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Annual Report 2023
Annual Report 2023
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Annual Report 2023
  • 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
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Table of contents for the Annual Report 2023 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 biodiversityInstitutional 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 and production volumesConcessions to safeguard our activitiesNew carbon project through forest protectionSummary of further activitiesSocial and environmental sustainability continues to be at a very high levelOutlook for 2024
Gabon
Operational successes despite difficultiesSuccessful launch of reforestation business lineMany projects and activitiesOutlook for 2024
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. Personnel expenses7. 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. Subsequent events33. 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 capital band3. Conditional share capital4. Treasury shares5. Investments in subsidiaries6. Short term interest bearing liabilities7. Long term interest bearing liabilities8. Board and Executive compensation9. Depreciation, amortization and impairment10. Pledged assets / other securities11. Other note / Full time employment12. Other note / Lease liabilities13. Other note / Liabilities to pension funds14. Other note / Significant events after the reporting date
Proposal for the appropriation of the accumulated losses
Motion of Board of Directors
Report of the statutory auditor on the financial statements
Additional information
Contact addresses
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17. Trade and other receivables

in thousand EUR   2023   2022
Trade receivables, third parties   7 334   9 251
Trade receivables, associates   3 787   4 174
Allowance for expected credit losses   –818   –670
Total trade receivables net   10 303   12 755
Other current receivables   2 683   3 395
Total trade and other receivables net   12 986   16 150

The carrying amounts of the receivables approximate to their fair values. Other receivables mainly contain credit balances from governments, therefore the expected credit loss is immaterial.

Allowance for credit losses for trade receivables
in thousand EUR   2023   2022
At 1 January   670   681
Increase of allowance for credit losses   219   81
Reversal of allowance for credit losses   –81   –66
Utilisation of loss allowances   –   –45
Currency effects   10   19
At 31 December   818   670

The exposure to credit risk is covered with the impairment for expected credit losses under IFRS 9 on trade receivables. It contains collectively assessed positions (Lifetime ECL), using the simplified approach, as well as individually assessed positions.

The individual allowances for credit losses include receivables past due more than 12 months, where the Group is in negotiation with the debtors for a solution.

The standard payment terms for trade receivables are in most instances Cash Against Documents (CAD) or Letter of Credit (L/C). The trade receivables are not interest-bearing, and the Group considers them to be credit impaired when internal or external information give cause for serious concern to receive the outstanding amount. The credit ratings for the lifetime ECL base on the aging buckets of the trade receivables. Taking into consideration the terms and conditions established with customers, the lifetime expected credit loss allowance for trade receivables is as follows:

in thousand EUR   Expected
credit loss
default rate
  2023
  2022
Not overdue   0.5–0.6%   8 499   10 965
Less than 30 days overdue   0.5–0.6%   1 551   2 382
31 to 60 days overdue   1.7–2.0%   795   15
61 to 180 days overdue   10.0%   224   37
More than 180 days overdue   15.0%   52   26
Total trade receivables gross       11 121   13 425
Allowance for individual impairments       –718   –589
Allowance for expected credit losses       –100   –81
Total trade receivables net       10 303   12 755
Accounting policies

The allowances base on the simplified approach of full lifetime expected credit losses as defined by the impairment model of IFRS 9. To calculate these allowances the trade accounts receivables are clustered into ageing buckets and each of these buckets weighted with a certain percentage. Doubtful accounts are assessed individually to analyze if a significant increase in credit risk occurred and an individual impairment is needed. Indications for such impairments are substantial financial problems on the part of the customer, a declaration of bankruptcy, or a significant delay in payment occurring.