euro adhoc: Precious Woods Holding Ltd.
quarterly or semiannual financial
statement
Precious Woods in Period of Growth
Disclosure announcement transmitted by euro adhoc. The issuer is responsible for the content of this announcement.
6-month report
10.09.2007
The half-year results demonstrate that Precious Woods continues to grow strongly. Compared to the same period a year earlier, total operating income was up 69%, from USD 25.0 million to USD 42.4 million. Net income amounted to USD 5.1 million versus a loss of USD 2.1 million in first half of 2006. In the second quarter, the recently acquired Gabon-based companies already contributed substantially to the increase in turnover and net income. Precious Woods Europe performed better than expected. Precious Woods Central America's result was in line with our forecast, whereas our Brazilian subsidiaries did not meet expectations. Revenues from emission rights and the generation of electricity were impacted by the shutdown of the power plant in Itacoatiara which lasted several weeks. Details are available in the Half-Year-Report which may be accessed at www.preciouswoods.com
Statement of Income
in USD millions June 30, 2007 June 30, 2006
Operating income 42,4 25,0 Gross profit 12,1 3,4 Profit from operating activities 5,4 -2,1 Net income after minority interest 5,1 -2,1
Further, the transition contract which is a prerequisite for the forest harvest at Precious Woods Pará has been signed last week. This will allow the harvest to commence this week - albeit with a significant delay. This is important for the second semester expectations. The delayed harvest will significantly impact the results of Precious Woods Pará in the third quarter - Precious Woods Europe will also suffer from the lower volume of timber supplied. However, in spite of this, the original profit expectations for the Precious Woods Group as a whole should be met or exceeded in 2007.
Precious Woods is an international company active in the 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 SWX Swiss Exchange since March 2002. Further information about Precious Woods is available at www.preciouswoods.com.
end of announcement euro adhoc 10.09.2007 06:30:00
Kontakt:
Precious Woods Holding AG, Zug
Dr. Theodor Scheidegger, CFO
Tel. 41 1 245 80 10
mailto:office@preciouswoods.com
Branche: Forestry & Timber
ISIN: CH0013283368
WKN: 982280
Index: SPI
Börsen: SWX Swiss Exchange / official dealing