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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
  • Half-Year 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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3. Financial information by segment

The activities of the Group are primarily organized and presented in four operating segments supported by a central corporate office. Group Management monitors and evaluates EBITDA of all segments separately for the purpose of making decisions about resources to be allocated and of assessing performance.

  • Sustainable Forest Management Brazil: Activities in the field of sustainable management of tropical forests and the processing of tropical timber in Brazil
  • Sustainable Forest Management Gabon: Activities in the field of sustainable management of tropical forests and the processing of tropical timber in Gabon
  • Trading: trading of timber from external sources in Switzerland
  • Carbon & Energy: Activities in the field of energy production from biomass and trading of certified emission reductions (CERs)

Precious Woods’ forests in Brazil and Gabon are managed in a sustainable manner, which means that not more timber is harvested than can simultaneously grow back, and that the value of the forest is preserved. An integral part of Precious Woods’ approach to sustainable forestry is the use of waste wood to produce electricity and the registration and sale of carbon emission reductions (CERs). In 2023, 19 730 tonnes of CO2 equivalents were produced (2022: 33 700), while the sale of CERs is postponed to a later date due to new procedures and regulations (2022: 39 960).

Operating segments – for the year ending on 31 December 2023
in thousand EUR   Sustainable
Forest
Management
Brazil
  Sustainable
Forest
Management
Gabon
  Trading
  Carbon
& Energy
  Other
1
  Total
Net revenues
 Third parties   13 602   34 352   6 827   1 620   –   56 401
 Intersegment   895   104   –   256   –1 255   –
Total net revenues   14 497   34 456   6 827   1 876   –1 255   56 401
 Gain from changes in fair value from  biological assets   –2 485   –   –   –   –   –2 485
 Profit/(loss) on sale of PP&E   82   12   –   –   –   94
 Share of profit/(loss) of associates   –   –266   –   –   –   –266
Earnings before interest, taxes, depreciation and amortization (EBITDA)   –2 832   –193   102   220   –2 440   –5 143
 Depreciation and amortization   –955   –3 254   –   –19   –122   –4 350
 Impairment charges/reversals   103   –   –   –   –   103
Profit/(loss) from operating activities (EBIT)   –3 684   –3 447   102   201   –2 562   –9 390
 Financial income                       433
 Financial expenses                       –4 173
Earnings before taxes (EBT)                       –13 130
 Income taxes   868   –296   82   –105   –136   413
                         
Segment assets   87 466   45 540   3 609   3 524   –7 455   132 684
 Investments in associates   –0   920   –   –   –   920
 Capital expenditures   1 005   764   –   28   19   1 816
Segment liabilities   47 574   49 113   2 700   168   –7 987   91 568
1 The eliminations and adjustments consist of the intersegment eliminations and the results from Precious Woods Holding Ltd, the Luxembourg entities and Precious Woods Management Ltd, which are not allocated to a specific segment.
Operating segments – for the year ending on 31 December 2022
in thousand EUR   Sustainable
Forest
Management
Brazil
  Sustainable
Forest
Management
Gabon
  Trading
  Carbon
& Energy
  Other
1
  Total
Net revenues
 Third parties   15 808   39 878   6 556   3 619   5   65 866
 Intersegment   3 365   173   2   65   –3 605   –
 Associates and related parties   –   –   –   –   –   –
Total net revenues   19 173   40 051   6 558   3 684   –3 600   65 866
 Gain from changes in fair value from  biological assets   4 075   –   –   –   –   4 075
 Profit/(loss) on sale of PP&E   31   38   –   –   –   69
 Share of profit/(loss) of associates   –   –240   –   –   –   –240
Earnings before interest, tax, depreciation and amortization (EBITDA)   8 938   5 698   596   1 380   –3 280   13 332
 Depreciation and amortization   –608   –3 366   –   –17   –124   –4 115
 Impairment charges/reversals   –28   –1 965   –   –310   1   –2 302
Profit/(loss) from operating activities (EBIT)   8 302   367   596   1 053   –3 403   6 915
 Financial income                       111
 Financial expenses                       –3 575
Earnings before tax (EBT)                       3 451
 Income taxes   –2 216   –60   –92   –150   32   –2 486
                         
Segment assets   83 310   53 573   3 298   3 995   –7 777   136 399
 Investments in associates   0   1 186   –   –   –   1 186
 Capital expenditures   2 697   1 848   –   17   15   4 577
Segment liabilities   46 608   50 687   2 940   363   –14 561   86 037
1 The eliminations and adjustments consist of the intersegment eliminations and the results from Precious Woods Holding Ltd, the Luxembourg entities and Precious Woods Management Ltd, which are not allocated to a specific segment.
Geographic information
in thousand EUR       2023       2022
Net revenues
Europe   35 848   63.6%   42 068   63.8%
Latin America   8 476   15.0%   8 874   13.5%
Africa   3 228   5.7%   1 887   2.9%
Asia   4 890   8.7%   9 092   13.8%
North America   3 959   7.0%   3 945   6.0%
Total net revenues   56 401   100.0%   65 866   100.0%
 
Location of non-current assets
Switzerland   255   0.3%   327   0.3%
Brazil   75 222   74.3%   68 362   70.9%
Gabon   25 740   25.4%   27 752   28.8%
Total non-current assets 1   101 217   100.0%   96 441   100.0%
1 Non-current assets are stated without deferred tax assets, financial investments and post-employment benefit assets, if any.
Accounting policies

Operating segments are reported in the manner consistent with the internal reporting to the chief operating decision maker, which is the Group Management of Precious Woods. Group Management is responsible for allocating resources and assessing the performance of the operating segments.