Precious Woods - Annual results 2007

Precious Woods achieves significant revenue growth

In 2007, Precious Woods increased total operating income by 68% to USD 100.9 million from USD 59.9 million in the prior year. Net sales of timber and electricity increased by 112% to USD 91.4 million from USD 43.1 million. USD 41.5 million of this increase originated from the Gabon operations acquired in April 2007 and USD 6.8 million was due to organic growth.
Revenue from emission rights decreased to USD 3.5 million from USD 11.4 million in 2006 – latter included significant retroactive one-off revenue from emissions rights and is thus not comparable. The net change in fair value of biological assets in Central America increased to USD 6.0 million from USD 5.4 million. All figures given above for 2007 are preliminary and un-audited – the final results including statement of income will be published in April.

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