In the first half of 2021, Precious Woods sales amounted to Euro 27.2 million, and earnings before interest and tax (EBIT) amounted to Euro 3.5 million, or 13.0%. Sales growth was 17.6% over the same period of the previous year, and EBIT increased by Euro 4 million. This result was achieved despite a further increase in working capital of Euro 2.9 million.
In the first half of 2021, maintenance work was carried out in the sawmills in Gabon in May and in Brazil in June, which reduced industrial activity during those periods. The sawn timber volumes of all sawmills were 16.9% above the previous year. Operations in Brazil developed positively in line with expectations, and the exchange rate also developed to our advantage.
The Group's net result reached Euro 1.4 million (same period previous year: Euro –2.3 million). The generated cash flow was below expectations due to the capital tied up in inventory. Debt decreased by Euro 1.6 million from the end of the previous year, mainly due to the CHF/EUR exchange rate.
Precious Woods is an international company active in the sustainable management and use of tropical forests. The company’s core activities include sustainable management of tropical forests, timber processing and the trading of FSC-certified timber products.
