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Annual Report 2024
Annual Report 2024
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Annual Report 2024
  • Annual Report 2024
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  • Annual Report 2021
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Table of contents for the Annual Report 2024 report

Operational review
Key FiguresPrecious Woods at a glanceTo our shareholdersHighlights in 2024Strategy and business model
VisionStrategy, business model and added valueMarket characteristicsMarket trends
Group results Precious Woods Group
PW Group
Increased efficiency secures operating resultPrice and product mix weigh on salesRobust cost structureEBITDAImproved financial resultBalance SheetStable cash flowOutlook for 2025
PW AmazonPW GabonPW TradingPW Carben
Precious Woods – sustainability in practiceCorporate 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
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 registered voting 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. Ordinary capital increase3. Authorized capital band4. Conditional share capital5. Treasury shares6. Investments7. Board and Executive compensation8. Depreciation, amortization and impairment9. Pledged assets / other securities10. Full time equivalents11. Lease liabilities12. Liabilities to pension funds13. Significant events after balance sheet date
Proposal for the carry forward of the accumulated losses
Motion of Board of Directors
Report of the statutory auditor on the financial statements
Additional information
Contact addresses
Precious Woods in EuropePrecious Woods in BrazilPrecious Woods in Central Africa
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12. Intangible assets and goodwill


in thousand EUR
  Goodwill   Trademarks,
licences and
customer
portfolios
  Other   Total
Cost
At 1 January 2023   297   14 813   7 353   22 463
Additions   –   143   9   153
Currency effects   17   145   107   268
At 31 December 2023   314   15 100   7 469   22 884
Additions   –   49   1   50
Reclassifications   –   1 130   –1 130   –
Currency effects   –52   –448   –233   –733
At 31 December 2024   262   15 831   6 107   22 200
Accumulated amortization and impairment
At 1 January 2023   297   11 645   6 104   18 046
Charge for the year   –   282   24   305
Currency effects   17   46   37   100
At 31 December 2023   314   11 972   6 165   18 451
Charge for the year   –   282   1 036   1 319
Reclassifications   –   1 130   –1 130   –
Currency effects   –52   –142   –117   –312
At 31 December 2024   262   13 243   5 954   19 458
Carrying amount                
At 31 December 2023   –   3 128   1 305   4 433
At 31 December 2024   –   2 588   154   2 742

Other intangible assets mainly include forest concessions.

Accounting policies

Forest concessions are classified as intangible assets, as the right to direct the use of the concession is not with the Group, but with the government or the land owner. Other intangible assets have a finite useful life and are carried at cost less accumulated amortization and impairment loss. Amortization is calculated using the straight-line method to allocate the cost over their estimated useful lives of 12 to 50 years.

Valuation process for goodwill

The Group’s impairment test for goodwill and intangible assets with indefinite lives is based on value-in-use calculations. The key assumptions used to determine the recoverable amount for the different cash generating units are disclosed in below. The projections are based on knowledge and experience and also on judgements made by management as to the probable economic development of the relevant markets.