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Precious Woods Holding Ltd.

euro adhoc: Precious Woods Holding AG, Zug
Annual Reports
Precious Woods continues to be successful in 2002 (E)

Disclosure announcement transmitted by euro adhoc. The issuer is
responsible for the content of this announcement.
Sales of timber products increased from 9,21 in 2001 to 9,76 million
USD (+6%) in 2002. Net gain from the change in fair value of the
plantations in Costa Rica increased from 2,12 million to 2,51 million
USD in the same period. The operating profit of the group increased
from 1,06 million USD to 2,47 million USD (+134%) and net profit
increased from 1,45 to 2,16 million USD (+49%). Shareholders’ equity
amounted to 84% of total capital in 2001 versus 88% in the prior
year. Precious Woods created more than 300 new jobs in areas
suffering from high unemployment. All details are discussed in the
annual report which has been sent to shareholders and has been
published in the internet at www.preciouswoods.com.
The impressive improvement of the operating results is primarily due
to the higher gross margin, which increased from 1,11 to 2,51 million
USD (+141%). This is a result of the ongoing initiatives to increase
yield and productivity at all levels of the manufacturing processes.
The devaluation of the Brazilian currency also contributed to lower
manufacturing costs during the second half of the reporting period.
The comparatively modest sales growth must be seen in the context of
the prior year during which the gross sales volume grew by more than
80%. Operating cash flow decreased from +218 thousand USD to -897
thousand USD due to one-off increases in current assets such as
inventories resulting from the expansion of manufacturing, a more
complex supply chain and the acquisition of a veneer factory
(formerly Carolina Industriá Ltda.).
The year 2003 has started off well. At Precious Woods Brazil, first
quarter production, sales and cash flow are significantly higher than
2002 and within budgets for the long-term expansion of the group’s
activities. In Costa Rica, teak plantations which had achieved only
slower growth in the years 2000 and 2001, are now clearly recovering.
Precious Woods Amazon took advantage of two excellent opportunities
to significantly  expand the forest area. Overall, Precious Woods
expects sales and profits to again increase in 2003.
Precious Woods was founded in 1990 in Costa Rica where more than 20
valuable species of trees, primarily teak, are planted to reforest
abandoned pasture land. Since 1996 Precious Woods Amazon has
pioneered the sustainable management of existing forests in Brazil.
Sustainable management means that no more wood is harvested than
naturally grows back in the harvest period. The forests are protected
from clear cutting and slash and burn clearing. The local labour
force is provided with permanent jobs. All Precious Woods business
units are certified according to the standards of FSC (Forest
Stewardship Council). The timber is processed in two saw mills and
processing plants and marketed world wide.
end of announcement        euro adhoc 28.04.2003

Kontakt:

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

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