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Annual Report 2024
Annual Report 2024
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Annual Report 2024
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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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17. Trade and other receivables

in thousand EUR   2024   2023
 
Trade receivables, third parties   8 585   7 334
Trade receivables, associates   650   3 787
Allowance for expected credit losses   –1 022   –818
Total trade receivables net   8 213   10 303
Other current receivables   3 044   2 683
Total trade and other receivables net   11 257   12 986

The carrying amounts of the receivables approximate to their fair values. Other receivables mainly contain credit balances from governments, therefore the expected credit loss is immaterial.

Allowance for credit losses for trade receivables

in thousand EUR   2024   2023
 
At 1 January   818   670
Increase of allowance for credit losses   426   219
Reversal of allowance for credit losses   –198   –81
Currency effects   –24   10
At 31 December   1 022   818

The exposure to credit risk is covered with the impairment for expected credit losses under IFRS 9 on trade receivables. It contains collectively assessed positions (Lifetime ECL), using the simplified approach, as well as individually assessed positions.

The individual allowances for credit losses include receivables past due more than 12 months, where the Group is in negotiation with the debtors for a solution.

The standard payment terms for trade receivables are in most instances Cash Against Documents (CAD) or Letter of Credit (L/C). The trade receivables are not interest-bearing, and the Group considers them to be credit impaired when internal or external information give cause for serious concern to receive the outstanding amount. The credit ratings for the lifetime ECL base on the aging buckets of the trade receivables. Taking into consideration the terms and conditions established with customers, the lifetime expected credit loss allowance for trade receivables is as follows:


in thousand EUR
  Expected credit
loss default rate
  2024   2023
 
Not overdue   0.5–0.6%   8 766   8 499
Less than 30 days overdue   0.5–0.6%   229   1 551
31 to 60 days overdue   1.7–2.0%   260   795
61 to 180 days overdue   10%   18   224
More than 180 days overdue   15%   –39   52
Total trade receivables gross       9 235   11 121
Allowance for individual impairments       –972   –718
Allowance for expected credit losses       –50   –100
Total trade receivables net       8 213   10 303

Accounting policies

The allowances base on the simplified approach of full lifetime expected credit losses as defined by the impairment model of IFRS 9. To calculate these allowances the trade accounts receivables are clustered into ageing buckets and each of these buckets weighted with a certain percentage. Doubtful accounts are assessed individually to analyze if a significant increase in credit risk occurred and an individual impairment is needed. Indications for such impairments are substantial financial problems on the part of the customer, a declaration of bankruptcy, or a significant delay in payment occurring.