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Annual Report 2021
Annual Report 2021
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Annual Report 2021
  • Annual Report 2024
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  • Annual Report 2022
  • Half-Year Report 2022
  • Annual Report 2021
  • Half-Year Report 2021
  • Annual Report 2020
  • Half-Year Report 2020
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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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3. Financial information by segment

The activities of the Group are primarily organized and presented in four operating segments supported by a central corporate office. Management monitors and evaluates EBITDA of all segments separately for the purpose of making decisions about resources to be allocated and of assessing performance.

  • Sustainable Forest Management Brazil: Activities in the field of sustainable management of tropical forests and the processing of tropical timber in Brazil
  • Sustainable Forest Management Gabon: Activities in the field of sustainable management of tropical forests and the processing of tropical timber in Gabon
  • Trading: trading of timber from external sources in Switzerland
  • Carbon & Energy: Activities in the field of energy production from biomass and trading of certified emission reductions (CERs)

Precious Woods’ forests in Brazil and Gabon are managed in a sustainable manner, which means that not more timber is harvested than can simultaneously grow back, and that the value of the forest is preserved. An integral part of Precious Woods’ approach to sustainable forestry is the use of waste wood to produce electricity and the registration and sale of carbon emission reductions (CERs). In 2020, 38 484 tons of CO2 equivalents were verified; whilst in 2021 39 960 tons of CO2 equivalents were produced, but are not yet verified.

Operating segments – for the year ending on 31 December 2021
in thousand EUR   Sustainable
Forest
Management
Brazil
  Sustainable
Forest
Management
Gabon
  Trading
  Carbon
& Energy
2
  Other
1
  Total
Revenues
 Third parties   13 550   35 277   3 444   1 723   –   53 994
 Intersegment   1 368   178   –   27   –1 573   –
 Associates and related parties   305   –   –   –   –   305
Total revenues   15 223   35 455   3 444   1 750   –1 573   54 299
 Gain from changes in fair value from  biological assets   4 074   –   –   –   –   4 074
 Profit/(loss) on sale of PP&E   –   15   –   –   –   15
 Share of profit/(loss) of associates   211   –934   –   –   –   –723
Earnings before interest, tax, depreciation and amortization (EBITDA)   11 041   5 736   317   375   –2 403   15 066
 Depreciation and amortization   –379   –3 810   –   –8   –120   –4 317
 Impairment charges/reversals   –12   –   –   –   –   –12
Profit/(loss) from operating activities (EBIT)   10 650   1 926   317   367   –2 523   10 737
 Financial income                       195
 Financial expenses                       –2 983
Earnings before tax (EBT)                       7 949
 Income taxes   –2 687   –446   –54   –69   –7   –3 263
                         
Segment assets   66 593   49 767   2 440   3 592   –5 083   117 438
 Investments in associates   –   1 426   –   –   –   1 426
 Capital expenditures   774   809   –   12   9   1 604
Segment liabilities   40 859   45 187   1 410   504   –14 960   73 000
1 The eliminations and adjustments consist of the intersegment eliminations and the results from Precious Woods Holding Ltd, the Luxembourg entities and Precious Woods Management Ltd, which are not allocated to a specific segment.
2 Since 1 June 2021, the segment Carbon & Energy also includes the subsidiary MIL Energia Renovável Ltda. (Note 32)
Operating segments – for the year ending on 31 December 2020
in thousand EUR   Sustainable
Forest
Management
Brazil
  Sustainable
Forest
Management
Gabon
  Trading
  Carbon
& Energy
  Other
1
  Total
Revenues
 Third parties   12 037   28 899   2 496   65   0   43 497
 Intersegment   787   29   –   –   –815   –
 Associates and related parties   607   2 082   –   –   –   2 689
Total revenues   13 431   31 009   2 496   65   –815   46 186
 Initial recognition of fair value from  biological assets   927   –   –   –   –   927
 Profit/(loss) on sale of PP&E   17   –78   –   –   –   –61
 Share of profit/(loss) of associates   385   –739   –   –   –   –354
Earnings before interest, tax, depreciation and amortization (EBITDA)   4 231   4 220   –422   6   –2 266   5 769
 Depreciation and amortization   –774   –3 062   –   –   –86   –3 922
 Impairment charges   40   –   –   –   –   40
Profit/(loss) from operating activities (EBIT)   3 497   1 158   –422   6   –2 352   1 887
 Financial income                       191
 Financial expenses                       –3 148
Earnings before tax (EBT)                       –1 070
 Income taxes   –770   –357   –8   –   24   –1 111
                         
Segment assets   56 213   51 238   1 989   663   –659   109 443
 Investments in associates   980   2 360   –   –   –   3 340
 Capital expenditures   353   3 636   –   –   5   3 994
Segment liabilities   38 189   45 130   810   136   –14 130   70 134
1 The eliminations and adjustments consist of the intersegment eliminations and the results from Precious Woods Holding Ltd, the Luxembourg entities and Precious Woods Management Ltd, which are not allocated to a specific segment.
Geographic information
in thousand EUR       2021       2020
Revenues
Europe   32 727   60.3%   25 458   55.1%
Latin America   6 666   12.3%   3 596   7.8%
Africa   4 883   9.0%   6 770   14.7%
Asia   5 451   10.0%   6 214   13.5%
Australia   –   0.0%   197   0.4%
North America   4 572   8.4%   3 951   8.5%
Total revenues   54 299   100.0%   46 186   100.0%
 
Location of non-current assets
Europe   394   0.5%   489   0.6%
Latin America   56 188   66.2%   50 225   61.1%
Africa   28 272   33.3%   31 443   38.3%
Total non-current assets 1   84 854   100.0%   82 157   100.0%
1 The non-current assets are shown without deferred tax assets, financial investments and post-employment benefit assets.
Accounting policies

Operating segments are reported in the manner consistent with the internal reporting to the chief operating decision maker, which is the Group Management of Precious Woods. Group Management is responsible for allocating resources and assessing the performance of the operating segments.