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Precious Woods Gabon

Lower margins with higher sales

The sawmills produced a total of 19 269 m3 of sawn timber, corresponding to an increase of 0.7 % (previous year: 19 143 m3). Production volume at the veneer plant fell by 3.7 % to 11 082 m3 (previous year: 11 504 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 4-week interruption of operations.

Net sales PWG

15.8

EUR million

Net sales were 14.2 % above the same period of the previous year, reaching EUR 15.8 million (previous year: EUR 13.8 million). The operating result (EBITDA) was EUR 1.0 million (previous year: EUR 2.6 million). The operating profit margin was 6.2 % (previous year: 18.7 %).

The result was again strongly negatively impacted by political and logistical difficulties. Strikes by customs officials and/or the forestry authority made delivery practically impossible. This, and the impact of Covid-19, meant that the supply of replacement material from Europe for our operations, but also of individual components for the new hardwood sawmill, was not ensured. This consequently led to increased downtimes in production as well as in quality loss of the sawn timber, which was reflected in a lower sales price.