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Annual Report 2021
Annual Report 2021
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Annual Report 2021
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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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32. Increase of investment in MIL Energia Renovável Ltda.

On 31 May 2021 MIL Madeiras Preciosas Ltda., owning already 40 % of the ordinary shares, acquired the remaining 60 % of the outstanding ordinary shares of the renewable power plant BK Energia Itacoatiara Ltda. and renamed it to MIL Energia Renovável Ltda. The fair value of the 40 % at acquisition date amounted to EUR 1.4 million. The remeasurement to fair value of the Group’s existing 40 % interest in BK Energia Itacoatiara Ltda. resulted in a gain of EUR 0.1 million (EUR 1.4 million fair value less the EUR 0.7 million carrying amount of the equity‑accounted investee at the date of acquisition less EUR 0.6 million of accumulated currency translation loss reclassified to profit or loss). This amount has been included in financial income (see Note 9).

The financial statements include the results of MIL Energia Renovável Ltda. for the seven-month period from the acquisition date. For this period, the revenue in the consolidated statement of profit or loss, contributed by MIL Energia Renovável Ltda., amounted to EUR 1.7 million and the net profit to EUR 0.3 million. If MIL Energia Renovável Ltda. had been fully consolidated from 1 January 2021, the consolidated statement of profit or loss would have included revenue of EUR 3.0 million and net profit of EUR 0.8 million.

The fair values of the identifiable assets and liabilities of MIL Energia Renovável Ltda. as at the date of acquisition were:

in thousand EUR   1st June 2021
Cash and cash equivalents   976
Trade and other receivables   844
Inventories   36
Total current assets   1 856
Property, plant and equipment   66
Intangible assets   1 522
Total non-current assets   1 588
Trade and other payables   –269
Current income tax payables   –23
Current provisions   –8
Total current liabilities   –300
Total net assets   3 144

The goodwill of EUR 0.3 million arising from the acquisition consists largely of the expected synergies and economies of scale from increasing the portion of investment in BK Energia. It is the aggregate of the consideration transferred of EUR 3.4 million, compared with the net of acquisition-date assets and liabilities of EUR 3.1 million. These assets contain also a customer portfolio of EUR 1.5 million. The dividend receivables for the periods prior to the acquisition of the remaining share were offset against the cash consideration.

The details of the purchase considerations recognized at acquisition date and the derivation of goodwill were as follows:

in thousand EUR   1st June 2021
Cash consideration   2 042
Fair value of pre-existing interest (40%) in BK Energia   1 366
Total purchase consideration   3 408
     
Less net assets acquired at fair value   3 144
     
Goodwill   264
in thousand EUR   1st June 2021
Cash consideration   –2 042
Offset with dividend receivable   522
Net cash acquired   976
Net outflow of cash - investing activities   –544