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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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Productivity and profitability have suffered

The harvest volume in 2019 was 243 500 m3, an increase of 2.1 % over the previous year (previous year: 238 600 m3). In the sawmills in Bambidie, 125 000 m3 and thus 0.8 % fewer logs were processed. The sawn timber production amounted to 41 750 m3 (previous year: 44 700 m3). Sales would have been about EUR 3 million higher if it had been possible to keep deliveries steady at the turn of the year. Interruptions in handling at the port of Libreville as well as more difficult access to the port and a shortage of containers have hampered deliveries since September 2018. This continued through the end of the year. The maintenance work in the sawmills was carried out as scheduled. However, two storm damage events in November led to a three-week interruption of operations in the Okoumé sawmill. Due to this shutdown, a total of 6.7 % less sawn timber was produced.

The veneer plant (TGI) processed 54 600 m3 (previous year: 55 200 m3) with slightly reduced yield. Overall, the production volume of veneer decreased by 5.0 % in 2018. The market environment has changed considerably. Numerous sawn timber and veneer producers have settled in the newly formed industrial zone in Gabon and are increasingly seeking and finding access to the European market. Even if they are not yet FSC or PEFC certified, this increases the pressure on our production and sales opportunities.

PW Gabon's total investments in the amount of EUR 4.03.8 million were used for forest machinery (EUR 1.1 million), homes for employees and their families in Bambidie (EUR 0.3 million), and sawmill machinery (EUR 2.4 million). The new sawmill for Azobé timber will be completed by the end of 2019 and will start production in 2020. From that time on, we will have substantial volumes of hardwood that we would not have been able to process without this investment.

The staffing situation remained stable and the fluctuation among the foreign managers was also in line with the usual pattern. The forestry team was supplemented by two Swiss experts.

The input tax credit with the Gabonese government increased to EUR 4.7 million (previous year: EUR 3.7 million). In combination with the delivery and sales delays mentioned above and the necessary investments, this led to a critical liquidity situation. Inventories increased by about EUR 0.9 million. We assume that the situation will improve because financing of the investments will be taken care of by the end of April 2019 and shipments are now possible again on a continuous basis. During fiscal year 2018, in addition to the challenges at the port, the transport routes to Libreville were also impaired, both by road and by rail. There were too few railcars available and the road network was interrupted for a long period of time. Even today, certain roads can only be used by making major detours.