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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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3. Financial information by segment

The activities of the Group are primarily organized and presented in four operating segments supported by a central corporate office. Management monitors and evaluates EBITDA of all segments separately for the purpose of making decisions about resources to be allocated and of assessing performance.

  • Sustainable Forest Management Brazil: operations active in the sustainable management of tropical forests and the processing of tropical timber in Brazil
  • Sustainable Forest Management Gabon: operations active in the sustainable management of tropical forests and the processing of tropical timber in Gabon
  • Trading: trading of timber from external sources in Switzerland
  • Carbon & Energy: trading of Certified Emission Reductions (CERs)

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). The calculation parameters of the validation and verification standard CDM (Clean Development Mechanism) for project activities, also used in 2019 for the verification, have been partially adjusted. That led to lower volumes of verified CO2 equivalents than expected. For 2017, the verification confirmed 34 024 tons of CO2 equivalents – expected were 51 596 tons, and for 2018 the confirmed amount of CO2 equivalents totalizes to 29 868 tons – instead of the expected 54 664 tons. In 2019, based on the new calculation scheme, 34 651 tons of CO2 equivalents were produced, but are not yet verified.

Operating segments – for the year ending on 31 December 2019
in thousand EUR   Sustainable
Forest
Management
Brazil
  Sustainable
Forest
Management
Gabon
  Trading
  Carbon
& Energy
  Other
1
  Total
Revenues
 Third parties   12 476   27 034   3 935   73   –   43 518
 Intersegment   74   43   –   –   –117   –
 Associates and related parties   862   –   –   –   –   862
Total revenues   13 412   27 077   3 935   73   –117   44 380
 Initial recognition of fair value from  biological assets   13 455   –   –   –   –   13 455
 Profit/(loss) on sale of fixed assets and affiliates   91   404   –   –   –   495
 Share of profit of associates   438   –   –   –   –   438
Earnings before interest, tax, depreciation and amortization (EBITDA)   16 407   4 998   99   7   –3 061   18 450
 Depreciation and amortization   –494   –3 319   –   –   –33   –3 845
 Impairment charges/reversals   –649   –   –   –   –   –649
Profit/(loss) from operating activities (EBIT)   15 266   1 680   99   7   –3 095   13 956
 Financial income and expenses   –672   –1 943   –9   –   279   –2 345
Earnings before tax (EBT)                   –   11 611
 Income taxes   –1 619   –1 976   49   –   –92   –3 638
                         
Segment assets   78 864   49 995   2 091   555   –429   131 076
 Investments in associates   1 066   –   –   –   –   1 066
 Capital expenditures   695   4 979   –   –   6   5 680
Segment liabilities   64 278   42 654   1 137   129   –32 227   75 972
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 – for the year ending on 31 December 2018
in thousand EUR   Sustainable
Forest
Management
Brazil
  Sustainable
Forest
Management
Gabon
  Trading
  Carbon
& Energy
  Other
1
  Total
Revenues
 Third parties   11 631   29 293   4 664   –   –   45 588
 Intersegment   602   –   –   –   –602   –
 Associates and related parties   761   –   –   –   –   761
Total 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
Earnings before interest, tax, depreciation and amortization (EBITDA)   1 608   5 526   433   –0   –2 456   5 111
 Depreciation and amortization   –417   –3 000   –   –   –18   –3 435
 Impairment charges   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 (EBT)                   –   –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.
Geographic information
in thousand EUR       2019       2018
Revenues
Europe   24 559   55.4%   28 386   61.1%
Latin America   2 885   6.5%   1 666   3.6%
Africa   7 201   16.2%   6 970   15.0%
Asia   6 448   14.5%   8 352   18.0%
Australia   263   0.6%   45   0.1%
North America   3 024   6.8%   930   2.0%
Total revenues   44 380   100.0%   46 349   100.0%
 
Location of non-current assets
Switzerland   123   0.1%   77   0.2%
European Union   3   0.0%   3   0.0%
Latin America   71 109   71.6%   14 344   35.4%
Africa   28 119   28.3%   26 070   64.4%
Total non-current assets   99 354   100.0%   40 494   100.0%
Accounting policies

Operating segments are reported in the manner consistent with the internal reporting to the chief operating decision maker, which is the Group Management of Precious Woods. Group Management is responsible for allocating resources and assessing the performance of the operating segments.