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Annual Report 2022
Annual Report 2022
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Annual Report 2022
  • Annual Report 2024
  • Half-Year Report 2024
  • 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
  • Half-Year Report 2019
  • Annual Report 2018
  • Half-Year Report 2018
  • Annual Report 2017
  • Half-Year Report 2017
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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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Social and environmental sustainability continues to be at a very high level

Precious Woods Amazon passed the recertification audits for FSC and PEFC in 2022 with excellent results. This means that MIL Madeiras has now been FSC-certified for 25 years and PEFC-certified for 6 years. This is a sustained confirmation of our pioneering role in forest certification.

After both the PEFC and FSC audits were carried out completely online in the previous year due to the pandemic, the 2022 audits were again conducted on site. This gives the auditors a better overview, helping to guarantee a comprehensive and reliable verification of all the standards. We continue to work on a wide variety of research projects to deepen information on forest ecology and to optimize and document our resource-preserving forestry operations. We are also in close and intensive contact with the regional communities, allowing us to undertake useful joint projects. Supporting the local population and businesses through a wide range of development projects continues to be a focus of our social engagement.

In the reporting year we conducted the following activities:

Using the most recent data from the Brazilian Space Agency, we conducted a study of how the forest cover has changed over time. The study shows that the canopy has declined by only 1 % since 2008. This result includes the communities and their agricultural areas, which have increased since 2008. This demonstrates that MIL Madeiras is making an essential contribution to the protection of the forests.

  • We also support various research projects in the field of environment and sustainability in collaboration with four local universities and research institutions. A major project on fauna inventory before and after timber use is investigating the influence of management on fauna. The goal of such projects is not only to obtain scientific data, but also to gain insights into how we could apply our harvesting techniques with even lower impact. The initial results were presented at a conference in 2022, confirming that for the purpose of wildlife conservation, sustainable forestry is a good alternative to merely placing forests under protection.
  • It continues to be a major priority and endeavour to support and promote the agricultural production of the communities in our region. In 2022, we intensified our agricultural consulting. One of our employees, a trained agronomist, provides advice and support to the communities and helps to deepen knowledge and develop new projects, such as coffee cultivation.
  • In 2022, we again carried out a detailed socioeconomic study that we have been conducting regularly since 2011. As part of this study, 465 families in 9 communities were interviewed with the aim of determining the influence of sustainable forestry on aspects such as health, employment, and demographics.
  • Education continues to be a major priority. In addition to offering internships for trainees at MIL Madeiras, we also participated in educational programmes for the younger generation in 2022. We organized the CINEMIL project, which makes age-appropriate films on health and the environment available in the surrounding communities, addressed to pupils in first to fifth grade – the next generation of our employees.
  • Not only MIL Madeiras as a company demonstrates social commitment! As part of the Occupational Safety Action Week, our employees also conducted a “Reach Out” campaign, in which they collected more than four tonnes of food donations for needy population groups.