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1. Basis of presentation and accounting policies
The unaudited interim condensed consolidated financial statements of Precious Woods Group (hereinafter „interim financial statements”) for the six months ended 30 June 2020, have been prepared in accordance with IAS 34 Interim Financial Reporting and were authorized for issue by the Board of Directors on 10 August 2020. The interim financial statements do not include all information and disclosures required in the annual financial statements, and should be read in conjunction with the Group’s annual financial statements as at 31 December 2019. They mainly focus on new activities, events and circumstances and do not duplicate information previously reported.
These statements have been prepared according to the same accounting policies as those followed for the Group’s annual financial statements 2019. The effects of changes to International Financial Reporting Standards are explained in Note 2.
The reporting currency is Euro (EUR). Due to rounding, numbers presented throughout this report may not add up precisely to the totals provided. All ratios and variances are calculated using the underlying amount rather than the presented rounded amount.