious Woods Gabon in briefOutlook for 2019
Trading
Precious Woods Trading in brief
Carbon & Energy
CERs from Brazilian biomassEmission trading together with myclimatePrecious Woods Carbon & Energy
Sustainability
Selective wood utilization is not synonymous with sustainable forestrySustainability goals of the UN4 : 1330 000 000 tCFauna / FloraPrecious Woods Amazon closely connected with the local populationPrecious Woods in Gabon – gentle use and wildlife protectionIllegal logging threatens certified timber trade and sustainable developmentSustainability as our entrepreneurial principleOpportunities for FSC certified timberThe role of forestry in the climate change debateSustainability Advisory Committee (SAC)
Corporate Governance
1. Group structure and shareholders2. Capital structure3. Board of Directors4. Group Management5. Compensation, shareholdings, loans6. Shareholders’ rights of participation7. Changes of control and defense measures8. Auditor9. Information policy
Shareholder information
Share capitalEquivalent to 100 sharesStock market listingShare register information as of 1 January 2019Company headquartersStock price development
Financial Report
Precious Woods Group financial statements
Consolidated statement of financial positionConsolidated statement of profit or lossConsolidated statement of comprehensive incomeConsolidated statement of changes in equityConsolidated statement of cash flowsNotes to the consolidated financial statements
1. Basis of presentation and accounting policies2. Financial risk management3. Trade and other receivables4. Inventories5. Prepayments6. Property, plant and equipment7. Forest, forest improvements8. Intangible assets9. Investment in associates10. Non current financial assets11. Trade and other payables12. Financial liabilities13. Provisions14. Financial instruments by category15. Share capital16. Related party balances and transactions17. Employee benefits18. Net revenues from contracts with customers19. Other production costs20. Depreciation, amortization and impairment21. Direct and indirect labour costs22. Other operating income and expenses23. Financial income and expenses24. Leasing25. Earnings per share26. Contingencies27. Financial information by segment28. Major shareholders29. Income taxes30. Currency translation rates31. Divestments and acquisitions32. Subsequent events33. Approval of financial statements and dividends
Report of the statutory auditor on the consolidated financial statements
Precious Woods Holding Ltd financial statements
Balance sheets as of 31 December 2018 and 2017Statements of income 2018 and 2017Notes to the financial statements of Precious Woods Holding Ltd
Essential accounting and valuation principles1. General2. Authorized share capital3. Conditional share capital4. Investments in subsidiaries5. Other short term receivables against group6. Other short term interest bearing liabilities7. Long term interest bearing liabilities8. Board and Executive compensation9. Depreciation, amortization and impairment10. Major shareholders11. Pledged assets / other securities12. Other note / Full time employment13. Other note / Residual amount of leasing obligations14. Other note / Significant events after the reporting date
Report of the statutory auditor on the financial statements
Additional information
Contact addresses
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12. Financial liabilities

The carrying amount of financial liabilities corresponds approximately to their fair value.

Net book value of financial liabilities
in thousand EUR   2018   2017
Financial liabilities from borrowings   35 340   31 381
Financial liabilities finance-lease   1 900   2 038
Total financial liabilities   37 240   33 419
 
Total current financial liabilities   12 316   9 699
Non-current financial liabilities, third parties   24 891   23 613
Non-current financial liabilities, associates   33   107
Total financial liabilities   37 240   33 419

Interest expenditure from finance-lease liabilities amounted to EUR 0.1 million (2017: EUR 0.2 million). Finance-lease liabilities are secured effectively as the rights to the leased asset revert to the lessor in the event of a breach of contract.

The carrying amounts of financial liabilities are denominated in the following currencies. The amounts are translated into EUR at the exchange rate of the reporting date.

in thousand EUR   2018   2017
Currencies financial liabilities/borrowings denominated in:        
EUR   3 000   3 000
XAF   6 343   6 266
CHF   25 870   22 649
BRL   2 027   1 504
Total financial liabilities   37 240   33 419

The effective interest rates at the reporting date by currency were as follows:

    2018   2017
EUR   4.2%   4.2%
XAF   8.5–11.0%   8.5–11.0%
CHF   6.0%   6.0%
BRL   6.5%   7.2%

The changes in liabilities from financing activities are detailed below in cash and non-cash items:

in thousand EUR   Non-current
financial liabilities
  Current
financial liabilities
  Short-term
convertible loans
  Total
At 1 January 2017   19 895   11 544   457   31 896
Cashflows                
 Cash inflow   4 485   –   –   4 485
 Cash outflow   –913   –2 517   –18   –3 447
Non-cash changes                
 Reclassifications   –1 261   1 271   –432   –423
 Increase in long-term finance lease liabilities   1 198           1 198
 Accrued interests   1 847   –   9   1 856
 Currency effects   –1 532   –599   –16   –2 146
At 31 December 2017   23 720   9 699   –   33 419
 
Cashflows                
 Cash inflow   1 686   2 990   –   4 676
 Cash outflow   –876   –1 801   –   –2 677
Non-cash changes                
 Reclassifications   –1 229   1 229   –   –
 Increase in finance lease liabilities   1 082           1 082
 Accrued interests   –   –   –   –
 Currency effects   541   199   –   740
At 31 December 2018   24 924   12 316   –   37 240