3. Seasonality

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Half-Year Report 2020

Half-Year Report 2020

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Half-Year Report 2020

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Half-Year Report 2020

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Interim condensed consolidated financial statements

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

1. Basis of presentation and accounting policies 2. New or revised IFRS standards, amendments and interpretations 3. Seasonality 4. Financial information by segment 5. Subsequent events

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3. Seasonality

For the forestry operations in Brazil the first half of the year is characterized by the rainy season (January to May) during which no logs are harvested.