euro adhoc: Precious Woods Holding AG, Zug
Annual Reports /
Precious Woods Continues to Grow (E)
Disclosure announcement transmitted by euro adhoc. The issuer is responsible for the content of this announcement.
Precious Woods increased sales of timber products by 27% from USD 9,76 million in 2002 to USD 12,42 million in 2003. Net sales (after freight cost, harbour fees and other sales deductions) increased by 22% from USD 9,09 to USD 11,05 million. Net profit increased by 11% from USD 2,16 to USD 2,40 million. Gross margin increased by 19% and operating profit by 14%.
The 2003 net profit would have been significantly higher were it not for one-off charges relating to the plantations in Costa Rica: 52 hectares of poorly growing plots planted from 1995 to 1997 were written off and technical revisions to the valuation were implemented. Together these one-off effects reduced net profit by USD 0,5 million. In Brazil, the temporary lack of orders for pilings - accounting for approximately 20% of sales in prior years - had to be compensated by alternate products some of which did not yet yield a full margin.
Precious Woods has raised nearly CHF 2 million from institutional shareholders via a private placement making use of authorised capital. Together with the ongoing availability of lines of credit recently renewed, the ongoing expansion of Precious Woods is assured. 600 hectares of pastureland were recently purchased for reforestation in Nicaragua and the program to purchase further forests in Brazil continues.
Precious Woods is optimistic for 2004. The growth of plantations in Central America is good and will lead to an increasingly growing profit contribution from this business unit. The start of 2004 has been the best ever also at Precious Woods Brazil.
end of announcement euro adhoc 28.04.2004
Kontakt:
Precious Woods Holding AG, Zug
Dr. Andres Gut, CEO
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