Slight reduction in operating capital

Despite the repeated and massive infrastructural impairments, we managed to increase profitability in the sawmills. We did not succeed in massively reducing operating capital, however. Working capital decreased by EUR 0.3 million (previous year: increase by EUR 2.3 million). Inventories were at the level of the previous year. Accounts receivable rose by about EUR 2.8 million due to increased deliveries in December. Accounts payable increased by EUR 3.3 million, mainly due to transport and shipping costs from December sales. In relation to sales, operating capital ties up about 34.9 % (previous year: 40.2 %). This value is still far too high. A normal value would be reached at 28 %. The high operating capital severely affects our liquidity in Gabon. Net debt decreased again by EUR 0.6 million compared to the previous year’s reporting date (previous year: EUR -0.7 million).