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Precious Woods Holding Ltd.

euro adhoc: Precious Woods Holding AG, Zug
Quarterly or Semiannual Financial Statements
Precious Woods on track in first six months of 2002 (E)

Disclosure announcement transmitted by euro adhoc. The issuer is
responsible for the content of this announcement.
Precious Woods results were on track with budgets for the first half
year. Gross revenue increased to 3,516 million USD in the first
semester of 2002 from 3,275 million USD in the same period of the
prior year. Gains arising from the increase in the value of
plantations in Costa Rica amounting to 975 and 866 thousand USD
respectively are included in these figures. The fist half year 2002
closed with a loss of 133 thousand USD compared to a profit of 133
thousand USD in the prior year. Precious Woods Pará is not included
in the prior year results. For the full year Precious Woods expects a
significant year over year increase in sales and profits. The
favourable business developments are not adequately reflected in the
half year financial statements as several large orders manufactured
in the first semester will only be shipped and invoiced in the third
quarter. In addition, the devaluation of the Brazilian Real led to a
one-off translation loss of 169 thousand USD.
In Brazil where Precious Woods manages existing forests in a
sustainable manner, additional forests with a surface area of 30600
hectares have been purchased in the state of Pará. Due to the
purchase of additional forests in the prior year, the volume of wood
harvested will increase by about 60% in 2002. The processing capacity
has also been increased with the set-up of Precious Woods Industries
which includes a factory for sliced veneer and small wood processed
parts as well as the doubling of sawing capacity at Precious Woods
Pará. Precious Woods continues to benefit from the fortunate
situation that the majority of the products are already sold when
they leave manufacturing. Demand for FSC certified hardwood products
originating from sustainable operations continues to increase while
supply is constrained. In Costa Rica where former pasture land is
reforested with high value species (primarily teak) 330’000 trees
were planted and for the first time wood harvested from thinnings has
been exported to India.
end of announcement        euro adhoc 16.08.2002

Kontakt:

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

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