Member Info for Valsen

The company is already a ghost ship.

European management has disappeared from operating sites. Employees are on strike (2 months of unpaid wages). Libreville headquarters is keeping very low profile. Gabonese tax administration is also angry. Credit banks no longer trust WB and are demanding reimbursements.

Massive share buybacks have been carried out for weeks by the main investors, in order to artificially increase the share price (which is normal in such a situation).

For months and months, management has been lulling investors with announcements, but without any results on the ground, just unfulfilled promises. One of the most recent ones explains that production indicators will take off in the second half of the year. However, second half has already started for more than a month and company's real activity has completely stopped.

You have to be naive believing this blah blah intended to anesthetize your common sense. The facts are irrefutable. Management will not be able to say that all this is not true, because it’s quite easy to verify. They just can say that Valsen is very negative or has an agenda. But that will not prevent the shipwreck, cause reality’s rather stubborn.

Hello there,

It would be nice to meet in order to discuss these issues. You would then understand that I’m just presenting reality to people who have no other information than company's communications. I know that’s disturbing, but it’s too easy to avoid certain things. But for the moment, I’m working abroad till mid-October.

I’m not a former employee and I don’t know Dolan or Geddes. But I’m familiar with African context (where I have worked for 27 years). I knew and appreciated a (Danish) manager of WBG and visited their operating sites.

What leads me to react are two related things: management bordering on arrogance, which caused sidelining or voluntary departure of the company's high-performing persons, incredible disorganization and results in free fall since beginning of the year. Added to this is the fact of hiding an unflattering reality, including by lying. All this is not correct, neither for employees nor for small shareholders who wonder. Not to mention many partners to whom WB owes money, sometimes big amounts.

Let’s call a spade a spade : instead of preserving what worked and improving what needed to be improved, management caused the shutdown of production, processing and export activities, as well as misfortune of employees. It’s impossible for management not to be aware of this situation. In short, management has created serious handicaps that it now presents as challenges to be overcome. Nice stunt !

Forestry industry is touch, it does not operate remotely or by appointing a former model as Gabon director (who avoids answering calls from suppliers and service providers, to avoid trouble).

In the end, WBI sentinels may consider me very negative, but I repeat, I just share reality. It will impose itself sooner or later regardless opinions of some and others. Incantations and biased arguments will not reverse the dynamic, unless radically changing and respecting employees, suppliers, service providers, without forgetting local administration and tax regulations.

I wish you a pleasant summer. I’ll try not to bother you for a while.

It's rather amazing to see how you ignore what’s happening in the real life of your society in Gabon. Because this reality is not as flattering as described in your updates.

For example, daily production is close to zero. No logs on the park. You may not even know that your wood dryer's boiler exploded 5 months ago and hasn't been repaired. You buy diesel secretly at stations in order to pay less for fuel. Your 7 trucks are rented from Cora Wood to transport wood to a Chinese customer.

Other leasing vehicles will be the subject of a procedure by BGFI bank (FINATRA, its leasing subsidiary) for non-payment.

You dismantle some vehicles to repair others, because you cannot buy spare parts.

Your French director, before leaving, even sold scrap metal which does not belong to you.

Your Director Gabon sometimes comes to spend a few minutes at the office, before returning to relax at the hotel.

A poor man (african) sold you a MAN gearbox for a logging truck, and he’s still waiting to be paid (5 months).

As of today, July 25, employees of Mouila and Libreville have still not received their June salaries. The management offers them a small sum while waiting for the supplement (20,000 FCFA).

If you want other examples, don't hesitate to ask.

Just have a look at this (3 months ago)

https://topinfosgabon.com/articles/woodbois-gabon-ou-les-raisons-d-un-enlisement

I worked in Gabon for a long time, I met WBG managers there and I kept many contacts (banks, administration, forestry operators, ministries, etc.). Furthermore, it's very easy to obtain accurate information on real situation of the company.

Even Gabonese newspapers relay the setbacks of the company and its employees.

Everything I say is correct. That's it.

Data on assets and liabilities does not correspond exactly to reality.

2023 financial results for timber activity and veneer factory are disastrous. Accounting was arranged to hide this reality and the hope of better days with facilities obtained from a Dubai family office only postponed a now inevitable bankruptcy. Partly because the company has been practicing financial cavalry on a large scale for more than 6 months.

And to make the situation worse, it has accumulated a dizzying amount of additional debt in Gabon, Denmark and elsewhere: unpaid taxes, unpaid or late salaries, unpaid monthly payments for vehicles and leased machines (credit organization is considering their upcoming sale to be repaid), significant deterioration of industrial equipment, total shutdown of all forms of production on Mouila site, significant debt in a Danish bank (Nykredit), payment of advances by customers who will never see their orders honored, and so on.

The sum of these problems creates an explosive situation. The fall isn't going to stop now, because it will be very difficult to find investors foolish enough to put money into such a sinking boat (but whose Captain’s still singing in the storm, without understanding that the crew has already left the ship).

We must stop believing things will improve after such a fall.

This clearly shows that CEO manages his campsite in France better than a forestry company in Central Africa.

The result is so visible that it’s indisputable. The only “good news” for 7 months has been rare publications from Management, disconnected from reality.

Current situation is worrying and the fate of this forestry company is already sealed. It only exists on paper and liquidation seems near.

Employees are waiting for their June salary (don't worry, CEO is paid every month), parts for machines and vehicles will not be purchased, because these equipment are rented and invoices have not been paid for 3 months. The French manager of the Mouila site preferred to leave, due to the unmanageable situation. Forestry activity has completely stopped... the problems are so numerous…

As for the “carbon project”, sometimes mentioned, it only exists in the heads of leaders who know nothing about Africa and think it’s easy to make money there.

This is the current reality in Woodbois, which one can no longer hide with children's stories.

We currently see buyback of shares by main investors (spread out in small or medium quantities, but on a large scale) to raise the price.

This usual process will sooner or later clash with reality. Indeed, the main source of income for Woodbois overall is production and export of processed timber from Gabon. Other business units are dedicated to trading (Copenhagen), but some activities which are no longer profitable could be closed or sold, as management is rightly considering.

Reorganizing activities is necessary. The problem is that the board has been talking about it for 6 months, but has neglected timber activity during this period (very bad organization).

Gabonese industrial site, vehicles, forestry machinery and equipment are currently in a poor condition. The loss of confidence from Gabonese administration, suppliers and service providers, as well as a significant debt owed to a Danish bank (Nykredit), increase structural handicaps.

With such a context, valuation of shares becomes particularly complicated.

Thank you for your feedback, which gives me an opportunity to provide some recent clarifications: Unsurprisingly, the volumes you give are a bit fanciful.

For a profitable activity, you need to produce 100 m3 per day (sawmill + peeling) just to cover costs.

And for this, you need around 200 m3 of raw wood, equivalent of 5 logging trucks per day, delivered to the production site.

Almost no more wood in the log yard.

The veneer factory only runs 2 or 3 hours a day because it doesn't have enough diesel.

The sawmill is almost at a standstill and only produces local wood, for a selling price of less than €200 per m3.

They sold the few unprocessed logs they had left to other Gabonese industrialists to earn some money.

The logging trucks were rented to a Chinese company in order to transport wood purchased from the Italian company Cora Wood. These trucks were in Libreville until yesterday and only 6 or 7 are circulating out of the 12.

I also understand that the shipping companies have not been paid, which is blocking possible export...

And so on...

Hello there,

don't be worried, I have no agenda and I don't even know the current CEO, apart from the fact he’s doing quite well as owner of a campsite in France.

I just want to inform small shareholders that the situation of Woodbois in Gabon is catastrophic, because the operating site has not produced anything for months and has an abysmal debt. And this is really the result of inadequate management. Nothing to do with my relationships, friendly or otherwise.

So: either you are completely unaware of what is really happening and is easy to verify (which is almost impossible, except for a blind person), or your business model is very far from normal functioning of a company. Because it’s totally contradictory to claim for months to center activities in Gabon and let the business unit sink like this.

We’ll not talk about the recent departures of salespeople and board managers, which are certainly a pure coincidence...

An African proverb says: when lies take elevator, truth takes the stairs. You’ll have to face this reality one day on the ground. Your $5 cash will save you a little time.

Despite my observations, I wish you success, because your employees have families to feed. Shareholders invest their savings with some risk, but at least they have something to eat on a daily basis.

Hi 2slow2know,

Thanks for your observation, let's discuss:

First: a rat is intelligent. Either he comes out of his hiding place because he smells a few crumbs left to eat, or because he feels that the ship is going to sink and prefers to move away rather than drown with the Captain.

Second: A $5 million financing deal with a family office in Dubai is a bit amazing for a company that considers itself as an international leader in forestry industry. But, perhaps,

investment banks no longer trust WBI after unpleasant disappointments.

Third: I knew well a former WBI’s CEO (Danish) and CFO in Libreville, because I worked there for a long time. I know the company's installations and forestry operations, as well some Gabonese executives and employees. I’ve many contacts among business and administration.

If I post comments, it is because I find disrespectful to lie to small shareholders in order to artificially maintain the share price, to mistreat employees by paying them irregularly, to make fun of the Gabonese administration by avoiding paying social contributions, taxes, as well as not paying suppliers and service providers.

It is easy to obtain details on the financial and behavioral practices of a management board that manipulates you (if you are really an independent shareholder and not one of its associates).

In the end and in just 6 months, apart from a little chatter in controlled publication spaces, what was a fine forestry company just a year ago has become a field of ruins.

Conclusion: Dubai Family Office and speculation will not solve the current mountain of problems, because WBI practices financial cavalry: what’s not yet earned has already been spent. And this to the detriment of small shareholders, employees, customers and economic operators, not forgetting Gabonese administration.

waving or drowning? that’s the question.

at first glance, one might assume that he’s indeed making hand signs. but if you look more closely, you’ll realize that it’s looks more like a mute man who’s drowning.

us military would say: tarfu (things are really ****ed up). if you take a moment to gather and analyse information (easy to obtain, especially in gabonese press), the next step will be: fubar (****ed up beyond all repair).

the employees' strike in mouila was even the subject of a report on national tv, on may 25 (almost 3 months without being paid), a couple of days after the libreville golf tournament, sponsored by the ceo (wich does’nt really reinforce wbi's image on gabonese economic scene).

some examples :

june 20

la cigale enchantée 20/06/2024 - e-kiosque sodipresse (e-kiosque-sodipresse.com)

june 13

top infos gabon | woodbois gabon : de l’autre côté du miroir

april 26

top infos gabon | woodbois gabon ou les raisons d’un enlisement

april 19

woodbois gabon : vérité sur ses pratiques controversées révélée - africacoeurnews

april 13

top infos gabon | woodbois gabon : on se donne des nouvelles…

march 15

axe mimongo-pont offouÉ : wood-bois reÇoit 1 milliard 700 millions et plie bagages | tvplusafrique.com

and so on…

I worked in Gabon for a long time and knew there well a danish guy, former director of Woodbois. He spent long periods on operating site and in forest, alongside the employees. The company was functioning and growing. The management style responded to African codes. Today, the company is falling apart due to CEO's attitude, which consists of promises and small talk.

Let's call a spade a spade: production is stopped, employees are mistreated, financial statements are dark red, tax arrears and contributions are piling up, equipment stock, vehicules and machinery are deteriorated, suppliers and service providers are waiting to be paid, the company has lost a very important market, buyers are waiting for wood that they have prepaid for, but may never see, etc. The handicap has become gigantic. The company is no longer considered credible and is the subject of a tax audit. Results will certainly be severe.

A refinancing, even a very large one, may be able to delay the time you have to pay the bill. But one thing is certain: the current problems will not be solved by practicing belly dance.

After checking directly with WBG employees, the announced production figures are completely fanciful.

Operations are at a standstill for various reasons (irregular salaries, disorganization, administrative complications due to non-payment of taxes, and so on). The equipment fleet has suffered and must be upgraded.

It is therefore unrealistic to expect to achieve the announced results, even in several months.

After the salespeople who cautiously withdrew, two historical members of the group in turn decided to distance themselves from the current governance, after having suffered heavy losses and suffered great disappointments.

The rearticulation of positions of responsibility is also almost amusing: we arrive ''Lolita'' Aminata Anselle and her human resources colleague, both of whom arrived in Gabon in the luggage of Mr. Theuns, to designate (finally) people with other skills. only decorative...

The content published by the CEO is, as usual, a mixture of announcements and promises. It does not contain any factual element based on reassuring and, above all, concrete results. We are waiting for financial facilities, proof of a tragic budgetary situation, while production in Gabon is completely at a standstill, without forgetting the arrears of taxes, social security contributions, taxes of all kinds and invoices not paid since months and months.

Getting the accounting back in order, after an audit with painful results, will be rather complicated. We will have to twist reality again to present a vision as decent as possible.

But monitoring the situation over the past 6 months shows that the CEO is a talented conjurer.

What suspense!

Delayed publication of audited financial statements for the year 2023 (announced for the end of June) due to the seasonal workload of auditors is curious.

Indeed, WBI Management received this report from ACN & Co (based in Cameroon) about 3 months ago.

The content of this report must be truly worrying, especially when we summarize the situation in Gabon: cash flow in great difficulty, loss of an important market, high tax arrears, significant salary delays, etc.

Gabon is a small country and it is easy to collect precise information. The publication of the results will therefore be difficult to prepare for the board. Without forgetting the projects to reorganize and rationalize operations and personnel. Management must have a serious headache right now.

Thank you Ziddi for that clarification,

sydbank's withdrawal came shortly after the questionable imports from the central african republic, this could be linked.

Woodbois has been really unlucky for almost two years, particularly since the summer of 2023 which marks the start of a descent into hell.

The losses you mention seem more and more difficult to overcome, despite the small start you mention.

The type of management seems to be the main cause of this mess. Debts and troubles pile up. Everything happens as if the current CEO doesn't care at all about the particularities of the forestry profession and the local situation.

Not to mention the employees, whose situation does not seem to really concern him.

A miracle is always possible, but the accumulation of problems in Gabon has reached such a high level that it seems impossible to fix the situation without injecting a lot of money into the project. And without absolute certainty of success.

Ctw2014, for your information, Sydbank withdrew its $6 million credit line in April 2023 because Woodbois had repeatedly purchased wood from the Central African Republic, from the company ''Bois Rouge'', associated with the Russian group Wagner. You will easily find information on this murky affair...

On Linkedin, you will only find valuable information, because it is put online by Management.

Considering the real situation observed in Gabon, the CEO has absolutely no interest in talking about it explicitly. It is more prudent for him to mention non-factual elements: restructuring, new projects, etc.

But all this in no way concerns the current situation ON THE GROUND, which is simply catastrophic and very easy to verify as the testimonies are numerous and obvious.

Having an opinion is a very good thing, but to establish it with a good margin of certainty, it is always useful to look at all the information available and not limit yourself to only 'official' announcements.

https://topinfosgabon.com/articles/woodbois-gabon-on-se-donne-des-nouvelles

https://topinfosgabon.com/articles/woodbois-gabon-ou-les-raisons-d-un-enlisement

Here's some information on what is really happening in Gabon.

Just have a look at this and you will see that there are reasons to ask serious questions.

Hi Ziddi,

y're completly right about that bunch of lyiers. It turns out that the level of activities generates absolutely no profit.

The CEO's communication is exclusively intended to reassure small investors and no longer has any connection with the reality on the ground in Gabon.

Several press articles testify to this, notably on the Top Info Gabon website. Check them out and you will see that your suspicions are justified and reflect reality.