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4. Investments in subsidiaries

The company holds the following direct and significantly indirect investments:

        2021   2020   2021   2020
Company   Currency
  Nominal
share capital
  Nominal
share capital
  Voting rights
and Participation
  Voting rights
and Participation
MIL Madeiras Preciosas Ltda., Brazil 1   BRL   168 143 929   168 143 929   100.00%   100.00%
MIL Energia Renovável Ltda., Brazil (former BK Energia Ltda.) 2   BRL   7 160 000   2 600 000   100.00%   40.00%
Monte Verde Manejo Florestal Ltda., Brazil 1   BRL   37 585 742   37 585 742   100.00%   100.00%
Precious Woods Manejo Florestal Ltda., Brazil 1   BRL   24 429 917   24 429 917   100.00%   100.00%
Precious Woods Europe B.V., Netherlands 1   EUR   18 000   18 000   100.00%   100.00%
Unio S.A., Luxembourg 1   EUR   1 000 000   1 000 000   100.00%   100.00%
Precious Woods Tropical Gabon Industrie S.A. (TGI), Gabon 2   XAF   10 000 000   10 000 000   100.00%   100.00%
Compagnie des Placages de la Lowé S.A., Gabon 2   XAF   1 550 428 600   1 550 428 600   49.00%   49.00%
Lastour & Co. S.A., Luxembourg 1   EUR   372 575   372 575   100.00%   100.00%
Precious Woods Compagnie Equatoriale des Bois S.A. (CEB), Gabon 2   XAF   1 571 276 074   1 571 276 074   99.02%   99.02%
Precious Woods Management Ltd., British Virgin Islands 1   USD   20 000   20 000   100.00%   100.00%
1 participation directly held by
2 participation indirectly held by

As at 31 December 2021, a negative value adjustment of the participations Lastour & Co. and Unio S.A. was made due to the historical acquisition value in the amount of CHF 5.6 million, which led to the change in financial expenses compared to the previous year. In addition, two further impairments of investments of CHF 4.3 million were recognized on the investments in MIL Madeiras Preciosas Ltda. and Unio S.A. (see Note 9). For further information on investments as well as investments in associates, we refer to note 31 and 13 to the consolidated group financial statements.