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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
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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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29. Employee benefits

The employee benefit plans of the Group are based on legal requirements in the respective countries. Beyond these regulatory requirements, the Group provides meals, housing, education and access to medical care according to the local operating group’s policy.

Provisions for employee benefit plans
in thousand EUR   2022   2021
Current employee benefits - defined benefit plans   12   24
Non-current employee benefits - defined benefit plans   1 496   1 652
Non-current employee benefits - defined contribution plans   1 161   1 218
Non-current employee benefits - jubilee provisions   82   82
Total liabilities due to employees   2 751   2 976

The pension plan for employees in Switzerland is a defined benefit plan and covers the risks of age, death and disability. Financing occurs by means of employer and employee contributions, defined in the pension fund rules in terms of an age-related sliding scale of percentages of salary, as well as returns from the investments made by the pension fund. The pension fund guarantees the vested benefit amount as confirmed annually to members, as regulated by Swiss law. Interests may be added to member balances at the discretion of the Board of Trustees. At retirement date, members have the right to take their retirement benefit as a lump sum or as an annuity. No curtailment or settlement has occurred during the year.

Changes in the present value of the defined benefit obligation
in thousand EUR   2022   2021
Defined benefit obligation at 1 January   5 932   5 486
Current service costs   291   249
Interest costs   23   8
Contribution by plan participants   99   91
Actuarial losses/(gains)   –1 163   –170
Benefits paid/transferred   822   11
Currency effects   271   257
31 December   6 275   5 932
Plans wholly or partly funded   6 275   5 932
Plans wholly unfunded   –   –

The discount rate used for the valuation of the obligations increased from 0.35 % in 2021 to 2.25 % in 2022.

Movement in the fair value of the plan assets
in thousand EUR   2022   2021
Opening fair value of plan assets   4 280   3 587
Interest income   17   6
Return on plan assets excluding interest income   –871   190
Contributions by the employers   232   212
Contributions by plan participants   99   91
Benefits paid/transferred   822   11
Currency effects   200   183
31 December   4 779   4 280
in thousand EUR   2022   2021
Present value of obligations   6 275   5 932
Fair value of plan assets   4 779   4 280
Net liability   1 496   1 652
Changes in net liability
in thousand EUR   2022   2021
Opening net liability   1 652   1 899
Pension cost recognized in profit or loss   297   252
Pension cost recognized in other comprehensive income   –292   –360
Employer contributions   –232   –212
Currency effects   71   73
Recognized in balance sheet   1 496   1 652

Amounts recognized in profit or loss in respect of the defined benefit plan are as follows:

in thousand EUR   2022   2021
Current service costs   291   249
Net interest costs   6   3
Recognized in profit or loss   297   252

Amounts recognized in other comprehensive income in respect of the defined benefit plan are as follows:

in thousand EUR   2022   2021
Return of plan assets excluding interest income   –871   190
Changes in assumptions   1 633   306
Experience adjustments   –470   –136
Recognized in other comprehensive income   292   360
Principal actuarial assumptions used
    2022   2021
Expected employer contributions   235 934   213 675
Discount rates   2.25%   0.35%
Expected salary increases   1.50%   1.00%
Expected long-term increase of pensions   0.00%   0.00%
Mortality table   BVG 2020 GT   BVG 2020 GT
Weighted average duration   13.7   16.9
Sensitivity to changes in the principal assumptions
in thousand EUR   DBO   Effect
Actuarial assumption 31 December 2022   6 275    
Discount rate +0.25%   6 064   –3.4%
Discount rate –0.25%   6 500   3.6%
Salary increase rate +0.25%   6 294   0.3%
Salary increase rate –0.25%   6 257   –0.3%
in thousand EUR   DBO   Effect
Actuarial assumption 31 December 2021   5 932    
Discount rate +0.5%   5 687   –4.1%
Discount rate –0.5%   6 194   4.4%
Salary increase rate +0.5%   5 955   0.4%
Salary increase rate –0.5%   5 910   –0.4%
Plan asset allocation
in thousand EUR   2022   2021
Shares   33.2%   34.8%
Bonds   29.1%   31.7%
Real estate investments   27.3%   23.1%
Mortgages   4.0%   3.9%
Alternative investments   3.5%   2.8%
Liquidity   2.8%   3.7%
Infrastruktur   0.2%   0.0%
Total plan assets   100.0%   100.0%
Accounting policies

The Group has both defined benefit plans and defined contribution plans.

The obligation and costs of pension benefits are determined using the projected unit credit method. The projected unit credit method considers each period of service as giving rise to an additional unit of benefit entitlement and measures each unit separately to build up the final obligation. Past service costs, which comprise plan amendments and curtailments, as well as gains or losses on the settlement of pension benefits are recognized immediately when they occur. Remeasurements, which comprise actuarial gains and losses on the pension obligation, the return on plan assets and changes in the effect of the asset ceiling excluding amounts included in net interest, are recognized directly in other comprehensive income and are not reclassified to profit or loss in subsequent periods. The pension obligation is measured at the present value of estimated future cash flows using a discount rate that is determined by reference to the interest rate on government bonds where the currency and terms of the government bonds are consistent with the currency and estimated terms of the defined benefit obligation.