Total assets amounted to EUR 136.4 million, EUR 19.0 million higher than the previous year. Biomass and the value of our forest area in Brazil are valued in Brazilian Real. A large part of the existing loans at the level of the Holding are listed in Swiss francs in our books. Because of this, the change in total assets is mainly due to currency effects of our assets and liabilities.

Equity amounted to EUR 50.4 million (previous year: EUR 44.4 million). The equity ratio as of the balance sheet date was 36.9 % (previous year: 37.8 %). This reduction is primarily due to exchange rate effects. The forest property is periodically revalued every 3 years. In light of the current values, the assessment also had a positive impact on equity. The difference between consolidated equity and the equity of Precious Woods Holding Ltd. amounts to approximately EUR 6 million in favour of the statutory accounts.

Cash flow from operating activities increased by EUR 0.3 million to EUR 6.3 million. The change in working capital was EUR -2.7 million. Investments in tangible fixed assets amounted to EUR 5.5 million. Cash flow from financing activities was EUR -0.3 million.