Precious Woods Holding AG:
(firmenpresse) - (EQS Group-Media / 18.09.2013 / 06:23)
INCONSISTENT FIRST HALF-YEAR 2013 OF PRECIOUS WOODS
Zug / Zürich, 18 September 2013 - The Precious Woods Group did not achieve
its objectives for the first half-year 2013. The turnover decreased by USD
4.3 million or 18% on the previous year. Despite further cost reductions
the operating result EBITDA on Group level is slightly worse by USD -2.1
million, mainly due to the loss of the positive effect (USD 2.3 million)
from the divestment in BK Energia.
While PW Amazon shows a considerable operational improvement (from USD -3.3
to -1.4 million) promising even further potential, PWEU's result (USD -1.3
million; USD 0 million in the previous year) was influenced by a further
decline in FSC-markets in Benelux countries and is therefore a real
disappointment. The first half-year has also been disillusioning for PW
Gabon with an EBITDA of USD 0.5 million (previous year: USD -0.4 million):
continuing logistical challenges and an extensive maintenance program for
all industrial facilities at PW led to a dampened result. Irrespectively,
the comprehensive FSC audit was mastered with good success in the reporting
year. The segment Carbon&Energy had a positive development: by obtaining
the CER certification the CER-productions 2010-2013 could be activated and
were partially sold. The half-year result after depreciation, interest and
taxes shows a loss of USD -7.6 Mio (previous year result USD -7.9 Mio).
In order to improve liquidity the board and management have decided to
participate in the possibility of subscribing to the specially reserved
capital as previously approved by the general assembly. Board and
management wand to set a sign. Furthermore, negotiations with interested
shareholders are currently being held to replace the repaid convertible
loan in the amount of CHF 2 million.
The Group expects an improved result for the second half-year: The harvest
season has started at PWA in June, and the comprehensive measures to
increase productivity in Gabon will have an effect on the figures. The
management is strengthened by Stéphane Glannaz, who brings many years of
experience to the group. He will be in charge of all Sales and Trading
activities of the Group and will implement the sales strategy accordingly.
Further information and the complete half-year report can be found at
www.preciouswoods.com.
Information:
Precious Woods Holding AG, Jacqueline Martinoli, Head of Finance /
Communications,
Tel. +41 44 245 80 15, Fax +41 44 245 80 12, media(at)preciouswoods.com
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. The generation of emission
rights and electricity from wood waste represent further integral elements
of the company's business. Additional information about Precious Woods can
be found at www.preciouswoods.com
This document includes forward-looking statements that reflect the
Company's intentions, beliefs or current expectations and projections about
the Company's future results of operations, financial condition, liquidity,
performance, prospects, strategies, opportunities and the industry in which
it operates. Forward-looking statements involve all matters that are not
historical fact. Such statements are made on the basis of assumptions and
expectations which, although the Company believes them to be reasonable at
this time, may prove to be erroneous.
End of Corporate News
+++++
Additional features:
Document: http://n.equitystory.com/c/fncls.ssp?u=MGQQKCVVUF
Document title: PWH Media Release
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Issuer: Precious Woods Holding AG
Key word(s): Finance
18.09.2013 This Press Release was distributed by EQS Schweiz AG.
www.eqs.com - news archive: http://switzerland.eqs.com/de/News
The issuer is responsible for the contents of the release.
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Language: English
Company: Precious Woods Holding AG
Militärstr. 90
8021 Zürich
Switzerland
Phone: +44 245 81 21
Fax: +44 245 80 12
E-mail: media(at)preciouswoods.com
Internet: www.preciouswoods.com
ISIN: CH0013283368
Valor: 982280
Listed: Freiverkehr in Berlin, München, Stuttgart; Frankfurt in
Open Market
End of News EQS Group-Media
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230752 18.09.2013
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