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Precious Woods Holding Ltd.

EANS-Adhoc: Precious Woods: Sales growth of 17% despite difficult market conditions, drop of operational profit and extraordinary, non-recurring adjustments at year-end lead to a net loss for 2008

  ad-hoc disclosure transmitted by euro adhoc with the aim of a Europe-wide
  distribution. The issuer is solely responsible for the content of this
  announcement.
annual report
21.04.2009
The Precious Woods Group achieved in 2008 a total operating income of
USD 116.7 million. This corresponds to a growth of 17% compared to 
2007 (USD 99.8 million). With the elimination of currency effects the
increase is reduced to 10%. Sales of Gabonese round wood, of 
electricity in Brazil, as well as the revenue from emission rights 
and the increase in biological assets in Central America were 
satisfactory. However, sales of sawn timber and veneer failed to meet
expectations.
Demand for timber products in export markets weakened particularly in
the forth-quarter 2008 due to the consequences of the financial 
crisis and global economic downturn. The decline in sales mainly in 
Holland was caused by lower sales volumes and an increased pressure 
on sales prices. The operational contribution was furthermore 
adversely affected by a loss at the rotary veneer factory in Gabon, 
due to temporary production related issues. Local sales in Brazil on 
the other hand, performed well, showing an increase of 80%.
Extraordinary and non-recurring factors required at year-end 
significant adjustments of USD 9.2 million. These compromise 
essentially charges due to the cessation of operational activities in
the Brazilian state of Pará, as well as adjustments of inventories 
and intangible assets of Precious Woods Europe. The Group reports 
therefore a loss from operating activities (EBIT) of USD 10.0 
million. After an impairment value of USD 2.9 million for the 
investment in the Democratic Republic of Congo and the Group´s net 
finance expense of USD 3.2 million, the net loss (after tax) amounts 
to USD 14.5 million in 2008.
With the adjustments undertaken, Precious Woods strengthened the 
balance sheet and is therefore able to face the challenges of 2009 
and the difficult business environment with confidence. Detailed 
information can be found in the Annual Report 2008, which will be 
published today on www.preciouswoods.com.
Precious Woods will refrain from publishing quarterly financial 
figures in the future. The next half-year financial results of the 
Group will be published in September 2009.
Conference call for analysts, investors and media - Full Year Results
2008
The telephone conference will be conducted by Ernst A. Brugger 
(Chairman of the Board a.i.), Andreas Heusler (CEO) and Cornelia 
Gehrig (CFO). To participate in the conference please call in at 
least 5 minutes before the conference begins.
Wednesday, April 22, 2009
11.30 a.m. (CET)
Dial-in number: +41 52 267 07 07
PIN-Code: 938160
The conference will be held in German.
end of ad-hoc-announcement ==========================================
====================================== Precious Woods is one of the 
leading companies in the area of sustainable management and use of 
tropical forests. The company's core activities include reforestation
and sustainable management of tropical forests, timber processing and
the trading of FSC-certified timber products. The generation of 
emission rights and electricity from recovery wood represent further 
integral elements of the company’s business. The shares of Precious 
Woods Holding have been traded on the SIX Swiss Exchange since March 
2002. Further information about Precious Woods is available at 
www.preciouswoods.com.
end of announcement                               euro adhoc

Further inquiry note:

Patrick Mauron
Head of Corporate Communication
Precious Woods Holding Ltd.
Militärstrasse 90
CH-8021 Zürich
Tel.: +41 44 245 81 20
E-Mail: patrick.mauron@preciouswoods.com

Branche: Forestry & Timber
ISIN: CH0013283368
WKN: 982280
Index: SPI
Börsen: SWX Swiss Exchange / official dealing

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