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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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Many projects and activities

FSC and PAFC recertification audits for forestry management and for chain of custody (CoC) were carried out successfully at our two sites in Bambidie and Owendo. With this continued high level and our dual certification, we remain the pioneering company in sustainable forest management in the tropics.

After several audits were conducted online in 2021 due to travel restrictions, the audits took place on site again in 2022. This is a major advantage for the work and inspection activities of the auditors and also in the interest of workflow.

In September, FSC Week 2022 – organized by FSC itself – was held in Bambidie. The aim was to highlight the importance of certification using practical examples.

In addition to our certification activities, our projects in the past year included the following:

  • At the beginning of the school year, we carried out another school supplies campaign. Educational resources procured in large quantities were given to the children of our employees at reduced prices, enabling them to start school successfully.
  • Our public-private partnership on fauna protection with the ministry responsible for forestry and the NGO Conservation Justice continued with success. Employees of the three partners stationed in Bambidie regularly patrol our forest area to prevent poaching and to protect wildlife. The project has already had considerable success, underscoring the importance of this partnership. The necessary skills can be guaranteed and the fauna can be protected effectively only thanks to the cooperation of all three partners. Project financing is secured until the end of 2022. Follow-up financing is currently being sought, with the aim of continuing and expanding the project.
  • In 2022, our engagement on behalf of protecting flora and fauna was again noticed and taken up by the media. Last year, we again welcomed media representatives and were able to realize joint projects including an ATIBT campaign and a NZZ Format report. The filming in our operation necessary for these projects means significant extra work for us, but it also means we can reach a large audience, present our activities, and generate interest in sustainable forestry. The NZZ Format report was broadcast in 2022 and is available on the NZZ Format website. The films for the ATIBT campaign have been published on the ATIBT YouTube channel.
  • The P3FAC-AFRITIMB research project was continued. The goal of this project is to study forest dynamics in the Congo Basin and to better understand the interrelationships in the context of sustainable forest management. In order to provide researchers with reliable reference data, we have excluded one zone from forest management especially for the purpose of gaining these insights. The data continues to be provided to the AfriTRON and RAINFOR global research projects. Other research projects of universities and NGOs from Gabon, the Netherlands, Belgium, the United States, Germany, France, and Switzerland were also actively supported, including our research project for cultivating and planting rare tree species in our own tree nursery.
  • The cultural agenda and activities of the Centre Culturel were limited in 2021 due to the pandemic. In 2022, the Centre Culturel was again able to offer a full programme, celebrating its fifth year since completion and opening.

Precious Woods Gabon in brief

PW Gabon consists of two companies: CEB (Compagnie Equatoriale des Bois) and CPL (­Compagnie des Placages de la Lowé). The purpose of the latter, which resulted from a merger in 2020, includes continuing the activities of the former company TGI (Tropical Gabon Industrie, veneer plant). Precious Woods now holds a 49 % stake in CPL.

Since 2007, Precious Woods has been managing a tropical forest in Eastern Gabon across a concession area of 596 800 hectares. In 2014, a protected area of 19 900 hectares was separated out. CEB employs 727 persons and CPL about 200. Each year, approximately 240 000 cubic metres of logs are harvested. The company operates according to a sustainable forest management plan that ensures that no more timber is harvested per hectare than will grow back within a harvest cycle of 25 years. PW Gabon currently runs two sawmills and a small moulding plant in Bambidie, the centre base of our Gabonese forestry operation. The CPL rotary veneer factories for okoumé veneer and selected hardwoods are located in Owendo, a suburb of the port city Libreville. The main export markets for PW Gabon’s manufactured timber products are Europe, South Africa, and Asia. PW Gabon’s forestry operation has been FSC-certified since October 2008 and the veneer chain of custody since January 2010. The forestry operation has also been PAFC-certified since 2017, and both operations were PAFC-certified for CoC in 2018.