euro adhoc: Precious Woods Holding AG, Zug
Annual Reports /
Precious Woods achieves USD 3.3 million net profit in 2004 and
targets acquisitions - capital increase planned
Disclosure announcement transmitted by euro adhoc. The issuer is responsible for the content of this announcement.
22.04.2005
Precious Woods increased its net profit by 99% from USD 1.671 million in 2003 (restated) to USD 3.332 million in 2004. Without the effect of restatements according to IFRS, the net result would have improved by 39%. Operating profit improved by 33% from USD 3.373 to USD 4.495 million on a net sales increase of 40% from USD 11.1 million to USD 15.5 million.
Further, Precious Woods has recently entered into fundamental agreements regarding three strategic acquisition and expansion projects:
1. The Group intends to acquire 80% of the wood fired power plant located on the premises of Precious Woods Amazon. In addition to the provision of electrical energy, this new subsidiary - Precious Woods Energia - is expected to sell Co2 emission rights. 2. Agreement has been reached with Ecobrazil, to acquire 125'000 ha of forest adjacent to that of Precious Woods Amazon. 3. A Letter of Intent was entered into regarding the acqusition of A. van den Berg BV, the long term distributor of Precious Woods in Europe and 50% co-owner of the joint subsidiary Precious Woods Pará.
Following the summer, Precious Woods intends to conduct an extraordinary general shareholders meeting to decide upon the capital increase necessary to finance the projects.
Precious Woods (SWX: PRWN) is active in the reforestation and sustainable management of tropical forests, downstream wood processing and trading of FSC certified timber and non- timber forest products. The shares of Precious Woods have been listed on the SWX Swiss Exchange since March 2002. More information about the company and its activities may be found on the web site www.preciouswoods.com.
end of announcement euro adhoc 22.04.2005 07:00:00
Kontakt:
Precious Woods Holding AG, Zug
Dr. Andres Gut, CEO
Tel. +41 1 245 80 10
mailto:office@preciouswoods.ch
Branche: Forestry & Timber
ISIN: CH0013283368
WKN: 982280
Index: SPI
Börsen: SWX Swiss Exchange / official dealing