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Annual Report 2021
Annual Report 2021
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Annual Report 2021
  • Annual Report 2024
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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. Board of Directors

The BoD is responsible for strategy and organizational development and supervises and controls the operational management. It defines the Group’s business principles and keeps itself regularly informed about the company’s business performance. The BoD is authorized to make decisions on all matters that are not reserved for the Annual General Meeting or are conferred to another governing body of the company by law, the Articles of Association or other regulations.

The members of the BoD of Precious Woods contribute experience and expertise from a wide range of different fields and have both the skills and the time required, to ensure that they can critically and constructively engage with the GM and are able to form independent opinions. Members of the BoD are elected by the Annual General Meeting for a term of one year.

The BoD is a self-constituting body and appoints the Chair from among its own members for a term of one year. After reaching one’s 70th birthday, the respective member of the BoD will step down from its post at the company’s next Annual General Meeting. At the Annual General Meeting on 27 May 2021 Katharina Lehmann, Markus Brütsch, Jürgen Blaser and Robert Hunink were due for re-election. They were re-elected for a year on a proposal from BoD. The composition of the BoD is as follows on 31 December 2021: Katharina Lehmann (Chairwoman), Markus Brütsch (Delegate), Jürgen Blaser (Member), and Robert Hunink (Member).

Members of the Board of Directors

The Precious Woods BoD has four members. The following statement about the members of the BoD and their activities at Precious Woods and cross-involvements represents the situation on 31 December 2021.

Additional information about the members of the BoD can be found in their profiles on our website (Investor Relations – Corporate Governance)

WSGE_DP_GR_VR_Lehmann

Katharina Lehmann (lic. oec. HSG)

Swiss citizen, born in 1972

Chairwoman since 18 May 2017

BoD member since 2008, mandate ends in 2022

Other activities and interests:

  • Since 1996 Chair of the Board of Directors and Delegate of the companies that make up Erlenhof AG, i.e. Lehmann Holzwerk AG and Blumer-Lehmann AG
  • BoD member of Frutiger AG, Thun
  • BoD member of Blumer Techno Fenster AG, Waldstatt
  • Board member of Industrie- und Handelskammer (IHK), St. Gallen/Appenzell
  • Chairwoman of Association Senke Schweizer Holz (SSH)

“Sustainably produced and reused wood is becoming indispensable: for the replacement of conventional materials, for the production of textiles, food or building materials. In this way, we can reduce our carbon footprint and better manage the transition to a bioeconomy.”


WSGE_DP_GR_VR_Bruetsch

Markus Brütsch

Swiss citizen, born in 1960

BoD member (Delegate) since 2017, mandate ends in 2022

Other activities and interests:

  • CEO/CFO of Precious Woods Holding Ltd since January 2014
  • BoD member of Paul Reinhart AG
  • Executive Chairman of BoD of Oro de Cacao Ltd. until June 2021

“The protection of rainforests must be achieved through a combination of protected parks and sustainable forestry. Only in this way is the preservation of biodiversity and the extraction of renewable raw materials possible.”


WSGE_DP_GR_VR_Blaser

Jürgen Blaser

Swiss citizen, born in 1955

BoD member since 2015, mandate ends in 2022

Other activities and interests:

  • Professor of International Forestry and Climate Change at University of Applied Sciences, Agricultural, Forest and Food Sciences
  • Global Advisor on Tropical Forests, especially for the World Bank Group

“Even if I knew that tomorrow the world would go to pieces, I would still plant my apple tree (Martin Luther). Our commitment to the sustainability of Precious Woods’ forests remains a concern that we must not neglect, even in these difficult times.”


WSGE_DP_GR_VR_Hunink

Robert Hunink

Dutch citizen, born in 1953

BoD member since 2015, mandate ends in 2022

Other activities and interests:

  • Former President of ATIBT (Association Technique Internationale des Bois Tropicaux), until October 2019

“Despite the pandemic-related difficult health environment and an increasingly tense geopolitical situation, the Precious Woods team managed to deliver very solid results without compromising on our mission and our core values.”


Committees of the Board of Directors

The committee meetings have been integrated with in the regular BoD meetings, due to the small size of the BoD no separate committee meetings are taking place.

The whole Board of Directors monitors the concordance between budgets, finances and organization, examines the interim statements and the Annual Financial Report as well as the budget and oversees the relations with the external auditors. It is also the responsibility of the whole BoD to ensure the monitoring of the internal control system (IKS) and risk-management procedures as well as overseeing the processes for compliance with legal and regulatory requirements.

Katharina Lehmann is leading for strategy questions and shareholders’ relations, thus for the topics that were previously assigned to the Remuneration & Nomination Committee (RNC) within the Board of Directors. The whole Board of Directors ensures adequate terms and conditions of engagement for GM and the senior executives of the subsidiaries; it evaluates new members of the BoD and GM, determines remuneration guidelines and oversees corporate governance.

The BoD met a total of ten times during 2021. Each meeting lasted between two and eight hours. The BoD keeps itself informed of business matters by means of consolidated, periodic, operational and financial reports. All relevant documents are made available to the BoD on a regular and timely basis. Chairman and Delegate of the board/CEO/CFO realized interim meetings and visited the local management in Gabon and Brazil regularly.

Further information about the decision-making process as well as the areas of responsibility and control mechanisms can be found in the bylaws, which are published on Precious Woods’ website (Investor Relations – Corporate Governance).