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Annual Report 2022
Annual Report 2022
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Annual Report 2022
  • Annual Report 2024
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  • 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
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Table of contents for the Annual Report 2022 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 debate
MilestonesGroup results
Income statementBalance sheet
Brazil
Reduced harvest volume, increased production volumes, higher yieldNew concessions to secure our operationsSummary of further activitiesSocial and environmental sustainability continues to be at a very high levelOutlook for 2023
Gabon
Operational successes despite difficultiesSlight reduction in operating capitalMany projects and activitiesOutlook for 2023
TradingCarbon & Energy
Emission certificates thanks to residual wood in BrazilEmission trading together with myclimate
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. Prepaid expenses17. 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 sheetIncome statementNotes to the financial statements
Essential accounting and valuation principles1. General2. Authorized share capital3. Conditional share capital4. Treasury shares5. Investments in subsidiaries6. Financial assets to Group companies7. Other short term interest bearing liabilities8. Long term interest bearing liabilities9. Board and Executive compensation10. Depreciation, amortization and impairment11. Major shareholders12. Pledged assets / other securities13. Other note / Full time employment14. Other note / Lease liabilities15. Other note / Other short term liabilities16. Other note / Significant events after the reporting date
Proposed appropriation of the accumulated loss
Motion of Board of Directors
Report of the statutory auditor on the financial statements
Additional information
Contact addresses
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19. Financial liabilities, other than trade and other payables

Carrying value of financial liabilities, other than trade and other payables
in thousand EUR   2022   2021
Loans, interest payables and legal liabilities   47 568   42 638
Lease liabilities   1 598   1 802
Total   49 166   44 440
 
Current loans   3 100   2 483
Current loans shareholders and related parties   12 601   28 844
Current interest payables   698   1 181
Total current loans, interest payables and legal liabilities   16 399   32 508
Current lease liabilities   856   913
Total current   17 255   33 421
Non-current loans   8 952   4 193
Non-current loans shareholders and related parties   22 211   5 794
Non-current interest payables   6   143
Total non-current loans, interest payables and legal liabilities   31 169   10 130
Non-current lease liabilities   742   889
Total non-current   31 911   11 019
Total   49 166   44 440

Details about the financial risks are described in Note 2.

The changes in liabilities from financing activities are detailed below:

in thousand EUR   Current
financial liabilities
  Non-current
financial liabilities
  Total
At 1 January 2021   5 402   39 286   44 688
Cashflows            
 Cash inflow   904   –   904
 Cash outflow for lease payments   –   –415   –415
 Cash outflow for interests paid   –   –1 245   –1 245
 Cash outflow due to redemption   –2 010   –1 525   –3 535
Non-cash changes            
 Reclassifications   28 258   –28 258   –
 Increase in lease liabilities   –   710   710
 Increase in interests on lease liabilities   –   142   142
 Accrued interests   –   2 350   2 350
 Disposal due to renouncement   –165   –235   –400
 Currency effects   1 032   209   1 241
At 31 December 2021   33 421   11 019   44 440
Cashflows            
 Cash inflow   2 081   1 991   4 072
 Cash outflow for lease payments   –324   –108   –432
 Cash outflow for interests paid on lease liabilities   –127   –   –127
 Cash outflow for interests paid   –   –1 295   –1 295
 Cash outflow due to redemption   –603   –1 244   –1 847
 Cash outflow due to redemption of leases   –639   –   –639
Non-cash changes            
 Reclassifications   –17 597   17 597   –
 Transfer long-term financial liabilities to other-current liabilities   –   –167   –167
 Increase in lease liabilities   –   854   854
 Increase in interests on lease liabilities   –   127   127
 Accrued interests   –   2 427   2 427
 Currency effects   1 043   710   1 753
At 31 December 2022   17 255   31 911   49 166

The carrying amounts of financial liabilities are denominated in the following currencies:

in thousand EUR   31 December 2022   31 December 2021
Currencies financial liabilities/borrowings denominated in:        
EUR   2 507   3 003
XAF   6 739   7 537
CHF   39 652   33 463
BRL   268   437
Total financial liabilities   49 166   44 440

The effective interest rates at the reporting date by currency were as follows:

    2022   2021
EUR   1.0 – 4.5%   1.0 – 4.0%
XAF   8.5–11.0%   8.5–11.0%
CHF   2.8 – 6.0%   1.5 – 6.0%
BRL   0.0 – 8.7%   4.5 – 6.8%

Further details about the financial risk management are described in Note 2.