Improvement of profitability despite adversity in the forest and sawmill activities

Although infrastructure problems increased again compared to the previous year, which already massively affected the operation, we did manage to grow profitability in the sawmills. We have learned a lot from our painful experiences in the past and we are now able to react more quickly to these events. The organisation is flexible and can make situational decisions if plans or implementation strategies have to be changed. That we are able to work profitably even in very difficult times makes us look to the future with optimism.

Because of the spin-off of TGI, this section only compares the CEB sawmill – not PW Gabon as a whole – with the previous year’s figures. Working capital increased again by EUR 1.9 million, which is due to inventory build-up. Accounts receivable increased by about EUR 0.5 million and accounts payable by EUR 1.1 million. This means that we now have a record amount of tied-up capital in relation to net sales, which puts a heavy strain on liquidity in Gabon. Net debt increased by EUR 3.0 million over the previous year.