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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 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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29. Employee benefits

The employee benefit plans of the Group are based on legal requirements in the respective countries. Beyond these regulatory requirements, the Group provides meals, housing, education and access to medical care according to the local operating group’s policy.

Provisions for employee benefit plans
in thousand EUR   2023   2022
Current employee benefits - defined benefit plans   67   12
Non-current employee benefits - defined benefit plans   2 210   1 496
Non-current employee benefits - defined contribution plans   986   1 161
Non-current employee benefits - jubilee provisions   268   82
Total liabilities due to employees   3 531   2 751

The pension plan for employees in Switzerland is a defined benefit plan and covers the risks of age, death and disability. Financing occurs by means of employer and employee contributions, defined in the pension fund rules in terms of an age-related sliding scale of percentages of salary, as well as returns from the investments made by the pension fund. The pension fund guarantees the vested benefit amount as confirmed annually to members, as regulated by Swiss law. Interests may be added to member balances at the discretion of the Board of Trustees. At retirement date, members have the right to take their retirement benefit as a lump sum or as an annuity. No curtailment or settlement has occurred during the year.

Changes in the present value of the defined benefit obligation
in thousand EUR   2023   2022
Defined benefit obligation at 1 January   6 275   5 932
Current service costs   290   291
Interest costs   148   23
Contribution by plan participants   115   99
Actuarial losses/(gains)   847   –1 163
Benefits paid in/transferred   224   822
Currency effects   491   271
31 December   8 390   6 275
Plans wholly or partly funded   8 390   6 275
Plans wholly unfunded   –   –

The discount rate used for the valuation of the obligations decreased from 2.25 % in 2022 to 1.45 % in 2023.

Movement in the fair value of the plan assets
in thousand EUR   2023   2022
Opening fair value of plan assets   4 779   4 280
Interest income   116   17
Return on plan assets excluding interest income   312   –871
Contributions by the employers   269   232
Contributions by plan participants   115   99
Benefits paid in/transferred   224   822
Currency effects   365   200
31 December   6 180   4 779
in thousand EUR   2023   2022
Present value of obligations   8 390   6 275
Fair value of plan assets   6 180   4 779
Net liability   2 210   1 496
Changes in net liability
in thousand EUR   2023   2022
Opening net liability   1 496   1 652
Pension cost recognized in profit or loss   321   297
Pension cost recognized in other comprehensive income   535   –292
Employer contributions   –269   –232
Currency effects   127   71
Recognized in balance sheet   2 210   1 496

Amounts recognized in profit or loss in respect of the defined benefit plan are as follows:

in thousand EUR   2023   2022
Current service costs   290   291
Net interest costs   31   6
Recognized in profit or loss   321   297

Amounts recognized in other comprehensive income in respect of the defined benefit plan are as follows:

in thousand EUR   2023   2022
Return of plan assets excluding interest income   312   –871
Changes in assumptions   –1 089   1 633
Experience adjustments   242   –470
Recognized in other comprehensive income   –535   292
Principal actuarial assumptions used
    2023   2022
Expected employer contributions   283 030   235 934
Discount rates   1.45%   2.25%
Expected salary increases   1.50%   1.50%
Expected long-term increase of pensions   0.00%   0.00%
Mortality table   BVG 2020 GT   BVG 2020 GT
Weighted average duration   13.7   13.7
Sensitivity to changes in the principal assumptions
in thousand EUR   DBO   Effect
Actuarial assumption 31 December 2023   8 390    
Discount rate +0.25%   8 082   –3.7%
Discount rate –0.25%   8 717   3.9%
Salary increase rate +0.25%   8 415   0.3%
Salary increase rate –0.25%   8 365   –0.3%
in thousand EUR   DBO   Effect
Actuarial assumption 31 December 2022   6 275    
Discount rate +0.5%   6 064   –3.4%
Discount rate –0.5%   6 500   3.6%
Salary increase rate +0.5%   6 294   0.3%
Salary increase rate –0.5%   6 257   –0.3%
Plan asset allocation
in thousand EUR   2023   2022
Shares   33.6%   33.2%
Bonds   29.6%   29.1%
Real estate investments   24.9%   27.3%
Mortgages   4.0%   4.0%
Alternative investments   4.0%   3.5%
Liquidity   3.1%   2.8%
Infrastruktur   0.8%   0.2%
Total plan assets   100.0%   100.0%
Accounting policies

The Group has both defined benefit plans and defined contribution plans.

The obligation and costs of pension benefits are determined using the projected unit credit method.