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Annual Report 2023
Annual Report 2023
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Annual Report 2023
  • Annual Report 2024
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  • Annual Report 2023
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  • Annual Report 2022
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  • Annual Report 2021
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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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19. Financial liabilities, other than trade and other payables

Carrying value of financial liabilities, other than trade and other payables
in thousand EUR   2023   2022
Loans, interest payables and legal liabilities   49 719   47 568
Lease liabilities   864   1 598
Total   50 583   49 166
 
Current loans   3 368   3 100
Current loans shareholders and related parties   21 961   13 299
Total current loans, interest payables and legal liabilities   25 329   16 399
Current lease liabilities   560   856
Total current   25 889   17 255
Non-current loans   1 732   8 952
Non-current loans shareholders and related parties   22 658   22 217
Total non-current loans, interest payables and legal liabilities   24 390   31 169
Non-current lease liabilities   304   742
Total non-current   24 695   31 911
Total   50 583   49 166

Details about the financial risks are described in Note 2.

The changes in liabilities from financing activities are detailed below:

in thousand EUR   Current
financial liabilities
  Non-current
financial liabilities
  Total
At 1 January 2022   33 421   11 019   44 440
Cashflows            
 Cash inflow   2 081   1 991   4 072
 Cash outflow for lease payments   –324   –108   –432
 Cash outflow for interests paid on lease liabilities   –127   –   –127
 Cash outflow for interests paid   –   –1 295   –1 295
 Cash outflow due to redemption of financial liabilities   –603   –1 244   –1 847
 Cash outflow due to redemption of leases   –639   –   –639
Non-cash changes            
 Reclassifications   –17 597   17 597   –
 Transfer long-term financial liabilities to other-current liabilities   –   –167   –167
 Increase in lease liabilities   –   854   854
 Increase in interests on lease liabilities   –   127   127
 Accrued interests   –   2 427   2 427
 Currency effects   1 043   710   1 753
At 31 December 2022   17 255   31 911   49 166
Cashflows            
 Cash inflow   229   1 313   1 542
 Cash outflow for lease payments   –302   –102   –405
 Cash outflow for interests paid on lease liabilities   –88   –   –88
 Cash outflow for interests paid   –   –850   –850
 Cash outflow due to redemption of financial liabilities   –670   –1 404   –2 074
 Cash outflow due to redemption of leases   –512   –   –512
Non-cash changes            
 Reclassifications   8 834   –8 834   –
 Increase in lease liabilities   –   172   172
 Increase in interests on lease liabilities   –   88   88
 Accrued interests   –   2 173   2 173
 Currency effects   1 143   228   1 371
At 31 December 2023   25 889   24 694   50 583

The carrying amounts of financial liabilities are denominated in the following currencies:

in thousand EUR   31 December 2023   31 December 2022
Currencies financial liabilities/borrowings denominated in:        
EUR   2 000   2 507
XAF   4 863   6 739
CHF   43 273   39 652
BRL   447   268
Total financial liabilities   50 583   49 166

The effective interest rates at the reporting date by currency were as follows:

    2023   2022
EUR   4.0 – 6.0%   1.0 – 4.5%
XAF   8.5 –11.0%   8.5–11.0%
CHF   2.9 – 5.6%   2.8 – 6.0%
BRL   4.5 – 6.0%   0.0 – 8.7%

Details about the financial risk management are described in Note 2.