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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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15. Share capital

This supplementary information, whose purpose is to show deve­lopment of the Group’s share capital, is denominated in Swiss francs, the functional currency of Precious Woods Holding. In the financial statements it is translated into the Group’s presentation currency (EUR) using historical exchange rates.

Share capital overview
    Number of shares at a
nominal value of CHF 1
  Number of shares at a
nominal value of CHF 1
    2018   2017
Issued and fully paid-in capital beginning of year   7 052 745   6 902 745
Increase of issued and fully-paid capital   –   150 000
Issued and fully paid-in capital end of year   7 052 745   7 052 745
 
New authorized share capital - authorized during the year   –   1 000 000
Authorized share capital - expired during the year   –   –2 173 980
Authorized share capital at the end of the year   1 000 000   1 000 000
 
Conditional share capital - authorized during year   –   1 198 065
Conditional share capital - used during year   –   –150 000
Conditional share capital at end of the year   1 396 638   1 396 638

The shares rank equally with regard to voting rights and dividends, and the Articles of Association include no restrictions on transfer of the Group’s shares. Precious Woods’ registered shares are not subject to any restriction on voting, distribution, transfer or other rights that exceed regulations which are unalienable under Swiss law. The authorized share capital and the conditional share capital are intended to be utilized for acquisitions, the purchase of forests or for reforestations, investments, convertible loans, expansions of shareholder base or any other important reason. The share­holders’ subscription rights can be excluded in these cases, as well as for firm underwriting agreements.

Ordinary share capital

On 18 May 2017, the ordinary share capital of CHF 6 902 745 increased by converting a loan of 150 000 shares to CHF 7 052 745.

Authorized share capital

On 18 May 2017, authorized capital in the amount of CHF 1 000 000 was adopted by the general meeting. It will expire in May 2019.

Conditional share capital

On 19 September 2016, 93 850 new shares for the Employees Share Purchase Plan were issued through that portion of the conditional share capital which is intended to cover options of employees and board members and reduced it to CHF 46 638.

On 18 May 2017, additional conditional share capital in the amount of CHF 1 198 065 was adopted by the general meeting. Also on 18 May 2017, a conversion right from a convertible loan for CHF 150 000 was exercised, at a price of CHF 3.20 per share. The conditional share capital decreased to CHF 1 396 638.