Feb 22, 2013. /Lesprom Network/. Due to the deepened recession in the Benelux countries sales of the Precious Woods' business unit Europe turned out worse than previously anticipated. Additionally, in the final weeks of last year, the veneer plant in Gabon faced a technical problem, which has been solved by now. However, it led to a short term production decrease. Hence, Precious Woods will not achieve the previously anticipated EBITDA result equivalent to the result in 2011. The group now expects an EBITDA result for 2012 of between $– 3 to $– 4 million, as the company said in a press release received by Lesprom Network. Despite continued efforts to secure land rights in Brazil the group books additional provisions in the amount of $1.4 million. This is done as a precautionary measure in order to account for newly available information on land titles. At the same time it can be noted that the Group’s liquidity is assured for the current year as a result of the successful placement of two Convertible Bonds and further cost reductions. The detailed business results shall be published on April 30, 2013. Precious Woods is an international company active in the sustainable management and use of tropical forests. The company’s core activities include sustainable management of tropical forests, timber processing and the trading of FSC-certified timber products.