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Precious Woods Holding Ltd.

euro adhoc: Precious Woods Holding AG, Zug
Quarterly or Semiannual Financial Statements
Precious Woods continues to expand; Expansion activity and currency effects impact profits (E)

Disclosure announcement transmitted by euro adhoc. The issuer is
responsible for the content of this announcement.
In the first 9 months of the current year Precious Woods increased
gross revenue by 31% versus prior year from 5.7 million USD to 7.5
million USD. The operating result fell by 16% from 918 thousand USD
to 772 thousand USD. One-off translation losses due to the
devaluation for the Brazilian Real against the US Dollar led to a
decrease of the net result from 978 thousand USD to 487 thousand USD.
 Precious Woods Pará is not included in the prior year results.
Precious Woods Amazon has completed several important expansion
projects in the current year temporarily impacting earnings, which
will lead to increased profits in future. A closed down veneer
slicing mill was acquired at an exceptionally low price and put into
operation in record time. The growing small wood parts operation was
relocated from the saw mill to this new facility. The new wood chip
fired electrical generating plant started operations; it provides
60000 inhabitants with electrical energy replacing 20 diesel
generators at the local utility. Precious Woods Pará doubled its saw
mill capacity and has also installed a small parts manufacturing
line. Precious Woods Costa Rica expanded the teak plantations by 400
ha or 450000 trees.
Overall, Precious Woods continues down the long-term expansion path,
through which the group intends to significantly grow sales and
profits. The forest area which is protected from deforestation by
sustainable use has again been expanded by over 300 square kilometres
and Precious Woods now provides urgently required income for over
1200 employees in remote areas of Brazil and Costa Rica characterized
by  high unemployment.
end of announcement        euro adhoc 09.12.2002

Kontakt:

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

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