13.4 NOTES TO THE INCOME STATEMENT 2022

Income

In 2022, the Black Jaguar Foundation’s income remained at optimal levels like those of 2021, which were healthy for the growth of the operation in the year in question. Even with the closure of donations received from the partnership agreement with Movida, we had the entry of funds from the contract signed with CEF (Caixa Econômica Federal) by the FSA fund, which allowed us to balance incomes. In addition many existing sponsors and donors renewed their partnerships, providing a stable base for additional restoration efforts.

Net income can be divided into:

• Non-Restricted Donations, which the Black Jaguar Foundation can spend in any manner that fits its mission to realise the Araguaia Biodiversity Corridor.

• Restricted Donations, which the donor/grantor has earmarked for a specific purpose.

• Each of the above can be provided by private sponsors, corporations, and non-profits.

Operational Expenses

We had an increase of 192% in our operating expenses compared to 2021, mainly driven by the increase in human resources and field supplies expenses by 137% and 684% respectively. This increase is directly linked to the large growth we had in the number of trees planted by 310% and consequently restored areas by 300%, both compared to 2021. The graph on the left evinces the high representativeness of operational expenses directed to the Biodiversity Planning and Reforestation purpose in relation to the 2022 total. The forty-seven thousand euros in intercompany expenses represent the currency conversion costs and bank fees incurred in transferring funds from the Netherlands to Brazil.

The purposes for Operational Expenses were:

• Biodiversity Planning and Reforestation – referring to all expenses and investments made in the field or directly related to the field work, for both Biodiversity Planning and Reforestation tasks.

• Proposition Araguaia Biodiversity Corridor – referring to all expenses made related to communicate, promote or share the importance of the Araguaia Biodiversity Corridor. To successfully build a community of landowners, development partners and institutional partners.

• Fundraising – referring to all expenses related to raising the funds required for realising the Araguaia Biodiversity Corridor.

• Overhead – referring to expenses which do not have a direct impact on the realisation or the promotion of the Araguaia Biodiversity Corridor, such as office-rent and utilities.

13.5 NOTES TO THE BALANCE SHEET 2022

Property, planting and equipment costs rose to € 314 thousand due to the completion of the construction of our large-scale nursery in June 2022, which will allow us to grow 500.000 seedlings per planting per year. We also purchased a lot of field equipment needed for planting and maintenance.

The initiator of the Black Jaguar Foundation has kindly provided an interest free loan, to help the foundation start-up. The loan totals € 378K. It has been agreed that no more than 15% of the loan can be claimed per year and that the amount is subject to affordability by the Black Jaguar Foundation. The total loan to our initiator remained the same in 2022, compared to 2021 .

Improving our Social Equity, our income remained at optimal levels in the past year, set to be spent on restoration the coming year.

13.6 SUBSEQUENT EVENTS

In December 2022, we started a journey of meetings towards a long-term partnership with Fondazione Capellino, an inspiring Italian non-profit organization that aims to fight the climate crisis by supporting a select number of biodiversity projects. The partnership is expected to start in 2023 with the aim to create everlasting positive impact to realize our vast biodiversity mission.