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Annual Report 2019
Annual Report 2019
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Annual Report 2019
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Table of contents for the Annual Report 2019 report

Operational review
Key FiguresTo our shareholdersAbout Precious Woods / Sustainability
VisionProducts and marketsGoal of sustainable growthManagement organization with strong market orientationSustainable forestry in all dimensionsMarket opportunities thanks to sustainability certificates for tropical woodContribution to the UN Sustainable Development GoalsPrecious Woods Amazon: Close ties with the local populationPrecious Woods in Gabon – Projects for the protection of flora, fauna, and biodiversitySounding BoardInstitutional framework as opportunity and challengeIllegal logging threatens certified timber trade and sustainable developmentCarbon FootprintThe role of forestry in the current climate change debateMilestones Precious Woods
Group results
Income statementBalance sheet
Brazil
Higher harvest volume, increased production volumes, higher yieldContinued high resources for legacies and special factorsSocial and environmental sustainabilityOutlook for 2020
Gabon
Negative development of productivity and profitabilityMore difficulties than usualProgress in social and environmental sustainabilityOutlook for 2020
TradingCarbon & Energy
Emission certificates thanks to residual wood in BrazilianEmission trading together with myclimatePrecious Woods Carbon & Energy
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 informationCompany headquartersStock price development
Financial Report
Precious Woods Group financial statements
Consolidated statement of profit or lossConsolidated statement of comprehensive incomeConsolidated statement of financial positionConsolidated statement of changes in equityConsolidated statement of cash flowsNotes to the consolidated financial statements
1. Basis of presentation and general accounting policies2. Financial risk management3. Financial information by segment4. Revenue from contracts with customers5. Consumables used and other production costs6. Labour costs7. Other operating income and expenses8. Depreciation, amortization and impairment9. Financial income and expenses10. Property, plant and equipment11. Land12. Biological assets13. Intangible assets14. Investment in associates15. Inventories16. Prepayments17. Trade and other receivables18. Non current financial assets19. Trade and other payables20. Financial liabilities21. Financial instruments by category and Fair value hierarchy22. Leasing23. Share capital24. Major shareholders25. Earnings per share26. Related party balances and transactions27. Provisions28. Contingencies29. Income taxes30. Employee benefits31. Currency translation rates32. Basis of consolidation33. Subsequent events34. 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 2019 and 2018Statements of income 2019 and 2018Notes 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 interest bearing liabilities6. Long term interest bearing liabilities7. Board and Executive compensation8. Depreciation, amortization and impairment9. Major shareholders10. Pledged assets / other securities11. Other note / Full time employment12. Other note / Lease liabilities13. 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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14. Investment in associates

in thousand EUR   2019   2018
At 1 January   799   765
Share of profit of associates including impairment   438   270
Dividends received   –259   –140
Currency effects   88   –96
At 31 December   1 066   799
BK Energia

The renewable-power-generation plant BK Energia generates CERs (Certified Emission Reductions) in the Amazon region of Brazil. It complies with all the necessary conditions established in the Kyoto Protocol and by the UNFCCC (United Nations Framework Convention on Climate Change). Carbon emissions are avoided by substituting diesel fuel with wood waste from the sawmill and from forest operations for generation of electricity.

The investment of 40 % is valued using the equity method as Precious Woods has no control over BK Energia.

in thousand EUR (representing 100%)   Assets   Liabilities   Revenues   Profit
Key figures 2018   2 639   377   4 455   676
Key figures 2019   3 198   532   5 004   1 095
Accounting policies

Certified Emission Reductions (CERs) are granted by the United Nations Framework Convention on Climate Change (UNFCCC) for Greenhouse Gas Reduction per metric ton of CO2 equivalent.

Associates are all entities over which the Group has significant influence. Significant influence is the power to participate in the financial and operational policy decisions of the investee, but is not control or joint control over those policies. Investments in associates are accounted for using the equity method of accounting and are initially recognized at cost. Unrealized gains on transactions between the Group and its associates are eliminated to the extent of the Group’s interest in the associates. Unrealized losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.