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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 2023
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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
  • Annual 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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Social and environmental sustainability continues to be at high level

Precious Woods Amazon passed the recertification audits for FSC and PEFC in 2021 with excellent results.

Both the PEFC and FSC audits were carried out completely online, which meant additional difficulties for our team and the auditors. We continue to work on several scientific projects to obtain information on forest ecology and to optimize and document our resource-preserving forestry operations. We are also in close and intensive contact with the regional communities, allowing us to undertake useful joint projects. Supporting the local population and businesses through a wide range of development projects continues to be a focus of our social engagement.

In the reporting year we conducted the following activities:

  • Also, in Brazil, we welcomed a film team that produced a feature for PRO7 on the fight against illegal logging and trade, portraying MIL Madeiras as the benchmark for best practice. The feature was completed very successfully and is available online.
  • Together with the military police of Itacoatiara, several operations were again carried out against poaching and illegal logging. This also includes raising awareness in the communities and the training of local scouts who recognize violations and report them directly. 200 scouts have already been trained in nine communities since the beginning of the programme.
  • In 2021, areas near us were affected by severe flooding. To restore destroyed infrastructure and homes, MIL Madeiras donated more than 220 m3 of timber.
  • We support various research projects in the field of environment and sustainability in collaboration with four local universities and research institutions. A major project on fauna inventory before and after timber use will investigate the influence of management on fauna. The goal of such projects is not only to obtain scientific data, but also to gain insights into how we could apply our techniques with even lower impact. Another project collects wood samples to study wood DNA, with the long-term goal of being able to identify wood geographically so as to prevent illegal logging.
  • It continues to be a major priority and endeavour to support and promote the agricultural production of the communities in our region. In 2020, we were able to establish a two-­hectare coffee plantation, maintained by the local population with our support. 2021 saw initial successes, and an expansion of the area is being considered. Furthermore, we were able to advance a land regularization process. This has allowed several communities to legally secure their land ownership, which is often an enormous obstacle to development.
  • In the three largest cities in our catchment area, we have helped the public authorities to clean up landfills and build new, safe landfills. This engagement is important not only from an environmental standpoint, but also from a social perspective, given that uncontrolled landfills pose a major health risk.
  • Also, in Brazil, many training courses had to be postponed due to the pandemic. Nevertheless, thanks to our own trainers and external assistance, we were able to conduct various safety training sessions in the sawmills and in the forest. To protect our employees to the greatest possible extent, our focus was on enforcing the protection measures and organizing an internal vaccination campaign together with the health authorities. This enabled all interested employees to be vaccinated against the coronavirus directly at the workplace. At the end of 2021, we were able to resume training activities with an Occupational Safety Action Week.
  • Not only MIL Madeiras as a company shows social commitment, however. As part of the Occupational Safety Action Week, our employees also conducted a “Reach Out” campaign, in which they collected over two tonnes of food donations for needy population groups.