Continuation of positive development
In the first half of 2025, Precious Woods Group achieved consolidated net sales of EUR 21.6 million (previous year: EUR 26.3 million). EBITDA improved to EUR 0.8 million (previous year: EUR -0.9 million). EBIT amounted to EUR -1.3 million (previous year: EUR -3.6 million), while the net result improved to EUR -2.6 million (previous year: EUR -4.6 million). The improvement in profitability initiated in the second half of 2024 continued in the reporting period. A stable order intake enabled utilization of production capacities at the sawmills in Gabon and Brazil as planned. However, the overall market environment remains challenging.
| in EUR million | 30.06.25 | 30.06.24 | Index | Change | ||||
|---|---|---|---|---|---|---|---|---|
| Net Sales Precious Woods Group | 21.6 | 26.3 | 82.0% | –4.7 | ||||
| Net Sales Precious Woods Gabon | 13.5 | 19.2 | 70.3% | –5.7 | ||||
| Sawmills | 10.4 | 13.2 | 79.3% | –2.7 | ||||
| Net Sales Precious Woods Amazon | 5.6 | 5.1 | 110.0% | +0.5 | ||||
| Sawmills | 5.3 | 4.8 | 110.2% | +0.5 | ||||
| Net Sales Energy Biomass power plant | 0.1 | 0.2 | 62.0% | –0.1 | ||||
| Net Sales Precious Woods Trading | 2.5 | 1.9 | 130.3% | +0.6 | ||||
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The exchange rate effect on sales was 0.9 % compared to the same period last year.
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Sales development – declining sales volumes from Gabon
The decrease in consolidated net sales by 18 % to EUR 21.6 million (previous year: EUR 26.3 million) was primarily attributable to lower sales volumes of roundwood and veneer products, as well as delays in the shipment of sawn timber products from Gabon. The two largest business segments, PW Gabon and PW Amazon, generated sales of EUR 13.5 million (previous year: EUR 19.2 million) and EUR 5.6 million (previous year: EUR 5.1 million), respectively.
Further improvement in cost efficiency
The cost reduction measures initiated in the previous year were maintained, leading to a renewed positive impact on results in the reporting period. The ratio of production to sales was reduced from 64.9 % in the previous year to 51.0 %. The operating contribution increased to EUR 10.6 million (previous year: EUR 9.2 million). Personnel and operating costs were also further reduced as planned.
EBITDA
EBITDA amounted to EUR 0.8 million in the first half of the year, representing an improvement of EUR 1.7 million compared with the previous year. The EBITDA margin stood at 3.8 % (previous year: -3.3 %). PW Amazon achieved an EBITDA margin of 27.9 % (previous year: -13.0 %), with the prior-year period negatively impacted by one-off effects from inventory reduction. The EBITDA margin at PW Gabon was 2.1 % (prior year: 6.4 %), primarily due to declining sales of roundwood and veneer products. Depreciation and amortization at Group level amounted to EUR 2.2 million (previous year: EUR 2.7 million).
Financial and net result
The financial result stood at EUR -1.0 million (previous year: EUR -0.8 million). Interest expenses amounted to EUR 0.6 million, which was EUR 0.8 million below the previous year’s figure. Exchange rate losses had a negative impact of EUR 0.4 million on the result (previous year: EUR +0.6 million). Overall, the net result improved by EUR 1.9 million to EUR -2.6 million despite a decline in sales compared with the previous year. Excluding currency effects, the improvement amounted to EUR 2.9 million.
Balance sheet
Total assets amounted to EUR 115.5 million as of the reporting date (previous year: EUR 124.0 million). The inventories increased by EUR 0.9 million to EUR 11.8 million. Trade receivables amounted to EUR 7.5 million (previous year: EUR 11.3 million). Net debt stood at EUR 9.6 million, which was around EUR 40 million lower than the previous year (EUR 49.8 million), primarily as a result of the refinancing carried out in the 2024 financial year.
Cash flow
In the first half of 2025, a positive operating cash flow of EUR 0.4 million was achieved. Investments in property, plant, and equipment amounted to EUR 0.5 million and were mainly attributable to replacement purchases. Cash flow from financing activities amounted to EUR 0.8 million.