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Annual Report 2020
Annual Report 2020
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Annual Report 2020
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Table of contents for the Annual Report 2020 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 sustainability continues to be at high levelOutlook for 2021
Gabon
Increase in productivityImprovement of profitability despite adversity in the forest and sawmill activitiesMany activities despite major challengesOutlook for 2021
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, consolidation 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. Biological assets12. Intangible assets13. Investment in associates14. Non current loans and investments15. Inventories16. Prepayments17. Trade and other receivables18. Trade and other payables19. Financial liabilities, other than trade and other payables20. Financial instruments by category and fair value hierarchy21. Leasing22. Share capital23. Major shareholders24. Earnings per share25. Related party balances and transactions26. Provisions27. Contingencies28. Income taxes29. Employee benefits30. Currency translation rates31. Basis of consolidation32. Subsequent events33. 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 2020 and 2019Statements of income 2020 and 2019Notes 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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Consolidated statement of cash flows

in thousand EUR   Notes   2020   2019
Net cash flow from operating activities            
Profit/(loss) for the period       –2 181   7 973
Income taxes (income)/expenses   28    1 111   3 638
Interest expenses   9    2 747   2 509
Dividend income from non-current assets   9    –119   –42
Profit/(loss) for the period before interest and tax       1 558   14 078
Depreciation, amortization and impairment   8    3 882   4 494
Value adjustment on non-current financial assets       –   –576
(Profit)/loss on sale of non-current assets   3    62   –495
Gain recognized on contribution of net assets into associate   7    –1 368   –
Share of (profit)/loss of associates   13    354   –438
Disposal of financial liabilities as a result of forgiveness       –   –66
Changes in provisions   26    186   –560
Increase obsolence reserve on inventories   15    900   1 235
Change in fair value of biological assets   11    –927   –13 455
Other non-cash items       –87   –73
Operating cash flow before working capital changes       4 560   4 143
Decrease/(increase) in trade and other receivables   17    –5 973   943
Decrease/(increase) in inventories   15    –382   –3 210
Decrease/(increase) in prepayments and assets held for sale       824   812
Increase/(decrease) in trade payables and other liabilities   18    7 112   1 288
Income tax (paid)/received   28    –273   –170
Net cash flow operating activities       5 868   3 806
 
Cash flow from investing activities
Purchase of intangible assets   12    –125   –53
Proceeds from sale of property, plant and equipment   7 / 10    33   950
Purchase of property, plant and equipment   10    –3 994   –5 691
Issuance of financial assets to associates       –291   –
Proceeds from disposal of other non-current assets       342   27
Purchase of other non-current assets       –260   –161
Increase/(decrease) in recoverable taxes       –   –23
Dividends from associates   13    138   259
Dividends from non-current financial assets   9    119   42
Net cash flow investing activities       –4 038   –4 650
 
Cash flow from financing activities
Proceeds from borrowings   19    2 141   7 796
Repayment of borrowings   19    –1 270   –5 668
Interests paid   19    –1 492   –1 426
Interests paid on lease liabilities   19 / 21    –127   –65
Repayment of lease liabilities   19 / 21    –815   –86
Net cash flow financing activities       –1 563   552
             
Net increase/(decrease) in cash and cash equivalents       267   –292
             
Cash and cash equivalents, at the beginning of the year       2 578   2 798
Increase/(decrease) in cash and cash equivalents       267   –292
Translation effect on cash       –67   72
Total Cash and cash equivalents, at the end of the year       2 778   2 578