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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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Many activities despite major challenges

FSC and PAFC recertification audits for forestry management and for chain of custody (CoC) were carried out successfully at our two sites in Bambidie and Owendo. The CoC audit was performed online due to travel restrictions, which was a particular challenge for both our team and the auditors. With this continued high level and our dual certification, we remain the pioneering company in sustainable forest management in the tropics.

In addition to our certification activities, our projects in the past year included the following:

  • At the beginning of the school year, we carried out another school supplies campaign. School supplies procured in large quantities were given to the children of our employees at reduced prices, enabling them to start school successfully.
  • In cooperation with the ministry responsible for forestry and the NGO Conservation Justice, a joint wildlife protection project was implemented. Forestry ministry employees stationed in Bambidie regularly patrol our forest to prevent poaching and to protect wildlife. The project has already had considerable success, underscoring the importance of this partnership.
  • The launch of our new sawmill created 50 new jobs. To accommodate this increase, we have also expanded the infrastructure in Bambidie and built a new neighbourhood with 50 homes for these employees and their families in our camp. We have also enlarged our health clinic and built additional classrooms for the primary school and kindergarten, as well as homes for additional teachers.
  • The P3FAC-AFRITIMB research project was continued. The goal of this project is to study forest dynamics in the Congo Basin and to better understand those dynamics in the context of sustainable forest management. In order to provide researchers with reliable reference data, we have excluded one zone from forest management for this purpose. We also actively supported more than 10 other research projects.
  • Again in 2020, permanent test areas also provided data to the AfriTRON and RAINFOR projects, which research forest dynamics and forests as carbon reservoirs at the global level.
  • We had the pleasure of welcoming a delegation from the ministry responsible for forestry, which is working on implementation of a nationwide project to reduce carbon emissions and preserve carbon reservoirs in the forest. Due to our experience in resource-preserving forest management, Precious Woods-CEB was chosen to test the new system for the first time.
  • Because of the pandemic, external training had to be reduced to a minimum. Nevertheless, we were able to conduct numerous training sessions for our logging teams with internal experts. The goal is to perfect the knowledge and skills of our employees in reduced impact logging.
  • The cultural offerings and activities of the Centre Culturel were also impaired, but some activities could still be carried out. For example, volunteers made a variety of cloth face masks for our employees.

Precious Woods Gabon in brief

PW Gabon consists of two companies: CEB (Compagnie Equatoriale des Bois) and TGI (Tropical Gabon Industrie). Since 2007, PW Gabon has been managing a tropical forest in Eastern Gabon across a concession area of 596 800 hectares. In 2014, a protected area of 19 900 hectares was separated out. Starting in October 2020, the veneer company (TGI) was spun off and TGI now holds a stake of 49 % in Compagnie des placages de la Lowé (CPL). CEB employs 858 persons and CPL about 200. Each year, approximately 240 000 cubic meters of logs are harvested. The company operates according to a sustainable forest management plan that ensures that no more timber is harvested per hectare than will grow back within a harvest cycle of 25 years. PW Gabon runs two sawmills and a small moulding plant in Bambidie, the centre base of PW Gabon’s forestry operation. The CPL rotary veneer factories for Okoumé veneer and selected hardwoods are located in Owendo, a suburb of the port city Libreville. The main export markets for PW Gabon’s manufactured timber products are Europe, South Africa, and Asia. PW Gabon’s forestry operation has been FSC-certified since October 2008 and the veneer chain of custody since January 2010. The forestry operation has also been PAFC-certified since 2017. Both operations were PAFC-certified for CoC in 2018.