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Half-Year Report 2018
Half-Year Report 2018
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Half-Year Report 2018
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Table of contents for the Half-Year Report 2018 report

Half-Year Report 2018
Group results
Precious Woods HoldingPrecious Woods GabonPrecious Woods AmazonPrecious Woods TradingCarbon & EnergyShare priceOutlook
Interim condensed consolidated financial statements
Consolidated statement of financial positionConsolidated statement of profit or lossConsolidated statement of comprehensive incomeConsolidated statement of changes in equityCondensed consolidated statement of cash flowsNotes to the interim condensed consolidated financial statements
1. Basis of presentation and accounting policies2. Implementation of new IFRS standards3. Seasonality4. Financial information by segment5. Subsequent events
Additional information
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2. Implementation of new IFRS standards

IFRS 9 Financial Instruments: The new standard replaces IAS 39 and changes the classification and measurement requirements of financial assets, financial liabilities and the rules for hedge accounting. The classification depends on the business model that the financial assets are managed in and the contractual terms of the cash flows of those financial assets. IFRS 9 defined the following three categories: measured at amortized cost, measured at fair value through other comprehensive income, measured at fair value through profit or loss. Basically no financial assets were reclassified to another category. However, as IFRS 9 eliminated the category available for sale, some financial assets, held in this category under IAS 39, were assigned to the category measured at fair value through other comprehensive income. The effects of this change were immaterial. For trade receivables the Group uses the expected loss model and applied the simplified approach, which did not lead to any material effects. As the Group does not have financial liabilities that are designated at fair value through profit or loss, the accounting treatment of financial liabilities was not affected.

IFRS 15 Revenue from Contracts with Customers: The standard replaces IAS 18 and IAS 11 and related interpretations. It establishes a five-step model to account for revenue arising from contracts with customers. The model specifies that revenue should be recognized when an entity transfers control of goods or services to a customer at the amount to which the entity expects to be entitled. Depending on whether certain criteria are met, revenue is recognized as follows: over time or at a point in time. The Group recognizes its revenue from the sales of timber and from the trading business at a point in time and thus no material effects were identified from the adoption of IFRS 15. This standard has been applied with the modified retrospective approach.