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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
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  • Annual Report 2022
  • Half-Year Report 2022
  • Annual Report 2021
  • Half-Year Report 2021
  • Annual Report 2020
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  • 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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28. Income taxes

Major components of tax expenses/(income)
in thousand EUR   2022   2021
Current tax expenses/(income)   1 706   1 598
Deferred tax expenses/(income) relating to temporary differences   780   1 665
Total income taxes   2 486   3 263
Reconciliation of tax expenses/(income)
in thousand EUR   2022   2021
Earnings before tax   3 451   7 949
Expected tax expenses/(income) based on a weighted average   1 526   2 371
Tax adjustments related to prior years   311   –
Non-recognized tax losses   2 395   –
Derecognition of previously recognized deferred tax assets   –   1 138
Tax deductions on local impairments   –1 277   –
Minimum tax in Gabon   55   345
Permanent tax deductions Brazil   –693   –
Change in permanent differences   –   –568
Non-deductible expenses   265   –
Other   –96   –23
Total income taxes   2 486   3 263

The weighted average applicable tax rate, considering all profit- and loss-making entities, was 44 % (2021: 28 %).

Deferred income tax
in thousand EUR   2022   2021
Total deferred tax assets   10 212   9 873
Total deferred tax liabilities   –20 632   –17 422
Net deferred tax assets/(liabilities)   –10 420   –7 549

Deferred income tax assets and liabilities are offset when there is a legally enforceable right to offset them and when the deferred income taxes relate to the same tax authority.

Deferred income tax assets
in thousand EUR   2022   2021
Inventories   46   26
Property, plant and equipment   –   –
Tax loss carry-forwards   1 342   1 234
Provisions   153   138
Financial liabilities   7 931   7 764
Other   740   711
Total deferred tax assets   10 212   9 873
Deferred income tax liabilities
in thousand EUR   2022   2021
Property, plant and equipment   –13 646   –12 336
Biological assets   –6 776   –4 881
Intangible assets   –186   –205
Financial liabilities   –24   –
Total deferred tax liabilities   –20 632   –17 422
 
Net deferred tax assets/(liabilities)   –10 420   –7 549
Reported in the balance sheet as follows:        
Deferred tax assets   –   –
Deferred tax liabilities   –10 420   –7 549
Net deferred tax assets/(liabilities)   –10 420   –7 549

Net movement of the deferred income tax account is as follows:

in thousand EUR   2022   2021
At 1 January   –7 549   –6 214
Income statement charge   –780   –1 665
Tax charged to other comprehensive income   –1 394   389
Currency effects   –697   –59
At 31 December   –10 420   –7 549

The Group did not recognize deferred income tax assets on deductible temporary differences of EUR 4.9 million (2021: EUR 5.7 million) and on unused tax losses of EUR 30.0 million (2021: EUR 40.5 million).

These unrecognized tax loss carry-forwards expire as presented in the table below:

in thousand EUR   2022   2021
0–2 years   –   26 218
3–4 years   538   –
5–7 years   21 631   6 868
over 7 years   7 756   7 369
Total tax loss carry-forwards   29 925   40 455

EUR 4.4 million of these tax loss carry-forwards belong to the Dutch operations of Precious Woods with an applicable tax rate of 15 % (2021: EUR 5.4 million with an applicable tax rate of 15 %), EUR 3.7 million belong to the Brazilian operations with an applicable tax rate of 34 % (2021: EUR 3.3 million with an applicable tax rate of 34 %), EUR 0.3 million belong to the Gabonese operations with an applicable tax rate of 30 % (2021: EUR 0.0 million)and EUR 21.6 million belong to the Swiss operation with an applicable tax rate of 11.85 % (2021: EUR 31.8 million with an applicable tax rate of 11.85 %).

Accounting policies

The charge for current income tax is based on the results for the year as adjusted for items which are non-assessable or disallowed. It is calculated using tax rates for the countries where the Group has operations. Deferred income taxes are accounted for using the balance sheet liability method in respect of temporary differences arising from differences between the carrying amount of assets and liabilities in the financial statements, and the corresponding tax basis used in the computation of taxable profit. Deferred income tax liabilities are generally recognized for all taxable temporary differences, and deferred income tax assets are generally recognized for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which deductible temporary differences can be utilized. Such assets and liabilities are not recognized if the temporary difference arises from the initial recognition of goodwill or from the initial recognition (other than in a business combination) of other assets and liabilities in a transaction, which, at the time of the transaction, affects neither the taxable profit nor the accounting profit.