I N T E G R A T E D R E P O R T
Working on the sustainable blueprint
for forests to flourish
2 0 2 1
MESSAGE FROM THE CEO
ABOUT THIS REPORT
ABOUT WOODBOIS
OUR BUSINESS MODEL
THE CAPITALS
APPENDIX & REFERENCES
63
Appendix &
References
3
4
6
Message from the CEO
About this report
A B O U T W O O D B O I S
Company overview
Vision, mission and values
Origins of Woodbois
2021 in brief
Substantial shareholders
Organisational structure
Governance
The Board as of May 2022
Our commitment
Our stakeholders
Materiality Analysis
30
T H E C A P I T A L S
Financial capital
Human capital
Aligning to international best practices
Inclusion
Health and safety
Grievances
Whistleblowing procedure
Our people
Contributing to the community
Manufacturing capital
Assets overview
Operations in Gabon
Trading
Intellectual capital
Code of Conduct
Forest management in Gabon
Management plan: how it works
Relational and social capital
Responsible trading & sourcing
Due diligence process
Traceability and transparency
Engaging with local communities
19
O U R B U S I N E S S M O D E L
Vertically integrated value chain
Value Creation
Forestry: the bigger picture
Forestry in Africa
Forests and climate change
Woodbois’ balanced approach
Risks and opportunities
Creating value
Strategic priorities
Natural capital
Transparency
Forest management and climate change
Waste management
Use of chemicals
Firefighting
Minimising the impact of logging roads
The forest products value chain as an example of a circular economy
Enhancing our impact
FSC Certification
Reforestation and carbon credit division
Our reforestation efforts in Mozambique
C O N T E N T
2
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MESSAGE FROM THE CEO
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ABOUT WOODBOIS
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THE CAPITALS
APPENDIX & REFERENCES
M E S S A G E F R O M
T H E C E O
In the last few years, Woodbois has found a very particular
and unique positioning within the timber industry. We have
demonstrated that traditional metrics of business success,
such as financial performance and positive numbers, are
entirely achievable alongside meaningful action for a more
In 2022, we intend to build on our growing success with
a continued focus on environmentally-sound practices,
active partnerships with governments and industry, and the
generation of meaningful benefits for all of our stakeholders,
from our investors to the people and communities where we
sustainable future for people and planet.
operate.
Indeed, we anticipate 2022 to be another record year with a
positive cash flow, further double-digit growth, and significant
planned headway in our carbon division. We have reviewed
our commercial and operational strategy, focusing on
increasing sales into European and North American markets,
and we have an ambitious plan for additional veneer capacity
which will lead to production increases from Q3 onwards.
The entry into the carbon credit market will also play a
major role in our future growth. With more than 5,200 of
the world’s leading companies committed to achieving
net-zero by 2050 as part of the Race to Zero campaign, the
outlook for Woodbois has never looked more positive. All
stakeholders can be proud of the positive impact we have on
the communities in which we work.
Yours sincerely,
Paul Dolan
It is no secret that the forestry sector is rife with challenges, and
yet, proper and responsible forest management is essential to
the future of humanity. We have always aspired to be an active
player in finding solutions that promote balance, and invest a
great deal of talent, energy and money into developing our own
sustainable blueprint for forests to flourish. The establishment
of our Carbon Division and its tireless efforts to launch its first
reforestation project in Gabon is just one example of this.
I am very proud, then, that this year marked Woodbois’ first
positive EBITDA. This achievement is all the more notable
given the challenges of COVID-19 and the ongoing constraints
imposed by the global shipping situation. It is a testament to
our ability to adapt and reorganise.
Much of our success has been driven by our collaborative
relationship with the Gabonese government. Open, constructive
conversation is the norm here, which has enabled important
progress in all areas of forest management. Indeed, Gabon
is one of very few countries to have set clear guidelines for
carbon project development and carbon rights. The climate
ordinance released last year is evidence of the country’s strong
will to work with responsible private sector partners to protect
and restore valuable natural capital. Leveraging this strength,
Woodbois intends to replicate its strategy in other West
African countries. At COP26 I was able to speak to government
representatives from many of these countries, and I’m excited
about the potential for additional afforestation projects.
We have always aspired to be an active player
in finding solutions that promote balance,
and invest a great deal of talent, energy and
money into developing our own sustainable
blueprint for forests to flourish.
3
WOODBOIS LTD | Integrated Report 2021 MESSAGE FROM THE CEO
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APPENDIX & REFERENCES
A B O U T T H I S
R E P O R T
I N T E G R A T E D R E P O R T I N G < I R >
This Woodbois Integrated Report aims to provide
an overview of our strategy, performance and future
outlook in relation to material financial, economic,
social and governance issues. The report also
addresses value creation considerations for investors
and all key stakeholders.
- The time frame considered is the 2021 fiscal year
(ending 31 December 2021) for information relating to
the reporting aspects, while the prospective framework
The Integrated Reporting approach:
• Explains how an organisation creates, preserves or erodes value
over time to all stakeholders.
• Aims to provide insight about the resources and relationships
used and affected by an organisation – these are collectively
referred to as the capitals (financial, manufactured, intellectual,
human, relational and social, and natural capital).
• Reinforces the importance of integrated thinking within an
organisation. This consists of analysing the relationships
between the operating units and functions of an organisation, as
well as the capital it uses or influences.
• Facilitates an integrated decision-making process and actions
aimed at creating value in the short, medium and long-term.
refers to the upcoming three-year period (2022-2024).
This report is referring to the UN SDGs and the GRI standards.
- This report is based on the principles proposed by
All disclosures made in this report are governed by the AIM
the International Integrated Reporting Framework
regulation on reporting. Information on Economic Indicators
() and published by the International Integrated
provided in this report is therefore restricted and we advise
Reporting Council (IIRC). As such, the report contains
investors and other stakeholders to consult the financial statements
information that is both financial and non-financial in
available on our website: https://www.woodbois.com/investors.
nature. Some of the information in the report refers
to the standards set by the Global Reporting Initiative
(GRI) and the Sustainable Developments Goals (SDGs)
of the United Nations.
4
We hope you find this report
informative and we encourage
you to share your feedback,
thoughts and views with us via
email at info@woodbois.com
WOODBOIS LTD | Integrated Report 2021
MESSAGE FROM THE CEO
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APPENDIX & REFERENCES
“
The world’s forests sequestered about
twice as much carbon dioxide as they
emitted between 2001 and 2019. In other
words, forests provide a “carbon sink” that
absorbs a net 7.6 billion metric tonnes of
CO2 per year, 1.5 times more carbon than
the United States emits annually."
Research published in Nature Climate Change
5 WOODBOIS LTD | Integrated Report 2021
5
WOODBOIS LTD | Integrated Report 2021 MESSAGE FROM THE CEO
ABOUT THIS REPORT
ABOUT WOODBOIS
OUR BUSINESS MODEL
THE CAPITALS
APPENDIX & REFERENCES
A B O U T
W O O D B O I S
6
WOODBOIS LTD | Integrated Report 2021
MESSAGE FROM THE CEO
ABOUT THIS REPORT
ABOUT WOODBOIS
OUR BUSINESS MODEL
THE CAPITALS
APPENDIX & REFERENCES
C O M P A N Y O V E R V I E W
Woodbois manufactures and distributes sustainable African
Woodbois has developed a sustainability strategy to define
hardwoods and hardwood products to customers around
its core priorities and commitments which are used to align
the world. Founded in 2004, Woodbois is listed on the AIM
company actions with the UN Sustainable Development
section of the London Stock Exchange, one of the world’s
Goals (SDGs) and with the London Zoological Society’s
leading growth markets for small and mid-cap companies.
Sustainability Policy Transparency Toolkit (SPOTT). SPOTT
Woodbois sustainably manages over 156,000 hectares
has ranked the company sixth among more than 100 global
of natural forest concessions in Gabon and over 328,000
timber and pulp producers and traders with a score of 71.6%
hectares in Mozambique.
compared to a 23.6% average.
On 6 August 2021, the Group acquired 100% of the shares and
The company’s established network of African hardwood
voting interests in La Gabonaise des Forêts et de l'Industrie
suppliers and global buyers comprises over 50 different
du Bois (LGFIB). Through the acquisition of LGFIB, the Group
suppliers in Western Africa – 90% of which are concentrated
acquired 71,000 hectares of forest concessions in Gabon.
in the Congo Basin – and almost 300 customers across 60+
This additional hectarage, which is located within 100km of
countries.
our manufacturing base in Mouila, will provide the increased
levels of sustainably harvested timber required as additional
In 2021, Woodbois established its carbon division with the
production capacity comes online at our sawmill and veneer
aim of developing a project implementation model that can
factory. No harvesting has taken place during the 2021
simultaneously deliver environmental, social and economic
financial year in the newly acquired concession and therefore
value. Within a 12-month period, the team has made significant
the acquisition of LGFIB has not materially contributed to the
progress towards initiating a maiden project, which will entail
consolidated revenue and profit for the period.
a large-scale assisted natural regeneration scheme in the
south of Gabon, designed to introduce indigenous forest to
In Gabon, Woodbois operates a 13-hectare sawmill and a five-
an area currently occupied by low-value grasslands.
hectare veneer factory in Mouila, capital of the Ngounié region
in the south of the country. Both sites are located within 70km
of the forest concessions, which are issued for 20-year terms.
In Mozambique, Woodbois’ five-hectare bushmill is located in
Uape, in the Zambezia Province in the North of the country.
7
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E M P L O Y E E S T A T I S T I C S
TOTAL
415
M E N
325
(78%)
W O M E N
90
(22%)
P R O D U C T S
P R E D O M I N A N T S P E C I E S
Sustainable hardwood products
(Lumber, Veneer, Plywood)
manufactured at our own facilities or
sourced from vetted and sustainably
compliant third-party suppliers
- Okoume
- Padouk
- Okan
485,373 ha
of forestry concessions
Mozambique - 328,898 ha
Gabon - 156,475 ha
337,460 ha
(83%) are
operational forests
16,233 ha
(4%) are conservation
area
I N T E R N A T I O N A L P R E S E N C E
& countries of operations
UK: Office
Denmark: Global trading headquarters
Gabon: Natural forest concessions on
20-year renewable licences located within
70km of sawmill and veneer factory
Mozambique: Natural forest concessions
on 25- to 50-year renewable licences
Mauritius: Operational headquarters for
Treasury, Forestry and Trading
South Africa: Office (finance function)
100%
of our third party
timber supply is
traceable
8
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V I S I O N M I S S I O N
& V A L U E S
W H O W E A R E
Our approach to sustainability lies in the constant search for balance. Starting with ourselves, we question
things that are out of balance and propose solutions to help counterbalance the current state of things. This
constant ‘balance-seeking’ mode is part of our culture and our vision of the world.
O U R V I S I O N
By taking meaningful action and seeking solutions internally and
externally, we strive to achieve a balanced forest management
system that serves as best practice for the whole forestry
industry. We intend to do this by thoroughly and consistently
implementing the ‘Woodbois Balance Blueprint’.
O U R M I S S I O N
The world is out of balance, forests are out of balance, carbon
emissions are out of balance. Our mission is to become a role
model in forest management by redressing the balance.
O U R V A L U E S
F L O U R I S H I N G
F O R E S T S
Woodbois approach
Sustainable approach
D E V A S T A T E D
F O R E S T S
O U R A P P R O A C H T O F O R E S T R Y :
T H E B A L A N C E D F O R E S T
B L U E P R I N T
We know that real balance is difficult to achieve and
maintain, and must be continually searched for.
It’s our way of thinking and doing things, looking
at all aspects of forest management and wood
P E O P L E
R E S P O N S I B I L I T Y towards our stakeholders, people and planet
production. It’s the reason why Woodbois has been
E C O N O M I C S
W O O D B O I S
N A T U R E
P A S S I O N for positive impact
I N T E G R I T Y in our choices
T R A N S P A R E N C Y throughout our operations
9
so successful in Gabon. It’s our blueprint, and can
be applied anywhere in the world.
We ask ourselves every day, what is out of balance?
Are our operations efficient? Are we doing enough
for nature? Are we making money? Are we taking
care of our people? We constantly search for
balance.
I N S T I T U T I O N S
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O R I G I N S O F W O O D B O I S
Obtala listed on the
London Stock Exchange
(AIM market)
A P R I L
2008
Business refocused on
forestry, timber transformation
and timber trading
2016
Company name changed
from Obtala Ltd to
Woodbois Ltd
M A R C H
2019
2007
A U G U S T
Obtala incorporated in
the United Kingdom
2008-2012
Development
of agricultural sector in
Tanzania and forestry in
Mozambique
2017
M AY
Acquisition of
WoodBois International
(WBI)
2021
M A R C H
Establishment of new
Carbon Division, focused
on implementing large scale
afforestation and reforestation
projects to generate carbon
credits for the voluntary carbon
market.
10
10
WOODBOIS LTD | Integrated Report 2021
WOODBOIS LTD | Integrated Report 2021 MESSAGE FROM THE CEO
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2021
Y E A R I N B R I E F
Turnover increased by 14% to $17.5m
(2020: $15.3m)
First year of positive EBITDAS of $1.0m
(2020: loss $1.7m)
Gross profit increased by 186% to $3.5m
(2020: $1.2m)
Sawmill capacity in Gabon increased to 30,000m3
output per annum
Significant gross profit margin increase to 20%
(2020: 8%)
Acquisition of additional 71,000 hectares
of forestry concession land in Gabon
28,000m3
Volume of logs
harvested
16,965m3
Volume of timber
produced
14,227m3
Volume of
Woodbois' timber
traded (logs, veneer,
sawn timber)
(52.05% growth vs 2020)
20,200m3
Volume of third-
party timber traded
(logs, veneer, sawn
timber)
17%
% of women part
of the board
67
clients served
#6
Ranked number
six in SPOTT’s ESG
policy transparency
assessments for
timber and pulp
34,427m3
Volume of timber
traded including
third-party and
Woodbois (logs,
veneer, sawn timber)
(3.42% growth vs 2020)
2
forest management
units
S A L E S B Y R E G I O N
48.89%
South/South East Asia
TOTAL ($)
17,570,457
15.26%
North Africa
5.04%
East Asia
9.75 %
Europe
8.81%
Middle East
11.25%
North & Central America
2021
11
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MESSAGE FROM THE CEO
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S U B S T A N T I A L
S H A R E H O L D E R S
O R G A N I S A T I O N A L
S T R U C T U R E
The Company has been notified that the following have, at the date
Woodbois Limited’s organisational structure reflects our history and operational
of this report, an interest in 3% or more of the issued voting ordinary
footprint. Our production, processing and manufacturing operations are based in
share capital of the Company:
Gabon (Woodbois Gabon) and Mozambique (Argento Mozambique). Woodbois
International and WoodGroup are the group’s trading companies.
N A M E
Number
of 1p ordinary
shares
Percentage
of the issued
share capital
Rhino Ventures Limited *
401,000,000
19.98%
Lombard Odier Asset Management
(Europe) Limited
329,199,065
16.40%
Premier Miton Group Plc
174,950,389
8.72%
MCM Investment Partners SPC -
MCM Sustainable Resource SP
75,625,000
3.77%
Sparta Premier S.A.
100,000,000
4.98%
P Dolan (CEO)
75,400,032
3.76%
* M Pelham, former Chair, is the beneficial owner of Rhino Ventures
Limited, which is the owner of 63.16% of the non-voting shares in the
Company.
12
C O M P A N Y S T R U C T U R E
W O O D B O I S L I M I T E D
(Listed PLC)
A R G E N T O LT D
Mauritius
W O O D B O I S S E R V I C E S
London
Timber trading
WoodGroup
Copenhagen
Timber trading
Argento
Mozambique
Timber production
WoodBois
International (WBI)
Copenhagen
Timber trading
Woodbois
Gabon
Timber production
WOODBOIS LTD | Integrated Report 2021 MESSAGE FROM THE CEO
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G O V E R N A N C E
In line with the Company’s commitment to enhance its
corporate governance framework, the role of Chair and CEO
has been split, with Paul Dolan serving as full time Chief
Executive Officer and Graeme Thomson as Non-Executive
3. Take into account wider stakeholder and social
responsibilities, and their implications for long-term
success. Woodbois is in a unique position to bring a
positive impact to Africa’s economic transformation,
social development and environmental management
through our operations and the responsibility for our
Chair. In addition, David Rothschild was appointed to the role
sustainability strategy lies with our Board.
of Independent Non-Executive Director in November 2021.
David serves as a member of the Audit, Remuneration and
4. Embed effective risk management, considering both
Nominations Committees.
The Board has adopted the Corporate Governance Code
produced by the Quoted Companies Alliance (QCA).
We set out how the Group complies with the QCA Code
below.
1. Establish a strategy and business model that promotes
long-term value for shareholders. Capital allocation
must be both performance and potential driven, and
investment will only be forthcoming for strategies that
can demonstrate significant return to shareholders over
time.
opportunities and threats, throughout the organisation.
The forestry and timber trading business involves a
high degree of risk. Our approach to risk management
is set out in the Annual Report for the year ending 31
December 2020.
5. Maintain the Board as a well-functioning, balanced
team led by the Chair. The Board is responsible for
establishing the strategic direction of the Group,
monitoring the Group's trading performance and
appraising, and executing development and acquisition
opportunities. The Company holds a minimum of six
Board meetings per year at which financial and other
reports are considered and, where appropriate, voted on.
for the benefits of diversity on the Board, including
gender. The Nomination Committee is also responsible
for succession planning.
7. Evaluate Board performance based on clear and
relevant objectives, seeking continuous improvement.
The internal evaluation of the Board, the Committees and
individual Directors is seen as an important next step in
the development of the Board.
8. Promote a corporate culture based on ethical values
and a laser sharp focus on behaviours. The Company
is committed to complying with all applicable laws
and best corporate governance practices, wherever we
operate. It is a core aspect of our mission to act with
integrity in all of our operations. The Board expects all
employees to comply with both the letter and spirit of the
law and governance codes.
9. Maintain governance structures and processes that are
fit for purpose and support good decision-making by
the Board. The Company is committed to high standards
of corporate governance. Both Management and the
Board are dedicated to implementing best practices as
6. Ensure that between them, the Directors have
the Company grows.
2. Seek to understand and meet shareholder needs and
expectations. Shareholders play a key role in corporate
governance, with our Annual General Meeting for
shareholders offering an opportunity to exercise their
decision-making power in the Company. Our Executive
Directors and our Investor relations officer act as contact
points for shareholder updates and wider liaison.
the necessary up-to-date experience, skills and
capabilities. The Nominations Committee oversees
the requirements for and recommendations of any new
Board appointments to ensure that it has the necessary
mix of skills and experience to support the Company’s
ongoing development. Any appointments made will be
on merit, against objective criteria and with due regard
10. Communicate how the Company is governed and
is performing, by maintaining a dialogue with
shareholders and other relevant stakeholders. The
Company encourages regular communications with its
various stakeholder groups and aims to ensure that all
communications concerning the Group’s activities are
clear, fair and accurate.
13
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T H E B O A R D A S
O F M A Y 2 0 2 2
PAUL DOL AN
CEO
HEN RY TURC AN
Non-Executive Director
Paul held senior management positions at Barclays, DE
Henry is a representative of the funds managed by Lombard
Shaw and Nomura prior to joining Woodbois in 2016. Paul
Odier. Henry has worked in financial services since 1996,
has consistently built award-winning, world-class teams
with a focus on equity capital markets. He has spent the
employing technology to manage substantial pools of
majority of his career advising growth companies within
The following matters are reserved for the Board:
• Overall Group strategy
human and financial capital across a diversified group
investment banking.
of asset classes, ranging from fixed income and equity
• Approval of major capital expenditure projects
derivatives to forestry.
• Approval of the annual and interim results
• Annual budgets and revisions thereto
• Approval of extraordinary activities (M&A)
C ARN E L GE DD ES
CFO
G RAEM E THOM SON
Senior Independent Non-Executive Chair
Graeme is a Fellow of the Institute of Chartered Accountants
Carnel is a dual-qualified chartered accountant in the UK and
in England and Wales, and has been a public company
South Africa, and is also a certified fraud examiner. During
director for many decades, as a CEO, CFO/Company
a 15-year career at the global audit, tax and advisory group
Secretary, and as a Non-Executive. He has a wide variety of
BDO, Carnel served as Director of Forensic Services at BDO
commercial UK and international experience.
London and Partner of BDO Cape Town. She has been a
Director and Board Member of Pomona, the largest South
African pomegranate farm company, since 2008.
H AD I GH OSS EIN
Deputy Chair
DAVI D ROTHSCHI LD
Independent Non-Executive Director
As a senior manager and adviser, David has a wide range
of experience in growing businesses and improving their
Based in Gabon, Hadi has 25 years of experience managing
performance. He has been active in the African resource
forestry operations, including full ownership of a forestry
and agricultural sectors over the past 20 years, including as
business. He previously served as a diplomat, travelling
co-developer of a Liberian green-field sustainable palm oil
extensively across Africa, as well as owning various trading
operation, and as advisor on environmental and social action
and real estate companies. Hadi is fluent in Arabic, French,
planning. He has also been actively involved in governmental
Portuguese and English and holds Gabonese citizenship.
and NGO relations and was an early steering committee
member of the High Carbon Stock Approach Group, which
ensures responsible development. A French speaker with
over 40 years’ experience in international business –
including six years at consultancy McKinsey & Co – he is a
dual national of the USA and South Africa, and holds both
B.Com and MBA degrees.
14
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O U R
C O M M I T M E N T
Woodbois strives to bring an increasing
range of social and environmental
benefits to our communities on both
a local and national level. At the heart
of our strategic growth objective
is a particular focus on regional
employment opportunities and skills
development.
We are committed to providing a safe environment for
Sustainability sits at the core of everything we do.
all staff and parties for which we have responsibility.
Our company believes that protecting whistleblowers
As well as strictly adhering to responsible forestry
guidelines set out by relevant governments, and by
is integral to safeguarding public interest, promotes a
actively engaging with local communities, we strive to
culture of accountability and integrity in both private
demonstrate sustainable leadership within our industry
and public institutions, and encourages individuals to
with bold targets designed to protect our natural
report corruption, misconduct and fraud. We believe
that a person raising concerns should be supported
and protected against reprisals, and Woodbois will not
environment. Woodbois is committed to creating net
zero CO2 emissions from its combined activities and
aims to achieve a balance between the greenhouse
tolerate the victimisation or adverse treatment of any
gases it produces and the amount it is able to
employee who has raised a concern.
sequester from the atmosphere by 2035.
Woodbois is committed to ethical and fair conduct, as
Woodbois is committed to transparency and the clear
well as the prohibition of corruption, including bribery
articulation of all of its objectives. Our strong internal
and fraud. We work to uphold these commitments by
accountability mechanisms have been designed to
implementing the corporate best practices outlined
effectively implement commitments as well as ensure
in SPOTT, and adhering to definitions and guidelines
that outcomes are measured and communicated
published by leading international organisations.
efficiently.
We ensure that this ethos is integrated throughout the
entirety of our operations by conducting due diligence
before establishing new business relationships with
any suppliers (this process is described in this report’s
‘Responsible production and trading’ section). We
systematically inform third parties of our policies so
they are aware of our standards and expectations,
and we will terminate partnerships or avoid them
altogether if third-party companies cannot guarantee
acceptable standards for wood procurement, which
are verified by our legality audits.
15
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O U R
S T A K E H O L D E R S
16
WOODBOIS LTD | Integrated Report 2021
Holistic approaches to achieving more sustainable
States, which conducts research and provides
production and consumption practices are emerging.
policy support on forest-related issues, connecting
These approaches incorporate systems-thinking,
knowledge to action.
business model innovation and the circular economy.
Tackling sustainability issues will therefore involve
taking different stakeholder perspectives into
Also in 2021, Woodbois joined ATIBT6, the trade
association representing and defending the interests
account and collaborating across the value chain.
of those in the private tropical forest sector, and
These perspectives include those from investors,
applied to become member of UFIGA (Union of
local communities, high-level representatives from
Foresters and Industrialists of Gabon), a professional
international organisations, local governments,
union created in 2003 with the sole purpose of
industry experts, suppliers, customers, end-consumers
studying and defending the economic, material and
and NGOs.
moral interests of its members exercising forestry
activities.
Our ongoing pursuit of sustainable accreditations
led to our engagement with PPECF1, the Programme
for the Promotion of Certified Exploitation of Forests
Our shareholder commitment translates to direct
on-the-ground action. We regularly engage with our
(Programme de Promotion de l'Exploitation Certifiée
suppliers to align policies and commitments towards
des Forêts). The objective of the PPECF is twofold:
increased transparency and sustainability. We also
one, to prevent the loss of certification in companies
already certified, and two, to support the third-party
regularly engage with our employees to collect their
feedback to help us create a positive, safe and healthy
certification process. Through this programme
COMIFAC2 (Commision des forêts d’Afrique
Centrales) and German state-owned development
work environment that provides development and
growth opportunities. The remote communities in
which we operate are deeply dependent on forests
bank KfW offer forestry companies support until
– understanding their needs, supporting their
their initial certification audit. Once this is completed
development and helping local causes is core to our
they are better positioned to more easily meet the
requirements of the European Timber Regulation3
(EUTR).
We've also continued our partnership with Congo
Basin Forest Partnership (CBFP)4, and in 2021 we
joined forces with the European Forest Institute (EFI)5
an international organisation established by European
business.
One of Woodbois’ largest shareholders, Lombard Odier,
recently announced a new Natural Capital Strategy7,
developed in partnership with the Circular Bioeconomy
Alliance8, to invest in companies that utilise the
renewable aspect of nature with a core focus on the
timber sector. This Natural Capital Strategy is in line
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O U R S T A K E H O L D E R S
I N V E S T O R S
L O C A L C O M M U N I T I E S
L O C A L G O V E R N M E N T S
S U P P L I E R S
C U S T O M E R S
I N T E R N A T I O N A L O R G A N I Z A T I O N S
E N D - C O N S U M E R S
I N D U S T R Y E X P E R T S
N G O ' S
with Woodbois’ plans. The company has developed
a five-layer approach to making sure our business
objectives are aligned with the Circular Bioeconomy
Alliance’s proposal:
1. Certification for natural forest through Legal
Source (LS) and Forest Stewardship Council (FSC)
2. Expand production capacity and forest under
management
3. Reforestation in the form of plantation or natural
forest alongside partners
4. Reduce timber waste by utilising as much raw
material as possible, by upcycling or recycling our
waste through energy generation or new markets
5. Capital expenditure to move further down the
timber value chain
We have also recently partnered with World Forest ID9
to build a science-based identity and origin catalogue
for our Gabonese concessions, which will enhance the
traceability of our timber products. The collaboration
is in its early stages, but is set to include a range of
technologies including mass spectrometry, digital
imaging and stable isotope ratio analysis that will
provide irrefutable confirmation of species identity and
origin.
17
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M A T E R I A L I T Y
A N A L Y S I S
In Integrated Reporting, a matter is material if it can
substantively affect the organisation's ability to create
value in the short, medium and long term. The process
of determining materiality is entity-specific and based on
industry, multi-stakeholder perspectives and other factors.
A materiality analysis is an exercise that identifies a
company’s critical Environmental, Social and Governance
(ESG) issues. It engages with internal and external
stakeholders to build a full and accurate picture of all
organisation issues and then uses these insights to
define core business priorities, guiding both strategy and
communication.
Woodbois followed this approach as part of our last
annual Sustainability Report, where we worked on defining
the organisation’s material matrix. This year, we submitted
our materiality survey to a wider range of stakeholders
to have them validate our results from the previous year.
The relevant issues for Woodbois were identified using the
SASB Materiality Map10, which analyses the operational
performance of companies in various industries, including
the construction material and forestry sectors.
18
Environment
Social capital
Human capital
Business model and innovation
Leadership and governance
Legal harvesting
Transparent supply chain
Responsible sales & marketing
Protection of land
Developing local economies
Health & safety at work
S
R
E
D
L
O
H
E
K
A
T
S
Climate change mitigation through
sustainable forest management
Training & education
Wages & benefits
Biodiversity
Economic value generated
& distributed
Equal rights & conflict resolution
Sustainable & high quality products
Efficient use of resources
Financial assistance
Soil & water safety
Energy usage
Greenhouse gas emissions
W O O D B O I S
Our analysis followed these steps:
1.
2.
Identify and prioritise the relevant issues
Identify internal and external stakeholders
3. Design a materiality survey
4. Launch the survey and start collecting insights
5.
Identify the critical issues and develop a materiality matrix
6. Define a sustainability strategy based on material priorities
7. Set long- and short-term KPIs and improvement goals
As a result of this process, the most
important issues have been identified
and are represented in the Woodbois
2021 materiality matrix.
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O U R
B U S I N E S S
M O D E L
19
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V E R T I C A L L Y
I N T E G R A T E D
V A L U E C H A I N
100% of the wood harvested is
P R O C E S S E D
L O C A L L Y
T R A N S P A R E N C Y
Every single tree has an
identification number and can be
tracked through a GPS code
100%
C A R I N G F O R
P R O T E C T E D S P E C I E S
0% of the trees harvested are listed
as protected or endangered
20
WOODBOIS LTD | Integrated Report 2021
T
N
E
M
E
G
A
N
A
M
E
T
S
A
W
F O R E S T O P E R A T I O N S
-
Inbound logistics
- Management plan
-
Inventory
- Log harvesting
- Distribution
- Log tracking
S A W M I L L
Mozambique | Gabon
- Planks production
- Quality controls
- Packaging
INTERNALLY PRODUCED PRODUCTS
- Veneer sheets
- Quality controls
- Packaging
V E N E E R
F A C T O R Y
Gabon
S
T
C
A
R
T
N
O
C
S
T
C
A
R
T
N
O
C
Woodbois caters to customer
specifications, including the last
steps of the value chain, by delivering
high quality, internally and externally
produced timber and timber products.
EXTERNALLY PRODUCED PRODUCTS
T R A D I N G
B U S I N E S S
N
O
I
T
U
B
I
R
T
S
I
D
- Quality control
- Legal documentation
- Transport to the port
- Shipping and transport documentation
-
Invoicing
- Delivery
- After-sales customer service
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“
For today’s value-minded executives,
creating value cannot be limited to
simply maximising share prices.
Rather, the evidence points to a
better objective: maximising a
V A L U E
C R E A T I O N
As investors and end customers become
progressively concerned about social impact,
climate change and corporate responsibility,
companies are facing increasing scrutiny and
are expected to be held accountable for their
business practices. It is therefore vital that a
business strives to create value – social and
environmental, as well as financial – across its
operations, both now and in the long-term. As
McKinsey notes in its report, The Value of Value
Creation,
company’s value to its shareholders,
“Investing for sustainable growth
now and in the future.
The Value of Value Creation. McKinsey11
should and often does result in
stronger economies, higher living
standards, and more opportunities for
individuals.”
21
WOODBOIS LTD | Integrated Report 2021
T H I S I S T H E V A L U E W E W A N T
T O D E L I V E R .
According to the Integrated Reporting framework,
the value a company creates, preserves or
erodes has an impact on two levels: on the
company itself, which affects capital return for
investors; and on society at large. Given this,
investors evaluate companies based on these
two value streams (i.e. identifying whether a
company can create value for a broader range
of societal stakeholders while also creating
value for itself). A wide range of activities,
interactions and relationships can have an impact
on the interrelation between these two value
streams. When these interactions, activities, and
relationships are material to a company’s ability
to create value for itself, they are included in the
Integrated Report.
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F O R E S T R Y :
T H E B I G G E R
P I C T U R E
Deforestation is increasing, with last year seeing a
particularly steep rise: at least 42,000km2 of tree
cover was lost in key tropical regions. According to
data from the University of Maryland and the online
monitoring platform Global Forest Watch, this loss
was well above the average for the last 20 years.
In total, 12.2 million hectares of tree cover were
lost in the tropics in 2020, an increase of 12% on
2019.12
Forests are of critical local and global importance.
They are home to some 70% of the world’s plant
and animal species, including the pollinators
essential to the sustainability of our food systems.
Forests play a central role in the equilibrium
of delicate ecosystems that supply water to
communities and plants for medicines, and –
crucially – they are the planet’s largest carbon
sinks, absorbing and sequestering CO2 from the
atmosphere and helping to mitigate the worst
effects of climate change.
B U T F O R E S T S A R E U N D E R T H R E A T
C L I M A T E C H A N G E
While forests help to mitigate the impact of climate change,
they are themselves at risk of its consequences. These include
destruction by wildfires and storms, as well as devastation by
invasive species encouraged into the area due to temperature and
precipitation changes.
I L L E G A L L O G G I N G
Illegal logging is responsible for the destruction of swathes of
forest, leaving behind areas of land so badly affected that natural
regeneration is no longer possible. This practice also contributes to
biodiversity loss, conflicts with indigenous and local populations,
corruption and both human and animal rights abuses.
P O P U L A T I O N G R O W T H
It is projected that the world’s population will reach nearly 10 billion
by 2050. This will put extreme strain on resources provided by
forests, including natural materials for manufacturing and land
mass for increasing urbanisation.
“
The functioning and management
of forests are critical efforts to
reduce climate change, and reduce
the net GHG emissions into the
atmosphere.
22
WOODBOIS LTD | Integrated Report 2021
Forest Research
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F O R E S T R Y I N
A F R I C A
The forestry sector in Africa is fragmented. Much of
the deforestation caused by logging is the result of
unsanctioned forest clearing outside of regulated
concession areas. Combined with the formal market,
logging in Africa is therefore dominated by thousands of
small-scale producers that are largely isolated from global
end markets. This isolation means producers often view
the forest and its resources as a short-term means to
an economic end (often driven by poverty), rather than a
long-term asset requiring best practice sustainability and
conservation efforts.
G A B O N B E L I E V E S I N I T S F O R E S T S
Despite Africa’s wider challenges, Gabon has emerged as a
leader in sustainable forestry. In June 2021, Gabon became
the first African country to receive payment for protecting
its rainforest by reducing carbon emissions. The UN-backed
Central African Forest Initiative (Cafi) is a $150 million
programme first negotiated in 2019.14 The first payment
of $17 million represents just 0.1% of Gabon’s annual
GDP, however the initiative has been widely praised as an
important first step in strengthening rainforest protections
and maintaining Gabon’s efforts in this area. The rest of the
$150 million will follow in the coming decade.
The Gabon Government believes that careful, managed
logging is a vital component of these protections. In
G A B O N 1 3 is home to some 23.5 million hectares of forest
partnership with The Nature Conservancy, Gabon has tested
Local timber suppliers also face challenges in the form
area, which represents 87% of the country’s total area. All of
RIL-C (reduced impact logging for climate), which permits
of high costs related to certification and management
the Gabonese forest areas are owned by the state, though
the cutting of just one or two trees per hectare, with 25-year
capacity, creating an obstacle to identifying companies
some are managed by private concessionaires or rural
breaks to allow areas to recover. Forecasts suggest this will
that meet their sustainability requirements. This is only
communities exercising their customary rights, while some
help reduce logging emissions 50% by 2030 and maintain
compounded as timber changes hands. This traceability
remain protected as national parks.
low deforestation and forest degradation, even as timber
problem can ultimately result in the manufacturing of end
products sourced from forestry operations contributing to
deforestation.
Gabon faces a relatively low rate of forest loss at 0.12% per
year, with an average degradation rate of 0.09%. Deforestation
is a result of small-scale agriculture and urban development,
while the main causes of forest degradation are industrial
mining and illegal logging in opened-up areas.
production grows.15
This is the balance that Woodbois strives for. As Gabon's
Forests Minister Lee White said in November, “There has
to be a fair deal for Gabon. And we believe the fair
deal does involve sustainable forestry. If you do it
right, you keep the forest. If you do it wrong, you
lose the forest.” 16
23
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W O O D B O I S '
B A L A N C E D
A P P R O A C H
Achieving the UN Sustainable Development Goals (SDGs)17
by 2030 will require the implementation of a circular econo-
my, better use of renewable resources, and the regeneration
and sustainable management of natural systems.
F O R E S T S &
C L I M A T E C H A N G E
This ‘wedding cake’ model of the SDGs highlights the
connectivity of a functioning biosphere and a healthy
society. Without one it’s hard to have the other. And
without either of these we can’t create an economy
• Forests help stabilise the climate. They regulate
that can be truly sustainable.
At the centre of all of these
interrelationships and systems is
the need for partnerships.
ecosystems, protect biodiversity, play an integral
part in the carbon cycle, support livelihoods, and
can help drive sustainable growth.
• To maximise the climate benefits of forests,
we must keep more forest landscapes intact,
manage them more sustainably, and restore more
of those landscapes which we have lost.
• Halting the loss and degradation of natural
systems and promoting their restoration have
the potential to contribute over one-third of the
total climate change mitigation scientists say is
required by 2030.
International Union for Conservation of Nature (IUCN)]
24
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Woodbois recognises the role it must play in
advocating for sustainable forest management if
we’re to ensure the longevity of these important
natural environments. We are committed to
demonstrating positive leadership in this area,
and doing so brings about a wealth of social,
environmental and business opportunities, both
for us as a company, and for the wider population.
In engaging with the SDGs, our aim is to drive
the sustainable development of Africa while
embracing the continent’s move towards higher-
value-adding activities. This includes creating
new and better job opportunities in secure work
environments where skills development and equal
opportunities are encouraged.
Leading the way in aligning our sustainability strategy
with the SDGs is Hadi Ghossein, who oversees
Woodbois’ sustainability practices on a day-to-day
basis, and our Reforestation and Sustainability
Manager in Mozambique, Eng. Macedo Uachuacho,
who graduated from Eduardo Mondlane University in
Forestry Engineering and has 12 years’ experience in
the field working with different government entities and
NGOs. In 2021, we also welcomed Richard Feteke, who
oversees forest management in Gabon and is managing
E N V I R O N M E N T A L P R E S E R V A T I O N ( S D G 1 3 , 1 5 )
Managing forests sustainably not only mitigates the direct
climate impact of wood procurement, but can be conducted in
such a manner as to facilitate additional carbon sequestration, to
the benefit of the global community.
L E A D E R S H I P A N D C U L T U R E ( S D G 8 , 1 0 )
Sustainable forestry depends on the ample provision of
training and development opportunities. This investment
in employees helps to promote loyalty and motivation,
while creating a culture of ethical practice that will
contribute to a wider respect – and therefore protection
– of forests.
S O C I A L I M P A C T ( S D G 8 , 1 0 )
Sustainable forest management means respecting the rights
of local communities, and positively contributing to their
development and wellbeing.
E C O N O M I C G R O W T H ( S D G 8 , 9 , 1 2 )
Suppliers, consumers and stakeholders are increasingly
demanding sustainable credentials in the companies they do
business with. Those that choose to conduct business in a
manner that overlooks environmental factors will ultimately be
G L O B A L P A R T N E R S H I P S A N D
K N O W L E D G E S H A R I N G ( S D G 1 7 )
Woodbois’ inherent relationship with the environments
inextricably linked to the climate crisis (forests) means
that through partnerships with government and other
institutions we have a significant role to play in bolstering
other industries’ sustainability initiatives.
Woodbois’ LegalSource and FSC certification process.
at a significant competitive disadvantage. The more people that
advocate for sustainable forestry, the fewer opportunities there
will be for those engaged in unethical practices.
25
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R I S K S &
O P P O R T U N I T I E S
Forestry and timber trading involves a high degree of technical, political, regulatory and
environmental risks, as well as financial risk. Woodbois takes a prudent approach to manage
these risks in line with its corporate objectives.
R I S K S
O P P O R T U N I T I E S
• Rise in forest maintenance and harvesting costs
• Process optimisation and implementation of circular
• Price pressure and increased demand for low cost
products not necessarily sustainable
•
Increased transportation costs
solutions to reduce cost and dependency on production
inputs
• Making sustainability part of the company's DNA and
narrative, creating an opportunity to be recognised as
• Operational disruption due to environmental, political and
an ethical supplier, partner and employer
social events
•
Satisfy the demand of Africa’s growing population with
• Operational disruption due to technical production issues
affordable and sustainable building material solutions
or health and safety incidents
• Reputational damage due to unsustainable or unethical
practices related to its own activities or those of its
suppliers
• Competitive advantage through state of the art
equipment and advanced risk management
•
Launch new forest conservation and reforestation
projects by leveraging the company’s unique position in
• Degraded soil or land due to deforestation, erosion or
forestry to diversify into the carbon offset market
climate change
•
Financial risks related to market pricing, liquidity, interest
rates and credit
26
WOODBOIS LTD | Integrated Report 2021
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ABOUT WOODBOIS
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OUR BUSINESS MODEL
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THE CAPITALS
APPENDIX & REFERENCES
APPENDIX & REFERENCES
I N P U T
Cash generated by
operations, divestments,
debts and equity finance
2 sawmills,
7 kilns,
1 veneer factory,
100 suppliers,
Trading network
Relationship with a broad range
of stakeholders: institutions,
local communities, regulators,
shareholders, investors and
suppliers
Diverse team
Experienced and highly
motivated leadership and local
teams
Property and licenced
technologies
Skills and experience
156,000 hectares of concessions
on 20-year renewable leases in
Gabon
328,000 hectares of concessions
in Mozambique on 25-50 year
leases
Third party timber
Water and energy used in
production and transportation
C R E A T I N G V A L U E
O U R V A L U ES
R I T
U
B
INTE G
Y
N
I
S
PA
E S S A C T IVITIE
S
S
S
I
O
N
Trading of responsibly sourced
hardwood and hardwood products
Forest protection
and conservation
Harvesting, logging, production of
hardwood and hardwood products through
our vertically integrated value chain
M A T E R I A L I S S U E S
• Economic value generated and distributed
• Training and education
• Financial assistance • Health and safety at work
• Wages and benefits
• Efficient use of resources
• Equal rights and conflict resolution
• Sustainable and high quality products
• Legal harvesting
• Responsible sales and marketing
• Climate change
Y
C
N
E
R
A
P
S
N
A
R
T
R
E
S
I
L
I
E
N
C
E
• Developing local economies
• Biodiversity
• Protection of land (soil and water safety)
• Greenhouse gas emissions
• Energy usage
RESP O N S I B I
T
I
L
Y
O U T C O M E S
Revenues
Paid taxes
Investments on facilities and
training
Investment in facilities and
training
Wood harvested
Logs produced
Logs traded
SPOTT ranking
Traceability project
No. of employees
Fatalities
New hirings
O U T P U T
Products
Hardwood and
hardwood products
produced and traded
Areas of
concessions
harvested
Resources used to
power our operations
and for our trading
business
Emissions
Total CO2 emissions
Trainings
Code of conduct
Ha of protected forests
Reduction in GHG emissions
CO2 stored in our concessions
Waste to energy
Resources used to power our
operations and for our trading
business
C A P I T A L S
S D Gs
Financial Manufactured Relational Human Intellectual
Natural
27
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S T R A T E G I C
P R I O R I T I E S
Fulfilling the potential of sustainable forestry in Africa18
Our strategic priorities define how Woodbois intends to
depends on a number of factors, including regulation,
mitigate and manage risks and maximise opportunities,
management, a focus on local production and the promotion
and demonstrate our commitment to environmental, social
of intra-African trade. As an operator in a very fragile
and governance (ESG) best practice. Our impact on each
industry, environment and region, Woodbois is committed to
capital will be monitored and presented annually through the
running its business in a way that takes these considerations
company’s integrated report.
into account. The Forest Sector SDG roadmap19 , as well
as the SPOTT framework, have been used as references to
define our strategy and commitment to sustainable forestry.
28
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C A P I T A L S
M A T E R I A L I S S U E S
S T R A T E G I C P R I O R I T I E S
S D G
-
-
-
-
-
-
Financial
Manufacturing
Relational
Economic value generated
and distributed.
Financial assistance.
1. Maximise value of raw material input through a programme of
continuous improvement of efficiency.
2. Better assess and pursue M&A opportunities.
Economic value generated
and distributed.
Financial assistance.
1. New machinery and equipment investment to drive down
manufacturing costs and optimise the use of resources.
2. Minimise dependency on fossil fuels by using renewable energy
and implementing circular solutions.
Responsible sales and
marketing.
Developing local
economies.
1.
Invest in long-term partnerships with selected timber suppliers
embracing the same ethical and sustainability principles.
2.
Invest in services and facilities for local communities.
3. Develop strong relationships with local administration and
Government.
4. Strengthen sales efforts with local clients to drive core business
development.
- Wages and benefits.
-
-
Training and education.
Health and safety at
work.
Human
1. Make the health and safety of all employees a key priority.
Invest in continuous professional and personal development.
2.
3. Ensure fair compensation, diversity and inclusion, and proactively
fight any kind of discrimination.
4. Further empower women in employment within local communities.
-
-
-
-
-
-
-
Intellectual
Natural
29
Equal rights and conflict
resolution.
Legal harvesting.
1. Leverage leadership role-modelling to live up to the value of
integrity and transparency.
2. Ensure ethical conduct and anti-corruption best practices are in
place.
3. Ensure labour rights are fully met.
Climate change.
Biodiversity.
Protection of land (soil and
water safety).
Greenhouse gas emissions.
Energy usage.
1. Protect forests from illegal harvesting.
2. Preserve animal habitats and biodiversity.
3. Employ soil and peat management best practices.
4.
5. Align forest management practices with FSC standards and achieve
Integrate activities to enable transition to net zero emissions.
full certification in Gabon.
More information on our approach to sustainability is available in our Sustainable Forestry Policy, available on our website.
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F I N A N C I A L C A P I T A L
M A N U F A C T U R I N G
C A P I T A L
INTEL LECTUAL
CA PITAL
SOCIAL &
RELATIONSHIP
CAPITAL
HUMAN
CAPITAL
N A T U R A L C A P I T A L
T H E
C A P I T A L S
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F I N A N C I A L
C A P I T A L
M A T E R I A L
I S S U E S
S T R A T E G I C
P R I O R I T I E S
-
-
Economic value generated and
distributed.
Financial assistance.
1. Maximise value of raw material input through
a programme of continuous improvement of
efficiency.
2. Better assess and pursue M&A opportunities.
We cannot drive a responsible business without healthy
economic growth, and this cannot happen without
the personal and professional development of our
employees, as well as adequate salaries to support
their families and subsequently drive the growth of
their local communities. On a wider scale, our work
must also drive the growth of African countries, which
represent a large potential market for many businesses
operating in different industries.
Woodbois’ operations generate and distribute economic
value to the countries in which we operate. The communities
we work in are typically quite remote and many are
subsistence economies. As such, our continued presence
and work in these communities are determining factors in
their ability to evolve and grow economically. Our vertically
integrated value chain ensures that 100% of Woodbois’
products are processed in Africa, elevating productivity,
creating new opportunities for skills development, advancing
local processes, and ultimately bringing these countries
international exposure through the export of locally-produced
products, and not just raw materials.
The Company improved on all measures of
financial performance in 2021, increasing
turnover by 14% and making significant progress
by more than doubling gross profit margins,
near trebling gross profit and a first-ever positive
EBITDAS. Volumes shipped during 2021 were
constrained by worldwide port congestion and
difficulties in accessing empty containers which
impacted our cash generation and working
capital, particularly in Q4.
$1,000,000
invested in new infrastructure and
equipment such as bulldozers,
loaders and a second line veneer
$100,000
invested in management plans
$75,000
invested in environmental licences
$ 40,000
invested in HSE equipment for PPE
Gross profit
$3.5m
(+86% vs 2020)
31
Gross profit margin increase
20%
First year of positive EBITDA of
$1.0m
(2020: loss $1.7m)
Zero
financial assistance from
governments
WOODBOIS LTD | Integrated Report 2021
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ABOUT WOODBOIS
OUR BUSINESS MODEL
THE CAPITALS
APPENDIX & REFERENCES
H U M A N
C A P I T A L
M A T E R I A L
I S S U E S
S T R A T E G I C
P R I O R I T I E S
- Wages and benefits.
Training and education.
-
- Health and safety at work.
1. Make the health and safety of all employees a key priority.
2.
3. Ensure fair compensation, diversity and inclusion, and
Invest in continuous professional and personal development.
proactively fight any kind of discrimination.
We recognise the value of our people. We are
Woodbois is committed to:
committed to their development, and their health and
• Respecting human rights including the rights of indigenous and local communities
safety is our top priority. We invest in the continued
• Gender inclusion i.e. supporting the inclusion of women across forestry operations
professional and personal development of all of our
• Providing essential community services and facilities
staff, we ensure fair compensation, diversity and
inclusion throughout the organisation, and we are
• Respecting worker and labour rights for both fulltime and contract employees, including the right to decent work and
freedom of association
proud to proactively fight any kind of discrimination.
• Preventing employment and occupation-related discrimination based on gender
• Paying at least the minimum wage
• Ensuring ethical and fair conduct, and fighting corruption
Woodbois' commitment to human rights and occupational health and safety applies to all suppliers.
415
Total number of employees
17%
of women in board positions
325
Men
78%
90
Women
22%
32
29%
of women in senior management positions
42
permanent employees working in the
production facilities
356
fixed-term and seasonal employees
working in the production facilities
WOODBOIS LTD | Integrated Report 2021 MESSAGE FROM THE CEO
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E M P L O Y E E W A G E S I N G A B O N A N D M O Z A M B I Q U E
Before April 2021, the minimum legal monthly wage in Mozambique was 4,600mt (73.6$)
and Woodbois paid its workers 6, 700mt (107.2$) a month at this time.
In April 2021, the minimum legal monthly wage in Mozambique increased to 7,450mt
(116$) and Woodbois increased its wage to this level. From July 2022, the government
in Mozambique will increase its monthly wage to 9,485 mt. Woodbois will then increase
its wage to comply with the country law. In Gabon, the minimum monthly wage (before
bonus and premiums) imposed by the government is 87,000fcfa (140$)and Woodbois
pays its employees 110,000fcfa (177$) per month.
A L I G N I N G T O I N T E R N A T I O N A L
B E S T P R A C T I C E S
Woodbois aligns to international best practices such as the Fundamental ILO Core Con-
ventions, ILO Code of Practice Safety and Health in Forestry Work, the UN Declaration on
the Rights of Indigenous Peoples, and the United Nations Declaration on Human Rights.
We are committed to extending these international best practices to all of our sourcing
and suppliers.
In the second half of 2020, the company began providing educational training around
issues such as:
• human and workers rights
• ethical conduct
• eliminating gender inequality within our workforce
In 2021, the company further formalised this process by hiring a dedicated ESG manager
(Richard Feteke) in Gabon, who will supervise this initiative.
Olivier Normand is Chief Operating Officer in Gabon.
Olivier has a Master's degree in aerospace engineering, is a Master in continuous
improvement and Lean 6 sigma, and has over 30 years' experience managing,
optimising and coaching performance improvement through the application
of standardisation and lean manufacturing techniques. Olivier reports directly
to the CEO and to the Gabon Country Head.
33
I N C L U S I O N
Woodbois pays female employees the equivalent of 100% of a male employee’s salary in Gabon
and Mozambique, which is above the national average (source: Gender Gap Africa). Woodbois
continues to be committed to reducing the wider industry gender pay gap and to supporting the
inclusion of women across all our forestry operations.
Our company is an equal opportunity employer, committed to driving inclusion and diversity
in the organisation wherever possible through recruitment, training, career development and
promotion.
Eliminating discrimination starts with dismantling barriers and ensuring equality of access to
training. We are committed to preventing employment- and occupation-related discrimination
based on gender, and believe this is an essential prerequisite for building resilient and socially-
minded economies.
We are also committed to keeping employees as fully-informed as possible with regard to the
Group’s performance and prospects, and seek their views, wherever possible, on matters which
affect them as employees.
Woodbois' commitments apply to all suppliers.
WOODBOIS LTD | Integrated Report 2021 MESSAGE FROM THE CEO
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H E A L T H & S A F E T Y
At Woodbois safety comes first. We are committed to ensur-
ing the safety of all of our employees, contractors and the
• Walk the talk’ leadership
• Consequence management
communities within which we operate.
• Engineering controls to eliminate risk
• Administrative controls to mitigate risk
Though coronavirus lockdowns again reduced shifts and the
• Post-incident root cause analysis and corrective actions
number of employees allowed at Woodbois manufacturing
• High quality, regularly-renewed PPE for all workers, adapted
sites during 2021, we took this opportunity to invest in up-
to individual roles
skilling and training, with a heavy focus on health and safety.
• First aid training and onsite nurses
• Regular medical check-ups
We also implemented continuous improvement initiatives
• Comprehensive safety information displayed in all areas,
and lean manufacturing processes with the idea of building
vehicles and on all machinery used
a culture where everyone is encouraged to contribute to
• The provision of a first aid kit to each work team
enhancing workplace safety and production efficiency.
• First aid training and fire safety sessions for all workers
• Systematic reminders of safety rules before entry to the site
The impact has been considerable – we have since set con-
secutive production records and consider our approach to
continuous improvement to be of a world-class standard.
We work hard to foster a culture of safety championed by
- 800 HOURS OF TRAIN IN G IN 202 1
all employees through a dedicated action plan and rigorous
- ZERO WORK- RELATED FATALITIES WE RE RECORDED
monitoring, including:
- 102 TO TAL LOST TIME INJU RIES IN THE WORKP LAC E
- 2 .67% TOTAL REC ORDABLE INJURY FRE QU ENC Y RATE (TRIF R)
34
Harvester team with their Personal Protective
Equipment / PPE
Reforestation team member in Mozambique
wearing PPE
WOODBOIS LTD | Integrated Report 2021 MESSAGE FROM THE CEO
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G R I E V A N C E S
Woodbois has an established company-wide grievance
framework that is accessible to both internal and external
stakeholders. It is our policy to ensure that all employees
have access to procedures to help deal with any workplace
grievances fairly and without unreasonable delay. This policy
applies to all employees.
The process comprises:
Local community
formulates grievance
Official letter from
legally elected
community leader
T H E S E G R I E V A N C E S
C O U L D R A N G E F R O M
P O T E N T I A L L A N D I S S U E S T O
C O M M U N I T Y C O N F L I C T S .
A grievance hearing
takes place between all
representative leaders
of the community at a
special sitting attended
by a senior management
representative of our
company
Community service
project created to address
grievance and best help
the whole community
The grievance is settled
and agreed upon, taking
stakeholder perspectives
into account
The company conducts
a thoughtful follow-up
of issues addressed and
projects implemented
with the community
W H I S T L E B L O W I N G
P R O C E D U R E S
• Employee becomes aware of any malpractice, and immediately reports it to their Line Manager
• The Line Manager notifies the Group Compliance Office (the Chief Financial Officer will act as
Woodbois’ Group Compliance Officer)
• The Line Manager is responsible for initially investigating all matters reported to them, in a prompt,
confidential and sensitive manner
• The Line Manager provides formal feedback to the employee and Group Compliance Officer of any
investigation conducted and the resulting actions taken
•
If the employee feels the matter has not been resolved to their satisfaction, they can raise their
concerns directly with the Group Compliance Officer
•
In instances where the employee does not feel comfortable reporting a potential malpractice to their
Line Manager, they are encouraged to raise any concerns directly with the Group Compliance Officer,
the Chairperson of the Audit Committee, or the Company Secretary, any of which will investigate the
matter promptly, confidentially and sensitively
• The whistleblower will usually be invited to attend an investigation meeting to discuss their concerns
• The Group Compliance Officer will provide formal feedback to the employee and Audit Committee of
the investigation, and resulting action will be taken
35
WOODBOIS LTD | Integrated Report 2021
MESSAGE FROM THE CEO
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THE CAPITALS
APPENDIX & REFERENCES
O U R P E O P L E
36
WOODBOIS LTD | Integrated Report 2021
J A C O B H A N S E N :
Copenhagen Office Director
Copenhagen-based Jacob has been with Woodbois since
the very beginning. “When we first started the company, we
applied to many banks for a loan and got a lot of rejection,” he
says. “One bank agreed to see us, and offered us a VIP parking
space in front of the premises for the meeting, but since
we were driving such an old car we decided to walk on foot
instead!” But, he adds, “we did get the loan”. His best business
advice? “Be patient and avoid ‘panic solutions’. You can’t solve
problems in a rush.” Jacob is proud of the success Woodbois
has seen since its beginnings in 2005: “Being named the
fastest-growing company by the Danish Stock Exchange and
being all over the papers was a big achievement.”
M E T T E B I R C H H O L D T :
Payments Controller
Copenhagen-based Mette has been with Woodbois for 14
years, initially joining the company because she wanted to
do something that made a difference. This ethos is reflected
in her commitment to cycling. Since 2008 she’s been cycling
six kilometres to the office and six kilometres back again.
“This should be more common,” she says. “Cycling is a great
alternative to petrol use.” Her goal for this year? “Try to keep
up with the inbox!”
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A L I N B O M A :
Veneer Sheet Sizing Technician
Gabon born-and-bred Alin has been
with Woodbois since 2009. “My
greatest achievement is staying
focused in this role – I was so
happy to celebrate 10 years with the
company back in 2019,” she says.
Her advice? “Always try to work on
something you enjoy.” Her goal for this
year is to build a house for her family.
A N J U L O C H E E :
Group Finance Manager
Mauritius-based Anju has been with
Woodbois since 2018 and is a big
believer in teamwork. “We must always
work as a team to achieve the best
results,” she says, adding that her
goal for this year is to work together
as a team to bring higher profits to
the company. She says that her best
achievement so far is consistently
meeting tight auditing deadlines with
zero audit adjustments.
A D R I A N O R A F A E L :
Company Administrator
Adriano is from Chokwe in the south of
Mozambique, and currently lives in Maputo
City. He joined Woodbois in October 2016 as a
logistics assistant. Now serving as company
administrator at Argento Mozambique, he says
he’s proud to have built such a strong 40-person
team which performs even more efficiently than
previously larger teams. He’s also very happy
that Argento Mozambique is among the five
best-ranked concessions in terms of operational
strategies and compliance. His best advice?
“Always listen before replying and spend less
to invest more – always keep sustainability in
mind.”
37
WOODBOIS LTD | Integrated Report 2021 MESSAGE FROM THE CEO
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C O N T R I B U T I N G T O
T H E C O M M U N I T Y
Woodbois is committed to supporting local businesses in order to make a valuable
contribution to the communities of Gabon. One such example is Woodbois’ very own
Picasso, real name Guy Christian Mabikais. Originally from Congo, Guy moved to
Gabon in 2001, and was made redundant from his job in 2016. Struggling financially,
he decided to embrace his passion and talent for art, and in 2017 began offering
his services as a road sign maker to local companies. A friend introduced him to
Woodbois, and by the end of 2021 Guy – subsequently baptised ‘Picasso’ by the
Woodbois team – was working full time for Woodbois as a contractor.
He’s since created
> 400 signs
for the company, and has enough work to
maintain a regular income all year long.
38
WOODBOIS LTD | Integrated Report 2021 MESSAGE FROM THE CEO
ABOUT THIS REPORT
ABOUT WOODBOIS
OUR BUSINESS MODEL
THE CAPITALS
APPENDIX & REFERENCES
M A N U F A C T U R I N G
C A P I T A L
M A T E R I A L
I S S U E S
S T R A T E G I C
P R I O R I T I E S
-
-
Efficient use of resources.
Sustainable and high
quality products.
1. New machinery and equipment investment to
drive down manufacturing costs and optimise
the use of resources.
2. Minimise dependency on fossil fuels by using
renewable energy and implementing
We take a proactive approach
• 0 chemicals and pesticides
The Group continued the roll-out of its strategic plan during 2021 with capacity at the
to investment in energy efficient
• 100% of the logs processed in Woodbois sawmills
sawmill in Mouila, Gabon, almost doubling to 30,000m3 of annual sawn timber output.
equipment in order to drive down both
come from company-owned operations
Value-adding capital projects have continued into 2022 with capacity at our veneer
costs and emissions, and we make
• Our productivity in 2021 increased by 88% in terms
factory in Mouila expected to more than double to an annualised output of 15,000m3.
the most of the plentiful renewable
of sawmill output, 86% in terms of veneer output
Significant challenges, most notably the ability to receive machine parts by sea freight,
resources available to us. We use
and 31% in terms of the volume of logs harvested,
have delayed completion of this installation: full commissioning is expected to be
wood, for example, to create circular
compared to 2020
completed by June 2022. The acquisition of an additional 71,000 hectares (of which
solutions that further meet our energy
• Acquisition of additional 71,000 hectares of forest
56,000 hectares has an existing approved management plan in place for harvesting)
requirements.
concession land in Gabon in the area of Yeno,
of valuable forest concession land in Gabon during 2021 will more than satisfy the
Mimongo.
additional raw material input requirements of these expanded production facilities.
Construction of new
manufacturing plants
Primultini bandsaw at sawmill commissioned at
the end of 2021. Second line veneer project to be
commissioned mid-2022 at the veneer factory.
Use of current
manufacturing plants
2
(the sawmill in Mozambique
was sold)
Introduction of non-native
or invasive species
0
Volume of logs
harvested
28,000m3
Harvesting intensity
ratio per hectare
3.74m3/ha
Volume of Woodbois'
produced timber
(logs, veneer, sawn timber)
Volume of third-party
timber traded
(logs, veneer, sawn timber)
Volume of Woodbois'
timber traded
(logs, veneer, sawn timber)
Volume of timber traded including
third-party & Woodbois
(logs, veneer, sawn timber)
16,965m3
20,200m3
14,227m3
34,427m3
39
Sawmills providing
third-party timber
supplies
42
Habitats protected
or restored
(Mozambique)
30ha
WOODBOIS LTD | Integrated Report 2021
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O U R F A C I L I T I E S
A S S E T O V E R V I E W
Woodbois’ Gabon facilities are located in Mouila, a small rural community
400km from the capital city. We are the largest formal employer and offer
local people skilled jobs with valuable development opportunities.
P R O D U C T I O N A S S E T S
C A P A C I T Y
S A W M I L L & K I L N
Sawmill - 2,500 m3 per month
Kilns - 2,000 m3 per month
V E N E E R FA C T O R Y
625 m3 per month
M I L L
Felling - 1000 m3 per month
Input - 1200 m3 per month
Output - 430 m3 per month
Coordinates: 1°52’19.0”S 11°01’22.4”E
Woodbois’ operations in Mozambique are located in Gile/Uape.
Coordinates: 16°09'36’’S 038°05’05’’E
N
O
B
A
G
E
U
Q
I
B
M
A
Z
O
M
40
WOODBOIS LTD | Integrated Report 2021 MESSAGE FROM THE CEO
ABOUT THIS REPORT
ABOUT WOODBOIS
OUR BUSINESS MODEL
THE CAPITALS
APPENDIX & REFERENCES
O P E R A T I O N S
I N G A B O N
With more than 156,000 hectares of forest under management,
Woodbois has been a significant player in the Gabonese
forestry sector for the last two decades. Woodbois has invested
significantly into its leading sawmill in Mouila, equipping it with
the latest European machinery suitable for African hardwoods,
and establishing solid training and development programmes to
broaden the skillset of the local workforce. For example, a Primultini
bandsaw was added to increase our processing capacity, enabling
us to cut long timbers of multiple sizes at the same time. We have
also hired industry-leading forestry professionals to advance this
site, and to move the company’s offerings further along the timber
value chain into products such as blockboard.
Our veneer factory was completed in 2019 as part of our expansion
plan and is also located in Mouila, just 50km away from our forest
concessions. A second line is planned for 2022 which will enable
us to triple our daily production and offer a wider range of products
to our customers. This will also bring at least 50 new employment
roles to the Mouila’s community. Production from the factory –
which employs a significant proportion of women – is exported
mainly to the Mediterranean region, with key buyers in Italy,
Morocco and Turkey.
Ms. Inssaf Aliazzi is the manager in charge of logistics and shipping
in Gabon.
41
WOODBOIS LTD | Integrated Report 2021 MESSAGE FROM THE CEO
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T R A D I N G
Woodbois responsibly sources and trades
20,200 m3 of timber sourced from
products from several international –
third-party supplying mills and traded,
mainly African – countries. The chart below
representing 59% of the total timber
shows the list of countries we source from.
traded (34,427 m3).
0.32%
Spain
$30,763
0.34%
Romania
$33,224
Suriname
$137,626
1.42%
T O T A L
$9,702,510
25.69%
Republic of Congo
$2,492,249
6.69%
Liberia
$649,317
11.41%
Ivory Coast
$1,107,144
3.15%
Ghana
$305,416
42
Cameroon
$1,636,407
16.87 %
Colombia
$203,729
2.10%
Equatorial
Guinea
$825,516
8.51%
Gabon
$2,281,119
23.51%
WOODBOIS LTD | Integrated Report 2021 MESSAGE FROM THE CEO
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I N T E L L E C T U A L
C A P I T A L
Our material issues – equal rights, conflict
resolution and legal harvesting – can
be addressed through the consistent
application of our three key priorities:
leveraging leadership role-modelling to live
up to the value of integrity and transparency;
ensuring ethical conduct and anti-corruption
best practices are in place; and ensuring
labour rights are met fully.
43
WOODBOIS LTD | Integrated Report 2021
M A T E R I A L
I S S U E S
S T R A T E G I C
P R I O R I T I E S
-
-
Equal rights and conflict
resolution.
Legal harvesting.
1. Leverage leadership role-modelling to live up to
the value of integrity and transparency.
2. Ensure ethical conduct and anti-corruption best
practices are in place.
3. Ensure labour rights are fully met.
C O D E O F
C O N D U C T
1 . S A F E A N D H E A L T H Y W O R K I N G C O N D I T I O N S
We commit to promoting and protecting the safety and
occupational health of our entire workforce above all other
priorities.
At Woodbois we are focused on providing a safe and
healthy workplace by ensuring that tools and equipment
are maintained in good order, and by supplying appropriate
personal protective equipment in accordance with
international standards and national laws.
All employees receive training to ensure they are competent
and fit to carry out allocated duties. This includes information
about risks and relevant control measures, procedures for
safe evacuations of buildings and workplaces, and correct use
of tools and machinery. We recognise that all staff have the
authority to halt work if they consider the action unsafe.
We strive to reduce the environmental impact of our global
operations and to help conserve natural resources by
planning and managing operations with a sustainability
focus.
We monitor and report our environmental impacts, and
ensure that all operations comply with environmental laws.
Our production team strives for continuous improvement
through waste minimisation, efficient resource use and other
measures that reduce our environmental footprint.
3 . L A B O U R A N D H U M A N R I G H T S
We support the United Nations’ Universal Declaration of
Human Rights.
We respect each individual's human rights and follow all
employment laws and regulations. We do not tolerate any
form of workplace discrimination, harassment or physical
assault, or any form of child, forced, or compulsory labour.
Employees are paid regular and competitive wages, and
Woodbois regularly invests in resources and training to
assist staff who want to develop their full potential.
2 . E N V I R O N M E N T
We commit to protecting and respecting the natural
environments in which we operate.
4 . H O S T C O M M U N I T I E S
We recognise the importance of community engagement
and shared prosperity.
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We engage with communities at all stages of project planning
and development to ensure that local opinions, feedback, and
concerns are properly recorded and addressed.
We believe it is possible to deliver real socio-economic impact
through our regional activities by developing infrastructure,
building local skills, and developing people.
5 . S U P P L I E R S , C U S T O M E R S A N D O T H E R B U S I N E S S
P A R T N E R S
We commit to fair and ethical relationships with suppliers,
customers and other business partners.
We endeavour to build long-lasting relationships based on fair
selection, clear terms of business, and adherence to shared
principles set out in our Code.
We follow established due-diligence procedures that enable
us to select business partners who meet legal requirements
and internal expectations in regards to product provenance,
supply chain safety and environmental impact.
Woodbois is committed to purchasing third-party timber only
where it is possible to ensure legal compliance of suppliers.
The company unreservedly condemns illegal logging and
irresponsible trade of endangered species.
6 . E Q U A L I T Y
We commit to creating an inclusive environment where every
colleague is valued.
At Woodbois, all employees are expected to treat each other
with care and respect. We strive to provide employees with
an environment where they can bring their whole self to work
regardless of gender, race, sexual orientation, age, religion or
disability.
and respect the rights of employees including the freedom of
association and collective bargaining.
and regulatory obligations for taxation arising from its
operations.
7 . B R I B E R Y
We stand against bribery and corruption.
It is not permitted for any Woodbois employee or
representative to give, offer or receive a bribe either directly,
indirectly, or through a third-party business in any dealings.
8 . T R A D E C O N T R O L S A N D S A N C T I O N S
We comply with all applicable trade controls and sanctions in
the regions where we operate and trade.
The export of timber goods is subject to a range of regulatory
requirements in different regions. Woodbois maintains
constant dialogue with relevant government and trade bodies
to ensure it satisfies registration requirements, export licence
needs, and all additional legal obligations.
Woodbois is conscious that governments and international
organisations may impose international trade sanctions on
countries where the company operates. We are committed to
complying with all trade sanction conditions.
9 . A C C U R A T E R E C O R D S , R E P O R T I N G A N D F I N A N C I A L
R E C O R D K E E P I N G
We commit to publishing accurate and transparent company
reports.
We endeavour to release regular operational, financial and
integrated reports for the benefit of company stakeholders.
Financial statements are produced in accordance with
International Financial Reporting Standards (IFRS) as
adopted by the European Union (EU).
We are committed to full compliance with external and
company reporting requirements, including those concerning
disclosure to tax authorities and reporting on the tax
payments that we make.
1 1 . P R O T E C T I N G A N D M A I N T A I N I N G A S S E T S
We recognise the importance of looking after our assets.
Employees are responsible for looking after company assets
including business opportunities, funds, property, proprietary
information, and personal equipment.
Employees must take steps to read and understand the rules
regarding unacceptable use of company IT resources and
comply with the relevant set of rules.
Woodbois only collects and holds personal information as
permitted by law and as is reasonably necessary to meet
business requirements.
1 2 . I N S I D E R D E A L I N G
We stand against insider dealing.
It is illegal to deal in Woodbois shares on the basis of inside
information or to encourage others to do so.
During the course of their work some employees will have
access to information which could influence someone
contemplating investing in Woodbois shares.
Employees are forbidden from using confidential company
information for personal gain, or from sharing inside
information for the same purpose.
We seek to reflect the diversity of the regions and
communities in which we operate within our own workforce,
1 0 . T A X
We commit to paying the right taxes.
Woodbois strives to understand and comply with the legal
44
WOODBOIS LTD | Integrated Report 2021 MESSAGE FROM THE CEO
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THE CAPITALS
APPENDIX & REFERENCES
F O R E S T M A N A G E M E N T I N G A B O N
• Woodbois holds eight forest permits in central Gabon
• The inventory is recorded by systematic sampling
bracteosa), Dabema (Piptadeniastrum africanum),
in the province of Ngounié, north-east and south-east
of the community of Mouila
• The counting operation consists of: identifying the
species of trees; measuring diameter; numbering trees
• The management plans, approved by the
via the placing of a plate; geolocating each tree via
Mahogany (Khaya ivorensis), Ovang-Kol (Guibourtia
ehie) and Okoumé (Aucoumea klaineana). We are also
permitted to harvest from the 2019 management plan
administration in charge of waters and forests, define
GPS; and assessing the quality of all applicable trees
• All of Woodbois’ forest management plans have been
the harvesting plan for the areas
that have reached the minimum diameter size for
approved by local governments following preliminary
• The inventory plan determines: the stocks of
harvesting
harvestable timber and their location; how to track and
• The harvesting plan for 2021 covers a total area of
mark trees to be harvested or protected; and how to
3,762 hectares. The most common tree species are
establish the route of potential roads
Ilomba (Pycnanthus angolensis), Ebiara (Berlinia
community consultations and approval processes,
and are strictly followed.
This map shows Woodbois’ management plan in Gabon for 2021.
45
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Ma n a ge ment pl an:
H O W I T W O R K S
All of Woodbois’ forest management plans have been
approved by local governments following preliminary
community consultations and approval processes, and
are strictly followed.
H A R V E S T I N G P L A N S :
Following a 23-year rotation cycle, Woodbois
is permitted to harvest a section of its total
concession area for three years. After these three
years, the same area cannot be touched for 20
years to ensure forest regrowth.
F O R E S T I N V E N T O R Y :
To ensure selective cutting of commercial species,
we carefully quantify and locate appropriate forest
resources, with particular emphasis on social
aspects as well as protecting natural biodiversity.
Each of our trees is tagged and geo-monitored so
we can actively track tree species, volume and the
quality of what we cut.
L O G G I N G A C T I V I T I E S P L A N :
Vital to minimise the impact of roads.
W A T E R U S A G E
F O R E S T C O N S E R V A T I O N :
Areas not in production are protected by Woodbois
from illegal logging activities or other uses, such as
agriculture.
46
Forest management plans allow us to track how many cubic metres of timber have been extracted while monitoring the
impact our operations have on the environment, ensuring we operate responsibly.
M A N A G E M E N T P L A N – 3 , 5 0 0 H A
E A C H T R E E is individually identified and
its location recorded by GPS within the
concession area
In a single hectare plot, the Company is
typically only allowed to cut 6 T R E E S
A F T E R 2 0 Y E A R S
you can re-enter the
forest and the exact same
exercise is carried out
1 H A
This method of forest management is called
Continuous Cover Forestry – when taking
out an individual tree in an area, you open
canopy to allow smaller trees to grow.
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R E L A T I O N A L &
S O C I A L C A P I T A L
Woodbois’ trading network comprises some 300
customers across more than 60 countries. We place
a high value on these connections, and we aim to
foster a relationship of trust and security with our
customers and suppliers.
M A T E R I A L I S S U E S
Responsible sales and marketing.
-
- Developing local economies.
S T R A T E G I C P R I O R I T I E S
1.
Invest in long term partnership with selected timber suppliers
embracing the same ethical and sustainability principles.
2.
Invest in services and facilities for local communities.
3. Develop strong relationships with local administration and
Government.
4. Strengthen sales efforts with African clients.
R E S P O N S I B L E T R A D I N G & S O U R C I N G
1 H A
34,427 m3
Volume of timber traded including third-party
and Woodbois (logs, veneer, sawn timber)
100%
of our third-party supply is traceable
(documents regarding country of origin
and FMU are provided)
42
sawmills providing third-party
timber supplies
14,227 m3
Volume of Woodbois
timber traded (logs,
veneer, sawn timber)
20,200 m3
Volume of third-party
timber traded (logs,
veneer, sawn timber)
29%
of our suppliers are third party
certified
By 2030, Woodbois'
suppliers will have to be in
compliance with timber and
pulp sourcing commitments.
47
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A Woodbois controller in the field
verifies that suppliers comply with the
due diligence process and wood quality
standards on a regular basis, and then
drafts a monthly report. If third-party
suppliers do not meet Woodbois’
selection criteria, they are placed on an
exclusion list which forbids our traders
from conducting business with them.
This exclusion list is updated on a
bi-annual basis.
D U E D I L I G E N C E P R O C E S S
Woodbois only sources forest products from partners who have succeeded in passing a due diligence
process for legal and responsible forest product sourcing. To work with any supplier of timber, Woodbois
requires information and documentation regarding the source of the timber including tree species, wood
origin and compliance with national laws and regulations.
1 - S U P P L I E R S
2 - S H I P M E N T
3 - B U Y E R S
Buyers sometimes provide their
own supply chain mapping
to ensure responsible timber
purchases.
Since 2013, Woodbois has
Documents required:
run a due diligence process
• Bill of Lading (BL) from the shipping
inspired by EUTR/ FLEGT,
which includes a checklist
of documents required for
company
• CITES certificate if necessary (created
by Woodbois using supplier export
screening. This process is done
codes)
at the beginning of each year
• Movement certificate (EUR1 for EU
for existing suppliers and at the
trade; Certificate of Origin if shipment
start of any collaboration with
is anywhere else in the world)
new suppliers.
• Act of Merchandise Transit
(Circulation de Merchandise)
• Phytosanitary certificate
48
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To confirm that none of the wood traded by Woodbois is
on the CITES species list, our traceability process allows us
to track products across their entire journey, from forest to
manufacturing to final export. We trace both our raw material
and processed timber back to the country of harvest.
Any timber handled by Woodbois in any form requires a
certificate of origin – neither ourselves nor our logistics
providers or customers will handle timber that does not have
a certificate of origin identifying its country of harvest.
In collaboration with South Africa-based WorkPool, we have
developed software allowing our trading and operations
teams to collect all trading-related data, from inputting
a simple sales or supplier enquiry all the way through to
issuing invoices. This software allows us to quickly identify
any supplier with out-of-date documentation, so we can
remove them from our supply chain until their paperwork has
been renewed.
We're also continuing our collaboration with DiginexESG20,
a financial services and blockchain technology company,
to build a blockchain-based solution to help companies
and investors manage ESG company risks, and make
sustainability reporting more transparent, secure and
immediate. The DiginexESG platform has been used since
2019 by the Woodbois executive team for monitoring and
validation of the company’s ESG disclosures in line with the
Global Reporting Initiative (GRI) Standards.
T R A C E A B I L I T Y &
T R A N S P A R E N C Y
49
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E N G A G I N G
W I T H L O C A L
C O M M U N I T I E S
O U R C O M M I T M E N T
We are committed to:
In 2021, Woodbois donated 500m3 of lumber
to the villages of Mboukou and Saint-Martin.
We also provided 5,000 litres of diesel to the
villages in our harvesting area.
F U T U R E P R O J E C T S
Since October 2021 Woodbois has been constructing a
126km road in the south-west of Gabon: Route Mouila
Mimongo. The new road will give villagers much easier
access to the outside world, as the poor condition of the
existing abandoned road made visiting family, shopping
and business a considerable challenge – a 50km journey
would previously take three days to complete. The two-phase
project also includes the renovation of bridges, plantation
• Enabling sustainable use of non-timber forest
We count on our neighbouring communities for our
grounds and a local community court.
products (NTFPs) by local communities
dedicated workforce, local business partnerships, and
• Free prior and informed consent (FPIC), and the
stewardship of the natural resources entrusted to us.
Other projects planned for 2022 include the restoration of
inclusion of indigenous peoples
Woodbois is committed to conducting business with integrity
land around the dispensary of Kembele to provide better
• Respecting legal and customary land tenure rights
and in a way that promotes shared prosperity. In accordance
access for the villagers, as well as restoration of Kembele’s
• Providing business and work opportunities for local
with the Gabonese Forestry Code, Woodbois makes regular
local football pitch, which is used by the football team of
communities
financial contributions to a fund co-managed by community
Kembele and village school children. We will also be making
Our commitments apply to all suppliers.
and Forests. This fund supports critical community-led
areas to help communities more efficiently collect and
representatives, local government, and the Ministry of Water
donations of tools and equipment to villages in our local
development initiatives.
manage wood.
Our teams are actively engaged in community
consultations to ensure we respect local customs and our
contributions have meaningful value (our FPIC procedure
is reported in the report annex). This commitment extends
to respecting legal and traditional land rights. For example,
our forest concessions are a direct result of community
consultations. Local stakeholders help designate and map
agricultural land for local use, dedicate areas for specific
crops and provide education and information related to
the hunting seasons. In some cases, we have established
contractual agreements with communities to ensure we
respect and align with local needs and customs. Woodbois
is also financially contributing to the development of
villages Saint-Martin and Mboukou.
50
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N A T U R A L
C A P I T A L
M A T E R I A L I S S U E S
S T R A T E G I C P R I O R I T I E S
- Climate change.
Biodiversity.
-
-
Protection of land (soil and water safety).
- Greenhouse gas emissions.
-
Energy usage.
1. Protect forests from illegal harvesting.
2. Preserve animal habitats and biodiversity.
3. Employ soil and peat management best practice.
Integrate activities to enable transition to net zero
4.
emissions.
The natural capital is a central focus of our business, therefore
we face significant material issues including climate change,
protection of biodiversity, protection of land (and ensuring
soil and water safety), greenhouse gas emissions and overall
energy usage. As such, responsible and ethical forestry sits
at the heart of our operations, driving our key priorities of
protecting forests from illegal harvesting, preserving animal
habitats and biodiversity, employing soil management best
practice, and integrating activities to enable a transition to net
zero emissions.
In 2019, Woodbois began using Global
Forest Watch, an online platform that
provides data and tools for monitoring
forests. By taking data from various
satellites, Global Forest Watch can give
real-time information on forest fires and
other potential deforestation situations.
51
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E N E R G Y C O N S U M P T I O N
2019
2020
2021
Energy consumption within the organisation. Diesel
consumption on the ground and in processing facilities.
Energy consumption within the organisation. Diesel
consumption on the ground and in processing facilities.
Energy consumption within the organisation. Petrol
consumption on the ground and in processing facilities.
Energy consumption within the organisation. Total energy
consumption from fuels (diesel, petrol)
lts
GJ
GJ
GJ
839,835.93
682,631.00
991,496.00
30,150.11
24,506.00
35,594.71
280.77
201.00
52.43
m3 of logs
harvested
34,361.00
18,810.00
28,000.00
Energy intensity. Total energy (fuels and electricity) intensity
ratio per final production (logs).
GJ/m3
0.89
1.31
1.27
E M I S S I O N A N A LY S I S
2019
2020
2021
Delta (%)
Direct (Scope 1) GHG emissions for use
of fuels.
tCO2e
2,277
1,849
2,664.93
44.14%
Biomass converted into energy.
t
1573
1250
1,840.00
47.20%
Our carbon analysis from 2021 shows that emissions have increased compared to
2020, although this is to be expected given reduced output in 2020 due to COVID.
However, we have also seen reduced emissions intensity, compared even to pre-pan-
demic levels, which indicates that our energy efficiency measures are having a
positive effect on our total carbon impact.
To reduce our carbon footprint, we monitor our energy consumption on a weekly
basis and take relevant action when it increases (such as equipment maintenance
and repair). We endeavour to increase production without increasing our footprint.
In partnership with the commercial team, we monitor our wood recovery rate on a
quality and waste reduction by organising training workshops with saw operators.
We also found new markets for undersized boards, upcycle and recycle small pieces
of wood for the hobby market, and use our waste wood to generate energy for our
kiln and boilers.
Additionally, we have improved the maintenance and operational time of our equip-
ment, and have conducted an awareness training session on diesel consumption for
all of our drivers.
We are committed to:
• Protecting forest areas against deforestation, degradation and
conversion for unauthorised or illegal resource use, settlement
30,430.88
24,708.00
35,647.14
daily basis, and have seen a 5% improvement in 2021. We have improved our sawing
Other indirect (Scope 1) GHG emissions:
on-site biomass incineration.
Volume of logs harvested.
tCO2e
m³
92.84
72.94
88.30
21.06%
and other prohibited activities.
34,361
18,810
28,000.00
48.86%
• Restoring non-compliant deforestation and conversion.
•
Implementing a landscape-level approach to preserving animal
habitats and biodiversity.
Total GHG emissions intensity.
tCO2e/m³ logs
0.07
0.10
0.095
-3.17%
• Permitting no hunting, or permitting sustainable hunting and
Volume of Woodbois' produced timber
(logs, veneer, sawn timber).
m³
12,717
9,357
16,964.00
81.30%
• Ensuring present and future potential plantation timber
fishing only.
Total GHG emissions intensity.
tCO2e/m³ timber
0.18
0.20
0.16
-20.50%
suppliers do not plant on peat land.
• Adopting the High Carbon Stock approach to any future
potential plantation timber suppliers.
Diesel assumed to be 100% mineral diesel Petrol assumed to be 100% mineral petrol
Biomass assumed to be wood chips
GHG Protocol Website: "NCASI Spreadsheets for Calculating GHG Emissions from Wood Products Manufacturing Facilities Workbook Version 1.0"
OUR COMMITMENTS APPLY TO ALL SUPPLI ERS.
52
As of 2020, the Company does not have any peat land area in its landbank.
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T R A N S P A R E N C Y
In 2021, Woodbois was again recognised for its sustainable
activities in the SPOTT ESG policy transparency
assessments for the worldwide timber and pulp industries.
In the annual assessment, Woodbois was ranked sixth out
of more than 100 companies.
F O R E S T S
M A N A G E M E N T &
C L I M A T E C H A N G E
Woodbois is committed to responsible and ethical forestry.
Our forest management and responsible sourcing practices
have a direct impact on SDG 15 and on our ability to preserve
the forest environment while supplying wood and wood
products in the long term. Inadequate and aggressive
management practices could affect the potential of the lands
where we operate, reducing the positive impact on local
O U R C O N T R I B U T I O N
• We protect our forests to reduce deforestation
and degradation.
• We take firm action against deforestation,
harvesting fewer trees than management plans
permit, and working on a 23-year rotation plan
that ensures the regrowth of harvested forest
and maximises carbon absorption.
• We work closely with governments and local
communities to address illegal activities,
helping to ensure that forests are protected
and that their productive capacity is optimised
communities in terms of resources and job opportunities.
in the long term.
We aim to while recognising the subsistence needs and
customary rights of local communities and indigenous
peoples.
O U R C O N T R I B U T I O N
degradation, by 2030 we aim to eliminate it altogether.
By pursuing sustainable forest
management, Woodbois aims to
• We protect our forests to reduce deforestation and
enhance the benefits healthy forests
bring to our ecosystems and help
reduce the negative effects of
climate change on forests and forest-
dependent people.
• We strictly follow both national and
international regulations and standards for
flora and fauna protection (CITES, IUCN), and
commit to zero conversion of natural forests.
• To avoid unsustainable and non-compliant
use of forest resources, Woodbois donates
a significant volume of logs to local
communities.
• By sourcing and manufacturing wood and
wood products we offer an alternative to less
sustainable products.
WOODBOI S' CO MMIT ME NT T O ZERO DEF ORE STATI ON
OR ZERO CON VERS ION O F NATU RAL EC OS YS T EMS
APPLI ES T O ALL S U PPL IERS .
53
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O U R C O M M I T M E N T
• Best management practices for soils and peat to
minimise the use of chemicals, including pesticides
and chemical fertilisers, and no use of World Health
Organisation (WHO) Class 1A and 1B pesticides and
chemicals listed under the Stockholm Convention and
Rotterdam Convention.
• Reduced-impact logging.
• Zero burning in the forest.
• Protecting natural waterways with buffer zones.
• Developing a complete climate change risk
assessment. This includes identifying climate-related
risks that are relevant to the company, and proposing
measures that should be made at the forest
management unit in Gabon.
• Developing a Natural Capital Assessment based on
the protocol provided by the Natural Capital Coalition.
We are engaging with consultants who can help
us perform more detailed High Conservation Value
(HCV) and Social and Environmental Impact (SEIAs)
assessments.
OU R C OM MIT MENT S AP PLY TO A L L SU PP L IE RS .
OU R FO R ESTS IN GABON SEQU ESTER O VE R
160 00 0t CO 2e PER YEA R, ASSUM IN G 1.6 9t
CO 2e SEQU ESTERED 21 PER HA PER YEAR AND
CONS I DERI N G 8-1 0 HECTARES OF FO RE ST S
HARVESTED .
OU R FO R EST IN MO ZAM BIQ UE SEQUE ST ER S
186,00 0 tCO 2e PER YEAR , ASSUMING T HAT
INTACT NATURAL AFR ICA N F OR ESTS SEQ UE STER
0.6t CO 2e PER YEA R. 22
In 2021, zero illegal and non-compliant deforestation was
reported. If non-compliant deforestation or conversion
occurs in the future, Woodbois is committed to the
restoration of the areas involved.
The company is working with the Gabonese government and
by 2025 will not accept any form of deforestation.
Woodbois is constantly monitoring climate change and has
identified a list of specific parameters to measure over time,
including:
Woodbois is constantly monitoring climate change and has
identified a list of specific parameters to measure over time,
including:
• Temperature increases which could impact the
dynamics of local flora and fauna
• Rainfall changes which could lead to flooding and soil
saturation
54
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Protecting natural waterways through buffer zones
W A T E R &
W A T E R W A S T E
M A N A G E M E N T
In October 2021, Woodbois commissioned SEEG, the state-run water
and electricity utilities company in Gabon, to carry out a study of the
well at its sawmill in Gabon. Woodbois wanted to verify it was not
polluting the well with waste, oil or biohazards. The result, provided
by an independent third party lab following the WHO guidelines for
drinkable water, found the water to be drinkable, with a PH equivalent
to Perrier water (ie,5.5).
View the report (En)
View the report (Fr)
As Gabon is renowned for its two heavy rain seasons, our facilities
are equipped with drainage and gutters adapted to large amounts
of water. The water collected is directed as far as possible from the
operation and process area using gravity to evacuate it.
In 2022 we intend to add more decanters close to our garage area to
capture even more waste and to use part of this water as “grey water”
for our commodities.
Woodbois applies strict environmental rules and has written
procedures to mitigate the risks of pollution in every area of process,
and in the forest, to avoid water and soil contamination.
Details of these procedures are available on demand.
55
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W A S T E
M A N A G E M E N T
Woodbois does not use chemicals or pesticides to manage waste.
Wood waste is shared with all neighbouring villages (1,200m3 in
2021) and the remaining wood waste is used as biofuel for the
veneer factory and kilning operations (1,840 tonnes in 2021).
W O O D W A S T E R E C Y C L I N G :
J E A N D E D I E U ’ S S T O R Y
Born in Gabon in 1985 and with 12 years’ international
professional experience across a range of sectors, Jean
Dedieu was inspired to start his wood waste recycling
company after watching Marvel movie Black Panther. Living
in Belgium at the time, he returned to Africa in 2020.
Jean originally started a training school in wood and forestry,
but with the encouragement of industry figures decided to
pursue wood waste recycling, supported by Woodbois which
provided Jean’s company with wood waste free of charge.
EFAW transforms and recycles wood, sawdust and shavings,
In 2021, Jean launched Exploitation Forestière Agrèage
Wakanda (with Wakanda a nod towards Black Panther),
building his workshop with wood waste retrieved from
Woodbois factories.
processing 300m3 of wood waste every month – equivalent
to 150m3 of finished product. The company – professionally
accredited within the forestry sector – employs four people
directly and 15 people indirectly, and has a capital of five
million Central African CFA Francs.
As well as building and selling a range of wood-based
products, EFAW plays a significant role in the local
community, helping to build houses and training young
people, preparing them for careers in forestry.
Next on the agenda for EFAW is investment in a pellet-making
machine to further reduce wood waste, and the launch of
internships for apprentices within Woodbois’ factories.
“The wood and forest sector represents a great opportunity
for our youth and their perspective of employment. Without
the support of Woodbois I would not have been able to realise
this project,” says Jean. “I consider Woodbois like a godfather
to the project!”
WoodBois is closely following the development of EFAW and
plans to come back with an exciting update in 2022.
56
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U S E O F
C H E M I C A L S
M I N I M I S I N G T H E I M P A C T
O F L O G G I N G R O A D S
Woodbois minimises the impact of logging roads by
Crucially, harvesting only takes place along carefully
basing main tracks, wherever possible, on existing roads
laid out skid trails. After harvesting, skid trails are
and elephant paths, and avoiding secondary roads unless
rehabilitated to avoid permanent soil compaction
absolutely necessary. Our forest management plan creates
and roads are closed to prevent poaching and illegal
new roads efficiently and carefully, with infrastructure
settlements. In just a few months, skid trails and
dimensions minimised as much as possible while adhering
harvesting gaps are covered by tree regeneration, while
to safety and sunlight rules. Watercourse crossings are
roads disappear after a few years due to the natural
constructed without raising the water level, which could
regeneration of pioneer tree species.
potentially lead to flooding upstream and the destruction
of forest. Bridges and other structures are planned and
constructed according to varying seasonal flows.
WOODBOIS IS COMMITTED
TO USING BEST-IN-CLASS
PRACTICES TO MINIMISE THE
IMPACT OF LOGGING ON TH E
SURROUNDING ENVIRONMENT.
0%
Woodbois does not use chemicals
in any forestry, sawmill or veneer
operations, including chlorine or
chlorine compounds, pesticides and
chemical fertilisers (such as World
Health Organisation Class 1A and
1B pesticides or chemicals listed
under the Stockholm Convention and
Rotterdam Convention). To capture and
dispose of pests, we use an integrated
management approach with non-
chemical devices.
F I R E F I G H T I N G
At Woodbois, we believe the best approach to reducing the
risk of wildfires is preventative firefighting. Our proactive
three-pronged approach – effective weed control, firebreak
construction and ring-hoed trees – drastically reduces
fuel loads prior to the dry season. By engaging local
communities to identify potential hot spots, we ensure
fires are kept to a minimum. Our preventative approach is
extremely effective; Woodbois has never lost a single tree to
fire in any of its project areas.
57
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T H E F O R E S T P R O D U C T S V A L U E
C H A I N A S A N E X A M P L E O F A
C I R C U L A R E C O N O M Y
• Approach To Enhancing Economic and
Nature-Capital Impact
• The forest product value chain.
Presented by WBCSD Forest Sector SDG Roadmap
,
pair
58
Source diagram: European Commission
• Substituting conventional building materials
for mass timber reduces construction phase
emissions by 69%.23
• Substituting conventional building materials with
wood in half of new urban construction could
provide 9% of the global emissions reduction
needed to meet 2030 targets for keeping global
warming below 1.5 °C.23
• 80% less CO2e is emitted when manufacturing a
wooden table compared to a plastic table.23
• As an added benefit, wooden furniture also stores
carbon at a rate of 1t per 1m3 for its lifetime.
Weight of the
table
Emissions due to
the production of the
table
Hardwood Wooden
32 kg
10.0 kg CO2e
Table
Plastic Table
16 kg
49.7 kg CO2e
A V O I D E D E M I S S I O N
3 9 . 7 k g C O 2e
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ABOUT THIS REPORT
ABOUT WOODBOIS
OUR BUSINESS MODEL
THE CAPITALS
APPENDIX & REFERENCES
E N H A N C I N G O U R I M P A C T
F S C C E R T I F I C A T I O N
1 . C E R T I F I C A T I O N O F N A T U R A L F O R E S T S
The Company is currently working with PPEFC
and has started the process of consultation.
5 . E X P A N D P R O D U C T I O N
C A P A C I T Y A N D
H E C T A R E S O F F O R E S T
U N D E R M A N A G E M E N T
Woodbois wishes to
increase its hectares under
management to further
enhance the benefits to all
stakeholders.
1
5
2
4
3
2 . R E F O R E S T A T I O N I N T H E
F O R M O F P L A N T A T I O N
O R N A T U R A L F O R E S T
A L O N G S I D E P A R T N E R S
Woodbois is exploring reforestation
solutions for available degraded
land to identify carbon credit /
offsetting opportunities.
4 . R E D U C E T I M B E R W A S T E
In moving along the value chain,
Woodbois seeks to reduce its waste.
3 . C A P I T A L E X P E N D I T U R E T O M O V E
F U R T H E R A L O N G T I M B E R V A L U E C H A I N
Woodbois has extensively expanded its sawmill
and has built a veneer factory in Mouila. The
Company has committed to investing more
capital to move along the value chain providing
more skilled work for the local community.
Woodbois has FSC chain of custody certification in Denmark
and began its journey towards FSC Certification in Gabon in
2020, as well as engaging with the Programme de Promotion de
l’Exploitation Certifiée des Forêts24 (PPECF). Our certification is
now more than 60% completed.
Within the next ten years Woodbois is committed to:
• Gaining FSC certification for 100% of our FMUs.
• Sourcing only wood/wood fibre that meets FSC Controlled
Wood requirements.
• 100% third-party verification for FMUs.
• Sourcing only wood/wood fibre that is in legal compliance, as
verified by a third party.
Woodbois is committed to FSC certification: Forest Management
and Chain of Custody. Woodbois will apply for FSC Chain of
Custody in 2022 and Forest Management in 2023. For both types
of certification, independent FSC-accredited Certification Bodies
verify that all FSC-certified forests conform to the requirements
contained within the FSC forest management standard.
FSC certification is an international standard focusing on:
• Wood traceability and sourcing
• Respect for the environment
• Social behaviour within the community
• Social behaviour within the company
• Compliance with labour laws
Certification is a natural fit for Woodbois,
which already abides by these principles.
Weight of the
Emissions due to
table
the production of the
table
Hardwood Wooden
32 kg
10.0 kg CO2e
Table
Plastic Table
16 kg
49.7 kg CO2e
A V O I D E D E M I S S I O N
3 9 . 7 k g C O 2e
59
WOODBOIS LTD | Integrated Report 2021 MESSAGE FROM THE CEO
ABOUT THIS REPORT
ABOUT WOODBOIS
OUR BUSINESS MODEL
THE CAPITALS
APPENDIX & REFERENCES
R E F O R E S T A T I O N & C A R B O N C R E D I T D I V I S I O N
In 2021, for the first time, the Voluntary Carbon Markets
introduce indigenous forest to an area currently occupied
(VCM) surpassed $1 billion in notional value traded,25
by low-value grasslands. The project involves collaborative
demonstrating growing confidence in the market’s ability to
fire management and enrichment planting strategies that
facilitate near-term climate solutions.
will create significant local employment, enhance carbon
stocks, increase biodiversity, and improve livelihoods
The agenda at COP26 gave significant attention to the role
through upskilling and alternative income generation. The
of nature in climate mitigation and adaptation. In many
project is made feasible by the attractive carbon revenue
cases, the private sector responded with updated twin
potential. Woodbois expects to register the project with
commitments, proposing dual strategies for managing
the Verified Carbon Standard for credit issuance as well as
risks associated with both climate change and biodiversity
Climate, Community and Biodiversity accreditation. Based
loss. As a result, the VCM saw a surge in preference for
on conservative estimates, the project could generate
credits originating from nature-based solutions (NbS), with
25,000,000 carbon credits over a 45-year period.
prices climbing to new highs. Research indicates that NbS
have the practical potential to deliver emission reductions
Extensive due-diligence carried out as part of the project
of 7GtCO2e per year, equivalent to one-third of the global
target set in Paris. Beyond the climate benefits, NbS can
feasibility process confirmed the attractiveness of Gabon
as a project jurisdiction. Woodbois has a long history
deliver significant environmental and social co-benefits, all
of operating in the country and continues to strengthen
at lower cost than ready-to-deploy technological solutions.26
relationships with the local community and Government.
Capitalising on this potential will require a coherent effort
Joining the Gabonese delegation at COP26 provided an
between governments, the financial sector, and business
opportunity to discuss the country’s vision for global carbon
actors in order to deliver projects at a new pace and scale.
markets and the expectations for project developers in
Gabon. Well-aligned development objectives, supportive
Woodbois established its carbon division in 2021 with
policy, and prime environmental conditions all contribute
Woodbois is working closely with the Government to
the aim of developing a project implementation model
to a unique project development setting. The economic
demonstrate the feasibility and value of the proposed project,
that can simultaneously deliver environmental, social
advantages were recognised in a recent OECD paper that
and remains confident in obtaining the necessary permission
and economic value. In a 12-month period, the team has
compared 166 countries based on the cost efficiency of
to start development phase trials in the near term. In
made significant progress towards initiating a proposed
forest carbon sequestration; Gabon ranked first in the
parallel, the team continues to field conversations with other
maiden project, comprising a large-scale assisted natural
afforestation category.27
Governments and potential project partners, adding to a
regeneration scheme in the south of Gabon, designed to
pipeline of future opportunities.
60
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ABOUT WOODBOIS
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APPENDIX & REFERENCES
R E F O R E S T A T I O N P R O J E C T P R O C E S S
•
Identify project sites previously exploited for illegal logging /
extractive industries, where lack of investment and expertise has
previously prevented reforestation
• Project developer coordinates with the Government to secure
long term concession
• Native species used to restore efficient ecological system
C O - B E N E F I T
• Positive environmental impact on biodiversity, soil and water
quality, and CO2 sequestration
• Poverty alleviation, skilling and stable employment for local
communities
• Capability building and educating in sustainable practices
• Reduced social mobility in project geographies
Gabon is ideally located and structured for African reforestation as it
is one of the world’s most densely forested countries, with a unique
bioclimate suited to rapid tree growth and optimal CO2 sequestration.
O U R R E F O R E S T A T I O N
E F F O R T S I N M O Z A M B I Q U E
Woodbois manages and operates approximately one
million acres of natural forest concessions in Gabon and
Mozambique, with the latter our main focus of reforestation
activities.
We began reforestation in Mozambique in 2017, with 35
hectares in Madeiras, expanding with a further 30 hectares in
2019. The project is managed by Eng. Macedo Uachuacho,
and supported by Woodbois’ head office in Maputo,
Mozambique’s capital. There are currently 10 employees
working on the project – a number we expect to grow as we
expand the area of reforestation. In 2022, we plan on planting
The Gabonese Government has demonstrated a keen appreciation for the
5,000 more trees.
environment, addressing deforestation, investing in green industries, and
engaging with international sustainability programmes.
• Reforestation is the most cost effective solution
• Photosynthetic carbon capture is the most reliable and cost-
effective method available today for restricting the rise of
atmospheric CO2 concentrations.
• The Intergovernmental Panel on Climate Change (IPCC)
suggests new forest projects could sequester 25% of the CO2
required to maintain the 2°C temperature goal.
61
61
WOODBOIS LTD | Integrated Report 2021
Eng. Macedo Uachuacho,
Reforestation and Sustainability Man-
ager in Mozambique
We have installed a permanent nursery to support seedling irrigation,
and only plant species that are native to each concession and their
surrounding communities. Since the project began in 2017, more
than 10,700 trees of different species have been planted, with the first
seedlings now standing between four and five metres tall. At the end of
every month, a comprehensive report on our activities and progress is
sent to Ministry of Forestry authorities.
The project is also an important part of our community collaboration
engagement. We aim to make a valued contribution to social progress
and the regional economy by creating jobs, providing training and
empowering employees to lead initiatives for local action.
WOODBOIS LTD | Integrated Report 2021 MESSAGE FROM THE CEO
ABOUT THIS REPORT
ABOUT WOODBOIS
OUR BUSINESS MODEL
THE CAPITALS
APPENDIX & REFERENCES
N U R S E R Y
M O N T H 1
M O N T H 2
M O N T H 3
P L A N T A T I O N
M O N T H 4
M O N T H 5
M O N T H 6
62
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APPENDIX & REFERENCES
A P P E N D I X
F P I C P R O C E D U R E
When Woodbois opens up a new area of forest to be harvested, the company follows an internal FPIC
(Free Prior and Informed Consent) procedure to ensure that locals are properly informed and that their
concerns and needs are taken into account in the context of the prospective operation.
Identifying concerned locals
and their representatives
Inform the local community of
the company’s plans, document
any concerns or needs that the
indigenous people have
Implementation of local community
needs within our projects. Regularly
monitoring and evaluating
agreements that are in place
• Having been present in Gabon for over
20 years, the company is well known
among the local communities in which
we operate, allowing us to easily
identify local communities that may be
present in our area of operation.
• The company has strong relationships
• Our Operations Manager actively
with local communities, typically meeting
local leaders every two months to update
them on our activities as well as address
concerns or questions surrounding our
operations. These are documented and
followed up.
meets local community leaders and
representatives.
• She also makes sure that any
agreements or concerns that may have
been highlighted are actively followed
up on by specific members of the
operations teams on the ground.
63
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ABOUT WOODBOIS
OUR BUSINESS MODEL
THE CAPITALS
APPENDIX & REFERENCES
F O R E S T R Y T R A C E A B I L I T Y A S S E S S M E N T
The Traceability Assessment Guide (TAG) created by Smurfit Business School in collaboration with Woodbois is reported below.
Phase 1:
Internal
Support
Phase 2:
Capability
Assessment
Category
Task Description
Method/Source
Examples/Explanation
Check
Project
Management support
Internal Consultation
Management project sponsorship, transparency, consultation, communication of benefits
Input from staff on the ground
Resource allocation
Internal consultation
Internal consultation
Select relevant individuals and method of information collection (e.g. interview, questionnaire)
Determine the budget and personnel available for the project
Stakeholders
Identify all internal and external stakeholders
Stakeholder Identification Table
Workers, NGOs, Shareholders etc.
Evaluate the stakeholders
Ascertain stakeholder interests
Identify conflicting stakeholder interests
Analyse combined data to develop a
communication plan for each stakeholder
Mandatory/Legal Requirements
Voluntary Requirements
Compliance
Risk
Management
Identify risks
Stakeholder Salience Model
Urgency, Power and Legitimacy
Research
Research
Power/Interest Grid
Documentation
Documentation
Priorities, personalities, desired level of involvement
Environmental, legal, economic
Country of Origin, Country of Destination, (e.g. GDPR, VPA, The Lacey Act, Due Diligence)
FSC, PEFC, Others (if applicable)
Research & internal consultation
Financial, Country, Cross - Cultural and Commercial
Knowledge
Management
Knowledge
Transfer
Design
Considerations
Evaluate & assess the risks
Codification or Personalisation
Likeliness and impact of risk
Develop a plan of mitigation or elimination
Internal consultation
Process adjustments, backup plans, operational redundancies
Execute the plan
Monitor the results
Review and adjust
Internal consultation
Internal consultation
Internal consultation
Implementation
Reports, interviews, questionnaires
Amend plan if required
Identify the traceability data to be recorded
Internal consultation
Timber species, movement through the process, volumetric data
Determine Transparency Strategy
The Transparency Matrix
Secret, Transparent, Withheld, Distracting
Decide Knowledge Management Strategy
Codification / Personalisation
Digital/paper recording, verbal communication
Identify information to be transferred
The Disclosure Matrix
Strategic, Critical, Non-Critical, Optional
Identify Knowledge Transfer Strategy
Codification / Personalisation
Digital/paper transfer, verbal, direct access
Data verification method
Internal consultation
Biometric, encryption, signature, barcode
Identify feedback and control method
Internal consultation
Manual review. digital record, communication plan, relationship management
Operating parameters, tolerances and alerts
Technical review
Target outputs with minimum and maximum deviation tolerances, and live-alerts
Universal file formats
User experience
Training
Integration with other systems
Reporting
Cost of adjustment
Ease of adjustment
Data integrity
Data security
Localisation
Technical review
Technical review
Technical review
Technical review
Technical review
Technical review
Technical review
Technical review
Technical review
Technical review
Ability of other software or users to view outputs (e.g. MS Office vs iWork)
Ease of use, speed of use, compatibility with work processes
Complexity, user interface, simplicity to communicate, intuitiveness
Compatibility with other systems (e.g. API, desktop vs mobile), and ease of deployment
Ability to create customisable reports in a usable and presentable format
Ability to adapt to new requirements without incurring prohibitive cost
Level of adjustment to the system possible without developer input
User activity logging and method by which data is protected from retroactive manipulation
Method by which data is stored and transferred (e.g., cloud, blockchain, internal server)
Language, currency, units of measurement, date format
64
◆ Data created by UCD Michael Smurfit Graduate Business School
WOODBOIS LTD | Integrated Report 2021
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ABOUT THIS REPORT
ABOUT WOODBOIS
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APPENDIX & REFERENCES
E S G I N D I C A T O R S
GRI indicators
Description
GRI 102-1
Name of the organization.
GRI 102-2
Activities, brands, products and services. a. A description of the organization’s activities. b. Primary brands, products and services,
including an explanation of any products or services that are banned in certain markets.
GRI 102-3
Location of the organization’s headquarters.
Location of operations. a. Number of countries where the organization operates, and the names of countries where it has significant
operations and/or that are relevant to the topics covered in the report.
Ownership and legal form. a. Nature of ownership and legal form.
Scale of the organization. i. Total number of employees.
Information on employees and other workers. a. Total number of men.
Information on employees and other workers. a. Total number of women.
Information on employees and other workers. a. % of women.
Information on employees and other workers. a. % of men.
Information on employees and other workers. a. Total number of people in senior manager positions.
Information on employees and other workers. a. Total number of women in senior manager positions.
Information on employees and other workers. a. Board members.
Information on employees and other workers. a. Women in board positions.
Information on employees and other workers. a. % of women in board positions.
Information on employees and other workers. a. % of women in senior management positions.
Information on employees and other workers. a. Total number of permanent employees working in the production facilities in Gabon and
Mozambique.
Information on employees and other workers. a. Total number of fixed-term and seasonal employees working in the production facilities
in Gabon and Mozambique.
Information on employees and other workers. a. Total number of fixed-term and seasonal employees working in the production facilities
in Gabon and Mozambique.
Statement from senior decision-maker. a. A statement from the most senior decision-maker of the organization (such as CEO, chair or
equivalent senior position) about the relevance of sustainability to the organization and its strategy for addressing sustainability.
Executive-level responsibility for economic, environmental and social topics. a. Whether the organization has appointed an executive-level
position or positions with responsibility for economic, environmental and social topics. b. Whether post holders report directly to the
highest governance body.
List of material topics. a. A list of the material topics identified in the process for defining report content.
Reporting period.
Direct economic value generated and distributed. i. Direct economic value generated: revenues.
Economic growth.
Direct economic value generated and distributed. Investment in management plans.
Investment in environmental licences.
Investment in HSE equipment.
Ratios of standard entry level wage by gender compared to local minimum wage (average % above minimum wage).
Infrastructure investments and services supported.
Investments per capita (per number of employees). Gabon
GRI 102-4
GRI 102-5
GRI 102-7
GRI 102-8
GRI 102-8
GRI 102-8
GRI 102-8
GRI 102-8
GRI 102-8
GRI 102-8
GRI 102-8
GRI 102-8
GRI 102-8
GRI 102-8
GRI 102-8
GRI 102-8
GRI 102-14
GRI 102-20
GRI 102-47
GRI 102-50
GRI 201-1
GRI 201-1
GRI 201-2
GRI 201-3
GRI 201-4
GRI 202-1
GRI 203-1
65
Unit
NA
NA
NA
NA
NA
Number
Number
Number
%
%
Number
Number
Number
Number
%
%
Number
Number
%
Page
Page
Page
NA
US$
%
US$
US$
US$
%
US$
US$
2021
Woodbois LTD
Woodbois Limited is a leading producer, processor and manufacturer of sustainable African hardwoods
and hardwood products supplied to a global customer base. Woodbois also supplies industrial timber and
timber products into Africa, and is a trusted supplier of diverse, internationally sourced sustainable timber
and timber products to customers around the world.
London, UK; Port Louis, Mauritius; Copenhagen, Denmark.
Woodbois manages and operates natural forest concessions in Gabon and Mozambique and has
production facilities in both countries. Our trading team is based in Copenhagen with African operations in
Gabon and Mozambique, including a network of over 100 suppliers.
Woodbois Limited is a holding company listed on the AIM section of the London Stock Exchange.
415
325
90
21.69%
78.31%
14
4
5
1
17%
28.57%
42
356
89.45%
Letter from Paul Dolan.
Governance.
Materiality analysis.
The current report refers to the financial year from January to December 2021.
17,500,000.00
14.68%
100,000.00
75,000.00
40,000.00
Woodbois pays 50% above the local minimum wage.
1,000,000.00
4,854.37
WOODBOIS LTD | Integrated Report 2021 MESSAGE FROM THE CEO
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GRI indicators
Description
Energy consumption within the organization. Diesel consumption on the ground and in processing facilities.
Energy consumption within the organization. Diesel consumption on the ground and in processing facilities.
Energy consumption within the organization. Petrol consumption on the ground and in processing facilities.
Energy consumption within the organization. Total energy consumption from fuels (diesel, petrol).
Energy consumption within the organization. Total energy consumption from fuels (diesel, petrol).
Energy intensity. Total energy (fuels and electricity) intensity ratio per final production (logs).
Operational sites owned, leased, managed in, or adjacent to, protected areas and areas of high biodiversity value outside protected areas
Total forest land.
Operational forest land (forest management plans).
Area with actual harvesting.
Area dedicated to conservation.
Shared community, conservation and multi-use.
Construction of new manufacturing plants.
Use of current manufacturing plants.
Introduction of non-native or invasive species.
Volume of logs harvested.
Harvesting intensity ratio per hectare.
Volume of Woodbois' produced timber. (logs, veneer, sawn timber)
Volume of third party timber traded. (logs, veneer, sawn timber)
Volume of timber traded including third party and Woodbois. (logs, veneer, sawn timber)
Sawmills providing third-party timber supplies
Habitats protected or restored (Mozambique).
IUCN Red List species and national conservation list species with habitats in areas affected by operations. Flora.
IUCN Red List species and national conservation list species with habitats in areas affected by operations. Fauna.
National conservation list species on the concession in Gabon. Flora.
National conservation list species on the concession in Gabon. Fauna.
Direct (Scope 1) GHG emissions for use of fuels.
Other indirect (Scope 1) GHG emissions: on-site biomass incineration.
Total GHG emissions intensity.
Total GHG emissions intensity.
Lumber donated to the community.
Biomass converted into energy.
Minimum notice periods regarding operational changes.
Work-related injuries (Gabon and Mozambique). Loss time due to injuries.
Work-related fatalities (Gabon and Mozambique).
Total hours of training per year (Gabon).
Average hours of training per year per employee (Gabon).
GRI 302-1
GRI 302-1
GRI 302-1
GRI 302-1
GRI 302-1
GRI 302-1
GRI 304-1
GRI 304-1
GRI 304-1
GRI 304-1
GRI 304-1
GRI 304-1
GRI 304-2
GRI 304-2
GRI 304-2
GRI 304-2
GRI 304-2
GRI 304-2
GRI 304-2
GRI 304-2
GRI 304-2
GRI 304-3
GRI 304-4
GRI 304-4
GRI 304-4
GRI 304-4
GRI 305-1
GRI 305-1
GRI 305-4
GRI 305-4
GRI 306-2
GRI 402-1
GRI 403-10
GRI 403-9
GRI 404-1
GRI 404-1
66
Unit
LTS
GJ
LTS
LTS
GJ
GJ/m3
page
ha
ha
ha
ha
ha
NA
Number
Number
m3
m3/ha
m3
m3
m3
Number
ha
Number
Number
Number
Number
tCO2e
tCO2e
tCO2/m3 logs
tCO2/m3 timber
m3
Tonnes
Number in weeks
Hours
Number
Hours
Hours
2021
991,496.00
142,034.00
1,460.50
996,350.37
35,647.14
1.27
Our facilities.
485,373.00
337,459.50
7,483.00
16,232.60
44,639.80
Manufacturing capital.
2
0
28,000.00
3.74
16,964.00
20,200.00
34,427.00
42
30
12
11
5
10
2,607.00
88.30
0.09
0.15
500
1,840.00
Mozambique: 4 weeks for permanent and fixed-term employees.
Gabon: 8.6 weeks for permanent and 2 weeks for fixed-term
employees.
102
0
800
2.13
WOODBOIS LTD | Integrated Report 2021 MESSAGE FROM THE CEO
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ABOUT WOODBOIS
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APPENDIX & REFERENCES
R E F E R E N C E S
1. PPECF COMIFAC. 2021. PPECF. [ONLINE] Available at: http://www.ppecf-comifac.com/Qui-sommes-nous.html. [Accessed 7 June 2021]
2. COMIFAC: Commission des Forêts d’Afrique Centrale. 2021. COMIFAC: Commission des Forêts d’Afrique Centrale. [ONLINE] Available At: https://www.comifac.org. [Accessed 07 June 2021].
3. Timber Regulation - Forests - Environment - European Commission. 2021. Timber Regulation - Forests - Environment - European Commission. [ONLINE] Available at: https://ec.europa.eu/environment/forests/timber_regu-
lation.htm. [Accessed 07 June 2021].
4. Home - CBFP - Congo Basin Forest Partnership. 2021. Home - CBFP - Congo Basin Forest Partnership. [ONLINE] Available at: https://pfbc-cbfp.org/home.html. [Accessed 07 June 2021].
5. Membership of the European Forest Institute. 2021. London Stock Exchange [ONLINE] Available at: https://www.londonstockexchange.com/news-article/WBI/membership-of-the-european-forest-institute/15154730.
[Accessed 02 April 2022].
6. ATIBT welcomes its new member Woodbois. 2021. ATIBT [ONLINE] https://www.atibt.org/en/announcements/67/atibt-welcomes-its-new-member-woodbois [Accessed 07 March 2022]
7.
Lombard Odier launches Natural Capital strategy. 2021. Lombard Odier [ONLINE] Available at: https://www.lombardodier.com/contents/corporate-news/media-releases/2020/november/lombard-odier-launches-natural-c.
html. [Accessed 07 June 2021].
8. Circular Bioeconomy Alliance | European Forest Institute. 2021. European Forest Institute. [ONLINE] Available at: https://efi.int/cba. [Accessed 07 June 2021].
9. Home - World Forest ID. 2021. World Forest ID. [ONLINE] Available at https://worldforestid.org/ [Accessed 02 April 2022].
10. SASB Materiality Map. 2021. SASB Materiality Map. [ONLINE] Available at: https://materiality.sasb.org. [Accessed 07 June 2021].
11. https://www.mckinsey.com/business-functions/strategy-and-corporate-finance/our-insights/the-value-of-value-creation
12. “Primary Rainforest Destruction Increased 12% from 2019 to 2020”. Global Forest Watch. 2021. [ONLINE]. Available at https://www.globalforestwatch.org/blog/data-and-research/global-tree-cover-loss-data-2020/ [Ac-
cessed 29 April 2022].
13. Country profile Gabon. 2021. Country profile Gabon. [ONLINE] Available at: https://www.timbertradeportal.com/countries/gabon/. [Accessed 07 June 2021].
14. https://www.cafi.org/countries/gabon/gabon-receives-first-payment-reducing-co2-emissions-under-historic-cafi-agreement
15. https://www.reuters.com/business/environment/logging-help-climate-gabon-turns-its-rainforests-2021-11-02/
16. “Gabon gambles on sustainable logging to prevent deforestation.” Reuters. 2021. [ONLINE]. Available at https://www.reuters.com/business/environment/logging-help-climate-gabon-turns-its-rainforests-2021-11-02/ [Ac-
cessed 29 April 2022].
17. Sustainable Development Goals .:. Sustainable Development Knowledge Platform. 2021. Sustainable Development Goals .:. Sustainable Development Knowledge Platform. [ONLINE] Available at: https://sustainabledevelop-
ment.un.org/?menu=1300. [Accessed 07 June 2021].
18. www.afdb.org. 2021. No page title. [ONLINE] Available at: https://www.afdb.org/fileadmin/uploads/afdb/Documents/Publications/How_Forestry_contributes_to_the_AfDB_High_5_Priorities.pdf. [Accessed 07 June 2021].
19. docs.wbcsd.org. 2021. No page title. [ONLINE] Available at: https://docs.wbcsd.org/2019/07/WBCSD_Forest_Sector_SDG_Roadmap.pdf. [Accessed 07 June 2021].
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WOODBOIS LTD | Integrated Report 2021 CBP00019082504183028
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chain-of-custody certified.
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