Notes to the consolidated financial statements

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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 Figures To our shareholdersAbout Precious Woods / Sustainability

Vision Products and markets Goal of sustainable growth Management organization with strong market orientation Sustainable forestry in all dimensions Market opportunities thanks to sustainability certificates for tropical wood Contribution to the UN Sustainable Development Goals Precious Woods Amazon: Close ties with the local population Precious Woods in Gabon – Projects for the protection of flora, fauna, and biodiversity Sounding Board Institutional framework as opportunity and challenge Illegal logging threatens certified timber trade and sustainable development Carbon Footprint The role of forestry in the current climate change debate Milestones Precious Woods

Income statement Balance sheet

Higher harvest volume, increased production volumes, higher yield Continued high resources for legacies and special factors Social and environmental sustainability continues to be at high level Outlook for 2021

Increase in productivity Improvement of profitability despite adversity in the forest and sawmill activities Many activities despite major challenges Outlook for 2021

TradingCarbon & Energy

Emission certificates thanks to residual wood in Brazilian Emission trading together with myclimate Precious Woods Carbon & Energy

Corporate Governance

1. Group structure and shareholders 2. Capital structure 3. Board of Directors 4. Group Management 5. Compensation, shareholdings, loans 6. Shareholders’ rights of participation 7. Changes of control and defense measures 8. Auditor 9. Information policy

Shareholder information

Share capital Equivalent to 100 shares Stock market listing Share register information Company headquarters Stock price development

Financial Report

Precious Woods Group financial statements

Consolidated statement of profit or loss Consolidated statement of comprehensive income Consolidated statement of financial position Consolidated statement of changes in equity Consolidated statement of cash flowsNotes to the consolidated financial statements

1. Basis of presentation, consolidation and general accounting policies 2. Financial risk management 3. Financial information by segment 4. Revenue from contracts with customers 5. Consumables used and other production costs 6. Labour costs 7. Other operating income and expenses 8. Depreciation, amortization and impairment 9. Financial income and expenses 10. Property, plant and equipment 11. Biological assets 12. Intangible assets 13. Investment in associates 14. Non current loans and investments 15. Inventories 16. Prepayments 17. Trade and other receivables 18. Trade and other payables 19. Financial liabilities, other than trade and other payables 20. Financial instruments by category and fair value hierarchy 21. Leasing 22. Share capital 23. Major shareholders 24. Earnings per share 25. Related party balances and transactions 26. Provisions 27. Contingencies 28. Income taxes 29. Employee benefits 30. Currency translation rates 31. Basis of consolidation 32. Subsequent events 33. 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 2019 Statements of income 2020 and 2019Notes to the financial statements of Precious Woods Holding Ltd

Essential accounting and valuation principles 1. General 2. Authorized share capital 3. Conditional share capital 4. Investments in subsidiaries 5. Other short term interest bearing liabilities 6. Long term interest bearing liabilities 7. Board and Executive compensation 8. Depreciation, amortization and impairment 9. Major shareholders 10. Pledged assets / other securities 11. Other note / Full time employment 12. Other note / Lease liabilities 13. Other note / Significant events after the reporting date

Report of the statutory auditor on the financial statements

Additional information

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Notes to the consolidated financial statements