Precious Woods Gabon
Decline in productivity and deliveries
The sawmills produced a total of 19 143 m3 of sawn timber, corresponding to a decline of 8.6 % (previous year: 20 949 m3). Production volume at the veneer plant fell by 22.4 % to 11 504 m3 (previous year: 14 831 m3). As in the previous year, maintenance work in the sawmills was carried out in May. The volume reduction in the veneer plant was due to a 6-week interruption of operations.
Net sales were 12.1 % below the same period of the previous year, reaching EUR 13.8 million (previous year: EUR 15.7 million). The operating result (EBITDA) was EUR 2.6 million (previous year: EUR 4.3 million). The operating profit margin was 18.7 % (previous year: 27.6 %).
The result was strongly negatively impacted by political and logistical difficulties. The inventory of logs and sawn timber increased massively because neither shipping nor log transport was possible. We expect inventories to normalize in the 3rd quarter. This will have a positive impact on both the result and liquidity.