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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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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
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
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.
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
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
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.
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