Annual Report 2018
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27. Financial information by segment
The Group’s reportable segments are Sustainable Forest Management Brazil, Sustainable Forest Management Gabon, Trading and Carbon & Energy. Precious Woods’ forests in Brazil and Gabon are managed in a sustainable manner, which means that not more timber is harvested than can simultaneously grow back, and that the value of the forest is preserved. An integral part of Precious Woods’ approach to sustainable forestry is the use of waste wood to produce electricity and the registration and sale of carbon emission reductions (CERs).
Management monitors and evaluates EBITDA of all segments separately for the purpose of making decisions about resources to be allocated and of assessing performance.
Operating segments – 31 December 2018
| in thousand EUR | Sustainable Forest Management Brazil |
Sustainable Forest Management Gabon |
Trading |
Carbon & Energy |
Other 1 |
Total 31.12.2018 |
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|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Net revenues | ||||||||||||
| Third parties | 11 631 | 29 293 | 4 664 | – | – | 45 588 | ||||||
| Intersegment | 602 | – | – | – | –602 | – | ||||||
| Associated and related parties | 761 | – | – | – | – | 761 | ||||||
| Total net revenues | 12 994 | 29 293 | 4 664 | – | –602 | 46 349 | ||||||
| Profit/(loss) on sale of fixed assets and affiliates | 23 | – | – | – | 1 | 24 | ||||||
| Share of profit of associates | 270 | – | – | – | – | 270 | ||||||
| EBITDA | 1 608 | 5 526 | 433 | –0 | –2 456 | 5 111 | ||||||
| Depreciation and amortization | –417 | –3 000 | – | – | –18 | –3 435 | ||||||
| Impairment charges/reversals | 19 | – | – | – | – | 19 | ||||||
| Profit/(loss) from operating activities (EBIT) | 1 209 | 2 526 | 433 | –0 | –2 473 | 1 695 | ||||||
| Financial income and expenses | –901 | –1 670 | 272 | – | –452 | –2 751 | ||||||
| Earnings before tax | – | –1 056 | ||||||||||
| Income taxes | –310 | –332 | –50 | – | 31 | –661 | ||||||
| Segment assets | 21 736 | 48 052 | 2 887 | 479 | 281 | 73 434 | ||||||
| Investments in associates | 799 | – | – | – | – | 799 | ||||||
| Capital expenditures | 980 | 4 019 | – | – | 18 | 5 017 | ||||||
| Segment liabilities | 51 664 | 37 515 | 1 282 | 224 | –33 105 | 57 580 | ||||||
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1 The eliminations and adjustments consist of the intersegment eliminations and the results from Precious Woods Holding Ltd, the Luxembourg entities and Precious Woods Management Ltd, which are not allocated to a specific segment.
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Operating segments – 31 December 2017
| in thousand EUR | Sustainable Forest Management Brazil |
Sustainable Forest Management Gabon |
Trading |
Carbon & Energy |
Other 1 |
Total 31.12.2017 |
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|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Net revenues | ||||||||||||
| Third parties | 8 656 | 30 674 | 4 351 | 393 | – | 44 073 | ||||||
| Intersegment | 271 | 34 | 67 | – | –372 | – | ||||||
| Associated and related parties | 924 | – | – | – | – | 924 | ||||||
| Total net revenues | 9 851 | 30 708 | 4 417 | 393 | –372 | 44 997 | ||||||
| Profit/(loss) on sale of fixed assets and affiliates | 10 | 23 | 31 | – | – | 64 | ||||||
| Share of profit of associates | 46 | – | – | – | – | 46 | ||||||
| EBITDA | 117 | 9 927 | 500 | 118 | –2 452 | 8 210 | ||||||
| Depreciation and amortization | –454 | –4 230 | – | – | –15 | –4 699 | ||||||
| Impairment charges | 18 | – | – | – | – | 18 | ||||||
| Profit/(loss) from operating activities (EBIT) | –319 | 5 697 | 500 | 118 | –2 467 | 3 529 | ||||||
| Financial income and expenses | –894 | –1 503 | –22 | – | 663 | –1 756 | ||||||
| Earnings before tax | – | 1 774 | ||||||||||
| Income taxes | –488 | 375 | –7 | – | –11 | –131 | ||||||
| Segment assets | 23 168 | 44 987 | 2 776 | 261 | 213 | 71 405 | ||||||
| Investments in associates | 765 | – | – | – | – | 765 | ||||||
| Capital expenditures | 686 | 3 263 | – | – | 2 | 3 951 | ||||||
| Segment liabilities | 49 865 | 33 931 | 1 089 | 117 | –33 693 | 51 310 | ||||||
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1 The eliminations and adjustments consist of the intersegment eliminations and the results from Precious Woods Holding Ltd, the Luxembourg entities and Precious Woods Management Ltd, which are not allocated to a specific segment.
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Geographic information
| in thousand EUR | 2018 | 2017 | ||||||
|---|---|---|---|---|---|---|---|---|
| Net revenues | ||||||||
| Switzerland | 67 | 0.1% | 126 | 0.3% | ||||
| European Union | 28 318 | 61.1% | 24 765 | 55.5% | ||||
| Latin America | 1 666 | 3.6% | 1 510 | 3.4% | ||||
| Africa | 6 970 | 15.0% | 6 602 | 14.8% | ||||
| Asia | 8 352 | 18.0% | 10 475 | 23.5% | ||||
| Other countries | 976 | 2.1% | 1 126 | 2.5% | ||||
| Total | 46 349 | 100.0% | 44 604 | 100.0% | ||||
| Location of non-current assets | ||||||||
| Switzerland | 543 | 1.3% | 522 | 1.2% | ||||
| European Union | 3 | 0.0% | 3 | 0.0% | ||||
| Latin America | 14 598 | 33.8% | 15 787 | 37.8% | ||||
| Africa | 27 985 | 64.9% | 25 492 | 61.0% | ||||
| Total | 43 129 | 100.0% | 41 804 | 100.0% | ||||
Reconciliation of reportable segment profit or loss
| in thousand EUR | 2018 | 2017 | ||
|---|---|---|---|---|
| Total EBITDA for reportable segments | 7 297 | 10 617 | ||
| EBITDA Other | –2 456 | –2 452 | ||
| Share of profit of associates | 270 | 46 | ||
| EBITDA | 5 111 | 8 211 | ||
| Depreciation, amortization and impairment | –3 416 | –4 681 | ||
| EBIT | 1 695 | 3 530 | ||
| Financial income and expenses | –2 751 | –1 756 | ||
| Earnings before tax | –1 056 | 1 774 |