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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
  • Annual Report 2018
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  • Annual Report 2017
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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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Reduced harvest volume, increased production volumes, higher yield

The harvest volume for logs was 160 300 m3, 15 % lower than in the previous year. Heavy rainfalls came much too early in September and severely restricted harvesting activities. We were not able to fell the entire volume, and approximately 25 000 m3 of logs will not be harvested until the summer of 2022. The sawmill processed 162 400 m3 of wood, 1.3 % less than in the previous year. Yield increased again. This resulted in 3.5 % higher sawn timber production, totalling 39 600 m3 (previous year: 38 300 m3). The production year started in mid-January. The annual maintenance work in the sawmill was carried out in June, at the same time as the interruption in production due to the diminished log inventory. At that time, the delayed evacuation of 30 000 m3 from the forest from the 2020 harvest caused difficulties in processing. The staffing shortfall at the public authorities due to the pandemic also led to various impediments in harvesting activities in 2021. The harvest permit for the second part of our forest areas was delayed again by about two months. Although this interrupted harvesting activities, furloughs were avoided. We built a new temporary camp in the harvesting area to accommodate roughly 180 employees. The camp is temporary because it will operate only for two harvesting periods, after which the regular camps with permanent installations will become active again.

Unfortunately, the maintenance costs for forestry machinery were relatively high due to the age of the machinery. We will therefore replace part of the machinery in 2022. The additional line for short logs in the sawmill had a positive effect. In addition, we were again able to produce for the local market, allowing us to process non-exportable wood species with a higher yield. The fight against illegal timber trade by the authorities continues, which we very much welcome. Based on these activities, we expect to be able to count on local demand in 2022 again. We are therefore planning to further expand our activities and establish a small sawn timber warehouse in São Paulo. We will be able to achieve higher average prices in this region than in the Manaus region, but we will have to accept a loss in yield.