Accelerating the transition to a net-zero economy
2 0 2 2
COVER
MESSAGE FROM THE CEO
ABOUT THIS REPORT
ABOUT WOODBOIS
OUR BUSINESS MODEL
THE CAPITALS
C O N T E N T
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6
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MESSAGE FROM THE CEO
ABOUT THIS REPORT
Integrated Reporting
ABOUT WOODBOIS
Company overview
Our commitment
Materiality Analysis
OUR BUSINESS MODEL
Vertically integrated value chain
Forestry in the Congo Basin
Forestry is a crucial resource for Africa
Using forests to create a green economy
Carbon insetting and offsetting
Woodbois’ impact on achieving the UN SDGs
Risks and opportunities
Creating value
Strategic priorities
33
THE CAPITALS
Financial capital
Human capital
Human rights, diversity, inclusion and equal opportunities
Employee wages in Gabon and Mozambique
Equal opportunities
Health and safety
Grievances
Whistleblowing procedure
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WOODBOIS LTD | Integrated Report 2022
Manufacturing capital
Assets overview
Operations in Gabon
Trading
Intellectual capital
Code of Conduct
Forest management in Gabon and Mozambique
Relational and social capital
Responsible trading & sourcing
Due diligence process
Traceability and transparency
The Open Timber Portal
Engaging with local communities
Global Event Participation
Natural capital
Transparency
Water and wastewater management
Waste management
Use of chemicals
Minimising the impact of logging roads
Partnership with World Forest ID
Commitment to sustainable harvesting
FSC Certification
Reforestation and carbon credit division
Our reforestation efforts in Mozambique
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APPENDIX & REFERENCES
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ABOUT THIS REPORT
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01
M E S S A G E
F R O M
T H E C E O
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ABOUT WOODBOIS
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Following a year of growth and progress across the
an area of up to 50,000 hectares, which is roughly the size of
Group’s operations, we are delighted to present Woodbois’
the New Forest in the UK.
2022 integrated report. As we reflect on the past year, it's
remarkable to see the transformational journey that we have
Our assisted forest development is designed to achieve
been on.
an essential balance between the benefits for nature, local
communities, Gabon, and Woodbois itself. This project
Our staff felt justifiably proud of what they delivered in 2022
allows us to even further promote the delicate balance
and are prepared for the challenges and optimistic for the
between sustainability and profitability, by supporting the
outcomes that await us in the year ahead. The plans to
critical world resource of the Congo Basin rainforest. We've
continue the operational and financial growth have had to
been operating in Gabon for more than two decades and
be modified in response to unexpected challenges to our
we know the country well. Gabon’s leadership on climate
working capital but once rectified, we will look to resume our
action through forest preservation and its position as one
growth trajectory. The headwinds that we have encountered
of the most carbon positive countries in the world makes
so far in 2023 have reinforced our management team's
it an obvious anchor country in which to continue to grow
primary focus on becoming cash flow generative on a
the business. Our ongoing government-level conversations
consistent and sustainable basis, building upon our first two
with several West African countries suggest that companies
years of positive EBITDA.
with successful operations in Gabon will increasingly be
welcomed elsewhere as the implementation of sustainable
Sustainable forest management, the production of
forestry practices and payment for the protection of forests
wood-based products and carbon sequestration through
increasingly becomes a necessity across the Congo Basin.
reforestation are core pillars of our business and we are
committed to continuously improving in all areas. This
We remain steadfast in our commitment to sustainability
is reflected in our relationships with the communities
and to making a meaningful positive impact on the
and governments in our operational areas of Gabon and
communities in which we operate. Looking further into
Mozambique. In 2023, Woodbois received notification from
2023, we’ll be consolidating the gains we’ve made thus
the Gabonese government indicating the award of a long
far and advancing in our certification process. We remain
term land lease for a voluntary carbon credit afforestation
optimistic about the future and look forward to building on
project. On completion of documentation, Woodbois will be
our successes from the past year.
able to launch one of the world's largest assisted indigenous
new forest growth programmes. The project has the
Thank you for your continued support,
potential to sequester more than 30 million tonnes of CO2 in
Paul Dolan
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WOODBOIS LTD | Integrated Report 2022
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02
A B O U T
T H I S R E P O R T
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MESSAGE FROM THE CEO
ABOUT THIS REPORT
ABOUT WOODBOIS
OUR BUSINESS MODEL
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INTEGRATED REPORTING
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 2022 fiscal year (ending
31 December 2022) for information relating to the
reporting aspects, while the prospective framework refers
to the upcoming three-year period (2023-2025).
- This report is based on the principles proposed by the
International Integrated Reporting Framework ()
and published by the International Integrated Reporting
Council (IIRC). As such, the report contains information
that is both financial and non-financial in nature.
- The designated currency for the reference of dollars ($) is
USD.
As of August 2022, the IFRS Foundation assumed
responsibility for the Integrated Reporting Framework.
The IFRS Foundation’s International Accounting Standards
Board (IASB) and the International Sustainability Standards
Board (ISSB) will collaborate to integrate the framework
into their standard setting projects and requirements. The
IFRS Foundation and Chairs of the IASB and ISSB actively
encourage the continued adoption of the Integrated
Reporting Framework across the industry1.
The International Framework (January 2021)
supersedes the International Framework (December
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WOODBOIS LTD | Integrated Report 2022
VALUE CREATED,
PRESERVED OR
ERODED FOR THE
ORGANIZATION
A C TIVITIE S
I
R
E
L
A
T
O
N
S
H
P
S
I
I
N
T
E
R
A
C
T
I
O
N
S
VALUE CREATED, PRESERVED OR ERODED FOR OTHERS
Value created, preser ved or eroded for the organisation and for
others as presented by Integrated Repor ting Framework
2013). This latest version applies to reporting periods
commencing 1 January 2022.
This report is referring to the UN SDGs and the GRI standards.
All disclosures made in this report are governed by the AIM
regulation on reporting. Information on Economic Indicators
provided in this report is therefore restricted and we advise
investors and other stakeholders to consult the financial
statements available on our website:
https://www.woodbois.com/investors.
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
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“
The estimated total value of the world's forests is
as much as $150 trillion—nearly double the value
of global stock markets. The ability of forests to
regulate the climate through carbon storage is
by far the largest component of that total value,
accounting for as much as 90%.
The Staggering Value of Forests—and How to Save Them,
Boston Consulting Group.
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APPENDIX & REFERENCES COVER
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ABOUT THIS REPORT
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03
A B O U T
W O O D B O I S
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ABOUT THIS REPORT
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COMPANY OVERVIEW
Woodbois manufactures and distributes sustainable African
In aiming to extend our sustainability and transparency
hardwoods and hardwood products to customers around the
practices across the industry, the company seeks to build
world and sustainably manages 324,005 hectares of natural
partnerships with third party suppliers in Africa and beyond.
forest concessions in Mozambique and 156,477 hectares
in Gabon. Founded in 2004, Woodbois is listed on the AIM
Woodbois’ climate change carbon strategy has been
section of the London Stock Exchange, one of the world’s
developed with the express intention of providing long-
leading growth markets for small and mid-cap companies.
term profitable benefits to all stakeholders, not least local
Woodbois has made significant investments in Gabon
allocated land in Gabon for the initial afforestation project
to ensure a reliable and superior supply of wood. This
will attract dedicated project funding for climate change
includes the establishment of an expansive 11-hectare
mitigation in the region.
communities. We are confident that our conditionally
sawmill and a 3.5-hectare veneer factory in Mouila, the
capital of Gabon's Ngounié region in the southern part of
the country. Strategically situated within 70km of the forest
concessions, which are granted for 20-year durations and
enable Woodbois to efficiently process timber. Woodbois
also operates a 5-hectare bushmill in Uape, located in
Mozambique's Zambezia Province.
Woodbois has developed a sustainability strategy to define
its core priorities and commitments, which are used to align
company actions with the UN Sustainable Development
Goals (SDGs) and with the London Zoological Society’s
Sustainability Policy Transparency Toolkit (SPOTT). SPOTT
has ranked the company eighth among more than 100 global
timber and pulp producers and traders with a score of 69.2%
compared to a 23.6% average.
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ABOUT THIS REPORT
ABOUT WOODBOIS
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EMPLOYEE STATISTICS
PRODUCTS
PREDOMINANT
SPECIES
- Okoumé
Sustainable hardwood products
(lumber, veneer, second transformation
product) manufactured at our own
facilities or sourced from vetted and
compliant third-party suppliers.
INTERNATIONAL PRESENCE
UK: Sales and management office
Denmark: Documentary administration office
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: Office (finance function)
M E N
411
(78%)
T O TA L
483
W O M E N
72
(22%)
100%
100% of our suppliers to
be third-party certified, or
in the process of becoming
certified by 2025.
480,482 ha
of natural forestry concessions
Mozambique - 324,005 ha
Gabon - 156,477 ha
8,108 ha
52,314 ha
73,469 ha
Area with actual harvesting
Area dedicated to conservation
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WOODBOIS LTD | Integrated Report 2022
Shared community, conservation and multi-use
South Africa: Office (finance function)
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ABOUT THIS REPORT
ABOUT WOODBOIS
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THE CAPITALS
VISION, MISSION
& VALUES
OUR VISION
By taking meaningful action and seeking solutions internally
and externally, we strive to achieve a balanced forest
management system that can serve as an example of best
practice. We intend to do this by thoroughly and consistently
improving on and implementing the ‘Woodbois Balance
Blueprint’.
OUR MISSION
The world is out of balance, forests are out of balance, and
carbon emissions are out of balance. Our mission is to
become a role model in forest management by redressing
the balance.
OUR VALUES
›
›
›
›
R E S P O N S I B I L I T Y
towards our stakeholders, people and planet
PA 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 PA R E N C Y
throughout our operations
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WOODBOIS LTD | Integrated Report 2022
WHO WE ARE
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.
F L O U R I S H I N G
F O R E S T S
Woodbois approach
Sustainable approach
D E VA S TAT E D
F O R E S T S
OUR APPROACH TO FORESTRY: THE
BALANCED FOREST BLUEPRINT
Woodbois sustainably manages 480,482 hectares of natural
forest and wants to play a positive role with local communities
and societal initiatives. Our end-to-end operations allow for
control over every aspect of forest management, with the
end-goal of exemplifying balanced and responsible forestry
practices. Our sustainable forest management uses innovative
techniques to enhance forest resilience, and can be replicated
globally. This includes reducing degradation, selective
harvesting, improving efficiency, increasing biodiversity,
improving soil health, and replanting.
The company takes a science-led and transparent approach to
its logging operations and collaborates with local communities
to promote sustainable practices.
P E O P L E
E C O N O M I C S
W O O D B O I S
N A T U R E
I N S T I T U T I O N S
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ABOUT WOODBOIS
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THE CAPITALS
ORIGINS OF WOODBOIS
Obtala listed on the London Stock
Exchange (AIM market)
Business refocused on forestry, timber
transformation and timber trading
Company name changed from Obtala
Ltd to Woodbois Ltd
Installation of the second
veneer line in Gabon
2008
2016
2019
2022
2007
Obtala incorporated in
the United Kingdom
2008 - 2012
2017
2021
Development of agricultural
sector in Tanzania and forestry in
Mozambique
Acquisition of WoodBois
International (WBI)
Establishment of new Carbon Division, focused
on implementing large scale afforestation and
reforestation projects to generate carbon credits
for the voluntary carbon market
2023
Woodbois awarded a
conditional grant of
50,000 hectares of
land in Gabon for a
reforestation project
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13
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THE CAPITALS
2022
IN BRIEF
›
›
›
Turnover increased by 32% to $23.1m
(2021: $17.5m)
Increase in EBITDA to > $3.0m
vs $3.5 m in FY 2021
Gross profit margin increased to 25%
up from 20% in FY 2021
›
›
›
2022 sawn timber production of 18,652m3
(a 42% increase year-on-year)
2022 veneer production of 5,246m3
(a 38% increase year-on-year)
Installation of second veneer line completed
during the second half of 2022
23.1m
59,471 m3
24,349 m3
12,266 m3
Revenues USD
Volume of logs
harvested
Volume of Woodbois'
produced timber traded
(logs, veneer, sawn
timber)
Volume of third party
timber traded (logs,
veneer, sawn timber)
35,245 m3
20%
72
#8
Volume of timber
traded including
third party and
Woodbois (logs,
veneer, sawn
timber)
% women in
board positions in
2022
Clients served in
2022
38%
2
% women in senior
management
positions
Forest management
units
Ranked n.8 at
Spott’s ESG policy
transparency
assessments for timber
and pulp
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WOODBOIS LTD | Integrated Report 2022
East Asia
2%
South /South
East Asia
24%
Europe
22%
S A L E S
B Y
R E G I O N
Middle East
9%
North Africa
27%
North &
Central America
16%
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THE CAPITALS
SUBSTANTIAL
SHAREHOLDERS
ORGANIZATIONAL
STRUCTURE
The Company has been notified that the following have, at the date of
this report, an interest in 3% or more of the issued Voting Ordinary share
capital of the Company, as of May 2023.
As at 17th March 2023 shareholders notifies as holding more than 3%
of the voting share capital of Woodbois Limited were:
WOODBOIS LIMITED
GUERSNEY
C O M PA N Y
Holding
Percent
CARBONARBOR
LIMITED UK
WOODBOIS
TRADING LIMITED
ARGENTO LTD
MAURITIUS
WOODBOIS
SERVICES LTD
100%
100%
100%
100%
MCM Investment Partners SPC -
MCM Sustainable Resource SP
133,625,000
5.38%
Sparta Premier S.A.
100,000,00
4.00%
Paul Dolan (CEO)
75,400,032
3.03%
22%
99%
100%
100%
78%
ARGENTO
MOZAMBIQUE
LIMITADA
WOODGROUP APS
DENMARK
SCI YARIM GABON
WOODBOIS
INTERNATIONAL
APS DENMARK
15
15
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ABOUT WOODBOIS
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THE CAPITALS
GOVERNANCE
The Board is committed to achieving the highest standards
environmental management through our operations and the
7.
Evaluate Board performance based on clear and relevant
of corporate governance, integrity and business ethics and is
responsibility for our sustainability strategy lies with our Board.
objectives, seeking continuous improvement. The internal
responsible for any oversight of this. The Board has adopted the
evaluation of the Board, the Committees and individual
Corporate Governance Code produced by the Quoted Companies
4.
Embed effective risk management, considering both
Directors is seen as an important next step in the development
Alliance and has taken steps to apply the principles of the QCA Code
opportunities and threats throughout the organisation. The
of the Board.
in so far as they can be applied practically and with the exception
forestry and timber trading business involves a high degree of
set out below, given the size of the Group and the nature of its
risk. Our approach to risk management is set out in the Annual
8.
Promote a corporate culture based on ethical values and a
operations. We set out below how the Group complies with the QCA
Report for the year ending 31 December 2022.
laser-sharp focus on behaviours. The Company is committed
Code..
to complying with all applicable laws and best corporate
5. Maintain the Board as a well-functioning, balanced team led by
governance practices, wherever we operate. It is a core aspect
1.
Establish a strategy and business model that promotes long-
the non-Executive Chair. The Board is responsible for establishing
of our mission to act with integrity in all of our operations. The
term value for shareholders. Capital allocation must be both
the strategic direction of the Group, monitoring the Group's
Board expects all employees to comply with both the letter and
performance and potential driven, and investment will only be
trading performance and appraising, and executing development
spirit of the law and governance codes.
forthcoming for strategies that can demonstrate significant
and acquisition opportunities. The Company holds a minimum of
return to shareholders over time.
nine Board meetings per year at which financial and other reports
9. Maintain governance structures and processes that are fit
are considered and, where appropriate, voted on. It also holds
for purpose and support good decision-making by the Board.
2.
Seek to understand and meet shareholder needs and
ad hoc meetings as required to deal with specific issues. During
The Company is committed to high standards of corporate
expectations. Shareholders play a key role in corporate
2022 the Board met 12 times.
governance, with our Annual General Meeting for shareholders
governance. Both Management and the Board are dedicated to
implementing best practices as the Company grows.
offering an opportunity to exercise their decision-making power
6.
Ensure that between them, the Directors have the necessary
in the Company. Our Executive Directors and our Investor
up-to-date experience, skills and capabilities. The Nominations
10. Communicate how the Company is governed and is
relations officer act as contact points for shareholder updates
Committee oversees the requirements for and recommendations
performing, by maintaining a dialogue with shareholders and
and wider liaison.
of any new Board appointments to ensure that it has the
other relevant stakeholders. The Company encourages regular
necessary mix of skills and experience to support the Company’s
communications with its various stakeholder groups and aims
3.
Take into account wider stakeholder and social
ongoing development. Any appointments made will be on merit,
to ensure that all communications concerning the Group’s
responsibilities, and their implications for long-term success.
against objective criteria and with due regard for the benefits
activities are clear, fair and accurate.
Woodbois is in a unique position to bring a positive impact
of diversity on the Board, including gender. The Nominations
to Africa’s economic transformation, social development and
Committee is also responsible for succession planning.
More details are reported in the company’s Annual Report for the
year ending 31 December 2022.
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WOODBOIS LTD | Integrated Report 2022
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THE BOARD AS OF MAY 2023
The Board monitors the exposure to key business risks and
reviews the strategic direction of all trading subsidiaries,
their annual budgets, their performance in relation to those
budgets and their capital expenditure.
The following Group matters are reserved for the Board:
• Overall strategy
• Approval of major capital expenditure projects
• Approval of the annual and interim results
• Annual budgets, KPIs and revisions thereto
•
ESG matters, including climate change initiatives and
actions.
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WOODBOIS LTD | Integrated Report 2022
GRAEME THOMSON
Non-Executive Chair and Senior Independent
Director
HADI GHOSSEIN
Deputy Chairman
Based in Gabon, Hadi has more than 25 years of experience
Graeme is a Fellow of the Institute of Chartered Accountants in
managing forestry operations, including full ownership of a forestry
England and Wales, and has been a public company director for
business. He previously served as a diplomat, travelling extensively
many decades, as a CEO, CFO/Company Secretary, and as a Non-
across Africa, as well as owning various trading and real estate
Executive. He has a wide variety of commercial UK and international
companies. Hadi is fluent in Arabic, French, Portuguese and English
experience, including of Audit and Remuneration Committees.
and holds Gabonese citizenship.
PAUL DOLAN
CEO
DAVID ROTHSCHILD
Independent Non-Executive Director
Paul held senior management positions at Barclays, DE Shaw and
David has a wide range of experience in growing businesses and
Nomura prior to joining Woodbois in 2016. Paul has consistently
improving their performance. He has been active in the African
built award-winning, world-class teams employing technology to
resource and agricultural sectors over more than 20 years, including
manage substantial pools of human and financial capital across a
as co-developer of a Liberian green-field sustainable palm oil
diversified group of asset classes, ranging from fixed income and
operation, and as advisor on environmental and social action
equity derivatives to forestry.
CARNEL GEDDES
CFO
planning. He has also been actively involved in governmental 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
Carnel is a dual-qualified chartered accountant in the UK and South
in international business – including six years at consultancy
Africa, and is also a certified fraud examiner. During a 15-year
career at the global audit, tax and advisory group BDO, Carnel
served as Director of Forensic Services at BDO London and Partner
of BDO Cape Town. She has been a Director and Board Member
of one of the largest South African pomegranate farming and
export companies, Pomona, since 2008. She was also the Chair of
POMASA (2018 to 2023), the Pomegranate Growers Association of
South Africa.
McKinsey & Co – he is a dual national of the USA and South Africa,
and holds both B.Com and MBA degrees.
WOODBOIS LTD | Integrated Report 2022APPENDIX & REFERENCES COVER
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ABOUT THIS REPORT
ABOUT WOODBOIS
OUR BUSINESS MODEL
THE CAPITALS
OUR COMMITMENT
OUR STAKEHOLDERS,
PARTNERSHIPS AND
COLLABORATIONS
Woodbois is a socially and environmentally conscious company
Tackling sustainability issues involves taking different stakeholder
dedicated to generating positive impacts for communities at
perspectives into account and collaborating across the value chain.
both local and national levels. Recognised as a "citizen company,"
These perspectives include those from investors, local communities,
Woodbois supports the needs of the communities where we operate,
high-level representatives from international organisations, local
encouraging sustainable practices and respecting the environment
governments, industry experts, suppliers, customers, end-consumers
and the traditions. We’re proud to foster environmental sustainability
and NGOs.
and contribute to the well-being of the communities we serve.
Woodbois collaborates with the Open Timber Portal2 (OTP)
to ensure transparency and accountability in its timber supply
We value the safety and protection of all staff and parties to whom
chain. The purpose of the OTP is to increase the effectiveness of
we have responsibility, and believe in protecting whistleblowers. This
regulations on illegal logging. OTP is an initiative launched by the
promotes a culture of accountability and integrity in both private and
World Resources Institute, which aims to incentivise legal timber
public institutions, and encourages individuals to report corruption,
production and trade by providing comprehensive country-specific
misconduct, and fraud. The company does not tolerate any adverse
information about forest management and harvesting.
treatment of an employee who raises a concern, and a person raising
Woodbois also collaborates with the Congo Basin Forest
concerns is supported and protected against reprisals.
Partnership3 (CBFP) and remains a keen member of the European
Forest Institute4 (EFI) which conducts research and provides policy
The company is committed to ethical and fair conduct, and prohibits
support on forest-related issues. Woodbois is also a member of
corruption, including bribery and fraud. Woodbois upholds these
the trade association ATIBT5 which promotes the development
commitments by implementing the best practices outlined in SPOTT
of a sustainable, ethical and legal industry of tropical timber as a
and adhering to definitions and guidelines published by leading
natural and renewable resource, essential for the socio-economic
international organisations. Woodbois conducts thorough due
development of producing countries.
Woodbois has been a proud member of the IWPA for a number
of years. As the primary trade association for the global wood
products industry in North America. The IWPA - International
Wood Products Association7 unites every segment of the supply
chain and represents them with a powerful voice. Additionally,
the IWPA supports the legal and sustainable harvesting of wood
products from around the world, thereby promoting sustainable
forest management, benefiting local communities, and generating
economic growth and quality jobs.
The collaboration with NHLA - National Hardwood Lumber
Association8 is particularly significant as the US market constitutes a
vital aspect of Woodbois' trade, and maintaining strong relationships
with customers is of paramount importance.
Our shareholder commitment translates to direct on-the-ground
action involving ongoing engagement with our employees to
collect their feedback to ensure a positive, safe and healthy
working environment that provides career development and growth
opportunities. Post-Covid we have started to resume physical
site visits to suppliers, with whom we seek to align policies and
commitments towards increased transparency and sustainability.
The remote communities in which we operate are dependent on
forests, as we are on their local knowledge and experience. Our
mutual exchange of understanding each other's needs, supporting
community development and helping local causes is core to our
business, which couldn’t operate without community knowledge and
diligence before establishing new business relationships with any
We’re delighted to work in partnership with World Forest ID6
support.
suppliers, and systematically informs third parties of its policies to
to build a science-based identity and origin catalogue for our
maintain high standards.
Gabonese concessions, which will enhance the traceability of our
timber products. The World Forest ID team has sampled our forest
OUR STAKEHOLDERS
Sustainability is at the core of everything Woodbois does as we aim
concessions in Gabon. Our utilisation of their technologies including
to demonstrate leadership within the industry. We are committed to
mass spectrometry, digital imaging and stable isotope ratio analysis
creating net zero CO2 emissions from their combined activities and
can provide irrefutable confirmation of species identity and origin of
achieving a balance between the greenhouse gases we produce and
our own production.
the amount we can sequester from the atmosphere by 2035.
Employees
Shareholders
Funding providers
Industry experts
Suppliers
Customers
Local communities
End - consumers
International organisations
NGO's
Local governments
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MATERIALITY ANALYSIS
In Integrated Reporting, a matter is material if it can substantially
affect the organisation's ability to create value in the short,
medium and long term.
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.
The material issues for Woodbois were identified using the SASB
Materiality Map9.
As a result of the materiality analysis, the most important issues
have been identified and are represented in the materiality matrix.
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WOODBOIS LTD | Integrated Report 2022
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
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
I
S
P
H
S
N
O
T
A
L
E
R
I
Financial assistance
Soil & water safety
Energy usage
Greenhouse gas emissions
WOODBOIS
Our analysis followed these steps:
1.
2.
Identify and prioritise the relevant issues
Identify internal and external stakeholders
3. Design a materiality survey
As a result of this process, the most
important issues have been identified and
are represented in the Woodbois 2022
4. Launch the survey and start collecting insights
materiality matrix.
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
WOODBOIS LTD | Integrated Report 2022APPENDIX & REFERENCES
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ABOUT WOODBOIS
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04
O U R
B U S I N E S S
M O D E L
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VERTICALLY
INTEGRATED
VALUE CHAIN
100% of the wood harvested is
PROCESSED LOCALLY
TRANSPARENCY
Every single tree has an
identification number and can be
tracked through a GPS code
T
N
E
M
E
G
A
N
A
M
E
T
S
A
W
100%
CARING FOR
PROTECTED SPECIES
0% of the trees harvested are
listed as protected or endangered
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WOODBOIS LTD | Integrated Report 2022
FOREST OPERATIONS
•
Inbound logistics
• Management plan
•
•
•
Inventory
Log harvesting Distribution
Log tracking
SAWMILL
Mozambique | Gabon
•
•
•
Planks production
Quality controls
Packaging
INTERNALLY PRODUCED PRODUCTS
•
•
•
Veneer sheets
Quality controls
Packaging
VENEER
FACTORY
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
TRADING
BUSINESS
I
N
O
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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VALUE CREATION
As investors and consumers become increasingly
For all the profit, there needs to be impact. A wide range of
concerned about social impact, climate change and
activities, interactions and relationships can have an impact
corporate responsibility, companies are facing increasing
on the interrelation between these two value streams.
scrutiny and are expected to be held accountable for their
business practices.
When these interactions, activities, and relationships are
material to a company’s ability to create value for itself, they
There is a growing demand for sustainable and responsible
are included in the Integrated Report.
businesses, as today's consumers are increasingly seeking
meaningful connections with companies that align with their
The value creation framework is presented in the appendix.
values and demonstrate a clear sense of purpose.
They are no longer satisfied with solely purchasing products
or services; they want to support businesses that prioritise
sustainability, social responsibility, and ethical practices.
THERE ARE A TRILLION REASONS TO
PROTECT THE FORESTS
Watch the video from Boston Consulting Group
A Nielsen study10 showed that 73% of surveyed consumers
expressed a strong desire to spend their money on products
and services from companies committed to positive
environmental and social impact. Woodbois' incorporation
of purpose-driven initiatives into company strategies has
never been more important.
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).
https://www.bcg.com/publications/2020/the-staggering-
value-of-forests-and-how-to-save-them
“
The purpose of the
corporation must be
redefined as creating
shared value, not just
profit per se. This will
drive the next wave
of innovation and
productivity growth in
the global economy.
Michael Porter
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FORESTRY IN THE
CONGO BASIN
HOW SAVING THE FORESTS WILL
SAVE HUMANITY
Despite commitments made at COP26 in 2021, deforestation
A growing population presents an increasingly pressing
has continued at an alarming rate. According to data from
need for renewable materials. Using forests sustainably
the 2022 Climate Focus Forest Declaration Assessment
and creating green value chains would underpin sustainable
(FDA)11 deforestation has continued unsustainably. The FDA
economies and help to meet this need in a way that benefits
recorded that 6.8 million hectares of global forests were lost
both people and planet.
in the single year since COP26, leading to the emission of 3.9
billion metric tonnes of greenhouse gases12. In the Congo
Restoring degraded land through afforestation and
Basin, the deforestation rate increased by 5% in 2021 alone13.
reforestation could cost-effectively take 0.9–1.5 GtCO2e
per year out of the atmosphere between 2020 and 2050,
In 2022, multiple African government initiatives were
while stopping deforestation and simultaneously sustaining
introduced to help reduce deforestation in the Congo Basin
forests would reduce carbon emissions by the 14% needed to
- which stretches over six African countries and absorbs
prevent the Earth’s average temperature from increasing by
more carbon than the Amazon - alongside the planting of
1.5 °C before 203016.
over 100,000 new trees. But there is still much to be done to
address the deforestation threats that come from climate
The increase in lab-grown meat substitutes being produced
change14, not to mention attempts to undo damaging actions
with natural products reduces the land needed for agriculture
taken by uncollaborative governments.
for meat products, both enabling a significant reduction in
carbon emissions and an importantly large amount of land
The latest report15 from the FAO identifies three pathways
becoming available for reforestation.
that could support conserving forest recovery, halting
deforestation, and using forests to contribute to local
economies.
Watch the video here
https://www.youtube.com/
watch?v=DWtslaGVf_U&feature=youtu.be
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FORESTRY IS A CRUCIAL RESOURCE FOR AFRICA
Forestry is an essential resource for Africa's natural
environment, biodiversity, and local communities. However,
unsustainable practices, population growth, and climate
•
•
Establishing protected areas and community forests to
conserve biodiversity and wildlife habitats.
Encouraging reforestation and afforestation initiatives
change pose significant challenges and threats. Over the
to increase forest-cover and enhance carbon
past two decades, Africa has lost more than 30 million
sequestration.
hectares of forest17, equivalent to the size of the United
• Strengthening the legal frameworks for forest
Kingdom.
conservation and restoration, and enforcing forest laws
One of the major drivers of deforestation in Africa is
agricultural expansion18. As populations grow, there is an
To enhance forest-based livelihoods and economic
increasing demand for food, which has led to the conversion
opportunities, it’s vital that sustainable value chains
of forests into farmland, especially in West and Central
for forest products (such as timber and charcoal) are
and regulations.
Africa.
developed and promoted, and in turn enable fair prices and
employment opportunities to local communities.
Forests in Africa are rich in valuable timber species, which
attracts illegal loggers who engage in unsustainable logging
Community forestry and participatory forest management
practices. Combined with the impact of climate change
systems can be strengthened to enable local communities
including droughts, floods and wildfires, Africa has suffered
to both manage and benefit from forest resources. If Africa’s
significant loss to forest-cover. Additionally, climate change
forests are going to be saved, then it’s vital that investment
has altered the distribution and behaviour of some forest-
into research and development of these areas is increased.
dwelling species, leading to changes in the structure and
function of forest ecosystems.
Governments need to urgently engage local communities,
civil society organisations, and the private sector in forest
conservation and restoration efforts. Some of the specific
measures that can be taken to conserve and restore forests
in Africa include:
• Promoting sustainable forest management practices
such as reduced impact logging, agroforestry, and
forest landscape restoration.
Tropical forests have the ability to absorb
and retain more carbon in their trees,
roots, and foliage compared to other types
of forests due to their quick growth and
dense structure. They are also home to a
diverse range of species as they typically
grow in mild climates and are often left
undisturbed19.
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USING FORESTS TO CREATE A GREEN ECONOMY
Developing forest-based industries can create new jobs and
This can be achieved through partnerships between
economic opportunities while supporting sustainable forest
governments, the private sector, and local communities.
management practices20.
These industries can include forest-based tourism, non-
can promote long-term economic growth while reducing
timber forest products such as honey and medicinal plants,
the negative impacts of deforestation and forest
and sustainable forest harvesting practices.
degradation. This can involve implementing certification
•
Encouraging sustainable forest management practices
programs such as the Forest Stewardship Council (FSC)
Gabon has emerged as a leading conservation country in
and promoting sustainable forest harvesting practices.
Africa, at the forefront of preserving forests.
The country has established a network of national parks,
sources such as bioenergy can reduce reliance on fossil
implemented strict regulations against illegal logging, and
fuels and promote sustainable economic growth. This
promoted responsible timber harvesting practices.
can be achieved through the use of sustainable forest
• Supporting the development of renewable energy
biomass for energy production and by promoting the
Gabon's focus on sustainable development and ecotourism
development of renewable energy technologies.
further solidifies its commitment to preserving its natural
heritage and make the country a standout example for other
•
Encouraging the integration of forests into climate
African nations and beyond in terms of forest conservation.
change mitigation and adaptation strategies can provide
•
Investing in forest conservation and restoration can
climate change. This can involve promoting sustainable
provide significant environmental and economic
land use practices, developing carbon markets, and
significant economic benefits while addressing global
IMPACT OPPORTUNITIES FOR
THE FOREST SECTOR
benefits, including job creation, carbon sequestration,
leveraging international climate finance to support forest
Illustration based on the WBCSD Forest Sector SDG Roadmap
biodiversity conservation, and watershed protection.
conservation and restoration efforts.
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CARBON INSETTING AND OFFSETTING
INSETTING
Reducing CO2
emissions internally
OFFSETTING
Continually
emitting CO2
Buying carbon
credits
Carbon offsetting and insetting are two approaches that aim
to reduce greenhouse gas emissions, but they differ in their
methods. Carbon offsetting involves investing in projects
that reduce emissions in one location to offset emissions
produced elsewhere. This can include initiatives such as
renewable energy generation, reforestation, and energy
efficiency projects. On the other hand, insetting involves
reducing emissions within a company's own operations
or supply chain by adopting sustainable practices or
implementing energy-efficient measures.
Both approaches have their strengths and weaknesses.
Carbon offsetting can help companies take action on
emissions that are difficult to reduce in their own operations
and achieve emissions reductions cost-effectively, while
insetting can provide companies with more direct control
over emission-reductions and potentially lead to long-term
cost savings. However, it can be challenging and costly for
companies that have limited control over their emissions,
such as those in high-emissions sectors or with complex
supply chains.
In summary, companies should consider both carbon
offsetting and insetting when developing their climate action
plans. While carbon offsetting can offer a cost-effective way
to reduce emissions and support environmental and social
outcomes, companies should also be cautious and ensure
the credibility and transparency of offset schemes. Insetting
can provide more direct control over emissions reductions,
but can be challenging to implement.
Illustration from Omybag21
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WOODBOIS’ IMPACT ON ACHIEVING THE UN SDGS
Achieving the UN Sustainable Development Goals22 (SDGs) by
2030 will require the implementation of a circular economy,
better use of renewable resources, the regeneration and
sustainable management of natural systems and a focus on
both the wider social impact as well as the effects on more
ENVIRONMENTAL PRESERVATION (SDG 13, 15)
LEADERSHIP AND CULTURE (SDG 8, 10)
localised communities.
Managing forests sustainably not only mitigates the direct
Sustainable forestry depends on the ample provision of
climate impact of wood procurement, but can also facilitate
training and development opportunities. This investment in
Our objective is to support Africa's sustainable development
additional carbon sequestration, to the benefit of the global
employees helps to promote loyalty and motivation, while
by aligning with the UN’s SDGs, as we embrace the
community.
continent's transition to more value-added operations. This
involves creating secure job opportunities that encourage
skill development and equal opportunities for all.
SOCIAL IMPACT (SDG 8, 10)
Sustainable forest management means respecting the rights
of local communities, and positively contributing to their
development and wellbeing.
ECONOMIC GROWTH (SDG 8, 9, 12)
creating a culture of ethical practice that will contribute to a
wider respect – and therefore protection – of forests.
GLOBAL PARTNERSHIPS AND KNOWLEDGE
SHARING (SDG 17)
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.
Leading the way in aligning our sustainability strategy
with the SDGs is Alain Diounga, who holds a masters
Suppliers, consumers and stakeholders are increasingly
degree in Tropical Forestry and Biodiversity. Alain oversees
demanding sustainable credentials from their business
Woodbois’ sustainability practices on a day-to-day basis. Our
partners. Those that choose to conduct business in a manner
Reforestation and Sustainability Manager in Mozambique,
that overlooks environmental factors will ultimately be at a
Eng. Macedo Uachuacho has a degree in Forestry
significant competitive disadvantage. The more people that
Engineering alongside 12 years’ experience working with
advocate for sustainable forestry, the fewer opportunities there
different government entities and NGOs.
will be for those engaged in unethical practices.
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RISKS AND OPPORTUNITIES
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.
RISKS
OPPORTUNITIES
• Rise in forest maintenance and harvesting costs
• Process optimisation and implementation of circular
solutions to reduce cost and dependency on production
• Price pressure and increased demand for low cost
inputs
products not necessarily sustainable
•
Increased fuel and transportation costs
• Operational disruption due to environmental, political
and social events
• Making sustainability part of the company's DNA and
narrative, creating an opportunity to be recognised as
an ethical supplier, partner and employer
• Satisfy the demand of the world’s growing population
with carbon-positive, affordable and sustainable
• Operational disruption due to technical production
building material solutions
issues 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
• Develop African forest conservation and reforestation
projects, leveraging the company’s unique position
• Degraded soil or land due to deforestation, erosion or
in forestry to continue the Group’s pathway towards
climate change
nature based carbon solutions
•
•
Financial risks related to market pricing, liquidity,
interest rates and credit
Loss of human talent to competitors
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ABOUT THIS REPORT
ABOUT WOODBOIS
OUR BUSINESS MODEL
THE CAPITALS
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
INPUT
Cash generated by operations,
divestments, debts and equity
finance
2 sawmills,
7 kilns,
1 veneer factory,
34 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
CAPITALS
CREATING VALUE
Trading of responsibly sourced
hardwood and hardwood products
Landscape afforestation
Harvesting, production of hardwood and hardwood
products through our vertically integrated value chain
MATERIAL ISSUES
• 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
• Developing local economies
• Biodiversity
• Protection of land (soil and water safety)
• Greenhouse gas emissions
• Energy usage
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
OUTCOMES
Revenues
Paid taxes
Investment
in achieving
certification
Investment in
facilities and
training
Wood harvested
Logs produced
Logs traded
SPOTT ranking
Traceability project
No. of employees
Health and safety
of employees
New hirings
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
OUTPUT
Products
Hardwood and
hardwood products
produced and traded
Areas of
concessions
harvested
Resources used to
power our operations
Emissions
Total CO2 emissions
SDGS
Financial Manufactured Relational Human Intellectual
Natural
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STRATEGIC PRIORITIES
To fully realise the potential of sustainable forestry in Africa23, several factors such as
Forest Sector SDG roadmap24 and the SPOTT framework.
regulation, management, prioritising local production, and promoting internal trade need to be
Our strategic priorities outline how Woodbois intends to manage and mitigate risks while
considered. Woodbois is dedicated to running its business with as little impact as possible.
maximising opportunities. We will monitor and report our impact on each capital annually
Our strategy and commitment to sustainable forestry have been established by referring to the
through our integrated report.
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ABOUT THIS REPORT
ABOUT WOODBOIS
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THE CAPITALS
CAPITALS
MATERIAL ISSUES
STRATEGIC PRIORITIES
SDGS
-
-
-
-
-
-
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. Seek scale through M&A opportunities.
Economic value generated
and distributed.
Financial assistance.
Improve efficiency to get more value from raw materials
1.
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 who
like ourselves are committed to achieving third party certification.
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.
2.
Invest in continuous professional and personal development.
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
-
-
-
-
-
-
-
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 can be found in our Sustainable Forestry Policy, available on our website.
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05
T H E
C A P I T A L S
FINANCIAL CAPITAL
MANUFACTURING CAPITAL
INTELLECTUAL
CAPITAL
SOCIAL &
RELATIONSHIP
CAPITAL
HUMAN
CAPITAL
NATURAL CAPITAL
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ABOUT WOODBOIS
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FINANCIAL CAPITAL
MATERIAL ISSUES
STRATEGIC PRIORITIES
SDGS
-
-
Economic value generated and distributed
Financial assistance
Improve efficiency to get more value from raw materials
1.
2. Seek scale through M&A opportunities.
The success of responsible businesses is inextricably
material improvements in production volumes, along with
linked to economic growth, which relies on the personal
increases in both sales and profit margins.
and professional development of employees and providing
fair wages, thereby contributing to the prosperity of local
The Company improved on all measures of financial
Our largest investments included the acquisition of the
harvesting and production plant and machinery ($3.9
million), the final payment for the additional forest
acquisition in Gabon ($0.5 million), and the settlement
of the deferred consideration payment for Woodbois
International Aps ($0.3 million), which was purchased in
2017.
Infrastructure investments:
• Concession roads
communities. Furthermore, the growth of African countries
performance in 2022, increasing turnover by 32% and making
represents a significant opportunity for businesses across
significant progress by increasing both gross profit (69%)
• Staff accommodation/staff village
various industries.
and gross profit margin and producing a second year of
positive EBITDA. Sawn timber production reached 18,732 m3
• Mouila office construction
The communities we work with are often in remote areas
increasing by 42% versus 2021, while veneer production grew
and reliant on subsistence economies. Therefore, Woodbois'
by 38% reaching 5,260 m³.
presence makes a meaningful contribution to their economic
growth. As we continue to develop our vertically integrated
value chain, our aim is to generate more job opportunities,
and increase skill-development. Ultimately, Woodbois' efforts
Turnover
$23.1m
(+32%)
Gross profit
$5.9m
(+69%)
promote the export of locally-produced products, which
boosts international exposure for these countries beyond just
raw materials.
Gross profit margin
25%
EBITDA
> $3.0m
• Buses to transport staff and utility vehicles
• Harvesting equipment (e.g. bulldozers)
• Veneer building extension (storage) and roof
coverage for the loading bay
• Veneer line installation
In 2022, the Group continued to demonstrate that conventional
metrics of business success can be achieved in tandem
with meaningful action for a sustainable future by delivering
$3,907,399
invested in property, plant and equipment including
$236,000 spent on management plans
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ABOUT THIS REPORT
ABOUT WOODBOIS
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THE CAPITALS
HUMAN CAPITAL
MATERIAL ISSUES
STRATEGIC PRIORITIES
SDGS
-
-
-
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 proactively fight any kind of
Invest in continuous professional and personal development.
discrimination.
We recognise the value of our people. We are committed to their development, and their health and safety is our top priority.
We invest in the continued professional and personal development of all of our staff, ensuring fair compensation, diversity and
inclusion throughout the organisation, and we are proud to proactively fight any kind of discrimination.
467
Total number of employees
Woodbois is committed to:
• Respecting human rights including the rights of
• Preventing employment and occupation-related
indigenous and local communities
discrimination based on gender
• Gender equality across forestry operations
• Paying at least the minimum wage
• Providing essential community services and facilities
•
Ensuring ethical and fair conduct, and fighting corruption
• Respecting worker and labour rights for both full-time and
Woodbois' commitment to human rights and occupational
contracted employees
health and safety applies to all suppliers.
404
Men
(87%)
63
Women
(13%)
20%
of women in board
positions
38%
of women in senior
management positions
67
Total number of
permanent employees
working in the
production facilities in
Gabon and Mozambique
380
Total number of fixed-
term and seasonal
employees working in the
production facilities in
Gabon and Mozambique
35
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HUMAN RIGHTS,
DIVERSITY, INCLUSION
AND EQUAL
OPPORTUNITIES
In 2022, Woodbois paid on average 27% and 34% above
the local minimum wage in Gabon and Mozambique
respectively.
EQUAL OPPORTUNITIES
Woodbois pays female employees the equivalent of 100% of
a male employee’s salary in both Gabon and Mozambique.
The company is committed to reducing the wider industry
gender pay gap and to supporting the inclusion of women
Average salary in Gabon
FCFA
190,721
across all its forestry operations.
Woodbois aligns to international best practices such as the
Average salary in Mozambique
MT
7,000
New laws were introduced in Gabon in September 2021
aiming to reduce the risk of violence against women and
Fundamental ILO Core Conventions, ILO Code of Practice
Minimum wage in Gabon
FCFA
150,000
promote their economic inclusion. These laws were part
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. The company regularly provides
educational training to employees.
EMPLOYEE WAGES IN GABON
AND MOZAMBIQUE
The minimum wage in Gabon is set at 150,000 FCFA.
However, the CONVENTION COLLECTIVE DES INDUSTRIES
DU BOIS SCIAGES ET PLACAGES DU GABON provides a
basic salary grid for employees. Employee salaries are
determined based on this grid, with additional bonuses which
are both non-conditional and performance based. Woodbois
ensures that all of its employees receive a salary at least in
line with the minimum wage and in 2022, the average salary
paid to local staff in Gabon was FCFA 190,721.
From July 2022, Woodbois raised its monthly wage in
Mozambique to 7,000 MZN which is above the legal
minimum wage25.
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WOODBOIS LTD | Integrated Report 2022
Minimum wage in Mozambique
MT
5,200
of Gabon's 2020 strategy to promote women's rights,
spearheaded by the First Lady and key female leaders
including the Prime Minister, Minister of Justice, and the
Minister of Social Affairs and Women's Rights. Revisions
to the 1972 Civil Code allow women to be the official head
of the household, own and manage property, and open a
bank account independently of their husbands. The legal
amendments also prohibit discrimination against women in
accessing credit and remove the legal requirement for wifely
obedience.
Additionally, a new Labor Code was adopted in November
2021, guaranteeing equal pay for equal work and granting
women access to employment in all sectors. These legal
reforms are significant steps towards gender equality and
women's empowerment in Gabon26.
We are dedicated to promoting diversity and inclusivity
throughout our organisation by offering equal opportunities
in recruitment, training, career development, and
promotions. We strongly believe in eliminating gender-based
discrimination in employment and occupation, which is
crucial for fostering sustainable and socially responsible
economies..
Our operations in Mouila, Gabon are overseen by Madame
Mona Bakri, and women are an integral part of the workforce
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at both of our factories. From operating machinery and
managing workers on the production line, to administrative
and office work, women at the factories feel empowered and
valued for their contributions.
This culture of inclusivity and respect is central to Woodbois'
approach, demonstrated in the way that women are treated
by all peers at the factories. Importantly, pay is based
solely on position, meaning that two people in the same
role will earn exactly the same amount of money for the
same amount of work. This policy ensures that women are
not discriminated against and are fairly compensated for
their hard work and dedication to the company. Overall, our
factories in Mouila are places where women are respected
and valued for their contributions. By empowering women
and promoting inclusivity, Woodbois is creating a workplace
where everyone can thrive and succeed.
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.
Alain Diounga is
Woodbois’ ESG
manager.
Audrey Nzimbani started working at Woodbois' Gabon outpost in 2018
as a Veneer Factory Masicottier (veneer sheet cutter) and is known for
her versatility, thanks to her efficient responsibility for all the machines
needed after the log peeling. Audrey is principally assigned to the
cutting machines, and is proud of her working technical and mechanical
knowledge.
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HEALTH AND SAFETY
Woodbois places priority on safety for its employees,
contractors, and surrounding communities. The company's
Quality Health Safety Environment (QHSE) actions prioritise
•
•
Established a monthly work accidents information panel
Woodbois takes the responsibility of the employer to apply
to raise awareness and vigilance
preventive measures for safety and health at work, as
Installed new fire extinguishers and accompanying
mandated by law, very seriously. The company's commitment
the health and safety of workers and consist of two parts:
monitoring systems
activities carried out and monitoring of the implementation of
the HSE action plan for certification. Since the QHSE service
• Managed and verified first aid kit procedures and training
•
Improved safety signage and installed eye washes at
began its activities in Q2 2022, Woodbois has observed a
factories
significant decrease in accidents. This is attributed to various
safety measures, including monthly HSE courses, awareness
•
•
Installed new waste disposal vessels at various sites
Ensured identification, use, and storage of chemicals
to safety is unwavering, and it will continue to implement
safety measures to ensure the well-being of their employees,
contractors, and surrounding communities.
800
Hours of training
conducted in 2022
0
Work-related fatalities
recorded
117
Reported accidents in
total
88
Lost days due to
workplaces injuries
campaigns on all work sites, and risk assessments by
workstation. The following is a list of safety measures that
were implemented in 2022:
• Distributed 2838 pieces of PPE
• Trained members of the Occupational Health and Safety
Committee (CSST)
•
•
•
Installed 22 safety notices at the sawmill and factory,
including speed limit regulations and prohibition of
alcohol and smoking
Installed 156 road signs at the forest site to prevent
traffic accidents
Introduced 44 new procedures and validated a new final
environmental policy
• Conducted risk assessments by workstation
• Recruited a QHSE team leader
• Defined appropriate equipment for each activity station
• Constituted the Health and Safety Committee at Work
(CSST)
•
Implemented procedures for management and
distribution of PPE, including for visitors and auditors
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GRIEVANCES
The process comprises:
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 regardless of their length
of service and can be found on the Woodbois website.
Local community
formulates grievance
Official letter from
legally elected
community leader
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 considered follow-up
of issues addressed and
projects implemented
with the community
WHISTLEBLOWING PROCEDURE
•
Employee becomes aware of any malpractice and immediately reports it to their Line
their concerns directly with the Group Compliance Officer
Manager
• The Line Manager notifies the Group Compliance Office (the Chief Financial Officer will act
as Woodbois’ 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, who will investigate the matter promptly, confidentially and
• The Line Manager is responsible for initially investigating all matters reported to them, in a
sensitively
prompt, confidential and sensitive manner
• The Line Manager provides formal feedback to the employee and Group Compliance
their concerns
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
Committee of the investigation, and resulting action will be taken
• The Group Compliance Officer will provide formal feedback to the employee and Audit
• The whistleblower will usually be invited to attend an investigation meeting to discuss
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EMPLOYEE SPOTLIGHT
An insight into the roles of Woodbois employees positioned in Gabon, Mozambique, South Africa, Denmark and the UK.
MONA BAKRI
Mona, the Director of the Mouila site in
Gabon, joined Woodbois in 2017 as the
factory manager. Upon her arrival, the site
was vastly different from what it is today.
Mona’s role includes managing finances,
human resources, and social relations
with public administrations. Mona proudly
remembers the visit of the President of
Gabon to our veneer factory in November
2022 and always enjoys welcoming the
members of the board.
MANUEL ANTONIO FELIX
Manuel is a Procurement and Logistic
Assistant at Woodbois in Mozambique.
He supplies materials to the bush, and
manages stock items and transportation.
Manuel’s role is vital for analysing cost
reduction, ensuring on-time delivery, and
maintaining a ready stock.
AMI ANSELLE
Ami is the Communications/PR Manager
for Woodbois and based in the UK. Ami is
responsible for managing our internal and
external communications, as well as our
relationships with investors, partners, and
government officials. In addition to Ami’s
everyday tasks, she enjoys organising our
events and managing the London office.
Ami’s motto to succeed at work is "Nothing
is impossible”, made all the more true at
one of her most memorable experiences
with Woodbois in 2022 when she met with
communities in Gabon for the first time.
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WOODBOIS LTD | Integrated Report 2022
HANAE MIMOUNI
Hanae is our Sales Support Manager and
based in Denmark. Hanae serves as the
main contact between our commercial
customers, providing support and
assistance to sales managers and the
finance department, alongside customer
service and payment control. Hanae joined
Woodbois in November 2019 and made
strong bonds with her colleagues around
the world and knows that to succeed
at work, one must strive for excellence,
embrace challenges, and learn from every
opportunity.
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ELVIE MOUNGUENGUI
Elvie is a Shipping Agent based in Gabon.
Since starting in February 2022, he has
been responsible for managing the various
shipping companies, preparing transit
documentation, communicating boarding
forecasts to shipowners, and submitting
shipping instructions. Elvie enjoys the
challenging and exciting role, liaising with
colleagues around the world and building
relationships with all the shippers.
NIC KLAZEN
Nic is the Group Management Accountant at
Woodbois and works from our finance office
in South Africa. Nic makes sure our finances
are operating as a well-oiled machine and
collaborating with our teams all over the
world. For anyone needing any motivation
at work, Nic says, “You worked hard to be
in this position, don't let your younger self
down."
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BERJUZA PRYNA LENDOYE
Pryna is a Shipping Manager with eight
years of experience, who joined the
Woodbois team in Gabon a year ago.
Passionate about and efficient at managing
supply chains and optimising lead times,
Pryna is known for her lightning quick
operational speed and loves leading the
Shipping team.
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PRODUCTION
MANAGERS AT OUR
GABON VENEER
FACTORY
Meet Mustapha and Issa - two individuals whose work
intertwines to create a smooth and efficient operation at
Woodbois in Gabon. Mustapha, the head of the veneer
factory, has over 27 years of experience in the wood industry,
while Issa, the production manager, started his career as
an accountant and was taught by Mustapha to manage
veneer production. The two work closely to ensure the
smooth operation of the factory, with Mustapha focusing
on production and Issa managing workers' payroll, diesel
supply, orders and reporting. Together, they lead their team to
success in the wood industry in Gabon.
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MANUFACTURING CAPITAL
MATERIAL ISSUES
STRATEGIC PRIORITIES
SDGS
-
-
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
circular solutions.
We take a proactive approach to investment in energy-
efficient equipment in order to drive down both costs and
emissions, and we make the most of the plentiful renewable
resources available to us. We use wood, for example,
to create circular solutions that further meet our energy
requirements.
•
•
0 chemicals and pesticides
100% of the logs processed in Woodbois sawmills
come from company-owned operations
• Our productivity in 2022 increased by 42% in terms
of sawmill output, 38% in terms of veneer output
and 112% in terms of the volume of logs harvested,
compared to 2021
The installation of the second veneer line was completed
during second half of 2022, with further volume increase
expected in 2023.
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WOODBOIS LTD | Integrated Report 2022
480,482 ha
Total forest land
52,314 ha
Area dedicated to
conservation
407,661 ha
Operational forest land
(forest management plans)
73,469 ha
Shared community,
conservation and multi-use
7.33 m3/ha
Harvesting intensity ratio
per hectare
24,349 m3
Volume of timber produced.
(veneer, sawn timber)
12,266 m3
Volume of third party
timber traded (logs, veneer,
sawn timber)
35,245 m3
Volume of timber traded
including third party and
Woodbois. (logs, veneer,
sawn timber)
8,108 ha
Area with actual harvesting
59,471 m3
Volume of logs harvested
22,979 m3
Volume of Woodbois'
produced timber traded.
(logs, veneer, sawn timber)
34
Sawmills providing third-
party timber supplies
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ASSETS OVERVIEW
Woodbois’ Gabon facilities are located in Mouila, a dynamic,
developing town 400 km from the capital city. Woodbois is one of
the largest formal employers, offering local people skilled jobs with
valuable development opportunities.
Country
Production assets
Capacity 2021
Capacity 2022
Gabon
Gabon
Gabon
Sawmill
Kiln
2000 m3/month
3000 m3/month
2000 m3/month
2000 m3/month
Veneer factory
525 m3/month
1600 m3/month
Mozambique
Mill
1000 m3/month
300 m3/month
Coordinates: 1°52’19.0”S 11°01’22.4”E
Woodbois’ operations in Mozambique are located in Gile/Uape.
In 2022 18,652 m
3
of wood were produced at the sawmill and 5,246 m
3
at the veneer factory.
Coordinates: 16°09'36’’S 038°05’05’’E
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OPERATIONS IN GABON
With more than 156,000 hectares of forest under management,
Woodbois has been involved in the Gabonese forestry sector for
the last two decades. Within its sawmill operations, 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 simultaneously cut long timbers of multiple sizes.
Phase one of the development of our veneer factory was completed
in 2019 as part of our expansion plan and is also located in Mouila,
just 70km away from our forest concessions. A second line was
launched in 2022 enabling us to triple our daily production and
offer a wider range of products to our customers. When operating
at capacity this will also bring additional employment roles to the
Mouila 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.
On 6 August 2021, the Group acquired 100% of the shares and
voting interests in La Gabonaise des Forêts et de l'Industrie du
Bois (LGFIB). Through the acquisition of LGFIB, the Group acquired
71,000 hectares of forest concessions in Gabon, 56,000 of which
are currently covered by a management plan.
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TRADING
Woodbois responsibly sources and trades products from several international – mainly African – countries. The chart below shows the list of
countries sourced from in 2022.
12,266 m³ of timber sourced from third-party supplying mills and traded, representing 35% of the total timber sold (35,245 m³).
2%
Colombia
$109,578
3%
Ghana
$228,898
4%
Equatorial Guinea
$274,078
Ivory Coast
$53,055
<1%
CAR
$36,355
<1%
Gabon
$2,881,111
42%
$ 6,794,076
Timber s ourced
from 3rd par ty
10%
Cameroon
$667,867
Democratic
Republic of
Congo
$943,546
14%
24%
Republic of Congo
$1,599,588
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INTELLECTUAL CAPITAL
MATERIAL ISSUES
STRATEGIC PRIORITIES
SDGS
-
-
Equal rights and conflict resolution
Legal harvesting
1. Leverage leadership role-modelling to promote values of integrity and transparency.
2. Ensure ethical conduct and anti-corruption best practices are in place.
3. Ensure labour rights are fully met.
Our material issues – equal rights, conflict resolution and legal
2. Environment
harvesting – can be addressed through the consistent application
We commit to protecting and respecting the natural environments
of our three key priorities: leveraging leadership role-modelling
in which we operate.
to promote the values of integrity and transparency; ensuring
ethical conduct and anti-corruption best practices are in place; and
We strive to reduce the environmental impact of our global
ensuring labour rights are fully met.
operations and to help conserve natural resources by planning and
CODE OF CONDUCT
1. Safe and healthy working conditions
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 workplace by
ensuring that tools and equipment are maintained in working 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 an action unsafe.
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WOODBOIS LTD | Integrated Report 2022
managing operations with a sustainable 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. Labour and human rights
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.
CEO Paul Dolan in post shift discussion with sawmill team Leader
Obatsitsele Kakoko.
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4. Host communities
employees with an environment where they can bring their whole
Financial Reporting Standards (IFRS) as adopted by the European
We recognise the importance of community engagement and shared
self to work regardless of gender, race, sexual orientation, age,
Union (EU).
prosperity.
religion or disability. We seek to reflect the diversity of the regions
and communities in which we operate within our own workforce, and
10. Tax
We engage with communities at all stages of project planning and
respect the rights of employees including the freedom of association
We commit to paying the right taxes.
development to ensure that local opinions, feedback, and concerns
and collective bargaining.
are properly recorded and addressed.
7. Bribery
Woodbois strives to understand and comply with the legal and
regulatory obligations for taxation arising from its operations.
We are committed to full compliance with external and company
We believe it is possible to deliver real socio-economic impact
We stand against bribery and corruption.
reporting requirements, including those concerning disclosure to tax
through our regional activities by developing infrastructure, building
authorities and reporting on the tax payments that we make.
local skills, and providing development opportunities for people.
It is not permitted for any Woodbois employee or representative to
5. Suppliers, customers and other business partners
third-party business in any dealings.
We recognise the importance of looking after our assets.
We commit to fair and ethical relationships with suppliers, customers
Employees are responsible for looking after company assets
and other business partners.
8. Trade controls and sanctions
including business opportunities, funds, property, proprietary
give, offer or receive a bribe either directly, indirectly, or through a
11. Protecting and maintaining assets
We endeavour to build long-lasting relationships based on fair
regions where we operate and trade.
Employees must take steps to read and understand the rules
selection, clear terms of business, and adherence to shared
regarding unacceptable use of company IT resources and comply
principles set out in our Code.
The export of timber goods is subject to a range of regulatory
with the relevant set of rules.
We follow established due-diligence procedures that enable us to
dialogue with relevant government and trade bodies to ensure it
permitted by law and as is reasonably necessary to meet business
requirements in different regions. Woodbois maintains constant
Woodbois only collects and holds personal information as
We comply with all applicable trade controls and sanctions in the
information, and personal equipment.
select business partners who meet legal requirements and internal
satisfies registration requirements, export licence needs, and all
requirements.
expectations in regards to product provenance, supply chain safety
additional legal obligations.
and environmental impact.
12. Insider dealing
Woodbois is conscious that governments and international
We stand against insider dealing.
Woodbois is committed to purchasing third-party timber only where
organisations may impose international trade sanctions on countries
It is illegal to deal in Woodbois shares on the basis of inside
it is possible to ensure legal compliance of suppliers. The company
where the company operates. We are committed to complying with
information or to encourage others to do so.
unreservedly condemns illegal logging and irresponsible trade of
all trade sanction conditions.
During the course of their work some employees will have access to
endangered species.
6. Equality
9. Accurate records, reporting and financial recordkeeping
in Woodbois shares.
We commit to publishing accurate and transparent company reports.
Employees are forbidden from using confidential company
information which could influence someone contemplating investing
We commit to creating an inclusive environment where every
We endeavour to release regular operational, financial and integrated
information for personal gain, or from sharing inside information for
colleague is valued. At Woodbois, all employees are expected
reports for the benefit of company stakeholders.
the same purpose.
to treat each other with care and respect. We strive to provide
Financial statements are produced in accordance with International
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FOREST MANAGEMENT IN GABON AND MOZAMBIQUE
• Woodbois holds fifteen forest permits in central Gabon in
potential roads
(Aucoumea klaineana), Ilomba (Pycnanthus angolensis), Ebiara
•
•
the province of Ngounié, north-east and south-east of the
community of Mouila covering a total area of 156,477ha.
•
•
The inventory is recorded by systematic sampling
(Berlinia bracteosa), Dabema (Piptadeniastrum africanum),
The counting operation consists of: identifying the species of
and Ovang-Kol (Guibourtia ehie). We are also permitted to
The management plans, approved by the administration in
trees; measuring diameter; numbering trees via the placing
harvest an area of 3813 from the 2021 LGFIB27 management
charge of waters and forests, define the harvesting plan for the
of a plate; geolocating each tree via GPS; and assessing the
plan.
areas
quality of all applicable trees that have reached the minimum
The inventory plan determines: the stocks of harvestable
diameter size for harvesting
All of Woodbois’ forest management plans have been approved by
timber and their location; how to track and mark trees to be
•
The harvesting plan for 2022 covered a total area of 4,200
local governments following preliminary community consultations
harvested or protected; and how to establish the route of
hectares27. The most common tree species are Okoumé
and approval processes, and are strictly followed.
Geographical location of UFA LYNN-TIMBER permits and management plans.
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Tableau 3: Séries d'aménagement de l'UFA WBG.
Tableau 4: Découpage de la série de production de l'UFA LYNN-TIMBER en UFG.
Allocation of the areas under the management plan
The production has been divided into four areas that will be used in different periods as
described above.
In Mozambique, the company has historically harvested
The inventory plan determines the stocks of harvestable
small volumes of timber from 8 of its 11 concessions. Six in
timber and their location, how to track and mark trees to be
Zambezia province, communities of Uape-Gile District and
harvested or protected, and how to establish the route of
Alto-Molocue District, one in Nampula province, community
potential roads.
of Niveto, Lalaua district and one in Niassa Province,
community of Mississi in the district of Mandimba.
This inventory is recorded by systematic sampling, and
the counting operation consists of identifying the species
The company's management plans, which are approved by
of trees, measuring the diameter, numbering trees via
the administration in charge of land and environment, define
the placing of a plate, geolocating each tree via GPS, and
the harvesting plan in concession blocks to be harvested
assessing the quality of all applicable trees that have
each year.
reached the minimum diameter size for harvesting.
The maps of the management plans in Mozambique are
available in the Appendix.
These plans are valid for three to five years depending on
The most common commercial species include Umbila
the size and forestry potential of the concession.
(Pterocarpus Angolensis), Chanfuta (Afzelia Quanzensis),
and Messassa (Brachystegia Spiciformis).
The management plan is available at this link
https://opentimberportal.org/operators/100151/documentation
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HOW IT WORKS
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.
All of Woodbois’ forest management plans have been
approved by local governments following preliminary
community consultations and approval processes, and are
strictly followed.
HARVESTING PLANS
In Gabon, following a 23-year rotation cycle, Woodbois is
permitted to harvest a section of its total concession area
using a three to five year management plan. After three years,
the same area cannot be touched for 20 years to ensure forest
regrowth.
Woodbois has complied with having a Higher Level Forestry
Technician for each concession who supervises the
management plans, makes projections on improvements
required and assesses the impact of harvesting operations
according to the company harvesting plan.
FOREST INVENTORY
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.
LOGGING ACTIVITIES PLAN
Vital to minimise the impact of roads.
FOREST CONSERVATION
Woodbois collaborates with local chiefs to safeguard areas
not in production from illegal logging activities, agriculture, and
other uses, including conservation.
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MANAGEMENT PLAN - 4,200HA
EACH TREE 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 TREES
AFTER 20 YEARS
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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RELATIONAL AND SOCIAL CAPITAL
MATERIAL ISSUES
STRATEGIC PRIORITIES
SDGS
-
-
Responsible sales and marketing.
Developing local economies.
1.
Invest in long term partnership with selected timber suppliers embracing the same
ethical and sustainability principles.
Invest in services and facilities for local communities.
2.
3. Develop strong relationships with local administration and Government.
4. Strengthen sales efforts with African clients.
In 2022, Woodbois made sales to 78 customers across
24 countries. Consistently providing our customers with
the highest level of service and quality of product is one of
our highest priorities and we aim to foster a relationship
of mutual trust and security with all of our customers and
suppliers.
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RESPONSIBLE TRADING & SOURCING
22,979 m3
Volume of Woodbois'
produced traded. (logs,
veneer, sawn timber)
12,266 m3
Volume of third party
timber traded. (logs, veneer,
sawn timber)
35,245 m3
Volume of timber traded
including third party and
Woodbois. (logs, veneer,
sawn timber)
34
Sawmills providing third-
party timber supplies
100%
of our suppliers to be
third-party certified, or in
the process of becoming
certified by 2025
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DUE DILIGENCE PROCESS
Woodbois only sources forest products from partners who have succeeded in passing a due diligence process for legal and
A Woodbois controller in the field verifies that suppliers
responsible forest product sourcing. To work with any supplier of timber, Woodbois requires information and documentation
comply with the due diligence process and wood quality
regarding the source of the timber including tree species, wood origin and compliance with national laws and regulations.
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.
SUPPLIERS
SHIPMENT
BUYERS
Since 2013, Woodbois has run a
Documents required:
due diligence process inspired by
EUTR/ FLEGT, which includes a
• Bill of Lading (BL) from the
Buyers sometimes provide their
own supply chain mapping
to ensure responsible timber
checklist of documents required
shipping company
purchases.
for screening. This process is done
at the beginning of each year for
existing suppliers and at the start
• CITES certificate if necessary
(created by Woodbois using
of any collaboration with new
supplier export codes)
suppliers.
• Movement certificate (EUR1
for EU trade; Certificate of
Origin if shipment is anywhere
else in the world)
• Act of Merchandise Transit
(Circulation de Merchandise)
• Phytosanitary certificate
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THE OPEN TIMBER
PORTAL
Any increase in transparency within the timber space in the
Congo Basin is welcomed by Woodbois as it is beneficial to
both our production and trading businesses.
We are keen to implement the voluntary use of the Open
Timber Portal (OTP) for our third-party trading business as
we on-board new suppliers and renew documentation for
existing suppliers.
We advocate the use of the OTP by all of our suppliers and
producers, encouraging them to address any gaps in their
internal processes in order to improve their own levels of
transparency.
The report for 2022 is available at this link
https://opentimberportal.org/operators/100151/documentation
TRACEABILITY AND
TRANSPARENCY
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.
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ENGAGING WITH LOCAL
COMMUNITIES
Woodbois is dedicated to fostering strong relationships with
In March 2022, the Woodbois team spent three weeks in the largest
neighbouring communities, recognising their essential role
villages in the Ekembele and Yeno zones to carry out restoration
in providing a skilled workforce, establishing local business
work. The first project was the restoration of the land around the
partnerships, and ensuring responsible stewardship of natural
Kembele dispensary, allowing for better access for villagers. The
resources. Woodbois upholds its commitment to conducting
second project involved the restoration of the Kembele football
We are committed to:
business with integrity and promoting shared prosperity through
pitch, enabling the local football team and young schoolchildren to
•
•
•
•
Enabling sustainable use of non-timber forest products
regular financial contributions to a fund that is co-managed by
engage in sports activities.
(NTFPs) by local communities.
community representatives, local government, and the Ministry of
In October 2021, Woodbois began the "Route Mouila Mimongo"
Free prior and informed consent (FPIC), and the inclusion of
Water and Forests, in accordance with the Gabonese Forestry Code.
road project to improve travel conditions for the local community.
indigenous peoples.
These contributions support critical community-led development
The 50 km journey used to take up to three days, which was
Respecting legal and customary land tenure rights.
initiatives, thereby promoting sustainable development in the region.
completely isolating for rural communities who needed access to
Providing business and work opportunities for local
In a typical example of Woodbois' community-focused efforts, the
the forest for harvesting, and safe routes to other nearby villages.
communities.
company delivered tools and equipment to the village of Mboukou in
March 2022 in order to aid the community in construction and wood
Our commitments apply to all suppliers.
collection activities.
The project involved sustainably resurfacing 126 km of road in a
way that preserves the local environment28 and does not impact
the area’s biodiversity29. The two-phase project also included the
renovation of bridges, plantation grounds and a local community
Specific initiatives Woodbois is adopting include:
• Maintaining regular communication with local communities.
Installing safety signs in the forest to ensure the security of
•
RESTORATION AND COLLABORATION
Woodbois has a dedicated team that regularly visits the villages
surrounding our concession. This team ensures that our work does
court.
Before
nearby villagers, who should have free, safe access to the
not negatively affect the communities and addresses any raised
forest.
concerns to improve our collaboration and maintain community
•
Listening to and communicating with local communities in
safety during our forest operations and trucking activities. We are
order to understand their needs and concerns.
committed to being accessible to the communities when needed
and sharing benefits as outlined in our "cahier de charges."
Our teams are actively engaged in community consultations to
In a recent effort to promote safety and mutual understanding in
ensure we respect local customs and our contributions have
the forest concession, Woodbois conducted a visit to Yeno village to
meaningful value (our FPIC procedure is reported in the report
address concerns related to safety issues that have arisen between
annex). This commitment extends to respecting legal and traditional
truck drivers and villagers. As both parties rely on daily access to
land rights. For example, our forest concessions are a direct result
the forest for various purposes, we endeavoured to identify and
of community consultations. Local stakeholders help designate
implement a solution that would be safe and equitable for all.
After
and map agricultural land for local use, dedicate areas for specific
We also make regular financial contributions to a fund co-managed
crops and provide education and information related to the
by community representatives, local government, and the Ministry of
hunting seasons. In some cases, we have established contractual
Water and Forests in accordance with the Gabonese Forestry Code.
agreements with communities to ensure we respect and align with
Alongside the road work, Woodbois Gabon has also undertaken
local needs and customs. Woodbois is also financially contributing
several social projects such as the renovation of local community
to the development of villages Saint-Martin and Mboukou.
courts, football pitches, and dispensaries.
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GLOBAL EVENT PARTICIPATION
Woodbois maintains an active presence at International
Woodshows where the wood & woodworking Industry's key
players showcase their innovative technologies, production
scenarios, large-scale machinery, and products. These events
serve as an excellent platform for suppliers, manufacturers,
and companies dealing in timber products and related
machinery and tools to exhibit their offerings, learn from
peers within the industry and to initiate and cement business
relationships.
MAPUTO INTERNATIONAL TRADE FAIR
(#FACIM)
DUBAI WOODSHOW
Our strong focus on the growth markets of the Middle East
Woodbois was delighted to receive a visit from
and North Africa, means that our sales team ensures a visible
Mozambique’s president, H.E. Filipe Nyusi, at its stand at
presence at the annual Dubai Woodshow. Held at the World
FACIM 2022. FACIM, a multi-sectoral Trade Fair organised by
Trade Centre in Dubai, the event is the largest in the region
IPEX - Institute for Support to Export - is aimed at stimulating
and is attended by many of the region’s key wood purchasing
consumption and economic integration in Mozambique's
managers and professionals.
growing economy by providing a platform for international
exhibitors to connect with local businesses. In addition to
promoting economic growth, FACIM also plays a role in
promoting sustainability in the wood industry by showcasing
innovative and environmentally friendly technologies,
production methods, and products.
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ALGERIA WOOD TECH
AFRICA CLIMATE WEEK
The International fair of Wood, Woodworking, Equipment and
Members of the team have also attended sustainable forest
Technologies.
management and climate related conferences both online
Held at the SAFEX in Algiers (maritime pines), the exhibition
and in person. A particular highlight given our work in Gabon
is under the patronage of the Minister of Industry and brings
was Africa Climate Week which was held in held in the
together key players in the wood and woodworking sector,
capital, Libreville, in September 2022 which provided a forum
which Woodbois is delighted to be a part of.
for governments, private sector leaders and civil society to
discuss regional solutions to climate change and to forge
partnerships.
The TimberShow in Nantes, France, has become a prominent
event in the wood building landscape, providing a platform
for French and international experts to discuss current issues
in the wood industry. The fair is an excellent barometer of the
sector and plays a vital role in promoting sustainability in the
wood industry by showcasing innovative and environmentally
friendly solutions.
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NATURAL CAPITAL
MATERIAL ISSUES
STRATEGIC PRIORITIES
SDGS
-
-
-
-
-
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.
4.
Integrate activities to enable transition to net zero emissions.
FIREFIGHTING
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.
Natural capital is the 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.
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E N E R G Y C O N S U M P T I O N
2019
2020
2021
2022
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)
L
GJ
GJ
GJ
839,836
682,631
991,496
1,502,240
30,150
24,506
33,314
54,081
281
201
52
174
30,431
24,708
33,367
54,255
m3 of logs
harvested
34,361
18,810
28,000
59,471
Energy intensity. Total energy (fuels and electricity) intensity ratio per final
production (logs).
GJ/m3
0.89
1.31
1.19
0.91
We are committed to:
• Protecting forest areas against deforestation,
degradation and conversion for unauthorised or illegal
resource use, settlement and other prohibited activities.
• Restoring non-compliant deforestation and conversion.
•
Implementing a landscape-level approach to preserving
animal habitats and biodiversity.
• Permitting no hunting, or permitting sustainable hunting
and fishing only.
•
Ensuring present and future potential plantation timber
suppliers do not plant on peat land.
• Adopting the High Carbon Stock approach to any future
potential plantation timber suppliers.
Our commitments apply to all suppliers.
As of 2022, the Company does not have any peat land area in
its landbank.
Our carbon analysis from 2022 shows an increase in direct
and indirect GHG emissions compared to 2021, which is a
result of higher energy consumption due to increased timber
production.
However, we have also seen a decrease in emissions
intensity, indicating that our energy efficiency measures had a
positive impact on our carbon footprint during 2022. We will
continue to monitor our emissions and energy consumption
closely as we strive to balance the needs of our business
with our commitment to environmental sustainability.
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E M I S S I O N A N A LY S I S
2020
2021
2022
Delta (%)
GRI 305-1 Direct (Scope 1) GHG emissions for use of fuels.
tCO2e
1,849
2,664.93
4,048.86
52%
Biomass converted into energy.
tonnes
1,250
1,840,00
2,024
10%
GRI 305-1
Other indirect (Scope 1) GHG emissions: on-site biomass
incineration.
tCO2e
72.94
88.30
118.11
34%
Volume of logs harvested.
m³
18,810.00
28,000.00
59,471
112%
GRI 305-4
Total GHG emissions intensity.
tCO2e/m³ logs
0.098
0.095
0.07
-16%
Volume of Woodbois' produced timber (veneer, sawn
timber).
m³
9,357.00
16,964.00
24,349
27%
GRI 305-4
Total GHG emissions intensity.
tCO2e/m³ timber
0.20
0.16
0.17
6%
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"
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TRANSPARENCY
Woodbois ranked eighth among 100 timber and pulp
companies in 2022’s annual Sustainability Policy
Transparency Toolkit (SPOTT) ESG policy transparency
assessments. The assessment was conducted on
companies controlling over 44 million hectares of land in the
timber and pulp industries worldwide.
We are proud to be highly ranked in the ZSL SPOTT
companies' transparency assessment, and maintain our
core commitment to transparency and sustainability, forest
management and climate change.
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Woodbois is committed to responsible and ethical
forestry.
Our contribution:
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.
Poor management practices could affect the potential of
the lands where we operate, reducing the positive impact
on local communities in terms of resources and job
opportunities.
We aim to grow our activities while recognising the needs
and customary rights of local communities and indigenous
peoples.
By pursuing sustainable forest
management, Woodbois aims to 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 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 in the long term.
• 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
timber to local communities.
• By sourcing and manufacturing wood and wood
products we offer an alternative to less sustainable
products.
Woodbois' commitment to zero deforestation or zero
conversion of natural ecosystems applies to all suppliers.
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In 2022, Woodbois remained committed to and compliant
with forest regulation. However, if any non-compliant
deforestation or conversion occurs in the future, the
company remains committed to restoring the affected areas.
Woodbois is collaborating with the Gabonese government
to ensure that by 2025, the company will not tolerate any
form of deforestation. The collaboration aims to promote
sustainable and responsible management of our forest
concession while preserving biodiversity. Investigations
revealed five types of illegal activities threatening the
preservation of the forest resources, and the directive
focuses on combating poaching and illegal logging. Our
goals include identifying risk areas, developing strategies
to combat illegal activities, establishing collaborative
relationships with stakeholders and evaluating the actions'
relevance.
A functional wildlife unit will monitor all measures set out in
the wildlife protection plan. The plan is to set up a gate at the
entrance of the concession, awareness panels, campaigns
to educate local populations, internal regulations for game
hunting and prohibiting transport of meat in company
vehicles.
In light of climate change, Woodbois constantly monitors
specific parameters over time. This includes tracking
temperature increases that may affect the local flora and
fauna dynamics, as well as rainfall changes that could result
in flooding and soil saturation.
biodiversity while carrying out its activities. This includes
the implementation of the company's Environmental Policy,
specifically Point 7 of the Social Policy signed on October
10, 2006, which pertains to the preservation of biological
diversity in forest titles. The management of Woodbois is
fully committed to adhering to these policies.
Our commitment:
• 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.
In 2022, Woodbois committed to upholding its pledge
to protect fauna and flora and to maintain respect for
Our commitments apply to all suppliers.
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WATER AND WASTEWATER
MANAGEMENT
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 (i.e. 5.5).
View the report (En)
https://www.woodbois.com/wp-content/uploads/SEEG-Water-
analysis-english-version.pdf
View the report (Fr)
https://www.woodbois.com/wp-content/uploads/seeg-water-
analysis.pdf
As Gabon is renowned for its two heavy rain seasons, our
facilities are equipped with drainage and gutters adapted to
accommodate 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 2023 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.
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WASTE MANAGEMENT
MINIMISING THE IMPACT OF LOGGING ROADS
Woodbois does not use chemicals or pesticides to manage
Woodbois minimises the impact of logging roads by basing
Crucially, harvesting only takes place along carefully laid
waste. Wood waste is used as biofuel for the veneer factory
main tracks, wherever possible, on existing roads and
out skid trails. After harvesting, skid trails are rehabilitated
and kilning operations (2,024 tonnes in 2022).
traditional trails. Our forest management plan creates new
to avoid permanent soil compaction and roads are closed
roads efficiently and carefully, with infrastructure dimensions
to prevent poaching and illegal settlements. In just a few
USE OF CHEMICALS
minimised as much as possible while adhering to safety
months, skid trails and harvesting gaps are covered by tree
and sunlight rules. Watercourse crossings are constructed
regeneration, while roads disappear after a few years due to
without raising the water level, which could potentially lead to
the natural regeneration of pioneer tree species. Woodbois is
flooding upstream and the destruction of forest. Bridges and
committed to using best-in-class practices to minimise the
other structures are planned and constructed according to
impact of logging on the surrounding environment.
varying seasonal flows.
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.
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WOODBOIS LTD | Integrated Report 2022
APPENDIX & REFERENCES COVER
MESSAGE FROM THE CEO
ABOUT THIS REPORT
ABOUT WOODBOIS
OUR BUSINESS MODEL
THE CAPITALS
PARTNERSHIP WITH
WORLD FOREST ID
19 percent of the European Union's wood imports are
sourced illegally. At Woodbois, we ensure the selective
cutting of commercial species by carefully quantifying
and locating appropriate forest resources. We place a
In May 2022 Woodbois entered into a partnership with
particular emphasis on social aspects and protecting
World Forest ID, which is building an extensive global library
natural biodiversity. To track our operations, we tag and
of reference samples from various forest regions, for use in
geo-monitor each tree, enabling us to actively monitor
cross verification. This partnership enhances the traceability
tree species, volume, and quality. We also protect non-
and identification of timber originating from our forest
production areas from illegal logging activities. We believe
concessions in Gabon.
that sustainability requires balance. As such, we strive to
With World Forest ID's science-based analyses, we can
achieve equilibrium between our economic objectives and
provide irrefutable verification of species identification and
our environmental and social responsibilities.
origin, allowing us to prove that the wood we sell originates
from our concessions and to confirm the botanical
species. This partnership with World Forest ID is a critical
building block in our suite of services for the sustainable
management of Africa's forests and is a significant step
towards creating a more transparent and sustainable timber
industry in Africa.
COMMITMENT TO
SUSTAINABLE
HARVESTING
BLESSINGS FROM
LOCAL COMMUNITIES
IN GABON
As a company, we are committed to protecting and
respecting the natural environments in which we operate.
We understand that the forest is sacred for the local
community, and we recognise the importance of community
engagement and shared prosperity. With this in mind, we
are honoured to receive a blessing from the dignitaries of
According to Interpol, the illegal timber industry is valued at
Mossighe village for our new concession.
$152 billion annually and ranks as the world's third largest
This blessing is confirmation of our efforts to foster
criminal sector after drugs and counterfeit goods. As the
sustainable relationships and create mutual benefits for
global wood trade has expanded, so has the awareness
all stakeholders, while striving to reduce the environmental
of its illegal component. The WWF estimates that 16 to
impact of our global operations.
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Forest Id collector taking a sample of a woodbois’ concession tree
for origin of verification and traceability.
Alain Diounga, Woodbois’ ESG Manager invited to the blessing
ceremony in the Mossighe community temple.
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ABOUT WOODBOIS
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WOODBOIS’ APPROACH TO ENHANCING
ECONOMIC AND NATURE CAPITAL IMPACT
FSC CERTIFICATION
1 . C E R T I F I C AT I O N O F N AT U R A L F O R E S T S
The Company is currently working with Silvaterra on the process of
FSC certification.
5 . E X PA N D
P R O D U C T I O N
C A PA C I T Y A N D
H E C TA 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 TAT I O N
I N T H E F O R M O F
P L A N TAT I O N O R
N AT U R A L F O R E S T
A L O N G S I D E
PA 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 WA S T E
In moving along the value chain, Woodbois
seeks to reduce its waste.
3 . C A P I TA 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 VA 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 is dedicated to promoting sustainable forestry
practices in Gabon and has made significant progress
towards achieving full forest certification.
The Ngounié and Nyanga Forests Programme exemplifies
the company's commitment to balancing economic growth
with social and environmental responsibility.
As part of this effort, the company is working towards
merging all of its concessions in Gabon into a single, FSC
certified concession area which will not only improve
environmental, social, and economic performance but also
build upon existing management practices and enhance
management oversight of forest activities.
Additionally, Woodbois has taken further steps to ensure
responsible forestry practices through the commissioning of
High Conservation Value (HCV) and Biodiversity reports.
These reports will provide a comprehensive assessment of
the forest's ecological, social, and cultural values, and further
inform our management practices.
We are confident that the results of these reports will
contribute significantly to our 2023/4 forest certification
process and that many of the positive outcomes highlighted
in future Integrated Reports will be a direct result of the
implementation of recommendations from these reports.
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APPENDIX & REFERENCES COVER
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ABOUT WOODBOIS
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REFORESTATION AND
CARBON CREDIT
DIVISION
Woodbois established its carbon division in 2021 with the
aim of developing a project implementation model that can
simultaneously deliver environmental, social and economic
value.
In Q2 2023 Woodbois was awarded more than 50,000
In 2022, the Voluntary Carbon Markets (VCM) continued
hectares of unutilised land in Gabon to undertake a
to demonstrate their ability to provide near-term climate
voluntary carbon credit afforestation project. The company
solutions, as the notional value traded in the market
plans to start a four-year pilot on a 2,000-hectare portion
surpassed $1 billion for the second consecutive year.
of the area, and in total the project is estimated to generate
the growth of up to 50 million trees, mainly of the indigenous
This achievement marks a continued trend of growing
okoumé species. The project could potentially sequester
confidence in the VCM among investors and businesses
more than 30 million tonnes of CO2 during the first 40 years
seeking to take meaningful action on climate change.
and the first carbon credits are expected to be issued in
COP27's agenda prioritised the role of nature-based
2028.
solutions (NbS) in both climate mitigation and adaptation,
and recognised the importance of sustainable forestry
We are excited to have been awarded in principle our
management in combating climate change. The private
first Afforestation/Carbon Sequestration project from the
sector is expected to propose dual strategies for managing
Government of Gabon. The project aims to regenerate
risks associated with both climate change and biodiversity
Okoume in savannah areas, which are contiguous to
loss, which could include commitments to using NbS.
forests, by introducing local pioneer species and preventing
fires. This approach will create a forest rich in Okoume,
NbS have been shown to have the practical potential to
an important tree species in the economy of Gabon and
deliver significant emission reductions, equivalent to one-
the daily life of rural populations. The afforestation project
third of the global target set in Paris. Furthermore, NbS,
will also have significant positive impacts on biodiversity
including sustainable forestry management practices, can
and water resources services. The new forest will increase
deliver significant environmental and social co-benefits
the diversity of ecosystems in southern Gabon and have a
at lower cost than technological solutions. Capitalising
root network that improves soil structure, increases water
on this potential will require a coherent effort between
absorption, storage and filtration, and reduces surface
governments, the financial sector, and business actors to
runoff. Forests also stabilise soils, reduce erosion, and
deliver projects at a new pace and scale while prioritising
infiltration into groundwater, thereby benefiting downstream
sustainable forestry management practices.
users who depend on the water. Moreover, forests ‘consume’
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APPENDIX & REFERENCES
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ABOUT THIS REPORT
ABOUT WOODBOIS
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more water than most other types of vegetation, thereby
and eventually the creation of village nurseries. We are
reducing runoff and promoting better water infiltration to
excited to be at the forefront of landscape afforestation and
rivers and/or aquifers. The afforestation project will create
will seek to work with other African governments to replicate
approximately 1,000 permanent jobs on average over the first
projects of this kind across the region. As a company,
ten years of planting and 250 over the 40 years of the project,
we believe in the importance of sustainable forestry and
not including the jobs that will be created for the exploitation
environmental protection, and we are committed to playing
and processing of wood. This project will benefit small
our part in building a more sustainable future for all.
businesses and service providers in Ndende and Tchibanga,
and supply contracts will be concluded with farmers for the
Extensive due-diligence carried out as part of the project
supply of bananas, cassava, and other staple foods. The
feasibility process confirmed the attractiveness of Gabon as
transfer of technical skills to local people is also a major
a project jurisdiction. Well-aligned development objectives,
positive effect of the establishment of plantations. Initial and
supportive policy, and prime environmental conditions all
continuing training in planting and maintenance techniques
contribute to a unique project development setting.
is one aspect of this as well as training in nursery techniques,
The economic advantages were recognised in a recent
OECD paper that compared 166 countries based on the
cost efficiency of forest carbon sequestration; Gabon
ranked first in the afforestation category30.
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WOODBOIS LTD | Integrated Report 2022
APPENDIX & REFERENCES COVER
MESSAGE FROM THE CEO
ABOUT THIS REPORT
ABOUT WOODBOIS
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THE CAPITALS
Our reforestation project also serves as a crucial element
of our community engagement efforts. We are committed
to making a positive contribution to social progress and the
regional economy by creating jobs, providing training, and
empowering employees to lead initiatives for local action.
REFORESTATION
PROJECT PROCESS
• Project developer coordinates with the Government to
secure long term concession
• Native species used to restore efficient ecological
system
CO-BENEFIT
• 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 migration from project geographies
Gabon is one of the world’s most densely-forested countries,
with a unique bioclimate suited to rapid tree growth and
optimal CO2 sequestration.
The Gabonese Government has demonstrated a keen
appreciation for the environment, addressing deforestation,
investing in green industries, and engaging with international
sustainability programmes.
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WOODBOIS LTD | Integrated Report 2022
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.
OUR REFORESTATION
EFFORTS IN
MOZAMBIQUE
In 2022 we maintained our established planted areas of
Woodbois’ reforestation project in Mozambique, which began
in 2017 with 35 hectares in Madeiras and now cover a total of
107 hectares.
The project is managed by Eng. Macedo Uachuacho and
supported by Woodbois’ head office in Maputo, with 10
employees currently working on the
project.
We have a permanent nursery in place to support seedling
irrigation, and we only plant species that are native to each
concession and their surrounding communities. Since the
project began in 2017, we have planted over 14,000 trees of
different species, and the first seedlings are now between
five and six metres tall. We submit a comprehensive report
on our activities and progress to the Ministry of Forestry
authorities at the end of each month.
WOODBOIS LTD | Integrated Report 2022APPENDIX & REFERENCES COVER
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APPENDIX
MANAGEMENT PLAN FOR MOZAMBIQUE
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ABOUT THIS REPORT
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THE VALUE CREATION PROCESS AS PER THE INTEGRATED REPORTING FRAMEWORK
EXTERNAL ENVIRONMENT
PURPOSE, MISSION, VISION
RISKS AND
OPPORTUNITIES
STRATEGY AND
RESOURCE ALLOCATION
BUSINESS MODEL
BUSINESS
ACTIVITIES
OUTPUTS
OUTCOMES
(POSITIVE AND
NEGATIVE OVER THE
SHORT, MEDIUM AND
LONG TERM)
INPUTS
PERFORMANCE
OUTLOOK
FINANCIAL
MANUFACTURED
INTELLECTUAL
HUMAN
SOCIAL AND
RELATIONSHIP
NATURAL
FINANCIAL
MANUFACTURED
INTELLECTUAL
HUMAN
SOCIAL AND
RELATIONSHIP
NATURAL
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VALUE CREATION, PRESERVATION OR EROSION OVER TIME
WOODBOIS LTD | Integrated Report 2022APPENDIX & REFERENCESGOVERNANCE COVER
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ESG INDICATORS
GRI INDICATORS
D E S C R I P T I O N
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.
GRI 102-4
GRI 102-5
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 102-8
GRI 102-14
GRI 102-20
GRI 102-47
GRI 102-50
GRI 201-1
GRI 201-1
GRI 201-1
GRI 201-1
GRI 201-2
GRI 201-3
GRI 201-4
GRI 202-1
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. % 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 distributed. Salaries paid.
Direct economic value distributed. Salaries paid in Africa.
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).
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WOODBOIS LTD | Integrated Report 2022
U N I T
2 0 2 2
NA
NA
NA
NA
NA
Number
Number
Number
%
%
Number
Number
Number
Number
%
%
Number
Number
%
Page
Page
Page
NA
US$
%
US$
US$
US$
US$
US$
%
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 an extended network of suppliers.
Woodbois Limited is a holding company listed on the AIM section of the London Stock Exchange.
467
404
63
13%
87%
13
5
5
1
20%
38%
67
380
85%
Letter from Paul Dolan.
Governance.
Materiality analysis.
The current report refers to the financial year from January to December 2022
$23,108,000
32%
$4,276,097
$3,015,097
$235,496
$132,945
$7,396
Woodbois pays 27% in Gabon and 35% in Mozambique above the local minimum wage.
APPENDIX & REFERENCES COVER
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Operational sites owned, leased, managed in, or adjacent to, protected areas and areas of high biodiversity value outside protected areas.
Page
GRI INDICATORS
D E S C R I P T I O N
GRI 203-1
Infrastructure investments and services supported.
Investments per capita (per number of employees). Gabon
GRI 302-1
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 305-1
GRI 305-1
GRI 305-4
GRI 305-4
GRI 306-2
GRI 306-2
GRI 306-2
GRI 402-1
GRI 403-9
GRI 403-10
GRI 403-9
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. 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 volume of logs harvested.
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. (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.
Recovered downgraded wood provided to the community.
Lumber donated to the community.
Biomass converted into energy.
GRI 404-1
Minimum notice periods regarding operational changes.
GRI 404-1
GRI 403-10
GRI 403-9
GRI 404-1
GRI 404-1
Work-related injuries (Gabon and Mozambique).
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).
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U N I T
US$
US$
LTS
GJ
LTS
GJ
LTS
GJ
GJ/m3
ha
ha
ha
ha
ha
Page
Number
Number
m3
m3/ha
m3
m3
m3
Number
ha
Number
Number
Number
Number
tCO2e
tCO2e
tCO2/m3 logs
tCO2/m3 timber
Tonnes
m3
Tonnes
Number in weeks
Number
Days
Number
Hours
Hours
2 0 2 2
$3,900,000
$9,176
$1,502,240
$54,081
$4,830
$174
$1,507,070
$54,255
0.91
Our facilities.
480,482
407,661
8,108
52,314
73,469
Manufacturing capital.
2
0
59,471
7.33
24,349
12,266
35,245
34
107
13
11
5
8
4,049
118.11
0.07
0.17
500
1,000
2,024
Mozambique: 4 weeks for permanent and fixed-term employees. No period required for seasonal
employees. Gabon: 3 months for permanent employees, until end of the month for fixed-term employees.
No period required for seasonal employees
117
88 days
0
1,872
4.2
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REFERENCES
1.
2.
3.
4.
5.
6.
7.
8.
9.
https://www.integratedreporting.org/news/ifrs-foundation-completes-consolidation-with-value-reporting-foundation/
https://opentimberportal.org
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https://www.londonstockexchange.com/news-article/WBI/membership-of-the-european-forest-institute/15154730
https://www.atibt.org/en
https://worldforestid.org/
https://www.iwpawood.org/
https://nhla.com/
https://materiality.sasb.org
10. https://www.nielsen.com/eu/en/insights/article/2015/the-sustainability-imperative/
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12. https://forestdeclaration.org/wp-content/uploads/2022/11/2022RegionalAssessment_ENG.pdf
13. https://www.bloomberg.com/news/articles/2022-11-10/deforestation-surges-in-world-s-no-2-tropical-forest-congo-basin#selection-4419.0-4419.47
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15. https://www.fao.org/3/cb9360en/online/cb9360en.html
16. https://www.fao.org/3/cb9360en/online/src/html/key-messages.html
17. https://www.afdb.org/fileadmin/uploads/afdb/Documents/Publications/How_Forestry_contributes_to_the_AfDB_High_5_Priorities.pdf
18. https://earth.org/deforestation-in-africa
19. https://www.bcg.com/publications/2020/the-staggering-value-of-forests-and-how-to-save-them
20. https://www.un.org/esa/forests/wp-content/uploads/2021/08/Global-Forest-Goals-Report-2021.pdf
21. https://omybag.nl/blogs/articles/carbon-offsetting-vs-carbon-insetting
22. https://sustainabledevelopment.un.org/?menu=1300
23. https://www.afdb.org/fileadmin/uploads/afdb/Documents/Publications/How_Forestry_contributes_to_the_AfDB_High_5_Priorities.pdf
24. https://docs.wbcsd.org/2019/07/WBCSD_Forest_Sector_SDG_Roadmap.pdf
25. https://wageindicator.org/salary/minimum-wage/mozambique
26. https://blogs.worldbank.org/africacan/gabon-revises-legislation-protect-women-and-increase-their-economic-role
27. Plan Annuel d’Opérations 2022 – AAC 2 – UFG 2 – UFA Lynn-Timber
28. https://link.springer.com/article/10.1007/s40725-016-0044-x
29. https://documents.worldbank.org/curated/en/385081483595950470/111634-WP-PUBLIC-BIODIVERSITY-CONSERVATION-IN-ROAD-PROJECTS.doc
30. OECD. 2021. A global analysis of the cost-efficiency of forest carbon sequestration.
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APPENDIX & REFERENCES