euro adhoc: Precious Woods Holding AG, Zug
quarterly or semiannual financial
statement
Nine-month results for 2005 and nomination of a CEO
Disclosure announcement transmitted by euro adhoc. The issuer is responsible for the content of this announcement.
04.12.2005
Business in the first nine months of 2005
Net sales of timber and electricity in the first nine months amounted to USD 11.21 million, 1.5% below the previous years level. At USD 1.25 million, consolidated net profit was 45% lower than for the same period last year. Precious Woods has reported on several occasions that the currency situation is very unfavourable for labour-intensive operations exporting from Brazil. As a result of currency translation, costs at Precious Woods were 25% higher than last year. Furthermore, wages in Brazil rose by around 20%. Higher prices have not been sufficient to compensate for these increases. The lack of a harvesting permit resulted in a serious decline in sales at subsidiary Precious Woods Pará. Because of delays from the Brazilian authorities, the harvesting permit has still not been issued. For these reasons, the result for the fourth quarter and the 2005 year as a whole is also expected to be poor.
Nomination of a CEO
The Board of Directors of Precious Woods has elected Dr Andreas Heusler (54) as the new CEO. Starting 1 January 2006, Dr Heusler will replace the Executive Committee that had been responsible for the operational management of the Group since 1997. All members of that committee will remain active in the PW Group. Dr Heusler has an academic background in economics and business. He held important positions at Swiss Bank Corporation and worked for the Brazilian subsidiary of Ciba-Geigy before joining the Holcim Group, where he went on to head their Colombian and Venezuelan subsidiary.
More information on the nine-month results, our new CEO and other developments can be found in our December letter to shareholders, which can now be downloaded from our website, www.preciouswoods.ch, or ordered in printed form from the address below.
Precious Woods (SWX: PRWN) is active in the reforestation and sustainable management of tropical forests, downstream wood processing and trading of FSC certified timber and non-timber forest products. The shares of Precious Woods have been listed on the SWX Swiss Exchange since March 2002. More information about the company and its activities may be found on the website www.preciouswoods.com.
end of announcement euro adhoc 04.12.2005 17:30:00
Kontakt:
Precious Woods Holding AG, Zug
Dr. Theodor Scheidegger, CFO
Tel. 41 1 245 80 10
mailto:office@preciouswoods.ch
Branche: Forestry & Timber
ISIN: CH0013283368
WKN: 982280
Index: SPI
Börsen: SWX Swiss Exchange / official dealing