Accelerating the transition to a net-zero economy
2023
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MESSAGE FROM THE CEO
ABOUT THIS REPORT
ABOUT WOODBOIS
OUR BUSINESS MODEL
THE CAPITALS
APPENDIX & REFERENCES
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
Certification
Reforestation and carbon credit division
Our reforestation efforts in Mozambique
90
APPENDIX & REFERENCES
4
6
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MESSAGE FROM THE CEO
ABOUT THIS REPORT
Integrated Reporting
ABOUT WOODBOIS
Company overview
Our commitment
Materiality Analysis
22
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
37
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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Integrated Report 2023
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01
MESSAGE
FROM THE
EXECUTIVE
CHAIR &
CEO
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ABOUT THIS REPORT
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We are also investing in our trading team to
strengthen our market presence and capitalise on
emerging opportunities. By enhancing our trading
capabilities, we aim to expand our reach and
enhance our competitiveness in the marketplace.
Furthermore, we are developing a comprehensive
carbon credit business plan, which will serve as a
lucrative addition to Woodbois' diverse portfolio.
This initiative aligns with our commitment to
sustainability while also creating new revenue
streams and enhancing our environmental impact.
Our overarching goal is to make Woodbois an
excellent investment opportunity for our
shareholders. Through strategic investments,
operational excellence, and a focus on sustainable
growth, we are positioning the company for long-
term success and value creation. As we look ahead
to 2024, we see it as a turning point for Woodbois.
With a clear vision, a dedicated team, and a
commitment to excellence, we are confident that
we will capitalise on opportunities, overcome
challenges, and drive Woodbois towards a
successful and prosperous future.
Thank you for your continued support,
Guido Theuns, Executive Chair & CEO
Reflecting on the year of 2023, marked by changes
in leadership and strategic restructuring, I'm eager
to share our vision for the future and the promising
prospects ahead. Despite facing unexpected
financial challenges throughout 2023, our
commitment to growth remains steadfast. The
resilience and dedication of our staff have been
crucial in navigating these hurdles, and I'm
confident that with their continued efforts, we'll
overcome any obstacles on our path to success.
As we look forward, it's vital that we stay focused
on our core principles of sustainable forest
management and wood-based product
production. These principles not only drive our
business but also enable us to have a positive
impact on the environment and the communities
we serve. Our focus on shareholder value remains
paramount. We are committed to enhancing
returns and delivering long-term value to our
shareholders through strategic initiatives and
prudent financial management.
In line with this commitment, we are undertaking
a comprehensive review of our company's legal
structure to streamline costs and optimise
operational efficiency. This initiative will ensure
that we are well-positioned to capitalise on
opportunities and navigate challenges effectively.
Additionally, we are prioritising production
optimization to maximise wood production and
efficiency, including enhancing our production
teams and implementing new leadership
structures to drive performance and innovation in
our operations.
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02
ABOUT THIS
REPORT
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APPENDIX & REFERENCES
INTEGRATED REPORTING
Welcome to Woodbois' Integrated Report, a comprehensive overview of our company's strategy, performance, and future outlook
across material, financial, economic, social, and governance dimensions. This report serves to provide valuable insights into value
creation for our investors and all key stakeholders.
Reporting Scope and Framework
Disclosure and Regulation
For the fiscal year 2023 (ending December 31, 2023), this report
delves into our performance and achievements, while setting
our strategic direction for the upcoming three-year period
(2023-2025). Aligned with the International Integrated
Reporting Framework (IIRC), our report integrates both
financial and non-financial information to provide a holistic view
of our operations.
All disclosures in this report comply with the AIM regulation on
reporting. However, detailed economic indicators are available
in our financial statements, accessible on our website:
Woodbois Financial Statements.
Currency and Regulatory Framework
Feedback and Engagement
All financial figures in this report are denominated in USD ($). As
of August 2022, the IFRS Foundation (1) has assumed
responsibility for the Integrated Reporting Framework, with the
International Accounting Standards Board (IASB) (2) and the
International Sustainability Standards Board (ISSB) (3)
collaborating to integrate the framework into their standard-
setting projects and requirements.
We value your feedback and invite you to share your thoughts,
feedback, and views with us via email at info@woodbois.com.
Your insights are essential as we strive for continuous
improvement and transparency in our reporting practices.
Thank you for your continued support and interest in
Woodbois.
Updates and Standards
The International Integrated Reporting Framework (January
2021) supersedes the previous version (December 2013) and is
applicable for reporting periods commencing January 1, 2022.
Woodbois' reporting aligns with the United Nations Sustainable
Development Goals (SDGs) (4) and adheres to the Global
Reporting Initiative (GRI) standards. (5)
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"Forests are not just trees; they are the green
lungs of the Earth, essential to our survival. They
are vast reservoirs of biodiversity and crucial allies
in the fight against climate change. The true
value of forests lies not only in their economic
worth but
in their
irreplaceable ecological
services, from carbon sequestration to watershed
protection, making them priceless assets for
humanity's future."
This quote is attributed to King Charles III, who has been an outspoken
advocate for environmental conservation and sustainable development
for many years. He has often emphasised the importance of forests in
combating climate change and preserving biodiversity.
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ABOUT THIS REPORT
ABOUT WOODBOIS
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APPENDIX & REFERENCES
03
ABOUT
WOODBOIS
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ABOUT WOODBOIS
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Climate Change Strategy
Our climate change carbon strategy is a cornerstone of
our commitment to sustainable development. By actively
mitigating our environmental impact, we aim to deliver
long-term benefits to all stakeholders, including local and
Indigenous communities. Woodbois is poised to leverage
our expertise and resources to address climate change
challenges effectively. In Gabon, we have conditionally
allocated land for an afforestation project, which we
anticipate will attract dedicated funding for climate
change mitigation initiatives in the region.
Recent Achievements
Woodbois continues to demonstrate leadership in
sustainability, with our SPOTT score reaching 72.5% in
2023 (for 2022 reporting) – an increase from 69.2% in 2022
(for 2021 reporting) - maintaining our position as the 8th-
ranked company among global timber and pulp
producers and traders. Furthermore, we are proud to be
recognised as the 2nd-ranked company on the Open
Timber Portal (7) for Gabon, underscoring our
commitment to transparency and responsible forestry
practices.
As Woodbois looks to the future, we remain steadfast in
our commitment to sustainability, transparency, and
stakeholder value. By forging partnerships, leveraging
innovation, and embracing best practices, we are poised
to drive positive change in the forestry industry while
delivering long-term, sustainable growth.
COMPANY OVERVIEW
Woodbois is a leading manufacturer and distributor of
sustainable African hardwoods and hardwood products,
serving customers worldwide. With a commitment to
responsible forestry practices, in 2023 Woodbois
managed a total of 480,482 hectares of natural forest
concessions, encompassing 324,005 hectares in
Mozambique and 156,477 hectares in Gabon.
Operations and Infrastructure
Founded in 2004, Woodbois is publicly listed on the AIM
section of the London Stock Exchange, a premier
platform for small and mid-cap companies. Our
operations are strategically located to maximise
efficiency and sustainability. In Gabon, we have made
significant investments, including the establishment of
an expansive 11-hectare sawmill and a 3.5-hectare veneer
factory in Mouila, capitalising on the abundant timber
resources of the Ngounié region. Additionally, our 5-
hectare bushmill in Uape, Mozambique's Zambezia
Province, enhances our processing capabilities and
supports local economies.
Sustainability Commitment
Woodbois has developed a robust sustainability strategy,
aligning our core priorities and commitments with the
UN Sustainable Development Goals (SDGs) and the
London Zoological Society’s Sustainability Policy
Transparency Toolkit (SPOTT) (6). With a dedication to
transparency and accountability, Woodbois has achieved
significant recognition, in 2023 ranking eighth among
over 100 global timber and pulp producers and traders
with a SPOTT score of 72.5%, well above the industry
average.
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EMPLOYEE STATISTICS
M E N
364
(84.5%)
T O T A L
431
W O M E N
62
(14.5%)
100%
100% of our suppliers are
legally verified and in
compliance with timber
regulation
480,482 ha
of natural forestry concessions
Mozambique - 324,005 ha
Gabon - 156,477 ha
which includes
8,108 ha
73,469 ha
Area with actual harvesting Area
dedicated to conservation Shared
community, conservation and multi-use
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WOODBOIS LTD | Integrated Report 2023
PRODUCTS
Sustainable hardwood products
(lumber, veneer, second
transformation product)
manufactured at our own facilities or
sourced from vetted and compliant
third-party suppliers.
PREDOMINANT
SPECIES
- Okoumé
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)
South Africa: Office (finance function)
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VISION, MISSION
& VALUES
OUR APPROACH TO SUSTAINABILITY
At Woodbois, our approach to sustainability is rooted in the constant pursuit of balance. We believe in
questioning imbalances and proposing solutions to restore equilibrium in both our operations and the world
around us. This ethos of 'balance-seeking' is ingrained in our culture and shapes our vision of a sustainable future.
OUR VISION
By taking meaningful action and seeking solutions
internally 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
› PASSION
for positive impact
› I N T E G R I T Y
in our choices
›
T R A N S P A R E N C Y
throughout our
operations
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D E V A S T A T E D
F O R E S T S
Sustainable approach
F L O U R I S H I N G
F O R E S T S
Woodbois approach
COMMITMENT TO SUSTAINABLE
FOREST MANAGEMENT
Woodbois is proud to sustainably manage 480,482 hectares of
natural forest, taking an initiative-taking role in promoting
environmental stewardship and community well-being. Our
end-to-end operations empower us to exercise meticulous
control over every aspect of forest management, exemplifying
balanced and responsible forestry practices.
INNOVATIVE TECHNIQUES
FOR RESILIENT FORESTS
Central to our sustainable forest management approach is the
utilization of innovative techniques aimed at enhancing forest
resilience. These techniques include reducing degradation,
implementing selective harvesting practices, enhancing
operational efficiency, fostering biodiversity, improving soil
health, and engaging in extensive replanting initiatives.
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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SCIENCE-LED AND TRANSPARENT OPERATIONS
Woodbois adopts a science-led and transparent approach to logging operations,
collaborating closely with local communities to promote sustainable practices. By
integrating scientific research and community engagement, we ensure that our
forestry activities are conducted in a manner that respects environmental integrity
and social well-being.
THE WOODBOIS BALANCE BLUEPRINT
We are committed to achieving a balanced forest management system that serves
as a beacon of best practice within the industry. The 'Woodbois Balance Blueprint'
guides our journey towards this goal, emphasising continuous improvement and
implementation of sustainable forestry practices.
REDRESSING THE BALANCE
In a world where forests and carbon emissions are out of balance, Woodbois is on a
mission to become a role model in forest management. By redressing the balance
through responsible stewardship and innovative solutions, we aspire to create a
more sustainable and harmonious future for generations to come.
At Woodbois, sustainability is not just a goal—it's a fundamental principle that guides
every aspect of our business, ensuring that we leave a positive legacy for the environment
and communities we serve.
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ORIGINS OF WOODBOIS
Obtala listed on the London
Stock Exchange (AIM market)
2008
Business refocused on forestry,
timber transformation and timber
trading
2016
Company name changed from
Obtala Ltd to Woodbois Ltd
2019
Installation of the
second veneer line in
Gabon
2022
2007
Obtala
incorporated in the
United Kingdom
2008 - 2012
Development of
agriculturalsector in
Tanzania and forestry in
Mozambique
2017
Acquisition of
WoodBois
International (WBI)
2021
2023
Establishment of new Carbon Division,
focused on implementing large scale
afforestation and reforestation projects to
generate carbon credits for the voluntary
carbon market
Woodbois awarded a
conditional grant of
50,000 hectares of land in
Gabon for a afforestation
project
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2023
IN BRIEF
S A L E S B Y R E G I O N
7.9m
Revenues
USD
21,777 m3
Volume of logs
harvested
11,761 m3
Volume of Woodbois'
produced timber
traded (logs, veneer,
sawn timber)
1,533 m3
Volume of third
party timber traded
(logs, veneer, sawn
timber)
13,295 m3 25%
Volume of timber
traded including
third party and
Woodbois (logs,
veneer, sawn
timber)
% women in
board positions in
2023
38%
% women in senior
management
positions
32
Clients served in
2023
2
Forest management
units
#8
Ranked n.8 at
Spott’s ESG policy
transparency
assessments for timber
and pulp
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SUBSTANTIAL
SHAREHOLDERS
ORGANISATIONAL
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 June 2024 shareholders notified as holding more than 3% of the
voting share capital of Woodbois Limited were:
WOODBOIS LIMITED
GUERSNEY
100%
100%
100%
100%
C O M P A N Y
Holding
Percent
CARBONARBOR
LIMITED UK
WOODBOIS
TRADING LIMITED
(DORMANT)
ARGENTO LTD
MAURITIUS
Morgan Stanley (CHCH
Ventures FZ – LLC)
Securities Services
Nominees (John Scott)
590,000,000
14.9%
392,500,000
9.9%
WOODBOIS
SERVICES LTD
UK
22%
99%
100%
100%
78%
ARGENTO
MOZAMBIQUE
LIMITADA
WOODGROUP APS
DENMARK
SCI YARIM GABON
WOODBOIS
INTERNATIONAL
APS DENMARK
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GOVERNANCE
At Woodbois, the Board is deeply committed to upholding the
highest standards of corporate governance, integrity, and business
ethics. Our governance framework is guided by the Corporate
Governance Code produced by the Quoted Companies Alliance
(QCA), with a focus on practical application tailored to the size and
nature of our operations. The following outlines how Woodbois
complies with the QCA Code (8):
1.
Strategy and Long-Term Value Creation: Our strategy and
business model prioritise long-term value creation for
shareholders. Capital allocation decisions are driven by
performance and potential, with investment directed
towards strategies that offer significant returns over time.
2023 News: The results of the Annual General Meeting held in
2023 affirmed shareholders' support for Woodbois' strategic
direction, underscoring confidence in our long-term value
creation initiatives.
2.
Shareholder Engagement: We actively seek to understand
and meet shareholder needs and expectations. Our Annual
4.
Risk Management: Effective risk management, considering
8.
Corporate Culture and Ethics: Woodbois promotes a corporate
both opportunities and threats, is embedded throughout the
culture grounded in ethical values and integrity. Compliance
organisation. Our approach to risk management is outlined in
with laws and governance codes is paramount, reflecting our
the Annual Report for the year ending December 31, 2023.
commitment to acting responsibly in all operations.
2023 News: Ongoing risk assessments and mitigation efforts in
2023 News: Upholding ethical standards and governance best
2023 have strengthened Woodbois' resilience to market
practices remains a cornerstone of Woodbois' corporate culture,
volatility and operational challenges, ensuring sustained value
with initiatives undertaken in 2023 to reinforce ethical conduct
creation for stakeholders.
and compliance across the organisation.
5.
Board Functioning and Composition: The Board functions as a
well-balanced team led by the Non-Executive Chair. It is
9.
Governance Structures and Processes: We maintain
responsible for setting strategic direction, monitoring trading
governance structures and processes that support good
performance, and evaluating development and acquisition
decision-making by the Board. Both Management and the
opportunities. The Board holds regular meetings and ensures that
Board are dedicated to implementing best practices as the
Directors possess the necessary skills and experience.
Company continues to grow.
2023 News: Woodbois remains committed to maintaining a diverse
2023 News: Woodbois' focus on governance excellence in 2023
and effective Board, with strategic initiatives undertaken in 2023 to
has led to the implementation of robust structures and
enhance governance structures and optimize decision-making
processes that support strategic decision-making and
processes.
sustainable growth objectives.
General Meeting provides shareholders with a platform to
6.
Director Skills and Capabilities: The Nominations Committee
exercise decision-making power, while our Executive Directors
oversees Director appointments to ensure that the Board
and Investor Relations Officer serve as key points of contact for
possesses the requisite experience, skills, and diversity. Succession
shareholder updates and engagement.
planning is a key focus area.
2023 News: The Board Change and Strategic Initiatives
2023 News: Efforts to enhance Board diversity and succession
announced in 2023 reflect our commitment to enhancing
planning in 2023 have resulted in strengthened leadership
shareholder value and driving sustainable growth.
capabilities and governance effectiveness at Woodbois.
10.
Stakeholder Communication: Woodbois maintains open and
transparent communication with shareholders and relevant
stakeholders, ensuring that all communications concerning the
Group's activities are clear, fair, and accurate.
2023 News: Enhanced stakeholder communication initiatives in
2023 have fostered greater transparency and engagement,
facilitating meaningful dialogue with shareholders and
stakeholders on Woodbois' performance and strategic
3.
Stakeholder and Social Responsibilities: Woodbois recognises
7.
Board Performance Evaluation: Internal evaluations of the
initiatives.
its wider stakeholder and social responsibilities, aiming to bring
Board, Committees, and individual Directors are conducted to
a positive impact to Africa's economic transformation, social
drive continuous improvement and enhance governance
development, and environmental management through our
effectiveness.
operations. Responsibility for our sustainability strategy rests
2023 News: Woodbois' commitment to ongoing Board
with the Board.
performance evaluations reflects our dedication to governance
2023 News: Woodbois continues to engage with stakeholders
excellence and continuous improvement in 2023.
to address social and environmental challenges, aligning our
efforts with sustainable development goals and fostering
positive change in the communities where we operate.
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For further details on our corporate governance practices,
please refer to the company’s Annual Report for the year
ending December 31, 2023, and the news updates from 2023
regarding the Annual General Meeting and Board Change and
Strategic Initiatives.
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THE BOARD AS PER 2024
The Board plays a critical role in overseeing key
business risks, reviewing the strategic direction of all
trading subsidiaries, and assessing their financial
performance. This includes evaluating their annual
budgets, performance against those budgets, and
capital expenditure.
Additionally, the Board reserves decision-making
authority on various Group matters, including:
Overall strategy
Approval of major capital expenditure projects
Approval of annual and interim results
Annual budgets, Key Performance Indicators
(KPIs), and revisions thereto
Environmental, Social, and Governance (ESG)
matters, encompassing climate change initiatives
and actions
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WOODBOIS LTD | Integrated Report 2023
GUIDO THEUNS
Executive Chair & CEO
CARNEL GEDDES
CFO
Guido was appointed as Executive Chair & CEO at the
beginning of January 2024. With over 25 years of
experience in the international IT and financial sectors,
Guido has held various management positions. He has
specialised in structuring Alternative Investment Funds
and developing international strategies for companies and
family offices. Guido resides in France and the
Netherlands.
Carnel is a dual-qualified chartered accountant in the UK
and South 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.
GRAEME THOMSON
Independent Non-Executive Director
ADRIAAN ROECOERT
Independent Non-Executive Director
Graeme is a Fellow of the Institute of Chartered Accountants
in England and Wales, and has been a public company
director for many decades, as a CEO, CFO/Company
Secretary, and as a Non- Executive. He has a wide variety of
commercial UK and international experience, including of
Audit and Remuneration Committees.
Mr Roecoert, joined as a INED as of June 2024, is greatly
experienced in financial matters, from running his own
successful accountancy practice to advising over many
years on large M&A, reorganisations, debt and share
transactions. Mr Roecoert is a director of multiple
international reputed companies and will be a member of
the Audit, Remuneration & Nominations Committees.
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OUR COMMITMENT
drive positive change.
Woodbois operates with a strong commitment to social and
environmental responsibility, striving to make positive
contributions to communities at both local and national
levels. Recognised as a "citizen company," Woodbois actively
OUR STAKEHOLDERS,
PARTNERSHIPS AND
COLLABORATIONS
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
communities, governments, NGOs, and industry experts to
International Wood Products Association unites every
supports the needs of the communities in which it operates,
Woodbois collaborates with initiatives such as the Open
growth and quality jobs.
promoting sustainable practices and respecting
Timber Portal (OTP) to ensure transparency and
environmental traditions. Our dedication to environmental
accountability in our timber supply chain, combatting illegal
The collaboration with NHLA - National Hardwood Lumber
sustainability is deeply ingrained, and we take pride in our
logging. Additionally, we are proud members of
Association is particularly significant as the US market
efforts to foster a healthy environment and support the well-
organizations such as the Congo Basin Forest Partnership
constitutes a vital aspect of Woodbois' trade, and
being of the communities we serve.
(CBFP), the European Forest Institute (EFI), and the
maintaining strong relationships with customers is of
Ensuring the safety and protection of all stakeholders is
(ATIBT), advocating for sustainable forestry practices and
translates to direct on-the-ground action involving ongoing
paramount to Woodbois. We uphold a culture of
accountability and integrity, valuing the role of
promoting the development of tropical timber industries.
engagement with our employees to collect their feedback to
ensure a positive, safe and healthy working environment that
whistleblowers in reporting corruption, misconduct, and
Our partnership with World Forest ID enhances traceability
provides career development and growth opportunities.
Association Technique Internationale des Bois Tropicaux
paramount importance. Our stakeholder commitment
fraud. Our zero-tolerance policy towards adverse treatment
in our timber products, providing scientific confirmation of
of employees who raise concerns reinforces our commitment
species identity and origin. Engagement with industry
Post-Covid we have started to resume physical site visits to
to ethical and fair conduct.
associations like the International Wood Products
suppliers, with whom we seek to align policies and
Association (IWPA) and the National Hardwood Lumber
commitments towards increased transparency and
Woodbois remains steadfast in its pledge to combat
Association (NHLA) strengthens our ties with customers and
sustainability. The remote communities in which we operate
corruption, bribery, and fraud. We adhere to best practices
supports sustainable forest management practices.
are dependent on forests, as we are on their local knowledge
outlined in SPOTT and follow guidelines set by leading
and experience. Our mutual exchange of understanding
international organisations. Before establishing new business
Woodbois remains committed to engaging with employees
each other's needs, supporting community development and
relationships, we conduct thorough due diligence and
communicate our policies to maintain high standards.
and suppliers to ensure a positive, safe, and healthy working
helping local causes is core to our business, which couldn’t
environment. We prioritize ongoing community
operate without community knowledge and support.
Sustainability lies at the heart of Woodbois' operations as we
engagement, recognizing the importance of mutual support
strive to lead by example within the industry. Our goal to
and collaboration with local communities in achieving our
OUR STAKEHOLDERS
achieve net-zero CO2 emissions by 2035 underscores our
sustainability goals.
commitment to environmental stewardship and mitigating
climate change. Collaboration with stakeholders across the
Woodbois has been a proud member of the IWPA for a
value chain is essential in addressing sustainability
number of years. As the primary trade association for the
challenges, and we actively engage with investors, local
global wood products industry in North America. The IWPA -
Employees
Shareholders
Funding providers
Local communities
Industry experts
Suppliers
Customers
End - consumers
International organisations
NGO's
Local governments
19
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WOODBOIS LTD | Integrated Report 2023
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MATERIALITY ANALYSIS
In Integrated Reporting, a matter is deemed material if it
has the potential to significantly impact the organisation's
ability to generate value in the short, medium, and long
term. Conducting a materiality analysis is crucial as it helps
identify a company's critical Environmental, Social, and
Governance (ESG) issues. This analysis involves engaging
with both internal and external stakeholders to gain
comprehensive insights into organizational issues. These
insights are then used to define core business priorities,
guiding both strategy and communication.
Woodbois conducted a materiality analysis to identify its
most critical issues, utilising the SASB Materiality Map. This
process allowed us to pinpoint the most important issues
that could significantly affect our ability to create value.
These key issues are represented in the materiality matrix,
ensuring that our strategic decisions and communications
are aligned with the organisation's core priorities.
20
WOODBOIS LTD | Integrated Report 2023
Environment
Social capital
Human capital
Business model and innovation
Transparent supply chain
Leadership and governance
Responsible sales & marketing
Legal harvesting
Developing local economies
Health & safety at work
Protection of land
Climate change mitigation through
sustainable forest management
I
S
P
H
S
N
O
T
A
L
E
R
I
Training & education
Wages & benefits
Biodiversity
Economic value generated & distributed
Equal rights & conflict resolution
Sustainable & high quality products
Efficient use of resources
Financial assistance
Soil & water safety
Energy usage
Greenhouse gas emissions
WOODBOIS
Our analysis followed these steps:
1.
2.
3.
4.
5.
6.
Identify and prioritise the relevant issues
Identify internal and external stakeholders
Design a materiality survey
Launch the survey and start collecting insights Identify the
critical issues and develop a materiality matrix
Define a sustainability strategy based on material priorities
7.
Set long- and short-term KPIs and improvement goals
As a result of this process, the most
important issues have been identified and
are represented in the Woodbois 2023
materiality matrix.
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04
OUR
BUSINESS
MODEL
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VERTICALLY
INTEGRATED
VALUE CHAIN
FOREST OPERATIONS
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.
•
•
•
•
Inbound logistics
Management plan
Inventory
Harvesting and transportation
•
Log tracking
SAWMILL
Mozambique | Gabon
•
•
•
Plank 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
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 2023
EXTERNALLY
PRODUCED
PRODUCTS
TRADING
BUSINESS
•
•
•
•
•
•
•
Quality control
Legal documentation
Transport to the port
Shipping and transport documentation
Invoicing
Delivery
After-sales customer service
I
N
O
T
U
B
R
T
S
D
I
I
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VALUE CREATION
As investors and consumers become increasingly
When these interactions, activities, and relationships are
concerned about social impact, climate change and
material to a company’s ability to create value for itself, they
corporate responsibility, companies are facing increasing
are included in the Integrated Report.
scrutiny and are expected to be held accountable for
their business practices.
The value creation framework is presented in the appendix.
THERE ARE A TRILLION REASONS TO
PROTECT THE FORESTS
Watch the video from Boston Consulting Group (10)
https://www.bcg.com/publications/2020/the-
staggering- value-of-forests-and-how-to-save-them
There is a growing demand for sustainable and
responsible businesses, as today's consumers are
increasingly seeking meaningful connections with
companies that align with their 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.
A Nielsen study (9) 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).
For all the profit, there needs to be impact. A wide range
of activities, interactions and relationships can have an
impact on the interrelation between these two value
streams.
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FORESTRY IN GABON: HOW SUSTAINABLE FORESTRY CAN
SUPPORT CLIMATE ACTION
In the global fight against deforestation, Gabon emerges as a hopeful example. Despite deforestation rates continuing to
rise worldwide, Gabon has maintained an impressive 88% forest cover and limited annual deforestation to less than 0.1%
over the past three decades. This achievement is largely attributed to the country's reliance on oil revenues to support its
economy. However, with dwindling oil reserves, Gabon is now seeking to diversify its economy while preserving its forests
through the development of a sustainable forest economy.
In a significant milestone, Gabon received the first instalment of $17 million out of a pledged $150 million from Norway for
results-based emission reduction payments. This funding, part of the Central African Forest Initiative (CAFI), marks Gabon as
the first African country to receive payment for reducing emissions from deforestation and forest degradation (REDD+).
The growing global population underscores the urgent need for renewable materials. Sustainable forestry practices and the
creation of green value chains hold the key to building sustainable economies while addressing this need in a manner that
benefits both people and the planet.
Efforts to restore degraded land through afforestation and reforestation present a cost-effective solution to remove
significant amounts of carbon dioxide from the atmosphere. By halting deforestation and simultaneously sustaining forests,
carbon emissions can be reduced by the 14% needed to prevent the Earth's average temperature from rising by 1.5 °C before
2030.
Moreover, advancements in lab-grown meat substitutes utilizing natural products can reduce the land required for
agriculture, freeing up vast areas for reforestation efforts and further contributing to carbon emission reduction.
For further insights, the video "Gabon: Africa's Rainforest And It's Protectors" delves into the intricate relationship between
the people of Gabon and their rainforest, highlighting various efforts to preserve or reconnect with the forest and its
cultural significance.
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:
A RECENT PERSPECTIVE
Forestry remains a cornerstone of Africa's environmental,
To address these issues, governments must engage local
social, and economic landscape, playing a vital role in
communities, civil society organisations, and the private
biodiversity conservation, carbon sequestration, and
sector in conservation and restoration efforts. Promoting
sustainable development. Amidst growing concerns over
sustainable forest management practices, establishing
climate change and biodiversity loss, Africa's forests serve
protected areas, and enforcing forest laws are essential
as invaluable ecosystems that support diverse flora and
steps in this process.
fauna, provide essential ecosystem services, and sustain
the livelihoods of millions of people across the continent.
Investment in research and development of forest areas is
crucial for their conservation and sustainable use.
Despite ongoing efforts, Africa has lost over 30 million
Strengthening community forestry and participatory
hectares of forest in the past two decades, equivalent to
management systems can empower local communities to
the size of the United Kingdom. Recent initiatives aim to
manage and benefit from forest resources.
restore Africa's degraded landscapes, but progress remains
slow.
Tropical forests, with their high carbon storage capacity
and biodiversity, play a critical role in mitigating climate
Forests in Africa are rich in valuable timber species, which
change and supporting ecosystem health. Protecting and
attracts illegal loggers who engage in unsustainable
restoring Africa's forests is not only essential for the
logging practices. Combined with the impact of climate
continent's ecological balance but also for the well-being
change including droughts, floods and wildfires, Africa has
of its people.
suffered significant loss to forest-cover. Additionally,
climate change has altered the distribution and behaviour
of some forest- dwelling species, leading to changes in the
structure and function of forest ecosystems.
Agricultural expansion, driven by population growth and
food demand, continues to be a leading cause of
deforestation, particularly in West and Central Africa. Illegal
logging further exacerbates the issue, threatening valuable
timber species and disrupting forest ecosystems.
Climate change has compounded these challenges,
altered forest ecosystems and increasing the frequency
and intensity of extreme weather events such as droughts,
floods, and wildfires.
26
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GABON'S FORESTS AS A MODEL
GLOBAL RECOGNITION AND
FOR CONSERVATION
PARTNERSHIPS
At the forefront of Africa's forestry conversation stands
Gabon's initiative-taking stance on forest conservation has
Gabon, a nation celebrated for its pristine rainforests and
earned it international acclaim and support. Collaborative
robust conservation efforts. With an impressive 88% forest
ventures such as the Central African Forest Initiative (CAFI)
cover, Gabon boasts one of the highest percentages of
and partnerships with countries like Norway have provided
forested land globally, serving as a biodiversity hotspot and
Gabon with crucial funding and technical assistance to
a vital carbon sink.
advance its conservation objectives. Gabon's pioneering
efforts in reducing emissions from deforestation and forest
Despite facing threats from deforestation and
degradation (REDD+) (11) have positioned it as a trailblazer in
unsustainable practices, Gabon has demonstrated a
climate action, setting an inspiring example for other
steadfast commitment to forest conservation,
nations to emulate.
implementing stringent protection measures and
establishing extensive networks of national parks and
wildlife reserves. Gabon's success in limiting annual
deforestation to less than 0.1% over the past three decades
stands as a testament to its dedication to preserving its
natural heritage.
SUSTAINABLE DEVELOPMENT IN
HARMONY WITH CONSERVATION
Gabon's approach to forestry exemplifies a harmonious
balance between conservation and sustainable
development. Recognizing the economic value of its forests
beyond traditional extractive industries, Gabon has
embarked on a journey to diversify its economy and
promote sustainable forestry practices. Initiatives aimed at
eco-tourism, value-added processing of forest products, and
community-based forest management underscore Gabon's
commitment to harnessing the potential of its forests while
safeguarding their ecological integrity.
EMPOWERING LOCAL
COMMUNITIES
Central to Gabon's conservation strategy is the active
involvement of local communities in forest management
and governance. Through participatory approaches and
community-based initiatives, Gabon seeks to empower
indigenous peoples and local residents as stewards of their
ancestral lands, ensuring that conservation efforts are
inclusive, equitable, and socially sustainable.
In the face of mounting environmental challenges, Gabon's
forests stand as a beacon of hope and resilience, embodying
the inherent connection between nature conservation,
sustainable development, and climate resilience. As Africa's
forests continue to face threats from deforestation, climate
change, and unsustainable land use practices, the example
set by Gabon serves as a rallying call for concerted action to
preserve and protect these invaluable ecosystems for
generations to come.
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FORESTS: CATALYSTS FOR A GREEN ECONOMY
Harnessing the potential of forests to foster economic growth
and environmental sustainability is increasingly recognised as
a pivotal strategy in the pursuit of a green economy. By
developing forest-based industries, countries can unlock new
job opportunities, promote sustainable forest management
practices, and contribute to biodiversity conservation and
carbon sequestration efforts.
Promotion of Sustainable Forest Management
Practices: Encouraging sustainable forest
management practices is crucial for mitigating the
negative impacts of deforestation and forest
degradation. By implementing certification
programs and promoting responsible timber
harvesting practices, countries can ensure the long-
term viability of their forest resources while fostering
Gabon's Exemplary Conservation Efforts: Gabon has
economic growth.
emerged as a beacon of forest conservation in Africa,
pioneering initiatives to safeguard its rich biodiversity and
Development of Renewable Energy Sources:
natural heritage. Through the establishment of extensive
Embracing renewable energy sources, such as
national parks and stringent regulations against illegal
bioenergy derived from sustainable forest biomass,
logging, Gabon has demonstrated a steadfast commitment to
offers a promising avenue for reducing reliance on
preserving its forests for future generations. The country's
fossil fuels and driving sustainable economic
focus on sustainable development and eco-tourism further
growth. By leveraging forest resources for energy
underscores its dedication to balancing conservation with
production and supporting the development of
economic progress, setting a compelling example for other
renewable energy technologies, countries can
nations across the continent.
KEY STRATEGIES FOR SUSTAINABLE
FOREST MANAGEMENT AND
ECONOMIC DEVELOPMENT
Investment in Conservation and Restoration: By investing
in forest conservation and restoration initiatives, countries
can reap significant environmental and economic benefits.
These include job creation, carbon sequestration,
biodiversity preservation, and watershed protection.
Collaborative partnerships between governments, the
private sector, and local communities are essential for
maximizing the impact of such initiatives.
transition towards a low-carbon economy while
creating new employment opportunities in the
green energy sector.
Integration of Forests into Climate Change
Strategies: Forests play a crucial role in climate
change mitigation and adaptation efforts, offering
substantial economic benefits in addition to their
environmental value. By promoting sustainable land
use practices, developing carbon markets, and
leveraging international climate finance, countries
can harness the potential of forests to combat
global climate change while unlocking economic
opportunities for forest-dependent communities.
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WOODBOIS LTD | Integrated Report 2023
IMPACT OPPORTUNITIES FOR
THE FOREST SECTOR
PEO
PLE
I N G FO
R
P
R
O
E
S
T
S
NITIE S
U
M
M
O
C
K
R
O
W
C
I
R
C
U
L
A
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I
T
Y
BIO-ECO N O M
Y
W T ER
A
C
U
R
E
M
E
N
T
E
T
A
M
CLI
Illustration based on the WBCSD Forest Sector SDG Roadmap
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CARBON INSETTING AND OFFSETTING
Carbon offsetting and insetting are two distinct approaches aimed at reducing greenhouse gas
emissions, each with its own set of methodologies and considerations.
INSETTING
Carbon Offsetting: This approach involves investing in projects that mitigate
emissions in one location to compensate for emissions generated elsewhere. These
projects typically focus on
initiatives such as renewable energy generation,
reforestation, and energy efficiency enhancements. Carbon offsetting enables
companies to take action on emissions that may be challenging to reduce within their
own operations, offering a cost-effective means of achieving emissions reductions.
However, it's essential for companies to ensure the credibility and transparency of
offset schemes to guarantee their effectiveness in achieving environmental and social
outcomes.
Insetting: In contrast,
insetting
involves reducing emissions directly within a
company's own operations or supply chain by adopting sustainable practices or
implementing energy-efficient measures. While insetting provides companies with
more direct control over emissions reductions and may lead to long-term cost savings,
it can be challenging to implement, particularly for companies with limited control
over their emissions. This is particularly true for industries with high emissions or
complex supply chains.
Considerations for Climate Action Planning: When developing climate action plans,
companies should carefully consider both carbon offsetting and insetting. While
carbon offsetting offers a cost-effective means of reducing emissions and supporting
environmental and social goals, companies must prioritize schemes with credible and
transparent outcomes. On the other hand, insetting provides more direct control over
emissions reductions but may pose implementation challenges. By strategically
integrating both approaches, companies can effectively manage their emissions and
contribute to global climate mitigation efforts while addressing their unique
operational contexts and challenges.
Reducing CO2
emissions internally
OFFSETTING
Continually
emitting CO2
Buying carbon
credits
Illustration from Omybag 21
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WOODBOIS’ IMPACT ON ACHIEVING THE UN SDGS
Continuing our commitment to the UN Sustainable
Development Goals (SDGs), Woodbois recognises the
imperative of fostering a circular economy and optimizing
the utilisation of renewable resources. We remain steadfast in
our dedication to the sustainable management of natural
systems, ensuring both global and local communities benefit
from our initiatives.
OUR SUSTAINABILITY OBJECTIVE
As we align with the UN’s SDGs, our focus remains on
advancing Africa's sustainable development journey.
Embracing the continent's shift towards value-added
operations, we are dedicated to creating secure employment
opportunities that foster skill development and uphold
principles of equality.
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WOODBOIS LTD | Integrated Report 2023
ENVIRONMENTAL PRESERVATION (SDG 13, 15)
Climate Impact and Carbon Sequestration: Sustainable
forest management mitigates the direct climate impact of
wood procurement and facilitates additional carbon
sequestration, benefiting the global community by
addressing climate change and preserving terrestrial
ecosystems.
MARKET DEMAND (SDG 8, 12)
Suppliers, consumers, and stakeholders increasingly demand
sustainable credentials, promoting responsible consumption
and production. Businesses that overlook environmental
factors face significant competitive disadvantages, thus
encouraging sustainable economic growth.
SOCIAL IMPACT (SDG 8, 10)
Sustainable practices respect the rights of local
FORGING GLOBAL PARTNERSHIPS (SDG 17)
Woodbois recognises its pivotal role in partnering with
governments and institutions to address sustainability
challenges. Our engagements extend beyond our industry,
communities, contributing to decent work and economic
influencing broader sustainability initiatives.
growth, while reducing inequalities by supporting
community development and wellbeing.
CULTURE OF SUSTAINABILITY (SDG 8, 10)
Investing in training and development opportunities for our
workforce is pivotal in fostering a culture of ethical practice. By
nurturing loyalty and motivation among employees, we aim to
promote a broader respect for and protection of forests.
LIFE ON LAND (SDG 15)
Biodiversity Conservation: Conducting High Conservation
Value (HCV) and Biodiversity assessments to protect and
enhance the ecological, social, and cultural values of forests.
SUSTAINABILITY LEADERSHIP (SDG 17)
At the helm of our sustainability efforts is Alain Diounga, a
seasoned expert with a master's degree in Tropical Forestry
and Biodiversity. Alain spearheads our daily sustainability
endeavours, ensuring alignment with global best practices.
Eng. Macedo Uachuacho, our Reforestation and
Sustainability Manager in Mozambique, brings over 12 years
of experience in forestry engineering, collaborating closely
with governmental bodies and NGOs.
COLLABORATIONS AND INITIATIVES (SDG 17)
Partnering with organizations like World Forest ID and
participating in the National Traceability System of Wood of
Gabon (SNTBG) to enhance transparency and traceability in
forestry.
Hosting training sessions for government agents to support
the implementation of new traceability systems,
demonstrating a commitment to collaborative governance
and sustainability.
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WOODBOIS’ IMPACT ON ACHIEVING THE UN SDGS
DRIVING ECONOMIC SUSTAINABILITY (SDG 8, 9, 12)
Recognising the evolving landscape of consumer and
INDUSTRY, INNOVATION, AND INFRASTRUCTURE
(SDG 9)
stakeholder expectations, Woodbois remains committed to
Sustainable Infrastructure: Investing in infrastructure that
meeting the demand for sustainability. Businesses that
supports sustainable forestry practices, such as the veneer
overlook environmental considerations risk falling behind
factory in Mouila, enhancing local industrial capacity.
competitively. Advocating for sustainable forestry practices is
Innovation in Forestry: Implementing innovative technologies
crucial in diminishing opportunities for unethical operations.
and practices to improve efficiency and sustainability in forest
management and timber processing.
REFORESTATION PROJECTS (SDG 13)
Sustainable practices respect the rights of local
communities, contributing to decent work and
economic growth, while reducing inequalities by
supporting community development and wellbeing.
DECENT WORK AND ECONOMIC GROWTH (SDG 8)
Employment Opportunities: Woodbois provides job
opportunities in forest management, sawmilling, and veneer
production, contributing to economic growth in local
communities.
Training and Development: Offering extensive training
programs for employees to develop skills and enhance
productivity, ensuring decent work and long-term career
growth.
Safe Working Conditions: Commitment to maintaining high
standards of health and safety in all operations, ensuring a safe
work environment.
RESPONSIBLE CONSUMPTION AND PRODUCTION
(SDG 12)
Sustainable Forest Management: Implementing best practices
in forest management to ensure responsible and sustainable
use of forest resources.
Waste Reduction: Utilising wood waste as biofuel for the
veneer factory and kilning operations, significantly reducing
waste and promoting efficient resource use.
AFFORDABLE AND CLEAN ENERGY (SDG 7)
Biofuel Utilisation: Using wood waste as biofuel,
contributing to the generation of clean energy and
reducing reliance on fossil fuels.
CLEAN WATER AND SANITATION (SDG 6)
Watercourse Management: Constructing watercourse
crossings without raising water levels, preventing
flooding, and protecting water quality and forest
ecosystems.
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RISKS AND OPPORTUNITIES
Operating concessions in the Congo Basin entails a unique set of challenges and opportunities, given the region's ecological
significance and socio-economic dynamics. Woodbois recognises these factors and adopts a comprehensive approach to
manage risks while maximising potential benefits.
RISKS
OPPORTUNITIES
Environmental Vulnerability: The fragile ecosystem
of the Congo Basin faces threats from deforestation,
habitat loss, and climate change, posing risks to long-
term sustainability.
Regulatory Uncertainty: Evolving regulations and
policies in the region can impact concession
operations, leading to compliance challenges and
operational disruptions.
Political Instability: Political unrest and governance
issues in certain areas of the Congo Basin may affect
operational continuity and investment security.
Social Tensions: Disputes with local communities
over land use, resource access, and benefit-sharing
arrangements can escalate, leading to project delays
and reputational damage.
Infrastructure Limitations: Inadequate
transportation networks and basic infrastructure in
remote areas of the Congo Basin pose logistical
challenges and increase operational costs.
Market Volatility: Fluctuations in global commodity
prices, coupled with changing consumer preferences
for sustainably sourced products, can affect market
demand and revenue streams.
Climate Change Impacts: Increasing frequency and
intensity of extreme weather events, such as floods
and droughts, threaten infrastructure, biodiversity,
and community resilience.
Biodiversity Conservation: Woodbois has the opportunity
to contribute to the preservation of biodiversity in the
Congo Basin by implementing sustainable forestry
practices and habitat conservation initiatives.
Community Engagement: Building strong partnerships
with local communities through inclusive decision-
making, capacity-building, and socio-economic
development projects can foster mutual trust and support.
Innovation and Technology: Leveraging innovative
technologies for sustainable forest management,
monitoring, and value-added processing can enhance
operational efficiency and product quality.
Certification and Standards: Obtaining certifications such
as Forest Stewardship Council (FSC), LegalSource (LS) or
Origine et Légalité des Bois (OLB) certification
demonstrates Woodbois' commitment to responsible
forest management and access to premium markets.
Different avenues are currently being explored.
Value Addition: Investing in downstream processing
facilities within the Congo Basin creates opportunities for
job creation, skills development, and value addition,
contributing to local economic growth.
Climate Resilience: Implementing climate-resilient
practices, such as agroforestry and ecosystem restoration,
enhances ecosystem resilience, carbon sequestration, and
adaptation to climate change impacts.
Strategic Partnerships: Collaborating with governments,
NGOs, research institutions, and international
organizations can facilitate knowledge-sharing, access to
funding, and collective action on sustainability goals.
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EUDR IMPLEMENTATION RISKS
Regulatory Compliance Challenges present a high impact and likelihood, requiring
increased documentation and verification processes. Woodbois is investing in
geolocation verification and enhancing administrative resources, with a new
documentation system implemented and a Compliance Manager hired.
Supply Chain Transparency Requirements also have a high impact and likelihood,
necessitating the establishment of transparency and traceability. Woodbois is
developing tracking procedures and partnering with local authorities. Advanced
tracking technology is currently in the pilot phase.
Risk of Non-Compliance Penalties poses high impact and likelihood, leading to legal
and reputational risks, fines, and market access restrictions. Woodbois is conducting
internal audits and planning third-party assessments. Internal audits are in place, with
third-party assessments planned.
Note: The full risk assessment table is available in the annex.
CLIMATE CHANGE RISK ASSESSMENT
SUMMARY OVERVIEW
This assessment evaluates the climate change impacts on Woodbois' operations in the
Congo Basin and outlines strategies for mitigation and adaptation to ensure sustainability
and resilience.
CLIMATE CHANGE IMPACTS
Extreme Weather Events pose a high impact and likelihood, threatening infrastructure,
biodiversity, and community livelihoods. To mitigate these risks, Woodbois is
strengthening infrastructure resilience, enhancing ecosystem conservation, and
implementing advanced weather monitoring. Progress includes ongoing infrastructure
upgrades and initial monitoring systems in place.
Precipitation and Temperature Changes have a medium to high impact and likelihood,
affecting water availability, forest productivity, and ecosystem dynamics. Woodbois is
developing water management strategies, implementing sustainable forest management
practices, and adapting operations to changing climate conditions. Progress involves
planned water management projects, integrated sustainable practices, and ongoing
climate impact assessments.
Climate-Related Hazards, such as floods, landslides, and wildfires, present a low impact and
likelihood. Mitigation efforts include enhancing ecosystem resilience, implementing risk
management plans, and developing evacuation protocols. Woodbois has established risk
assessment protocols, planned community evacuation drills, and continues landscape
restoration efforts.
POTENTIAL BUSINESS IMPACTS
Infrastructure Damage has a high impact and likelihood, potentially causing production
delays and financial losses. Woodbois is addressing this by strengthening infrastructure,
investing in necessary upgrades, and developing contingency plans. Critical upgrades have
been identified, and draft contingency plans are in development.
Forest Composition Changes carry a medium to high impact and likelihood, affecting
timber quality, supply chain resilience, and market competitiveness. To mitigate these
changes, Woodbois is exploring new markets, monitoring forest health, diversifying
products, and investing in research on resilient timber species. Research on resilient
species has been initiated.
Regulatory Compliance Costs are expected to increase due to climate change mitigation
measures, with a medium to high impact and likelihood. Woodbois is staying updated on
regulations, advocating for supportive policies, and investing in compliance infrastructure.
Progress includes updated compliance tracking systems and staff training.
33
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WOODBOIS LTD | Integrated Report 2023
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THE CAPITALS
APPENDIX & REFERENCES
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
324 005 hectares of concessions
in Mozambique on 25-50 year
leases
Third party timber
Water and energy used in
production and transportation
CAPITALS
CREATING VALUE
O U V
R
A
L
U S
E
IN T E
G
Y
S
U
R I T
B
I N E S
S A
C
BA
TIVITIE
S
L
A
N
C
E
Trading of responsibly sourced
hardwood and hardwood products
Landscape afforestation
Harvesting, production of hardwood and hardwood
products through our vertically integrated value chain
T
R
A
N
S
P
A
R
E
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
N
• Protection of land (soil and water safety)
C
Y
• Greenhouse gas emissions
• Energy usage
E
C
N
E
SILI
RE
RESPONSI B I L I T
Y
OUTCOMES
Revenues
Paid taxes
Investment in
achieving cer
tification
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
SDG
S
Financial Manufactured Relational Human
Intellectual
Natural
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STRATEGIC PRIORITIES FOR SUSTAINABLE FORESTRY
In alignment with the Forest Sector SDG roadmap(12) and the SPOTT framework, Woodbois is committed to advancing sustainable forestry practices in Africa. Our strategic priorities are designed
to manage risks effectively, seize opportunities, and minimise our environmental footprint while maximizing socio-economic benefits.
1. Regulatory Compliance
6. Continuous Monitoring and Reporting
Woodbois prioritises strict adherence to national and international regulations governing
Woodbois is committed to transparency and accountability in our sustainability efforts. We
forest management and timber trading. We invest in robust due diligence processes and
regularly monitor and evaluate our environmental, social, and governance (ESG) performance,
compliance mechanisms to ensure legal and sustainable sourcing of timber products.
using key performance indicators (KPIs) aligned with international standards. We
communicate our progress and impact through annual integrated reports, ensuring
2. Resource Management
stakeholders are informed and engaged.
Efficient and responsible resource management is at the core of our operations. We
implement sustainable forestry practices, including selective harvesting, reforestation, and
By aligning our strategic priorities with global sustainability frameworks and actively
ecosystem restoration, to maintain the ecological integrity of forest ecosystems and safeguard
monitoring our performance, Woodbois strives to be a leader in sustainable forestry in Africa.
We are dedicated to driving positive change, preserving natural resources, and creating
lasting value for society and the environment.
biodiversity.
3. Local Production and Trade
Woodbois is committed to prioritising local production and promoting internal trade within
Africa. By supporting local economies, fostering value-added processing, and enhancing
supply chain resilience, we contribute to economic growth, job creation, and regional
development.
4. Environmental Impact Reduction
Minimising our environmental footprint is a fundamental aspect of our strategy. We
continuously seek innovative solutions to reduce energy consumption, mitigate greenhouse
gas emissions, and minimise waste generation throughout our operations.
5. Stakeholder Engagement
Engaging with stakeholders, including local communities, governments, NGOs, and industry
partners, is essential for fostering transparent and collaborative relationships. We prioritize
dialogue, consultation, and participatory decision-making to address concerns, build trust,
and promote shared value creation.
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CAPITALS
MATERIAL ISSUES
STRATEGIC PRIORITIES
SDGS
Financial
Manufacturing
Relational
Human
Intellectual
Natural
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
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
1. Improve efficiency to get more value from raw materials
2. Minimise dependency on fossil fuels by using renewable energy
and implementing circular solutions.
Responsible sales and
marketing
Developing local
economies
Wages and benefits
Training and education
Health and safety at
work
Equal rights and conflict
resolution
Legal harvesting
Climate change
Biodiversity
Protection of land (soil and
water safety)
Greenhouse gas emissions
Energy usage
1.
Invest in long-term partnerships with selected timber suppliers who
like ourselves are committed to achieving third party certification.
Invest in services and facilities for local communities.
2.
3. Develop strong relationships with local administration and
Government.
4. Strengthen sales efforts with local clients to drive core business
development.
1. Make the health and safety of all employees a key priority.
2.
3.
Invest in continuous professional and personal development.
Ensure fair compensation, diversity and inclusion, and proactively
fight any kind of discrimination.
Further empower women in employment within local communities.
Leverage leadership role-modelling to live up to the value of
integrity and transparency.
Ensure ethical conduct and anti-corruption best practices are in
place.
Ensure labour rights are fully met.
Protect forests from illegal harvesting.
Preserve animal habitats and biodiversity.
Employ soil and peat management best practices.
Integrate activities to enable transition to net zero emissions.
Align forest management practices with FSC standards and achieve
full certification in Gabon.
4.
1.
2.
3.
1.
2.
3.
4.
5.
More information on our approach to sustainability can be found in our Sustainable Forestry Policy, available on our website.
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APPENDIX & REFERENCES
05
THE
CAPITALS
FINANCIAL CAPITAL
MANUFACTURING CAPITAL
INTELLECTUAL
CAPITAL
SOCIAL &
RELATIONSHIP
CAPITAL
HUMAN
CAPITAL
NATURAL CAPITAL
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FINANCIAL CAPITAL
MATERIAL ISSUES
STRATEGIC PRIORITIES
SDGS
-
-
Economic value generated and distributed
Financial assistance
1.
2.
Improve efficiency to get more value from raw materials
Seek scale through M&A opportunities.
The success of responsible businesses is inextricably linked
In 2023, the Group demonstrated that conventional
Major Investments:
to economic growth, which relies on the personal and
metrics of business success can be achieved in tandem
professional development of employees and providing fair
with meaningful action for a sustainable future:
wages, thereby contributing to the prosperity of local
communities. Furthermore, the growth of African
countries represents a significant opportunity for
businesses across various industries.
Turnover: $7,900,000
Salaries Paid: $2,902,457
Salaries Paid in Africa: $1,635,940
Suppliers Paid: $1,776,860
The communities we work with are often in remote areas
Donations to Local Communities: $99,590
and reliant on subsistence economies. Therefore,
Investments in Reforestation Projects: $1,854
Woodbois' presence makes a meaningful contribution to
their economic growth. As we continue to develop our
vertically integrated value chain, our aim is to generate
Investment in Management Plans: $214,368
Investment in Environmental Licenses: $189,158
Investment in HSE Equipment: $21,674
more job opportunities and increase skill development.
Ultimately, Woodbois' efforts promote the export of locally-
Infrastructure Investments and Services Supported:
$377,660
Acquisition of harvesting and production plant and
machinery ($3.9 million)
Final payment for the additional forest acquisition in
Gabon ($0.5 million)
Settlement of the deferred consideration payment for
Woodbois International Aps ($0.3 million)
produced products, which boosts international exposure
for these countries beyond just raw materials.
In 2023, despite financial difficulties, Woodbois
restructured and continued to increase its financial
capital, demonstrating that conventional business
success metrics can be achieved alongside
meaningful sustainable action.
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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.
Invest in continuous professional and personal development.
Ensure fair compensation, diversity and inclusion, and proactively fight any kind of
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.
431
Total number of employees
Woodbois is committed
to:
Respecting human rights including the
rights of indigenous and local communities
Preventing employment and occupation-
related 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 contracted employees
Woodbois' commitment to human rights and
occupational health and safety applies to all suppliers.
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WOODBOIS LTD | Integrated Report 2023
364
Men
(84.5%)
62
Women
(14.4%)
25%
of women in board
positions
20%
of women in senior
management positions
68
Total number of
permanent employees
working in the
production facilities in
Gabon and Mozambique
363
Total number of fixed-
term and seasonal
employees working in the
production facilities in
Gabon and Mozambique
*Please note that apart from in the production facilities, the company does not
employ temporary or seasonal workers in other aspects of the operations.
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HUMAN RIGHTS, DIVERSITY, INCLUSION
AND EQUAL OPPORTUNITIES
Woodbois is dedicated to upholding international best practices in human rights, diversity, inclusion,
and equal opportunities across its operations. We align our policies and practices with esteemed
standards such as the Fundamental ILO Core Conventions (13), ILO Code of Practice Safety and
Health in Forestry Work (14), the UN Declaration on the Rights of Indigenous Peoples (15), and the
United Nations Declaration on Human Rights (16).
It's imperative for us to extend these principles not only within our organisation but also to our
sourcing partners and suppliers. Regular educational training sessions are conducted to ensure our
employees are informed and empowered to uphold these standards in their daily activities.
EMPLOYEE WAGES IN GABON
AND MOZAMBIQUE
In Gabon, Woodbois adheres to the Convention Collective
Des Industries Du Bois Sciages Et Placages Du Gabon, which
provides a structured salary grid for employees. Salaries are
determined based on this grid, augmented by additional
non-conditional and performance-based bonuses. While the
legal minimum wage in Gabon is set at 150,000 FCFA,
Woodbois ensures that all employees receive compensation
that is at least in line with this standard. As of 2023, the
average salary paid to local staff in Gabon was FCFA
249,591, demonstrating our commitment to fair and
equitable remuneration practices.
In Mozambique, Woodbois has taken initiative-taking steps
to ensure fair wages for its employees. In 2022, the company
has raised its monthly wage to 7,000 MZN, with an average of
28,000 MZN, exceeding the legal minimum wage
requirements(5,800). This initiative reflects our commitment
to providing competitive and dignified compensation to our
workforce, thereby enhancing their well-being and
promoting socio-economic development in the region.
By prioritising fair labour practices and equitable
compensation structures, Woodbois demonstrates its
dedication to fostering a workplace culture that values
human rights, diversity, inclusion, and equal opportunities for
all employees across its operations in Gabon and
Mozambique.
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In 2023, Woodbois paid on average 40% and 79%
above the local minimum wage in Gabon and
Mozambique respectively.
Average salary in Gabon
FCFA
249,591
Average salary in Mozambique
MT
28,000
Minimum wage in Gabon
FCFA
150,000
EQUAL OPPORTUNITIES
AND GENDER EQUALITY
Woodbois is deeply committed to promoting equal
Empowering Women in the Workplace
opportunities and gender equality across all its
- Women play integral roles in our operations in
operations in Gabon and Mozambique. We believe in
Mouila, Gabon, overseeing machinery, managing
creating a workplace where every employee,
production lines, and contributing to administrative
regardless of gender, has the opportunity to thrive
and office tasks. Woodbois ensures that women feel
and contribute to our success.
Gender Pay Equity
empowered and valued for their contributions,
fostering a culture of inclusivity and respect.
Minimum wage in Mozambique
MT
5,800
- Woodbois ensures gender pay equity by paying
Fair Compensation Policy
female employees the equivalent of 100% of a male
- At Woodbois, pay is based solely on position,
employee's salary in both Gabon and Mozambique.
ensuring that individuals in the same role receive
This commitment aims to reduce the wider industry
equal compensation for the same amount of work.
gender pay gap and support the inclusion of women
This policy eliminates gender-based discrimination
across all forestry operations.
and ensures fair compensation for all employees,
regardless of gender.
Legal Reforms in Gabon
- We applaud the legal reforms introduced in Gabon
Employee Engagement and Communication
in September 2021 to promote women's rights and
- Woodbois is committed to keeping employees fully
economic inclusion. These reforms, including revisions
informed about the Group's performance and
to the Civil Code and the adoption of a new Labour
Code, guarantee equal pay for equal work and grant
prospects. We actively seek their views on matters
that affect them as employees, fostering a culture of
women access to employment in all sectors.
Woodbois fully supports these initiatives and strives to
implement them in our workplace practices.
Diversity and Inclusion Initiatives
- Woodbois promotes diversity and inclusivity
throughout our organisation by offering equal
opportunities in recruitment, training, career
development, and promotions. We are committed to
eliminating gender-based discrimination in
employment and occupation, fostering sustainable
and socially responsible economies.
transparency, collaboration, and mutual respect.
By empowering women, promoting inclusivity, and
ensuring fair treatment for all employees, Woodbois is
creating a workplace where everyone can thrive and
succeed. We remain steadfast in our commitment to
advancing gender equality and promoting equal
opportunities across our organisation.
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HEALTH AND SAFETY
ANNUAL ACTIVITY REPORT - GABON
We are pleased to present the annual activity report of our
SAFETY
Safety remains paramount, and we undertook various
ENVIRONMENT
Demonstrating our commitment to environmental
Quality, Health, Safety, and Environment (QHSE) service for
initiatives to enhance our safety standards:
sustainability, we took the following steps:
the year 2023. This report outlines the strides made by our
team in fostering a culture of workplace health, safety, and
Continued HSE talks to educate employees about
Formed a partnership with a specialized waste
sustainability within our organization. Throughout this year,
potential risks.
our focus has remained on continuous improvement while
upholding our commitment to excellence and compliance
Updated road signage across our forest site.
with QHSE regulations.
Installed informative safety instruction panels at
both our industrial sites, outlining procedures in
management company for the collection and
treatment of industrial waste.
Ensured effective waste collection and
management at all our operational sites.
HEALTH
In 2023, we continued to prioritize the health and well-being
of our workforce. In addition to regular medical assessments,
we implemented specialized screenings for employees in
high-risk roles, such as chest X-rays and ophthalmological
exams. Furthermore, we conducted educational sessions on
cervical cancer awareness, particularly targeting our female
staff.
the event of accidents, fires, or evacuations.
Conducted awareness campaigns to emphasize
the importance of maintaining a clean
environment, particularly within forest areas.
Documented and reported all accidents to the
appropriate authorities.
Strengthened safety protocols for machinery
operation.
Provided 1,775 pieces of Personal Protective
Equipment (PPE) to our employees and
contractors.
2,341
Hours of training
conducted in
2023
0
Work-related
fatalities recorded
28
Reported accidents
in total
145
Lost days due to
workplaces
injuries
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STATISTICS
Work-Related Injuries and Fatalities (GRI 403-9 and GRI 403-10)
The following table presents detailed statistics on work-related injuries and fatalities in Gabon and
Mozambique:
Indicator
Description
Measure
TRAINING HOURS (GRI 404-1)
Training remains integral to our health and safety strategy.
Our commitment to health and safety is unwavering, and we will
continue to strive for excellence in our practices, ensuring a safe and
healthy workplace for all.
GRI 403-9
Work-related
injuries (Gabon and
Mozambique).
Number: 33
GRI 403-10
Work-related
injuries (Gabon and
Mozambique). Loss
time due to injuries.
Days: 14
GRI 403-9
Work-related
fatalities (Gabon
and Mozambique).
Number: 1
(Mozambique)
In Gabon, there were 33 reported accidents in 2023, resulting in 14 lost days. Regrettably, one fatality
was reported in Mozambique.
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The process comprises:
GRIEVANCES
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.
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
The grievance is settled
and agreed upon, taking
stakeholder perspectives
into account
Local community
formulates grievance
Community service
project created to
address grievance and
best help the whole
community
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 Manager
The Line Manager notifies the Group Compliance Office (the Chief Financial Officer
acts as Woodbois’ Group Compliance Officer)
The Line Manager is responsible for initially investigating all matters reported to them,
in a prompt, confidential and sensitive manner
The Line Manager provides formal feedback to the employee and Group
Compliance Officer of any investigation conducted and the resulting actions
taken
If the employee feels the matter has not been resolved to their satisfaction, they can
raise their concerns directly with the Group Compliance Officer
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WOODBOIS LTD | Integrated Report 2023
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 sensitively
The whistleblower will usually be invited to attend an investigation meeting to
discuss their concerns
The Group Compliance Officer will provide formal feedback to the employee and
Audit Committee of the investigation, and resulting action will be taken
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EMPLOYEE SPOTLIGHT
An insight into the roles of Woodbois employees positioned in Gabon, Mozambique, South Africa, Denmark and the UK.
DORIS SAIZONOU
Job Title: Accounting Assistant
IRENE IGNANGA
Job Title: Veneer Cutter
Brief Description of your role: As Assistant Accountant/Cashier Manager at our
Brief Description of your role: As a Veneer Cutter, my job involves cutting dried
company, my main role is to ensure efficient and accurate cash management. I'm
veneer sheets and organising them into parcels based on their dimensions.
responsible for daily cash counting, recording transactions and suppliers payments
in Libreville as well as reconciling Mouila’s Cash register in accounting. I also check
receipts and transaction vouchers to ensure their legitimacy and accuracy. In
addition, I am responsible for reconciling cash balances with accounting records,
and preparing regular financial reports on the cash flow of the till. By complying with
current regulations and internal company procedures, I strive to contribute to sound
and transparent financial management.
Year you began working at Woodbois: 2023
Favourite thing about Woodbois and/or the timber Industry: Working at
Woodbois has enabled me to discover the wood industry, to learn more about my
country, its diverse flora and the different timber it contains. I was able to acquire
more advanced skills not only in my field but in other domains as well. I was also able
to work in a multicultural group with people from different backgrounds with whom
I've kept good relations.
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WOODBOIS LTD | Integrated Report 2023
Year you began working at Woodbois: 2018
Favourite thing about Woodbois and/or the timber Industry: What I appreciate
most about Woodbois and the timber industry is the opportunity to engage in
various trades within the factory. I find fulfilment in the diverse tasks I undertake
daily, from cutting veneer sheets to organizing them meticulously. The versatility of
the industry allows me to expand my skills and knowledge continuously,
contributing to my personal and professional growth. Woodbois fosters an
environment where I can explore different aspects of the woodworking process,
enhancing my expertise and job satisfaction.
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SAMUEL IWANGOU NZAMBA
Job Title: Dryer Operator
BÉATRICE BOUANGA
Job Title: Packer
Brief Description of your role: As a Dryer Operator, my main responsibility is to
receive green wood, dry it appropriately, and then pass it on to the packaging
Brief Description of your role: As a Packer, my role involves receiving the finished
and dried timber packages, securing them, and preparing them for shipment.
department.
Year you began working at Woodbois: 2018
Favourite thing about Woodbois and/or the timber Industry: What I appreciate
most about Woodbois and the timber industry is the blend of tradition and
innovation. Working with wood, an ancient and natural material, while integrating
modern techniques and technologies, presents an exciting and enriching
experience for me. As a dryer operator, I am constantly faced with new challenges
and opportunities to gain experience, allowing me to develop my skills and grow
professionally. Additionally, Woodbois' commitment to sustainability and
environmental responsibility makes me proud to be part of this company as we
actively contribute to forest preservation and promote responsible forestry practices.
Year you began working at Woodbois: 2019
Favourite thing about Woodbois and/or the timber Industry: One aspect of
Woodbois and the timber industry that I particularly enjoy is working with the
Electric Guillotine. This modern equipment enhances efficiency and precision in our
operations, allowing us to deliver high-quality products to our customers.
Additionally, I appreciate the supportive work environment at Woodbois, where
teamwork and collaboration are valued. Collaborating with dedicated colleagues
makes each day fulfilling, and I am proud to contribute to Woodbois' success in the
timber industry.
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PIERRE MOUSSAVOU
Job Title: Veneer Peeler
Brief Description of your role: As a Veneer Peeler, my role involves unwinding the
logs, programming the thickness, peeling the rounded sections, and sending them
for veneering.
Year you began working at Woodbois: 2019
Favourite thing about Woodbois and/or the timber Industry: In addition to my
primary responsibilities, I also enjoy operating machinery, including forklifts, and
participating in log cutting. Woodbois provides opportunities for employees to
engage in diverse tasks, allowing us to expand our skills and contribute to various
aspects of the production process. This dynamic work environment fosters growth
and learning, making every day at Woodbois exciting and fulfilling. Additionally, I
appreciate Woodbois' commitment to safety and quality, ensuring that we uphold
the highest standards in the timber industry.
JEAN NOEL BOUROBOU BOUROBOU
Job Title: Evacuation Supervisor
Brief Description of your role: As the Evacuation Supervisor, my role involves
planning, organizing, and overseeing the execution of evacuation operations,
including contract management, loading schedules, packing plans, and monitoring
the inflow and outflow of materials from the drying chambers.
Year you began working at Woodbois: 2020
Favourite thing about Woodbois and/or the timber Industry: Wood is a
recognised renewable material that requires minimal energy for its production and
processing. Woodbois Gabon plays a vital role in sustainable forest conservation by
contributing to the responsible utilization of our forests. I am proud to be part of an
organization that prioritizes environmental sustainability and is committed to
making a positive impact on our forests and communities. Working in the timber
industry allows me to contribute to the preservation of our natural resources while
supporting local economies and promoting sustainable practices.
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DAVID ROGERS
Job Title: Group Accountant
Brief Description of your role: As the Group Accountant, my primary responsibility
is to oversee group financial reporting, ensuring accuracy, compliance, and
transparency in our financial statements.
Year you began working at Woodbois: 2023
Favourite thing about Woodbois and/or the timber Industry: One of the things I
value most about Woodbois is the strong sense of teamwork and collaboration
within the finance department and across the entire organization. I enjoy working
closely with our CFO and the finance team, as well as other departments, to support
the company's financial objectives. Being part of the Woodbois family means always
having the opportunity to contribute and assist wherever needed, fostering a
supportive and dynamic work environment. Additionally, I find the timber industry
fascinating for its unique blend of traditional craftsmanship and modern technology,
as well as its vital role in sustainable resource management and environmental
conservation.
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MOUDHJIOMBIT NATACHA CHARLIE - DRYER TEAM LEADER
A DAY IN THE LIFE OF A DRYER TEAM LEADER
MOUDHJIOMBIT Natacha Charlie has been a cornerstone of the Woodbois operations since she took on the role of Dryer Team Leader. Her day begins with a meticulous review of
the evening reports from the two shifts, one from 6 a.m. to 2 p.m. and the other from 2 p.m. to 10 p.m. These reports provide essential insights into the previous day’s activities and
help her plan for the day ahead.
Natacha's first task each morning is to inspect the dryers. She checks both the roller and mat dryers to ensure there are no leftover leaves or packages that need additional drying.
This step is crucial for maintaining the continuous flow of the drying process, ensuring that all materials are processed efficiently.
Her organizational skills shine as she coordinates the installation of pallets on the
dryers. Natacha oversees the entrance of packages to be dried and manages the
reception of dry leaves at the exit. This process involves precise timing and attention
to detail, ensuring that the dryers operate at maximum efficiency.
Temperature control is another critical aspect of Natacha’s role. She monitors the
boiler’s temperature, ensuring it stays at 120°C, and the roller dryer at 100°C.
Adjusting the speeds of the dryers in relation to the boiler’s temperature is essential
to maintaining the quality of the drying process. This careful calibration helps
prevent any damage to the materials and ensures they meet the company’s high
standards.
Natacha also ensures that the different types of finished packages—cores, interiors,
and faces—are properly processed and sorted. This involves constant vigilance and a
deep understanding of the materials being handled.
Her leadership and expertise are vital to the smooth operation of the veneer factory.
Natacha’s dedication and meticulous approach ensure that the drying process is not
only efficient but also meets the highest quality standards. Her role is a testament to
the importance of skilled leadership in maintaining the excellence of Woodbois’
operations.
Natacha Charlie's story exemplifies the commitment and expertise that women
bring to Woodbois. Her leadership and dedication highlight the company’s support
for female workers in pivotal roles, fostering an inclusive and empowering
workplace.
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CELEBRATING FEMALE WORKERS AT WOODBOIS OPERATIONS
EMPOWERING WOMEN AT WOODBOIS
Woodbois takes pride in fostering a supportive and inclusive environment for its female workers. The stories of Isabelle, Lidvine, Candy, Ferla, and Léa highlight the company's dedication to fair
wages, job security, and employee well-being. By providing stable employment, salary increases, and permanent contracts, Woodbois ensures that its female employees can thrive both
professionally and personally, contributing significantly to their families and communities.
INGUESSI FERLA ARNAULDE - CUBING
POINTER
INGUESSI FERLA ARNAULDE serves as a Cubing
Pointer at the sawmill. Her employment at
Woodbois has allowed her to meet her financial
needs, support her family, and embark on
building projects. Employed since 2019, Ferla has
also transitioned to a permanent contract,
providing her with greater job stability and
confidence in her future with the company.
MOUNDOUBÉ LÉA - CUBING POINTER
Moundoubé Léa, another dedicated Cubing
Pointer at the sawmill, shares a similar positive
experience. Since joining Woodbois in 2019, she
has been able to meet her personal and familial
needs, work towards building a home, and
secure a permanent contract. Léa's satisfaction
with her role and the support she receives from
Woodbois underscores the company's
commitment to empowering its female
workforce.
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MADAME MASANDE ISABELLE - VENEER SORTER
Madame MASANDE ISABELLE is a dedicated Veneer Sorter at the peeling factory.
Employed since 2019, Isabelle has seen significant improvements in her salary, initially
earning 110,000 CFA francs and receiving a raise to 150,000 CFA francs with additional
bonuses for meals and night shifts since June 2023. Her job at Woodbois allows her to
meet her personal needs and contribute financially to her household. She takes pride in
her position and feels respected at work, expressing satisfaction and contentment with
her role.
MAVENGA LIDVINE - GUILLOTINE OPERATOR
MAVENGA LIDVINE works at the peeling factory as a Guillotine Operator. Since starting
with Woodbois in 2019, she has appreciated the consistent working hours from Monday
to Friday, which allow her to manage her household responsibilities effectively. Like her
colleagues, Lidvine experienced a salary increase from 110,000 CFA francs to 150,000
CFA francs. She also received substantial support from the company during a month-
long illness post-marriage, emphasizing Woodbois' commitment to employee welfare.
Lidvine feels valued and welcomed back to her role after her recovery, reinforcing her
happiness and loyalty to the company.
POUNGUI CANDY LAURE - VERSATILE SORTER
POUNGUI CANDY LAURE's versatility in sorting at the peeling factory makes her an
invaluable asset to Woodbois. Employed since 2019, she has benefited from the salary
increase to 150,000 CFA francs and appreciates the work hours that accommodate her
responsibilities as a mother. Candy is grateful for her job, which enables her to afford
her children's schooling and pursue personal projects, such as building a home. She
acknowledges the positive changes brought by the new management, particularly the
transition to permanent contracts, enhancing her job security and satisfaction.
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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
North/Central America
9%
North Africa
14%
Middle East
6%
Asia Pacific
40%
Europe
31%
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WOODBOIS LTD | Integrated Report 2023
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
2.68m3/ha
Harvesting intensity ratio
per hectare
11,761 m3
Volume of timber produced.
(veneer, sawn timber)
1,533 m3
Volume of third party
timber traded (logs, veneer,
sawn timber)
13,295 m3
Volume of timber traded
including third party and
Woodbois. (logs, veneer,
sawn timber)
8,108 ha
Area with actual harvesting
21,777 m3
Volume of logs harvested
11,761 m3
Volume of Woodbois'
produced timber traded.
(logs, veneer, sawn timber)
8
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 m3 of wood were produced at the sawmill and 5,246 m3 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 2023. 10,554M3 of timber traded from third party supplying mills representing 1/3
of total timber sold by Woodbois (33,351m3).
Côte d'Ivoire
6%
Cameroon
26%
Republic of the Congo (Congo-Brazzaville)
46%
Gabon
16%
Ghana
Angola
3%
3%
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INTELLECTUAL CAPITAL
MATERIAL ISSUES
STRATEGIC PRIORITIES
SDGS
-
-
Equal rights and conflict resolution
Legal harvesting
1.
2.
3.
Leverage leadership role-modelling to promote values of integrity and transparency.
Ensure ethical conduct and anti-corruption best practices are in place.
Ensure labour rights are fully met.
Any material issues – equal rights, conflict resolution and
2. Environment
legal harvesting – can be addressed through the consistent
We commit to protecting and respecting the natural
application of our three key priorities: leveraging leadership
environments in which we operate.
role-modelling to promote the values of integrity and
transparency; ensuring ethical conduct and anti-
We strive to reduce the environmental impact of our
corruption best practices are in place; and ensuring labour
global operations and to help conserve natural resources
rights are fully met.
by planning and managing operations with a sustainable
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
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.
appropriate personal protective equipment in accordance
3. Labour and human rights
with international standards and national laws. All
We support the United Nations’ Universal Declaration of
employees receive training to ensure they are competent
Human Rights. We respect each individual's human rights
and fit to carry out allocated duties. This includes
and follow all employment laws and regulations. We do
information about risks and relevant control measures,
not tolerate any form of workplace discrimination,
procedures for safe evacuations of buildings and
harassment or physical assault, or any form of child, forced,
workplaces, and correct use of tools and machinery. We
or compulsory labour. Employees are paid regular and
recognise that all staff have the authority to halt work if
competitive wages, and Woodbois regularly invests in
they consider an action unsafe.
resources and training to assist staff who want to develop
their full potential.
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4. Host communities We recognise the importance of
employees with an environment where they can bring their
Financial Reporting Standards (IFRS) as adopted by the
community engagement and shared prosperity.
whole self to work regardless of gender, race, sexual
European Union (EU).
We engage with communities at all stages of project
diversity of the regions and communities in which we operate
10. Tax
orientation, age, religion or disability. We seek to reflect the
planning and development to ensure that local opinions,
within our own workforce, and respect the rights of
We commit to paying the right taxes. Woodbois strives to
feedback, and concerns are properly recorded and
employees including the freedom of association and collective
understand and comply with the legal and regulatory
addressed.
bargaining.
We believe it is possible to deliver real socio-economic
7. Bribery
obligations for taxation arising from its operations. We are
committed to full compliance with external and company
reporting requirements, including those concerning
impact through our regional activities by developing
We stand against bribery and corruption.
disclosure to tax authorities and reporting on the tax
infrastructure, building local skills, and providing
payments that we make.
development opportunities for people.
It is not permitted for any Woodbois employee or
representative to give, offer or receive a bribe either directly,
11. Protecting and maintaining assets
5. Suppliers, customers and other business partners
indirectly, or through a third-party business in any dealings.
We recognise the importance of looking after our assets.
We commit to fair and ethical relationships with suppliers,
Employees are responsible for looking after company
customers and other business partners.
8. Trade controls and sanctions
assets including business opportunities, funds, property,
We comply with all applicable trade controls and sanctions in
proprietary information, and personal equipment.
We endeavour to build long-lasting relationships based on
the regions where we operate and trade.
Employees must take steps to read and understand the
fair selection, clear terms of business, and adherence to
rules regarding unacceptable use of company IT
shared principles set out in our Code.
The export of timber goods is subject to a range of regulatory
resources and comply with the relevant set of rules.
We follow established due-diligence procedures that enable
constant dialogue with relevant government and trade bodies
permitted by law and as is reasonably necessary to meet
requirements in different regions. Woodbois maintains
Woodbois only collects and holds personal information as
us to select business partners who meet legal requirements
to ensure it satisfies registration requirements, export licence
business requirements.
and internal expectations in regards to product provenance,
needs, and all additional legal obligations.
supply chain safety and environmental impact.
12. Insider dealing
Woodbois is conscious that governments and international
We stand against insider dealing. It is illegal to deal in
Woodbois is committed to purchasing third-party timber
organisations may impose international trade sanctions on
Woodbois shares on the basis of inside information or to
only where it is possible to ensure legal compliance of
countries where the company operates. We are committed to
encourage others to do so. During the course of their work
suppliers. The company unreservedly condemns illegal
complying with all trade sanction conditions.
some employees will have access to information which
logging and irresponsible trade of endangered species.
could influence someone contemplating investing in
6. Equality
We commit to publishing accurate and transparent company
confidential company information for personal gain, or
We commit to creating an inclusive environment where
reports. We endeavour to release regular operational, financial
from sharing inside information for the same purpose.
9. Accurate records, reporting and financial recordkeeping
Woodbois shares. Employees are forbidden from using
every colleague is valued. At Woodbois, all employees are
and integrated reports for the benefit of company
expected to treat each other with care and respect. We strive
stakeholders. Financial statements are produced in
to provide
accordance with International
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FOREST MANAGEMENT IN GABON AND MOZAMBIQUE
Woodbois holds fifteen forest permits in central
The inventory is recorded by systematic sampling
(Aucoumea klaineana), Ilomba (Pycnanthus angolensis),
Gabon in the province of Ngounié, north-east and
The counting operation consists of: identifying the
Ebiara (Berlinia bracteosa), Dabema (Piptadeniastrum
south-east of the community of Mouila covering a
species of trees; measuring diameter; numbering
africanum), and Ovang-Kol (Guibourtia ehie). We are
total area of 156,477ha.
trees via the placing of a plate; geolocating each
also permitted to harvest an area of 3813 from the 2021
The management plans, approved by the
tree via GPS; and assessing the quality of all
LGFIB (17) management plan.
administration in charge of waters and forests,
applicable trees that have reached the minimum
define the harvesting plan for the areas
diameter size for harvesting
The inventory plan determines: the stocks of
The harvesting plan for 2022 covered a total area of
harvestable timber and their location; how to track
4,200 hectares. The most common tree species are
and mark trees to be harvested or protected; and
Okoumé
how to establish the route of potential roads.
Geographical location of UFA LYNN-TIMBER permits and management plans.
All of Woodbois’ forest management plans have been
approved by local governments following preliminary
community consultations and approval processes, and are
strictly followed.
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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
Zambezia province, communities of Uape-Gile District and
be harvested or protected, and how to establish the route
Alto-Molocue District, one in Nampula province, community
of potential roads.
of Niveto, Lalaua district and one in Niassa Province,
community of Mississi in the district of Mandimba.
The company's management plans, which are approved by
the administration in charge of land and environment,
This inventory is recorded by systematic sampling, and the
counting operation consists of identifying the species of
trees, measuring the diameter, numbering trees via the
placing of a plate, geolocating each tree via GPS, and
define the harvesting plan in concession blocks to be
harvested each year.
assessing the quality of all applicable trees that have
reached the minimum diameter size for harvesting.
These plans are valid for three to five years depending on
the size and forestry potential of the concession.
The most common commercial species include Umbila
(Pterocarpus Angolensis), Chanfuta (Afzelia Quanzensis),
and Messassa (Brachystegia Spiciformis).
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The maps of the management plans in Mozambique are
available in the Appendix.
The management plan is available at this link
https://opentimberportal.org/operators/100151/documentation
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HOW IT WORKS
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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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.
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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THE SYMPHONY OF THE FOREST: A STORY OF COLLABORATION AND CRAFTSMANSHIP
In the heart of the verdant expanse lies a forestry site where nature and human expertise intertwine harmoniously. This story unfolds through the lives and roles of several dedicated teams, each playing a
vital part in the intricate ballet of forestry operations. Here, we delve into the lives of the prospectors, fellers, bull drivers, park teams, and transporters, who together ensure the sustainable harvesting and
processing of timber.
THE PARK TEAMS: CUSTODIANS OF
ORDER
At the park, a dedicated team takes charge. They
organize the logs, ensuring they are properly sorted
and accounted for. Each log is meticulously
documented, maintaining the traceability
established by the prospectors and continued by the
fellers and bull drivers. The park team’s role is crucial
in maintaining order and efficiency, preparing the
logs for transport to the sawmill.
THE PROSPECTORS: GUARDIANS
OF PRECISION
In the early hours of dawn, as the forest begins to wake,
the prospectors prepare for their day. These meticulous
individuals are responsible for selecting the trees that will
be harvested. Each morning, they ensure their essential
tools are ready: machetes, maps of the work area, GPS
devices with extra batteries, and measuring tapes.
Equipped and ready, they venture into the forest, guided
by the soft light filtering through the canopy.
The prospector’s task is one of precision and care. With
the GPS and map in hand, they locate georeferenced
trees, assess their diameters, and evaluate the quality of
the wood. Assisted by their helpers wielding machetes,
they clear paths to the selected trees, marking each with
a unique identifier indicating the number of trees to be
felled. This meticulous documentation ensures that the
fellers who follow know exactly where to find the trees
and the precise quantity to be harvested.
At the end of their day, prospectors compile detailed
reports, including the number of forest species checked,
tree diameters, and wood quality. These reports are then
submitted to the Development Unit’s office for
monitoring, traceability, and archiving, ensuring a
seamless transition to the next stage of the forestry
process.
THE FELLERS: MASTERS OF THE AXE
With the prospectors' markers guiding them, the
fellers step into the forest, axes and chainsaws at the
ready. Their expertise lies in safely and efficiently
cutting down the designated trees. Each tree is felled
with precision, minimizing damage to the surrounding
forest and ensuring the sustainability of the
ecosystem. The fellers’ skill and strength are crucial, as
they transform marked trees into logs ready for the
next phase.
THE BULL DRIVERS: STEWARDS OF
STRENGTH
Once the trees are felled, the bull drivers take over.
These skilled handlers manage the powerful bulls
that haul the heavy logs from the forest to the park.
Navigating through dense undergrowth and rough
terrain, the bull drivers rely on their deep bond with
the animals and their knowledge of the forest to
transport the logs efficiently and safely. This ancient
and eco-friendly method minimizes the
environmental impact of the logging process.
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THE TRANSPORTERS: NAVIGATORS
OF THE FOREST ROADS
The final stage of the journey involves transporting the logs from
the forest park to the break park at the Mouila Woodwood
Sawmill. Skilled drivers navigate the forest roads, ensuring the
safe and timely delivery of the timber. Their work marks the
culmination of the collaborative efforts of all the teams, bringing
the timber to its destination for processing.
A HARMONIOUS COLLABORATION
This story of the forestry site is a testament to the collaboration
and craftsmanship of its diverse teams. From the precision of the
prospectors to the strength of the bull drivers and the order
maintained by the park teams, each role is integral to the
sustainable management of the forest. Together, they form a
symphony of human and natural harmony, ensuring the
responsible harvesting and processing of timber while preserving
the forest for future generations
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RELATIONAL AND SOCIAL CAPITAL
MATERIAL ISSUES
STRATEGIC PRIORITIES
SDGS
-
-
Responsible sales and marketing
Developing local economies
1.
2.
3.
4.
Invest in long term partnership with selected timber suppliers embracing the same
ethical and sustainability principles.
Invest in services and facilities for local communities.
Develop strong relationships with local administration and Government.
Strengthen sales efforts with African clients.
In 2023, Woodbois made sales to 30 customers across 14
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.
RESPONSIBLE TRADING & SOURCING
11,761 m3
Volume of Woodbois'
produced traded. (logs,
veneer, sawn timber)
1,533 m3
Volume of third party
timber traded. (logs, veneer,
sawn timber)
13,295 m3
Volume of timber traded
including third party and
Woodbois. (logs, veneer,
sawn timber)
8
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 has significantly strengthened its due diligence process to ensure
1. Bill of Lading (BL)
suppliers' compliance with legal and responsible forest product sourcing. This
A vital document issued by the shipping company, providing details of the goods being
enhancement includes the recruitment of a dedicated EUTR due diligence
transported, the vessel carrying them, and the terms of shipment.
compliance manager in 2023, slated to commence duties in 2024. This manager,
equipped with industry experience, will tailor a robust system to the company's
2. CITES Certificate (if applicable)
operations, specifically focusing on preparing for the upcoming EUDR.
In cases where the timber species are listed under the Convention on International Trade in
Endangered Species of Wild Fauna and Flora (CITES), a valid CITES certificate must be obtained
In alignment with its commitment to responsible sourcing, Woodbois mandates
to ensure compliance with international trade regulations.
that all timber suppliers undergo a rigorous due diligence process before
collaboration. This process encompasses comprehensive scrutiny of information
3. Movement Certificate
and documentation pertaining to the timber's source, including tree species, wood
For trade within the European Union, a Movement Certificate (EUR1) is required to certify the
origin, and adherence to national laws and regulations.
origin of the timber products. For shipments destined for countries outside the EU, a Certificate
of Origin is necessary to verify the source of the goods.
Since 2013, Woodbois has implemented a due diligence process inspired by
EUTR/FLEGT guidelines, featuring a detailed checklist of required documents for
4. Act of Merchandise Transit (Circulation de Merchandise)
thorough screening. This process is conducted BI-annually for existing suppliers and
This document outlines the details of the goods in transit, including their origin, destination, and
initiated at the onset of any collaboration with new suppliers.
route of transportation. It serves as evidence of legal trade and ensures transparency in the
Woodbois maintains stringent requirements for supplier approval and shipment
supply chain.
authorization, necessitating the submission of specific documents to ensure
compliance with the European Union Timber Regulation (EUTR) and other relevant
5. Phytosanitary Certificate
A Phytosanitary certificate is essential for verifying that the timber products meet the
regulations. While the exact documentation may vary depending on the country of
origin and destination, the following are the standard documents required for
supplier approval prior to shipment authorization:
phytosanitary requirements of the importing country, confirming that they are free from pests
and diseases.
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Woodbois conducts thorough assessments of these documents as part of its due diligence process to verify the legality and
sustainability of timber products sourced from suppliers. By adhering to these stringent requirements, Woodbois aims to
ensure responsible sourcing practices and uphold regulatory compliance throughout its supply chain.
SUPPLIERS
SHIPMENT
BUYERS
Buyers sometimes provide their
own supply chain mapping to
ensure responsible timber
purchases.
Since 2013, Woodbois has run a
Documents required:
due diligence process inspired by
EUTR/ FLEGT, which includes a
checklist of documents required
for screening. This process is done
at the beginning of each year for
existing suppliers and at the start
of any collaboration with new
suppliers.
Bill of Lading (BL) from
the shipping company
CITES certificate if
necessary (created by
Woodbois using supplier
export codes)
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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STEPS OF EUTR DUE DILIGENCE
1. Setting up Due Diligence Procedures
- Organize and implement due diligence procedures.
4. Mitigating Identified Risk
- Implement risk-mitigating actions for high-risk ("non-negligible") products.
- Define responsibilities and ensure employees are trained/competent in their
- Measures must be effective and reduce identified risk to a negligible level.
understanding of the EUTR.
2. Collecting Information about Products and Supply Chain
- Gather documentation such as harvest permits, invoices, and transport
documents.
- Actions may include collecting more information, conducting on-site supplier
audits, or using independent third-party verification schemes.
5. Evaluating Due Diligence System
- Regularly evaluate the due diligence system, preferably at least once a year or
- Specific documents will vary according to the supply chain of each product.
every time a new supplier is engaged.
- Access adequate information to determine if the risk of illegal harvesting is
present in your supply chain.
3. Assessing the Risk of Illegally Harvested Material
- Conclude whether the risk is low ("negligible") or specified ("non-negligible") for
each product.
Conduct risk assessment in five areas of focus:
- Access to Information
- Risk at Origin
- Species Risk
- Supply Chain Complexity
- Risk in Trade and Transport.
For more information about the European Commission Guidance Document for
the EU Timber Regulation, refer [here](The European Union Deforestation
Regulation (EUDR) imposes several requirements on companies like Woodbois
that trade in certain commodities, including timber. Here are the key aspects you
need to consider:).
See the Expert Group on the EUTR Guidance document on Risk Mitigation
measures [here](The European Union Deforestation Regulation (EUDR) imposes
several requirements on companies like Woodbois that trade in certain
commodities, including timber. Here are the key aspects you need to consider:).
The European Union Deforestation Regulation (EUDR) imposes several
requirements on companies like Woodbois that trade in certain commodities,
including timber. Here are the key aspects you need to consider:
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EUDR REQUIREMENTS FOR WOODBOIS
DUE DILIGENCE STATEMENT
Deforestation-Free Products: Ensure that the timber products do not contribute to
The due diligence statement should include:
deforestation or forest degradation. Timber should be harvested from land that has not been
converted from forest to agricultural use after December 31, 2020.
Geolocation GPS Coordinates and Polygon: Geographic coordinates of the plots of land
where the relevant commodity was produced. For larger plots of land, specific coordinates of
Legal Compliance: Ensure that all timber products comply with relevant applicable laws in
its outline are required, while smaller plots can be identified with a single GPS point.
the country of production.
Due Diligence System: Implement and maintain a due diligence system to identify,
conditions that comply with relevant laws in their country of origin, including laws on land
prevent, and mitigate the risk that the products could contribute to deforestation or forest
use rights, labour rights, human rights, free, prior, and informed consent (FPIC), and anti-
degradation.
corruption laws.
Compliance with Human Rights and Community Rights: Products must be produced in
Due Diligence Statement: Provide a due diligence statement to the EU authorities when
the products are entering the EU territory.
ADDITIONAL DUE DILIGENCE FOR THIRD-PARTY SUPPLIERS
Supply Chain Oversight: Monitor and evaluate third-party suppliers to ensure compliance
with the EUDR.
Risk Management System: Implement a risk management system to identify, prevent, and
mitigate the risk associated with third-party suppliers.
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TRACEABILITY
PROCESS
Traceability Process
Open Timber Portal (OTP): We utilise the Open
Timber Portal to track products from forest to
manufacturing to final export. This platform
allows us to demonstrate that none of the wood
produced by Woodbois is on the CITES species
list.
If a CITES species is purchased from a 3rd party-
supplier, CITES permit is required as well as the
usual due diligence procedures. a CITES species
that only traded if has CITES permit.
Certificate of Origin: Every timber overseen by
Woodbois (produced in own operations or traded
from third parties), in any form, requires a
certificate of origin. We ensure that all timber has
a valid certificate identifying its country of
harvest, and we do not send or handle timber
without this documentation.
As part of our Due diligence process, all timber
originating from third-parties are traced back to
the forest of origin. 100% of our third-party
sourced timber has been traced back to forest of
origin, with identifiable Forest Management Unit
details specified. Of that percentage, (put here
how much own operations and how much they
source)
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TRACEABILITY AND
TRANSPARENCY
Collaboration with WorkPool
Software Development: In collaboration with WorkPool,
a South Africa-based company, we have developed
software to collect and manage all trading-related data.
This software enables us to track and manage
documentation throughout our supply chain
effectively.
Documentation Management: Our software helps us
identify suppliers with outdated documentation
promptly. If suppliers' paperwork is not up-to-date, we
temporarily remove them from our supply chain until
their documentation is renewed.
Advocating Transparency
Voluntary Use of OTP: Woodbois is keen to implement
the voluntary use of the Open Timber Portal for our
third-party trading business. We encourage the use of
OTP by all our suppliers and producers to improve
transparency.
Encouraging Suppliers: We advocate for our suppliers
and producers to address any gaps in their internal
processes to enhance their levels of transparency and
compliance.
Open Timber Portal - Lynn Timber
https://opentimberportal.org/operators/100151/documentation
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ENGAGING WITH LOCAL
COMMUNITIES
Woodbois Gabon and the Local
SOCIAL ACTIONS CONDUCTED BY WOODBOIS GABON UNDER THE LOCAL DEVELOPMENT FUND
Development Fund
(FDL) IN THE NGOUNIE PROVINCE – COMPLETED IN 2023
Project to renovate the Saint-Martin village infirmary:
Project cost: 11,495,000 FCFA
Contractor: Tobia Kadia et Fils Company
Our teams are actively engaged in community consultations
to ensure we respect local customs and our contributions
have meaningful value (our FPIC procedure is reported in
the report annex). This commitment extends to respecting
legal and traditional land rights. For example, our forest
concessions are a direct result of community consultations.
Local stakeholders help designate and map agricultural land
for local use, dedicate areas for specific crops and provide
education and information related to the hunting seasons.
In some cases, we have established contractual agreements
with communities to ensure we respect and align with local
needs and customs. Woodbois
is also
financially
contributing to the development of villages Saint-Martin
and Mboukou.
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Project to renovate the public school in Mighabé village:
Project cost: 8,222,204 FCFA
Contractor: Maye Ingénierie Company
Construction project of two passage huts in Mighabé village:
Project cost: 8,650,380 FCFA
Contractor: Molvilloise du Bâtiment Company
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Solar panel electrification project in Yeno village:
Solar panel electrification project in Mamba Evova village:
Project cost: 19,799,974 FCFA
Contractor: Eco Solaire Company
Project cost: 9,940,000 FCFA
Contractor: Monoprix SARL Company
In addition to these ongoing and completed projects, there are also works
that have not yet started and the purchase of equipment in other villages,
including:
Construction project of 03 housing units in Ebando village:
Project cost: 5,989,900 FCFA
Contractor: BATIMO Company
Purchase project of brush cutters in Mossighé village:
Project cost: 524,054 FCFA
Contractor: MBAMBA Service Company
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GABON FLAG CEREMONY
For several months now, it has become a cherished tradition at our various industrial sites to hold a flag-raising ceremony every Monday morning.
This solemn moment, where we sing the national anthem and hoist the flag, is highly appreciated by all workers.
This initiative is part of Woodbois Gabon’s efforts to instill values of citizenship, discipline, and cohesion among its employees. By participating in this
weekly ceremony, our team members develop a stronger sense of belonging and pride in their work.
Every Monday, as the sun begins to rise, employees gather in front of the main building. The flag, neatly folded, is carried out by a team chosen for
their exemplary performance. The rest of the staff lines up, standing tall and attentive, their eyes fixed on the flagpole.
The ceremony begins with a short speech from one of the
managers, emphasizing the importance of unity and
dedication. As the first notes of the national anthem fill the
air, the flag is slowly unfurled and raised, catching the
morning breeze. Voices rise in unison, singing with pride and
respect for the nation and for each other.
This ritual not only fosters a sense of national pride but also
reinforces the spirit of teamwork and mutual respect within
our operations. The images attached capture the essence of
these moments—faces illuminated by the soft morning light,
reflecting determination and solidarity.
By integrating this ceremony into our weekly routine,
Woodbois Gabon reaffirms its commitment to not only
producing quality timber but also nurturing a community of
motivated and cohesive workers. This practice strengthens
our workplace culture, reminding us all of the shared goals
and values that bind us together.
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GLOBAL EVENT PARTICIPATION
Woodbois continues to demonstrate its commitment to the
global wood and woodworking industry through active
participation in key international exhibitions and
conventions. These events provide invaluable opportunities
for showcasing innovative technologies, engaging with
industry leaders, and forging strong business relationships.
By attending prominent gatherings such as the International
Fair of Wood in Algeria, the Dubai Woodshow, the IWPA
Annual Convention, and the NHLA Convention, Woodbois
remains at the forefront of industry advancements,
connecting with key stakeholders and staying informed
about the latest market trends. These strategic engagements
highlight our dedication to excellence and international
collaboration within the wood and woodworking sector.
ALGERIA WOOD TECH
DUBAI WOODSHOW
Once again, we attended the International Fair of Wood,
Woodworking, Equipment, and Technologies, held at the
With our strong focus on the growth markets of the Middle
East and North Africa, our sales team ensured a visible
SAFEX in Algiers (Maritime Pines). The exhibition, under the
patronage of the Minister of Industry, brings together key
presence at the annual Dubai Woodshow once more. Held at
the World Trade Centre in Dubai, this event is the largest in
players in the wood and woodworking sector, and Woodbois
is delighted to be a part of this important event.
the region and is attended by many of the region’s key wood
purchasing managers and professionals.
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USA - IWPA
USA - NHLA
Continuing our tradition of engaging with key industry
stakeholders, we participated in the International Wood
We also attended the National Hardwood Lumber
Association (NHLA) Convention Exhibit and Showcase in
Products Association (IWPA) Annual Convention in the USA.
This esteemed event brings together leading figures from
Kentucky, USA. This prominent event is a cornerstone for
professionals in the hardwood industry, featuring
the global wood products industry, offering valuable
networking opportunities and insights into the latest market
comprehensive exhibits and discussions on the latest
advancements and challenges in the sector. Our presence at
trends. Woodbois is proud to be part of this influential
gathering, reinforcing our commitment to international
collaboration and industry excellence.
the NHLA Convention underscores Woodbois' dedication to
staying at the forefront of industry developments and
fostering meaningful connections within the hardwood
community.
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NATURAL CAPITAL AND FIRE MANAGEMENT
MATERIAL ISSUES
STRATEGIC PRIORITIES
SDGS
-
-
-
-
-
Climate change
Biodiversity
Protection of land (soil and water safety)
Greenhouse gas emissions
Energy usage
1.
2.
3.
4.
Protect forests from illegal harvesting.
Preserve animal habitats and biodiversity.
Employ soil and peat management best practice.
Integrate activities to enable transition to net zero emissions.
NATURAL CAPITAL AND ETHICAL FORESTRY
FIRE MANAGEMENT
Natural capital remains at the forefront of our business operations,
At Woodbois, we adopt an initiative-taking approach to minimise
shaping our material issues and key priorities. These include
the risk of wildfires. Our three-pronged strategy focuses on effective
addressing climate change, protecting biodiversity, ensuring soil
weed control, constructing firebreaks, and ring-hoed trees to
and water safety, minimising greenhouse gas emissions, and
reduce fuel loads before the onset of the dry season. Engaging local
optimising energy usage. At Woodbois, responsible and ethical
communities in identifying potential hot spots allows us to mitigate
forestry forms the cornerstone of our operations, guiding our efforts
fire risks effectively.
in safeguarding forests from illegal harvesting, preserving animal
habitats and biodiversity, implementing soil management best
practices, and facilitating a transition to net-zero emissions.
In 2023, we continued our commitment to environmental
stewardship, leveraging tools like Global Forest Watch to monitor
forests in real-time, enabling initiative-taking measures to protect
against deforestation and forest fires.
In 2023, Woodbois recorded zero fires in its Forest Management
Units (FMUs), a testament to the efficacy of our preventative
measures. Given our operations primarily in evergreen wet-dense
forests where fires are rare, if not non-existent, our focus remains on
vigilance and initiative-taking fire management strategies.
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CONSERVATION AND COMMUNITY
PREVENTING ILLEGAL LOGGING AND
ENGAGEMENT
WILDLIFE AWARENESS
Collaborative Efforts with Forestry Administration
Woodbois is dedicated to preventing illegal logging and promoting wildlife conservation within our
operational areas. We have established a Memorandum of Understanding (MoU) with the forestry
administration to conduct joint missions aimed at raising awareness and monitoring the territory for
illegal activities. These missions, held quarterly, are integral to our commitment to responsible forest
management.
During these joint missions, representatives from Woodbois and the forestry administration
collaborate closely to identify and address potential instances of illegal logging. Through field
inspections and community engagement, we strive to foster a culture of compliance with forestry
regulations and respect for wildlife habitats.
Awareness and Monitoring
At Woodbois, we recognise the importance of raising awareness among local communities about
the significance of wildlife conservation and the consequences of illegal logging. To this end, we
organise educational initiatives and distribute informational materials to villages located near our
operational sites.
Furthermore, we collaborate with water and forest agents to implement control barriers and
enhance wildlife awareness at construction sites. By incorporating wildlife protection measures into
our operational practices, we aim to minimize human-wildlife conflicts and preserve biodiversity.
Memorandum of Understanding
The MoU with the forestry administration outlines the framework for our collaborative efforts in
preventing illegal logging and promoting wildlife conservation. Under this agreement, joint missions
are conducted quarterly, with each mission typically lasting three days. At the conclusion of each
mission, a comprehensive joint report is generated to document findings and recommendations.
Woodbois is committed to conserving natural habitats and
engaging with local communities. Our efforts include dedicating
areas for conservation within our concessions, monitoring forest
management plan implementation, and raising awareness among
employees and local stakeholders on wildlife protection and illegal
activity prevention.
Furthermore, we invest significantly in community development
projects, in accordance with Gabonese forestry laws. In 2023,
Woodbois allocated over 60,000,000 FCFA to finance community-
selected projects, ranging from electrification initiatives to
healthcare and educational infrastructure upgrades. Projects
undergo rigorous validation by a management committee
comprising villagers, local authorities, forestry officials, and
company representatives, ensuring alignment with community
needs and sustainable development goals.
COMMITMENT TO ENVIRONMENTAL
SUSTAINABILITY
Woodbois reaffirms its commitment to environmental sustainability
by adhering to strict principles, including a pledge not to plant on
peatlands and to minimise the use of inorganic fertilisers. While
peatlands are not present in our operational areas, we remain
steadfast in our commitment to preserving these vital ecosystems.
Additionally, we do not use fertilisers in our logging activities,
aligning with our goal of minimising negative environmental
impacts and promoting sustainable forest management practices.
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Woodbois is committed to financing these joint missions in accordance with the agreements outlined in the MoU.
Moreover, we ensure that the MoU is renewed annually, underscoring our long-term commitment to sustainable forest
management practices and wildlife conservation.
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Tonne Equivalent Conversion: Additionally, we have ensured
consistency in unit conversions by converting kilograms to metric
tons using the standard conversion factor of 0.001. This ensures
that emissions data are reported in a standardised format for ease
of interpretation and comparison.10
Transparency and Reliability: By adopting conversion factors
from reputable sources such as the BP Statistical Review of World
Energy and the IEA, we aim to enhance the transparency and
reliability of our emissions reporting. These sources are considered
authoritative in the field of energy statistics and are widely used in
industry and academia for energy-related research and analysis.
While this methodological change may result in variations in
reported figures, it enables us to provide more accurate and
consistent data to stakeholders.
We have carefully reviewed and incorporated the latest conversion
factors from these reputable sources into our reporting process,
ensuring that our emissions data are based on the most reliable
and up-to-date information available.
Energy Consumption and Greenhouse Gas Emissions
Energy Consumption (2019-2023)
Year
Diesel
Consumption
(litres)
Diesel
Consumption
(GJ)
Petrol
Consumption
(GJ)
Total Energy
Consumption
from Fuels
(GJ)
Volume of Logs
Harvested (m³)
Energy
Intensity
(GJ/m³ logs)
2019
839,836
30,150
281
30,431
34,361
0.89
2020
682,631
24,506
201
24,708
18,810
2021
991,496
33,314
52
33,367
28,000
1.31
1.19
2022
1,502,240
54,081
174
54,255
59,471
0.91
2023
1,002,281
176,361
152
176,413
21,777
0.25
METHODOLOGICAL CHANGE IN EMISSIONS CALCULATION
Explanation: In our 2023 integrated report, you may notice variations in reported emissions data compared
to previous years. This discrepancy arises from a methodological change in how emissions are calculated.
We have transitioned to using recognized conversion factors from reputable sources to enhance the
accuracy and reliability of our emissions reporting.
Diesel and Petrol Conversion: Previously, we converted diesel and petrol consumption from liters to
gigajoules using conversion factors derived from reliable sources, including the BP Statistical Review of
World Energy9 and the International Energy Agency (IEA). Upon further review and analysis, we have
updated these conversion factors to better reflect industry standards. According to the latest data, 1 litre of
diesel oil is equivalent to approximately 0.17596 gigajoules, while 1 litre of gasoline (petrol) is equivalent to
0.0342 gigajoules.
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Emission Analysis
2020
2021
2022
2023
reflecting adjustments in calculation methodologies and operational factors.
The emissions analysis for 2023 reveals notable changes compared to previous years,
GRI 305-1 Direct (Scope 1)
GHG emissions for use of
fuels. (tCO2e)
Biomass converted into
energy. (tonnes)
GRI 305-1 Other indirect
(Scope 1) GHG emissions:
on-site biomass
incineration. (tCO2e)
Volume of logs harvested.
(m³)
GRI 305-4 Total GHG
emissions intensity.
(tCO2e/m³ logs)
Volume of Woodbois'
produced timber (logs,
veneer, sawn timber). (m³)
GRI 305-4 Total GHG
emissions intensity.
(tCO2e/m³ timber)
1,849
2,664.93
4,048.86
5,417.00
1,250
1,840.00
2,024
2,625
72.94
88.30
118.11
104.44
Firstly, our transition to using recognised conversion factors for diesel and petrol consumption
has led to a significant increase in total energy consumption from fuels, reaching 176,284.47 GJ
in 2023. This change is primarily attributed to the updated conversion factors, with 1 litre of
diesel oil now equating to approximately 0.17596 gigajoules and 1 litre of gasoline (petrol) to
0.0342 gigajoules. As a result, direct (Scope 1) GHG emissions for fuel use surged to 5,417
tCO2e, reflecting the higher energy content calculated under the revised methodology.
Moreover, our biomass conversion initiatives saw a slight increase, with 2,625 tonnes converted
into energy in 2023. This figure incorporates an assumption of an average timber density of
750 kg/m³, ensuring accurate assessments of biofuel yield from our timber resources.
In terms of emissions intensity, we observed a notable increase to 0.25 tCO2e/m³ logs in 2023,
reflecting the combined impact of increased energy consumption and a decrease in the
volume of logs harvested. This underscores the need for continued efforts to optimise energy
18,810.00 28,000.00
59,471
21,777
efficiency throughout our operations.
0.098
0.095
0.07
0.25
highlights a significant rise rather than a reduction. While we remain committed to mitigating
Despite our concerted efforts to enhance energy efficiency, the observed increase in
emissions intensity from 0.17 tCO2e/m³ timber in 2022 to 0.77 tCO2e/m³ timber in 2023
9,357.00
16,964.00
24,349
7,148
0.20
0.16
0.17
0.77
our carbon footprint, it's essential to recognise the complex interplay of factors influencing
these metrics. Methodological changes in emissions calculation, alongside potential
fluctuations in energy consumption per unit of timber produced due to operational variables,
have contributed to this uptick. As we continue to refine our sustainability practices, we
prioritise a thorough examination of these changes to ensure informed decision-making and
ongoing progress towards our environmental goals.
Despite our concerted efforts to enhance energy efficiency, the observed increase in
emissions intensity from 0.17 tCO2e/m³ timber in 2022 to 0.77 tCO2e/m³ timber in 2023
highlights a significant rise rather than a reduction. While we remain committed to mitigating
our carbon footprint, it's essential to recognise the complex interplay of factors influencing
these metrics. Methodological changes in emissions calculation, alongside potential
fluctuations in energy consumption per unit of timber produced due to operational variables,
have contributed to this uptick. As we continue to refine our sustainability practices, we
prioritise a thorough examination of these changes to ensure informed decision-making and
ongoing progress towards our environmental goals.
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TRANSPARENCY
In 2023, Woodbois demonstrated unwavering commitment to transparency and
Key features of the SNTBG include its Android mobile application, which facilitates the
sustainability, maintaining its position among the top-ranking companies in the ZSL SPOTT
creation of digital records detailing every stage of the timber supply chain, from tree inventory
companies' transparency assessment, securing 8th place out of 100 timber and pulp firms.
to processing and export. Moreover, the SNTBG Web Application and Geoportal enable
Our dedication to responsible forestry practices persisted, with a continued emphasis on
offers flexibility by allowing forest sector operators to continue using third-party traceability
forest management and ethical sourcing. These efforts directly contribute to Sustainable
systems, provided they meet the necessary data collection and transmission requirements.
Development Goal 15, reinforcing our mission to preserve forest ecosystems while ensuring a
Gabon's traceability system sets a new global standard for forest governance, enabling
sustainable supply of wood and wood products.
consumers worldwide to trace timber products back to their forest of origin along a verifiable
efficient oversight of operations by company managers and government officials. The system
Understanding the pivotal role of effective forest management in mitigating deforestation
digital supply chain.
and degradation, we implement stringent measures to combat these threats. From adhering
In light of the recent EU Deforestation Regulation (EUDR), which mandates extensive due
to management plans to collaborating with local communities and governments, we strive to
diligence on international timber supply chains, Gabon's adoption of this traceability and
protect forests and optimise their productivity sustainably.
transparency system is particularly timely. Not only does it support the country's forestry
Complying with national and international regulations, such as CITES and IUCN standards,
Gabon's commitment to promoting sustainability and accountability in forestry practices.
industry, but it also addresses endemic corruption within the sector. This initiative underscores
underscores our commitment to flora and fauna protection and the preservation of natural
habitats.
Furthermore, Woodbois actively participates in training initiatives related to traceability within
the government system, collaborating with government authorities to implement this new
Additionally, our practice of donating timber to local communities serves to prevent
traceability system in Gabon. As part of this initiative, we host training sessions for government
unsustainable resource use while promoting community welfare. By responsibly sourcing and
agents within our company premises, demonstrating our proactive approach to embracing
manufacturing wood products, we offer environmentally friendly alternatives to less
new systems and technologies aimed at improving sustainability and accountability within
sustainable materials. Woodbois extends its commitment to zero deforestation and zero
conversion of natural ecosystems to all suppliers, reinforcing our dedication to sustainability
across our supply chain. Through these initiatives, we aim not only to preserve healthy forests
the forestry sector. We eagerly anticipate the second phase of training for all agents involved
in traceability, conducted by representatives from the Ministry of Water and Forestry.
but also to mitigate the adverse effects of climate change on forest ecosystems and the
communities reliant upon them.
In 2023, our dedication to compliance with forest regulations remained steadfast. Should any
instances of non-compliant deforestation or conversion arise in the future, our commitment to
Furthermore, it is noteworthy that Woodbois currently holds the second top position on the
Open Timber Portal Transparency Ranking in Gabon and ranks 11th overall among its peers in
restoring affected areas remains unwavering. We continued our collaboration with the
Gabonese government, aiming to ensure that by 2025, zero tolerance would be shown toward
any form of deforestation. This collaborative endeavour seeks to promote sustainable forest
the timber sector. This recognition underscores our leading efforts in promoting transparency
and accountability within the timber industry.
management while safeguarding biodiversity. Through investigations, we identified five types
of illegal activities posing threats to forest preservation, with a directive concentrating on
The National Traceability System of Wood of Gabon (SNTBG) stands as a significant initiative
by the Gabonese government, aimed at enhancing transparency and traceability within the
forestry sector. Developed through a collaborative effort involving the Gabonese government,
the Environmental Investigation Agency (EIA), and Code4Nature, this system represents a
pivotal transition from traditional paper-based permits to a modern digital framework.
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combating poaching and illegal logging. Our goals encompassed identifying risk areas,
devising strategies to counter illegal activities, fostering collaborative partnerships with
stakeholders, and assessing the relevance of our actions.
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To bolster wildlife protection efforts, plans were underway to establish a functional wildlife unit
tasked with overseeing measures outlined in the wildlife protection plan. These measures
included installing entrance gates, conducting awareness campaigns, implementing internal
regulations for game hunting, and prohibiting the transport of meat in company vehicles.
Concurrently, our proactive monitoring of climate change impacts persisted, with a focus on
tracking temperature fluctuations and rainfall changes to mitigate potential risks to local flora
and fauna dynamics, such as flooding and soil saturation.
Renewing our commitment to upholding our pledge to protect fauna, flora, and biodiversity,
we continued implementing our Environmental Policy. Specifically, Point 7 of the Social Policy
signed on October 10, 2006, which underscores our dedication to preserving biological
diversity in forest titles, remained central to our practices. Our management remains fully
committed to adhering to these policies.
Furthermore, we reaffirmed our commitments to best management practices for soils and
peat, reduced-impact logging, zero forest burning, and the protection of natural waterways
with buffer zones. Additionally, we emphasised the importance of developing a
comprehensive climate change risk assessment and a Natural Capital Assessment. While
these initiatives faced challenges due to restructuring and budgetary concerns in 2023, they
remain top priorities for the coming years. We are committed to completing them by 2025,
underscoring our ongoing dedication to environmental stewardship and sustainability. Our
commitments extend to our suppliers, as we ensure they have the same comprehensive
policies.
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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. The objective was to verify that the well
was not being polluted with waste, oil, or biohazards. According to
results provided by an independent third-party lab, following WHO
guidelines for drinkable water, the water was found to be drinkable,
with a pH level comparable to that of Perrier water (i.e., 5.5).
Given Gabon's reputation for its two heavy rainy seasons, our facilities
are equipped with drainage systems and gutters designed to handle
significant amounts of water. The collected water is directed away
from the operation and process areas using gravity, ensuring
efficient evacuation.
In 2023, we have further enhanced our wastewater management
system by adding more decanters near our garage area. These
decanters capture additional waste, allowing us to repurpose part of
this water as “grey water” for various commodities.
Woodbois continues to apply stringent environmental rules and has
established written procedures to mitigate pollution risks across all
areas of our operations, including forest activities, to prevent water
and soil contamination.
Details of these procedures are available upon request.
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WASTE MANAGEMENT AND MINIMISING THE
IMPACT OF LOGGING ROADS
USE OF CHEMICALS
Woodbois continues its commitment to environmental sustainability by not using chemicals or pesticides to manage
waste. Instead, wood waste is utilized as biofuel for the veneer factory and kilning operations, with 2,024 tonnes
repurposed in 2022.
To minimise the environmental impact of logging roads, Woodbois strategically bases main tracks on existing roads
and traditional trails wherever possible. Our forest management plan ensures that new roads are created efficiently
and carefully, keeping infrastructure dimensions as small as possible while adhering to safety and sunlight
requirements. Watercourse crossings are designed and constructed to avoid raising water levels, which could lead to
upstream flooding and forest destruction. All bridges and structures are planned and built considering the seasonal
flow variations.
Woodbois does not use chemicals in any of its forestry, sawmill, or veneer operations. This includes the avoidance of
chlorine or chlorine compounds, pesticides, and chemical fertilizers such as those classified under WHO Class 1A and
1B, as well as chemicals listed under the Stockholm and Rotterdam Conventions. Instead, we use an integrated
management approach with non-chemical devices to capture and dispose of pests.
Crucially, harvesting is conducted along carefully planned skid trails. Post-
harvesting, these trails are rehabilitated to prevent permanent soil
compaction, and roads are closed to deter poaching and illegal
settlements. Within a few months, skid trails and harvesting gaps are
naturally covered by tree regeneration, and within a few years, roads
disappear due to the natural regrowth of pioneer tree species. Woodbois
remains dedicated to using best-in-class practices to minimise the impact
of logging on the surrounding environment.
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PARTNERSHIP WITH WORLD FOREST ID
In May 2022, Woodbois entered into a partnership with World Forest ID, which is building an extensive global library of reference
samples from various forest regions for cross verification. This partnership enhances the traceability and identification of timber
originating from our forest concessions in Gabon.
In May 2022, Woodbois entered into a partnership with World Forest ID, which is building an extensive global library of reference
samples from various forest regions for cross verification. This partnership enhances the traceability and identification of timber
originating from our forest concessions in Gabon.
Furthermore, the National Traceability System of Wood of Gabon (SNTBG) stands as a significant initiative by the Gabonese
government, aimed at enhancing transparency and traceability within the forestry sector. Developed through a collaborative
effort involving the Gabonese government, the Environmental Investigation Agency (EIA), and Code4Nature, this system
represents a pivotal transition from traditional paper-based permits to a modern digital framework.
In 2023, Woodbois actively participated in training initiatives related to traceability within the government system. We
collaborate with government authorities to implement this new traceability system in Gabon, hosting training sessions for
government agents within our company premises. This demonstrates our proactive approach to embracing new systems and
technologies aimed at improving sustainability and accountability within the forestry sector. We eagerly anticipate the second
phase of training for all agents involved in traceability, conducted by representatives from the Ministry of Water and Forestry.
According to Interpol, the illegal timber industry is valued at $152 billion annually and ranks as the world's third largest criminal
for origin of verification and traceability.
Forest Id collector taking a sample of a woodbois’ concession tree
sector after drugs and counterfeit goods. As the global wood trade has expanded, so has the awareness of its illegal component.
The WWF estimates that 16 to 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
particular emphasis on social aspects and protecting natural biodiversity. To track our operations, we tag and geo-monitor each
tree, enabling us to actively monitor tree species, volume, and quality. We also protect non-production areas from illegal logging
activities. We believe that sustainability requires balance. As such, we strive to achieve equilibrium between our economic
objectives and our environmental and social responsibilities.
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Alain Diounga, Woodbois’ ESG Manager invited to the blessing
ceremony in the Mossighe community temple.
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IMPROVING WORKING CONDITIONS FOR EMPLOYEES
In 2023, Woodbois has also focused on improving working conditions for our employees. A notable
example is the reconstruction of the forest guard vigilant post using wood, now in superb
condition. This initiative underscores our commitment to ensuring a safe and supportive working
environment for our team members.
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 to the local community, and we recognize the importance
of community engagement and shared prosperity. In 2022, we were
honoured to receive a blessing from the dignitaries of Mossighe village
for our new concession. This blessing is confirmation of our efforts to
foster sustainable relationships and create mutual benefits for all
stakeholders while striving to reduce the environmental impact of our
global operations. Alain Diounga, Woodbois’ ESG Manager, attended the
blessing ceremony in the Mossighe community temple, further
cementing our commitment to community collaboration.
In 2023, we have continued our engagement and awareness efforts with
the Mossighe village as we are still operating in the same Annual
Allowable Cut (AAC) area. Maintaining this ongoing relationship is crucial
to ensuring that our operations align with the needs and values of the
local community, reinforcing our dedication to sustainable and
responsible forestry practices.
TREE NURSERY AND REFORESTATION
PROJECT AT GABON MOUILA
SAWMILL LOCATION
In 2023, Woodbois has made significant strides in reforestation efforts.
Serge Anthony Ngouessi, a student intern at Woodbois Gabon (WBG),
under the guidance of Alain Diounga, Forestry Manager in the Planning
Department, has been involved in developing a sustainable forest
regeneration system. The research focuses on the reforestation of
Okoumé (Aucoumea klaineana Pierre), a flagship species of WBG
logging. More than 600 Okoumé plants were placed in the nursery
during this research period. This promising initiative, supervised by Mr.
Alain, is now bearing fruit. This operation highlights the need for further
subsidies to expand forest tree regeneration capacities within WBG on a
larger scale.
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WOODBOIS’ APPROACH TO ENHANCING ECONOMIC AND NATURE CAPITAL IMPACT
1 . C E R T I F I C A T I O N O F N A T U R A L F O R E S T S
The Company is currently working with Sylvafrica on the
process of FSC certification.
5 . E X P A N D P R O D U C T I O N
C A P A C I T Y A N D
H E C T A R E S O F F O R E S T
U N D E R M A N A G E M E N T
Woodbois wishes to increase its
hectares under management to
further enhance the benefits to all
1
5
2
stakeholders.
4
3
2 . R E F O R E S T A T I O N I N
T H E F O R M O F
P L A N T A T I O N O R
N A T U R A L F O R E S T
A L O N G S I D E P A R T N E R S
Woodbois is exploring reforestation
solutions for available degraded
land to identify carbon credit /
offsetting opportunities.
4 . R E D U C E T I M B E R W A S T E
In moving along the value chain,
Woodbois seeks to reduce its waste.
3 . C A P I T A L E X P E N D I T U R E T O
M O V E F U R T H E R A L O N G
T I M B E R V A L U E C H A I N
Woodbois has extensively expanded its
sawmill and has built a veneer factory in
Mouila. The Company has committed to
investing more capital to move along the
value chain providing more skilled work for
the local community.
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Woodbois is dedicated to promoting sustainable forestry practices in Gabon
and has made significant progress towards achieving full forest certification
by streamlining procedures. 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. This
consolidation will not only improve environmental, social, and economic
performance but also 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, further informing our
management practices. However, the completion of these reports has been
delayed due to the same financial and restructuring challenges mentioned
earlier. Woodbois is actively procuring experts to conduct these assessments
and aims to resume this process in the near future.
We are confident that the results of these reports will contribute significantly
to our 2024/5 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.
1.
CERTIFICATION OF NATURAL FORESTS
The Company is currently working with Sylvafrica on the process of FSC
certification. However, FSC certification was not possible this year due to the
high costs associated with the certification process. Additionally, the
company has been undergoing restructuring and building investment for
future growth. As an alternative, Woodbois is exploring other certification
schemes in Africa that are less expensive, such as OLB Bureau Veritas.
2. REFORESTATION IN THE FORM OF
PLANTATION OR NATURAL FOREST
ALONGSIDE PARTNERS
Woodbois is exploring reforestation solutions for available degraded land to
identify carbon credit/offsetting opportunities. The company's commitment
to reforestation is aimed at enhancing carbon sequestration and
contributing to global climate change mitigation efforts.
3. CAPITAL EXPENDITURE TO MOVE FURTHER
ALONG THE TIMBER VALUE CHAIN
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.
This investment aims to increase value addition within Gabon, thereby
creating local employment opportunities and boosting economic growth.
4. REDUCE TIMBER WASTE
In moving along the value chain, Woodbois seeks to reduce its waste. The
company's initiatives in waste reduction are focused on maximising the
utilization of timber resources and minimising the environmental footprint of
its operations.
5. EXPAND PRODUCTION CAPACITY AND
HECTARES OF FOREST UNDER MANAGEMENT
Woodbois aims to increase its hectares under management to further
enhance the benefits to all stakeholders. By expanding its forest
management areas, the company intends to improve sustainable forestry
practices and ensure long-term ecological balance.
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REFORESTATION AND
CARBON CREDIT
DIVISION
In 2022, the Voluntary Carbon Markets (VCM) continued
to demonstrate their ability to provide near-term
climate solutions, as the notional value traded in the
market surpassed $1 billion for the second consecutive
year.
This achievement marks a continued trend of growing
confidence in the VCM among investors and businesses
seeking to take meaningful action on climate change.
COP27's agenda prioritised the role of nature-based
solutions (NbS) in both climate mitigation and
adaptation, and recognised the importance of
sustainable forestry management in combating climate
change. The private sector is expected to propose dual
strategies for managing risks associated with both
climate change and biodiversity loss, which could
include commitments to using NbS.
NbS have been shown to have the practical potential to
deliver significant emission reductions, equivalent to
one- third of the global target set in Paris. Furthermore,
NbS, including sustainable forestry management
practices, can deliver significant environmental and
social co-benefits at lower cost than technological
solutions. Capitalising on this potential will require a
coherent effort between governments, the financial
sector, and business actors to deliver projects at a new
pace and scale while prioritising sustainable forestry
management practices.
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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
hectares of unutilised land in Gabon to undertake a
voluntary carbon credit afforestation project. The company
plans to start a four-year pilot on a 2,000-hectare portion of
the area, and in total the project is estimated to generate
the growth of up to 50 million trees, mainly of the
indigenous okoumé species. The project could potentially
sequester more than 30 million tonnes of CO2 during the
first 40 years and the first carbon credits are expected to be
issued in 2028.
We are excited to have been awarded in principle our first
Afforestation/Carbon Sequestration project from the
Government of Gabon. The project aims to regenerate
Okoume in savannah areas, which are contiguous to
forests, by introducing local pioneer species and
preventing fires. This approach will create a forest rich in
Okoume, an important tree species in the economy of
Gabon and the daily life of rural populations.
The afforestation project will also have significant positive
impacts on biodiversity and water resources services. The
new forest will increase the diversity of ecosystems in
southern Gabon and have a root network that improves
soil structure, increases water absorption, storage and
filtration, and reduces surface runoff. Forests also stabilise
soils, reduce erosion, and infiltration into groundwater,
thereby benefiting downstream users who depend on the
water. Moreover, forests ‘consume’ more water than most
other types of vegetation, thereby reducing runoff and
promoting better water infiltration to rivers and/or aquifers.
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The afforestation project will create approximately 1,000
As a company, we believe in the importance of sustainable
permanent jobs on average over the first ten years of
forestry and environmental protection, and we are
planting and 250 over the 40 years of the project, not
committed to playing our part in building a more
including the jobs that will be created for the exploitation
sustainable future for all.
and processing of wood. This project will benefit small
businesses and service providers in Ndende and Tchibanga,
Extensive due-diligence carried out as part of the project
and supply contracts will be concluded with farmers for the
feasibility process confirmed the attractiveness of Gabon as
supply of bananas, cassava, and other staple foods. The
a project jurisdiction. Well-aligned development objectives,
transfer of technical skills to local people is also a major
supportive policy, and prime environmental conditions all
positive effect of the establishment of plantations. Initial and
contribute to a unique project development setting.
continuing training in planting and maintenance techniques
is one aspect of this as well as training in nursery techniques,
and eventually the creation of village nurseries. We are
excited to be at the forefront of landscape afforestation and
will seek to work with other African governments to replicate
projects of this kind across the region.
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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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 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.
OUR REFORESTATION EFFORTS IN
MOZAMBIQUE
In 2023 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.
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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APPENDIX I
MANAGEMENT PLAN FOR
MOZAMBIQUE
Management Plan
https://www.woodbois.com/wp-
content/uploads/Gabon-management-plan.pdf
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APPENDIX II
MANAGEMENT PLAN FOR GABON
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Management Plan
https://www.woodbois.com/wp-
content/uploads/Gabon-management-plan.pdf
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APPENDIX III - THE VALUE CREATION PROCESS AS PER THE INTEGRATED REPORTING FRAMEWORK
EXTERNAL ENVIRONMENT
PURPOSE, MISSION, VISION
RN
G OVE ANCE
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
APPENDIX IIII
CLIMATE CHANGE RISK ASSESSMENT
This risk assessment evaluates the potential impacts of climate change on Woodbois' operations and outlines strategies for mitigation and adaptation.
As climate change intensifies, it poses significant risks to infrastructure, biodiversity, and community livelihoods. Understanding and addressing these
risks are crucial for ensuring the sustainability and resilience of Woodbois' business activities in the Congo Basin. This assessment identifies key climate-
related hazards and business impacts, providing a structured approach to managing these challenges effectively.
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APPENDIX V
DEFORESTATION MONITORING
Gabon, a country with 93% of its land covered by natural forests
as of 2010, has been experiencing notable deforestation. By
2023, Gabon lost approximately 19.7 thousand hectares (kha) of
natural forest. This deforestation is significant not only for its
impact on biodiversity but also for its contribution to carbon
emissions, which in 2023 alone were equivalent to 13.5 million
metric tons of CO₂ (Global Forest Watch) (Global Forest Watch) .
The causes of deforestation
in Gabon are multifaceted,
including logging, agricultural expansion, and infrastructure
development. Despite these challenges, Gabon has managed
to maintain a relatively low deforestation rate compared to
other tropical countries, thanks to stringent conservation
policies and sustainable forest management practices (Global
Forest Watch) .
For a detailed analysis and interactive maps showing forest
cover changes in Gabon, you can visit the Global Forest Watch
dashboard on Gabon (Global Forest Watch) (Global Forest
Watch) .
FOR AN OVERVIEW OF DEFORESTATION MONITORED WITH
WOODBOIS’ MANAGED CONCESSIONS, PLEASE CLICK BELOW
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Global Forest Watch Map & Dashboard
https://www.globalforestwatch.org/map/country/GAB/
https://www.globalforestwatch.org/dashboards/global/
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ESG INDICATORS
This report follows the The Global Reporting Initiative (GRI) 2021 Standards
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13. National Traceability System of Wood of Gabon (SNTBG)
https://www.gabonreview.com/tracabilite-du-bois-maurice-ntossui-allogho-donne-six-
mois-aux-entreprises-pour-adopter-le-sntbg/
14. Traceability and Transparency in Gabon - EIA US
https://forestlegality.org/sites/default/files/2024-
05/EIA%20national%20transparent%20traceability%20systems.pdf
15. Interpol clamps down on illegal logging - BBC News
https://www.bbc.co.uk/news/business-19541718
16. World Forest ID
www.wri.org/initiatives/world-forest-id
17. Environmental Investigation Agency (EIA)
https://www.eia.org/
18. Code4Nature
http://code4nature.org/
19. OECD Paper on Forest Carbon Sequestration
https://www.oecd.org/environment/a-global-analysis-of-the-cost-efficiency-of-forest-
carbon-sequestration-e4d45973-en.htm
20. Woodboi’s Forest Management Plans
https://www.woodbois.com/sustainability/
REFERENCES
1. IFRS Foundation
https://www.ifrs.org/
2. International Accounting Standards Board (IASB)
https://www.ifrs.org/groups/international-accounting-standards-board/
3. International Sustainability Standards Board (ISSB)
https://www.ifrs.org/groups/international-sustainability-standards-board/
4. United Nations SDGs
https://sdgs.un.org/goals
5. GRI - Standards (globalreporting.org)
https://www.globalreporting.org/standards
6. Global Forest Watch
https://www.globalforestwatch.org/
7. Open Timber Portal - Lynn Timber (IFRS)
https://opentimberportal.org/operators/lynn-timber-woodbois-
gabon/documentation
8. Boston Consulting Group - Value of Forests
https://www.bcg.com/publications/2020/the-staggering-value-of-forests-and-how-
to-save-them
9 Nielsen Study
https://nielseniq.com/global/en/insights/analysis/2019/a-natural-rise-in-sustainability-
around-the-world/
10. BP Statistical Review of World Energy
https://www.bp.com/content/dam/bp/business-
sites/en/global/corporate/pdfs/energy-economics/statistical-review/bp-stats-review-
2021-approximate-conversion-factors.pdf
11. International Energy Agency (IEA)
https://www.iea.org/
12. Forest Stewardship Council ® (FSC®)
https://fsc.org/en
101
WOODBOIS LTD | Integrated Report 2023
CBP00019082504183028
The paper used in the report is Forest Stewardship Council®
(FSC®) certified paper from sustainably managed forest and other
controlled sources. This ensures that there is an audited chain of
custody from the tree in the well-managed forest through to the
finished document in the printing factory. Printed in the UK by
Pureprint a CarbonNeutral® company. Both the manufacturing
mill and printer are registered to the Environmental Management
System ISO 14001 and are Forest Stewardship Council® (FSC®)
chain-of-custody certified.
Woodbois Ltd
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