Increase in working capital due to delivery delays

Already in 2020, we were struggling with massive infrastructural problems. Unfortunately, these challenges worsened further in 2021. Nevertheless, we managed to increase profitability in the sawmills – also because we have learned a lot from the painful experiences of the past, increased our flexibility, and are now able to respond more quickly to events. The fact that we are operating profitably even in very difficult times allows us to look to the future with confidence.

Working capital increased again by EUR 2.3 million (increase in the previous year: EUR 1.9 million). Additional inventories amounted to EUR 1.0 million at the end of the year. Accounts receivable increased by about EUR 0.3 million, while accounts payable decreased by EUR 1.0 million and are at a normal level. As a result, we now have a record level of capital tied up in relation to net sales. This strongly limits our liquidity in Gabon. Net debt fell by EUR 0.7 million from the previous year.