21. Leasing

The Group has entered into several leases for vehicles and machinery as well as office spaces. The leases have lease terms of three to five years.

The development of the lease liabilities is as follows:

in thousand EUR	2023	2022
in thousand EURAt 1 January	20231 598	20221 802
in thousand EURAdditions	2023172	2022854
in thousand EURInterest expenses	202388	2022127
in thousand EURRedemption	2023–512	2022–639
in thousand EURPayments	2023–492	2022–559
in thousand EURCurrency effects	202310	202213
in thousand EURAt 31 December	2023864	20221 598
in thousand EURThereof current	2023560	2022856
in thousand EURThereof non-current	2023304	2022742

The cash-outflow on leases is presented in Note 19.

Right-of-use assets

in thousand EUR	Leased buildings and building improvements	Leased machinery and vehicles	Total
in thousand EURAt 1 January 2022	Leased buildings and building improvements386	Leased machinery and vehicles1 437	Total 1 823
in thousand EURAdditions	Leased buildings and building improvements–	Leased machinery and vehicles854	Total 854
in thousand EURDepreciation	Leased buildings and building improvements–140	Leased machinery and vehicles–948	Total –1 088
in thousand EURCurrency effects	Leased buildings and building improvements13	Leased machinery and vehicles1	Total 14
in thousand EURAt 31 December 2022	Leased buildings and building improvements259	Leased machinery and vehicles1 344	Total 1 603
in thousand EUR
in thousand EURAdditions	Leased buildings and building improvements–	Leased machinery and vehicles172	Total 172
in thousand EURDepreciation	Leased buildings and building improvements–128	Leased machinery and vehicles–792	Total –920
in thousand EURCurrency effects	Leased buildings and building improvements9	Leased machinery and vehicles1	Total 10
in thousand EURAt 31 December 2023	Leased buildings and building improvements140	Leased machinery and vehicles725	Total 865

As of 31 December, other operating expenses contain the following expenses in connection with leases:

in thousand EUR	2023	2022
in thousand EURExpenses for short-term leases	2023431	2022360
in thousand EURExpenses for leases of low value	20234	20224
in thousand EURTotal operating lease expenses	2023435	2022364

The cash-outflow on short-term leases and leases of low value is EUR 0.4 million (2022: EUR 0.4 million).

Accounting policies

Precious Woods elected to apply the recognition exemptions to short-term leases and low value leases. For such leases no right-of-use asset and no lease liability are recorded, instead the lease payments are recognized as operating expenses.

22. Share capital

The functional currency of Precious Woods Holding is Swiss francs. In the financial statements it is translated into the Group’s presentation currency (EUR) using historical exchange rates.

Share capital overview

	Number of shares at a nominal value of CHF 1	Number of shares at a nominal value of CHF 1	Share capital in thousand EUR	Share capital in thousand EUR
	20232023	20222022	20232023	20222022
Issued and fully paid-in capital
At 1 January	20237 052 745	20227 052 745	20235 731	20225 731
At 31 December	20237 052 745	20227 052 745	20235 731	20225 731
	2023	2022	2023	2022

The shares rank equally with regard to voting rights and dividends, and the Articles of Association include no restrictions on transfer of the Group’s shares. Precious Woods’ registered shares are not subject to any restriction on voting, distribution, transfer or other rights that exceed regulations which are unalienable under Swiss law. The authorized share capital and the conditional share capital are intended to be utilized for acquisitions, the purchase of forests or for reforestations, investments, convertible loans, expansions of shareholder base or any other important reason. The shareholders’ subscription rights can be excluded in these cases, as well as for firm underwriting agreements.

Ordinary share capital

On 31 December 2023, the issued and fully paid-in share capital amounted to CHF 7 052 745 (2022: CHF 7 052 745).

Capital band

On 17 May 2023, the previous authorized share capital in the amount of CHF 1 000 000 was replaced by the General Meeting with a capital band of up to CHF 1 400 000. It will expire in May 2028.

Conditional share capital

On 31 December 2023, the portion of the conditional share capital which is intended to cover options of employees and board members amounted to CHF 46 638, and the total conditional share capital amounted to CHF 1 396 638.

Treasury shares

During the course of 2023, Precious Woods Holding purchased 975 treasury shares in the total amount of EUR 9 345. The Group held 2 607 treasury shares as of 31 December 2023 (2022: 1 632 treasury shares).

23. Major shareholders

On 31 December 2023, the major shareholders holding 3 % (rounded) or more of Precious Woods Holding outstanding shares were as follows:

	Number of shares 2023		Number of shares 2022
Fleischmann Werner / BoD¹	Number of shares 20231 753 941	24.9%	Number of shares 20221 708 883	24.2%
Aage V. Jensen Charity Foundation	Number of shares 2023455 704	6.5%	Number of shares 2022455 704	6.5%
Other BoD / Management	Number of shares 2023278 320	3.9%	Number of shares 2022382 341	5.4%
Basler Insurances	Number of shares 2023333 053	4.7%	Number of shares 2022333 053	4.7%
von Braun	Number of shares 2023324 324	4.6%	Number of shares 2022324 324	4.6%
Vasalli Christian	Number of shares 2023290 000	4.1%	Number of shares 2022282 100	4.0%
Gut Thomas	Number of shares 2023491 808	7.0%	Number of shares 2022491 808	7.0%
Gut Joseph	Number of shares 2023241 533	3.4%	Number of shares 2022241 533	3.4%
Rössler Max	Number of shares 202350 000	0.7%	Number of shares 2022800 000	11.3%
	Number of shares 2023		Number of shares 2022
Total number of issued shares	Number of shares 20237 052 745	100.0%	Number of shares 20227 052 745	100.0%
¹ Member of the Board of Directors since 19 May 2022

The financial liabilities on loans from related parties are presented in Note 19.