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 | ||
---|---|---|---|---|
in thousand EURLoans, interest payables and legal liabilities | 202247 568 | 202142 638 | ||
in thousand EURLease liabilities | 20221 598 | 20211 802 | ||
in thousand EURTotal | 202249 166 | 202144 440 | ||
in thousand EUR | ||||
in thousand EURCurrent loans | 20223 100 | 20212 483 | ||
in thousand EURCurrent loans shareholders and related parties | 202212 601 | 202128 844 | ||
in thousand EURCurrent interest payables | 2022698 | 20211 181 | ||
in thousand EURTotal current loans, interest payables and legal liabilities | 202216 399 | 202132 508 | ||
in thousand EURCurrent lease liabilities | 2022856 | 2021913 | ||
in thousand EURTotal current | 202217 255 | 202133 421 | ||
in thousand EURNon-current loans | 20228 952 | 20214 193 | ||
in thousand EURNon-current loans shareholders and related parties | 202222 211 | 20215 794 | ||
in thousand EURNon-current interest payables | 20226 | 2021143 | ||
in thousand EURTotal non-current loans, interest payables and legal liabilities | 202231 169 | 202110 130 | ||
in thousand EURNon-current lease liabilities | 2022742 | 2021889 | ||
in thousand EURTotal non-current | 202231 911 | 202111 019 | ||
in thousand EURTotal | 202249 166 | 202144 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 |
|||
---|---|---|---|---|---|---|
in thousand EURAt 1 January 2021 | Current financial liabilities5 402 |
Non-current financial liabilities39 286 |
Total 44 688 |
|||
in thousand EURCashflows | Current financial liabilities |
Non-current financial liabilities |
Total |
|||
in thousand EUR Cash inflow | Current financial liabilities904 |
Non-current financial liabilities– |
Total 904 |
|||
in thousand EUR Cash outflow for lease payments | Current financial liabilities– |
Non-current financial liabilities–415 |
Total –415 |
|||
in thousand EUR Cash outflow for interests paid | Current financial liabilities– |
Non-current financial liabilities–1 245 |
Total –1 245 |
|||
in thousand EUR Cash outflow due to redemption | Current financial liabilities–2 010 |
Non-current financial liabilities–1 525 |
Total –3 535 |
|||
in thousand EURNon-cash changes | Current financial liabilities |
Non-current financial liabilities |
Total |
|||
in thousand EUR Reclassifications | Current financial liabilities28 258 |
Non-current financial liabilities–28 258 |
Total – |
|||
in thousand EUR Increase in lease liabilities | Current financial liabilities– |
Non-current financial liabilities710 |
Total 710 |
|||
in thousand EUR Increase in interests on lease liabilities | Current financial liabilities– |
Non-current financial liabilities142 |
Total 142 |
|||
in thousand EUR Accrued interests | Current financial liabilities– |
Non-current financial liabilities2 350 |
Total 2 350 |
|||
in thousand EUR Disposal due to renouncement | Current financial liabilities–165 |
Non-current financial liabilities–235 |
Total –400 |
|||
in thousand EUR Currency effects | Current financial liabilities1 032 |
Non-current financial liabilities209 |
Total 1 241 |
|||
in thousand EURAt 31 December 2021 | Current financial liabilities33 421 |
Non-current financial liabilities11 019 |
Total 44 440 |
|||
in thousand EURCashflows | Current financial liabilities |
Non-current financial liabilities |
Total |
|||
in thousand EUR Cash inflow | Current financial liabilities2 081 |
Non-current financial liabilities1 991 |
Total 4 072 |
|||
in thousand EUR Cash outflow for lease payments | Current financial liabilities–324 |
Non-current financial liabilities–108 |
Total –432 |
|||
in thousand EUR Cash outflow for interests paid on lease liabilities | Current financial liabilities–127 |
Non-current financial liabilities– |
Total –127 |
|||
in thousand EUR Cash outflow for interests paid | Current financial liabilities– |
Non-current financial liabilities–1 295 |
Total –1 295 |
|||
in thousand EUR Cash outflow due to redemption | Current financial liabilities–603 |
Non-current financial liabilities–1 244 |
Total –1 847 |
|||
in thousand EUR Cash outflow due to redemption of leases | Current financial liabilities–639 |
Non-current financial liabilities– |
Total –639 |
|||
in thousand EURNon-cash changes | Current financial liabilities |
Non-current financial liabilities |
Total |
|||
in thousand EUR Reclassifications | Current financial liabilities–17 597 |
Non-current financial liabilities17 597 |
Total – |
|||
in thousand EUR Transfer long-term financial liabilities to other-current liabilities | Current financial liabilities– |
Non-current financial liabilities–167 |
Total –167 |
|||
in thousand EUR Increase in lease liabilities | Current financial liabilities– |
Non-current financial liabilities854 |
Total 854 |
|||
in thousand EUR Increase in interests on lease liabilities | Current financial liabilities– |
Non-current financial liabilities127 |
Total 127 |
|||
in thousand EUR Accrued interests | Current financial liabilities– |
Non-current financial liabilities2 427 |
Total 2 427 |
|||
in thousand EUR Currency effects | Current financial liabilities1 043 |
Non-current financial liabilities710 |
Total 1 753 |
|||
in thousand EURAt 31 December 2022 | Current financial liabilities17 255 |
Non-current financial liabilities31 911 |
Total 49 166 |
The carrying amounts of financial liabilities are denominated in the following currencies:
in thousand EUR | 31 December 2022 | 31 December 2021 | ||
---|---|---|---|---|
in thousand EURCurrencies financial liabilities/borrowings denominated in: | 31 December 2022 | 31 December 2021 | ||
in thousand EUREUR | 31 December 20222 507 | 31 December 20213 003 | ||
in thousand EURXAF | 31 December 20226 739 | 31 December 20217 537 | ||
in thousand EURCHF | 31 December 202239 652 | 31 December 202133 463 | ||
in thousand EURBRL | 31 December 2022268 | 31 December 2021437 | ||
in thousand EURTotal financial liabilities | 31 December 202249 166 | 31 December 202144 440 |
The effective interest rates at the reporting date by currency were as follows:
2022 | 2021 | |||
---|---|---|---|---|
EUR | 20221.0 – 4.5% | 20211.0 – 4.0% | ||
XAF | 20228.5–11.0% | 20218.5–11.0% | ||
CHF | 20222.8 – 6.0% | 20211.5 – 6.0% | ||
BRL | 20220.0 – 8.7% | 20214.5 – 6.8% |
Further details about the financial risk management are described in Note 2.
20. Financial instruments by category and fair value hierarchy
Financial instruments by category
in thousand EUR | at amortized costs |
at fair value through OCI |
Total |
|||
---|---|---|---|---|---|---|
in thousand EUR31 December 2022 | at amortized costs |
at fair value through OCI |
Total |
|||
in thousand EURAssets | at amortized costs |
at fair value through OCI |
Total |
|||
in thousand EURCash and cash equivalents | at amortized costs3 022 |
at fair value through OCI– |
Total 3 022 |
|||
in thousand EURTrade and other receivables 1 | at amortized costs14 090 |
at fair value through OCI– |
Total 14 090 |
|||
in thousand EURNon-current loan to associates | at amortized costs423 |
at fair value through OCI– |
Total 423 |
|||
in thousand EURNon-current financial assets | at amortized costs1 513 |
at fair value through OCI27 |
Total 1 540 |
|||
in thousand EURTotal financial assets | at amortized costs19 048 |
at fair value through OCI27 |
Total 19 075 |
|||
in thousand EUR
1 Not included are receivables due from tax authorities of EUR 2.1 million.
|
in thousand EUR | at amortized costs |
at fair value through OCI |
Total |
|||
---|---|---|---|---|---|---|
in thousand EUR31 December 2021 | at amortized costs |
at fair value through OCI |
Total |
|||
in thousand EURAssets | at amortized costs |
at fair value through OCI |
Total |
|||
in thousand EURCash and cash equivalents | at amortized costs2 256 |
at fair value through OCI– |
Total 2 256 |
|||
in thousand EURTrade and other receivables 1 | at amortized costs11 199 |
at fair value through OCI– |
Total 11 199 |
|||
in thousand EURNon-current loan to associates | at amortized costs394 |
at fair value through OCI– |
Total 394 |
|||
in thousand EURNon-current financial assets | at amortized costs436 |
at fair value through OCI26 |
Total 462 |
|||
in thousand EURTotal financial assets | at amortized costs14 285 |
at fair value through OCI26 |
Total 14 311 |
|||
in thousand EUR
1 Not included are receivables due from tax authorities of EUR 2.6 million.
|
in thousand EUR | 2022 | 2021 | ||
---|---|---|---|---|
in thousand EURLiabilities at amortized costs | 2022 | 2021 | ||
in thousand EURTrade and other payables 1 | 202216 246 | 202111 717 | ||
in thousand EURLoans, interest payables and legal liabilities | 202247 568 | 202142 638 | ||
in thousand EURLease liabilities | 20221 598 | 20211 802 | ||
in thousand EURTotal financial liabilities | 202265 412 | 202156 157 | ||
in thousand EUR
1 Not included are accruals and payables due to tax authorities of EUR 4.8 million (2021: EUR 4.9 million).
|
Accounting policies
Financial assets are categorized as current assets if they are expected to be realized within 12 months from the reporting date otherwise they are included in non-current assets. Trade accounts receivables and other current assets are measured at amortized cost less allowances for expected credit losses. Financial assets at fair value through OCI are subsequently measured at fair value, with changes in fair value recorded in other comprehensive income.
Trade accounts payables and current liabilities are categorized as current liabilities if they are expected to be realized within 12 months from the reporting date otherwise they are included in non-current liabilities. They are measured at amortized cost. Borrowings are classified as current liabilities unless Precious Woods has an unconditional right to defer settlement of the liability for at least 12 months after the reporting date. They are initially recorded at fair value, net of transaction costs, and subsequently measured at amortized cost according to the effective interest rate method.
Cash and cash equivalents comprise cash at bank and in hand and short-term highly liquid deposits with an original maturity of three months or less. They are recorded at nominal value. Bank overdrafts are presented within current financial liabilities.
Fair value hierarchy
The carrying amounts of financial instruments correspond approximately to their fair value. The Group uses the following hierarchy for determining and disclosing the fair value of financial instruments by valuation technique:
Level 1 – quoted (unadjusted) prices in active markets for identical assets or liabilities
Level 2 – other techniques for which all inputs that have a significant effect on the recorded fair value are observable, either directly or indirectly
Level 3 – techniques that use inputs, which have a significant effect on the recorded fair value, and which are not based on observable market data
Assets measured at fair value
in thousand EUR | 31 December 2022 | Level 1 | Level 2 | Level 3 | ||||
---|---|---|---|---|---|---|---|---|
in thousand EURNon-current financial assets | 31 December 202227 | Level 1– | Level 2– | Level 327 | ||||
in thousand EURBiological assets | 31 December 202219 931 | Level 1– | Level 2– | Level 319 931 | ||||
in thousand EURLand | 31 December 202247 715 | Level 1– | Level 247 715 | Level 3– | ||||
in thousand EURTotal assets measured at fair value | 31 December 202267 673 | Level 1– | Level 247 715 | Level 319 958 |
in thousand EUR | 31 December 2021 | Level 1 | Level 2 | Level 3 | ||||
---|---|---|---|---|---|---|---|---|
in thousand EURNon-current financial assets | 31 December 202126 | Level 1– | Level 2– | Level 326 | ||||
in thousand EURBiological assets | 31 December 202114 356 | Level 1– | Level 2– | Level 314 356 | ||||
in thousand EURLand | 31 December 202142 332 | Level 1– | Level 242 332 | Level 3– | ||||
in thousand EURTotal assets measured at fair value | 31 December 202156 714 | Level 1– | Level 242 332 | Level 314 382 |
Reconciliation of fair value measurement of level 3 assets
in thousand EUR | 2022 | 2021 | ||
---|---|---|---|---|
in thousand EURAt 1 January | 202214 382 | 202110 187 | ||
in thousand EURGain from changes in fair value from biological assets | 20224 075 | 20214 074 | ||
in thousand EURCurrency effects | 20221 501 | 2021121 | ||
in thousand EURAt 31 December | 202219 958 | 202114 382 |