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Annual Report 2021
Annual Report 2021
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Annual Report 2021
  • Annual Report 2024
  • Half-Year Report 2024
  • Annual Report 2023
  • Half-Year Report 2023
  • Annual Report 2022
  • Half-Year Report 2022
  • Annual Report 2021
  • Half-Year Report 2021
  • Annual Report 2020
  • Half-Year Report 2020
  • Annual Report 2019
  • Half-Year Report 2019
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Table of contents for the Annual Report 2021 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 certificatesContribution 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
Reduced harvest volume, increased production volumes, higher yieldNew concessions to secure our activitiesSummary of further activitiesSocial and environmental sustainability continues to be at high levelOutlook for 2022
Gabon
Operational successes despite difficultiesIncrease in working capital due to delivery delaysMany projects and activitiesOutlook for 2022
TradingCarbon & Energy
Emission certificates thanks to residual wood in BrazilianEmission trading together with myclimatePrecious Woods Carbon & Energy
Veneer
Veneer production
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 assets and goodwill13. 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. Increase of investment in MIL Energia Renovável Ltda.33. Subsequent events34. 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 2021 and 2020Statements of income 2021 and 2020Notes to the financial statements of Precious Woods Holding Ltd
Essential accounting and valuation principles1. General2. Authorized share capital3. Conditional share capital4. Investments in subsidiaries5. Financial assets to Group6. Other short term interest bearing liabilities7. Long term interest bearing liabilities8. Board and Executive compensation9. Depreciation, amortization and impairment10. Major shareholders11. Pledged assets / other securities12. Other note / Full time employment13. Other note / Lease liabilities14. Other note / Other short term liabilities15. 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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25. Related party balances and transactions

An overview of the subsidiaries of Precious Woods is presented in Note 31. Details of transactions between the Group and other related parties are disclosed below. Major shareholders holding 3 % or more of Precious Woods Holding are disclosed in Note 23.

a. Balances and transactions

The balances with related parties, as of 31 December 2021 and 2020, are detailed below:

in thousand EUR   2021   2020
Trade and other current receivables from related parties   97   –
Trade receivables and other current receivables from associates   4 224   12
Non-current loan to associates   394   365
         
Trade and other current liabilities from related parties   427   –
Trade and other current liabilities to associates   1 117   701
Current loans from shareholders with significant influence   28 844   2 293
Non-current loans from shareholders with significant influence   5 794   27 328
Non-current financial liabilities from shareholders with significant influence   0   3 418
         
Paid interest expenses to shareholders with significant influence   505   474
Paid interest expenses to other shareholders   –   –

The current loans from shareholders with significant influence bear interest at 1.5 % for EUR 2.4 million – maturing in October 2022; at 6.0 % for EUR 19.3 million and accrued interests at 0.0 % for EUR 4.7 million – maturing in December 2022; at 4.0 % for EUR 1.0 million – maturing in March 2022; at 4.5 % for EUR 1.0 million – maturing in December 2022; and at 6.0 % for EUR 0.4 million – maturing in December 2022.

The non-current loans from shareholders with significant influence bear interest at 6.0 % for EUR 5.8 million, maturing in December 2024.

b. Compensation

During the ordinary course of business in 2021 and 2020, the Group granted remunerations to related parties as follows:

in thousand EUR   2021   2020
Board of Directors        
Short-term employee benefits   197   200
Post-employment employee benefits   9   9
Total remuneration and fees Board of Directors   206   209
Group Management        
Short-term employee benefits   1 044   771
Post-employment employee benefits   169   135
Total Group Management   1 213   906
Operating management        
Short-term employee benefits   812   685
Post-employment employee benefits   78   84
Total operating management   890   768
Total compensation to key management personnel   2 309   1 883

There was no compensation paid related to long-term benefits, termination benefits or share-based payments.