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Statements of income 2019 and 2018

in thousand CHF   Notes   2019   2018
Sales            
Net sales timber products       45 623   52 934
Net sales CO2 certificates       82  
Changes in inventories of finished goods       –49   6
Changes in inventories of CO2 certificates       –103   123
General costs of production       –41 702   –48 842
Total operating income       3 851   4 221
             
Personnel expenses   7    –2 877   –2 641
Administrative expenses       –1 386   –1 389
Audit fees       –165   –139
Earnings before interest, tax, depreciation and amortization (EBITDA)       –577   52
             
Depreciation, amortization and impairment   8 / 12    5 604   3 542
Earnings before interest & tax (EBIT)       5 027   3 594
             
Financial income       1 678   1 748
Financial expenses   12    –1 971   –1 875
Foreign exchange differences       –1 424   18
Earnings before tax (EBT)       3 310   3 485
             
Taxes       –10   –10
Net income for the year       3 300   3 475

See notes to Precious Woods Holding Ltd financial statements on pages 90 to 93.