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20 24
ANNUAL REPORT
Socfinaf S.A.
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ANNUAL REPORT 2024
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Socfinaf S.A.
Table of contents
Group profile 4
1. Overview of the Group 4
2. History 4
3. Group structure 6
4. Information  on  Socfinaf’s  holdings 7
International market for rubber and palm oil 20
1. Rubber 20
2. Palm  oil 23
Environment and social responsibility 26
Key figures 27
1. Activity  indicators 27
2. Key  figures  in  the  consolidated  income  statement  and  the  cash  flow  statement 28
3. Key  figures  in  the  consolidated  statement  of  financial  position 28
Stock market data 29
Financial highlights of the year 29
Corporate governance statement 30
1. Introduction 30
2. Corporate  governance  chart 30
3. Board  of  Directors 30
4. Committees  of  the  Board  of  Directors 33
4.1.Audit  Committee 33
4.2.Appointment  and  Remuneration  Committee 34
5. Remunerations 34
6. Shareholding  status 34
7. Financial  calendar 35
8. External  audit 35
9. Corporate,  social  and  environmental  responsibility 35
10. Other information 35
Statement of compliance 36
Consolidated management report 37
Auditor’s report on the consolidated financial statements 42
Consolidated financial statements 46
1. Consolidated  statement  of  financial  position 46
2. Consolidated  income  statement 48
3. Consolidated  statement  of  comprehensive  income 49
4. Consolidated  statement  of  cash  flows 50
5. Consolidated  statement  of  changes  in  equity 51
6. Notes  to  the  consolidated  financial  statements 52
Note  1.  Overview  and  accounting  policies 52
Note  2.  Subsidiaries  and  associates 65
Note  3.  Leases 67
Note  4.  Intangible  assets 69
Note  5.  Property,  plant  and  equipment 70
Note  6.  Biological  assets 71
Note  7.  Depreciation  and  impairment 72
Note  8.  Impairment  of  assets 72
Note  9.Non-wholly  owned  subsidiaries  in  which  non-controlling  interests  are  significant 74
Note  10.  Investments  in  associates 76
Note  11.  Financial  assets  at  fair  value  through  other  comprehensive  income 79
Note  12.  Deferred  taxes 79
Note  13.  Current  tax  assets  and  liabilities 80
Note  14.  Income  tax  expense 81
Note  15.  Inventories 83
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Table of contents
Note  16.  Trade  receivables  (current  assets) 84
Note  17.  Other  receivables  (current  assets) 84
Note  18.  Cash  and  cash  equivalents 84
Note  19.  Share  capital  and  share  premium 85
Note  20.  Legal  reserves 85
Note  21.  Pension  obligations 86
Note  22.  Financial  debts 88
Note  23.  Trade  and  other  payables 92
Note  24.  Financial  instruments 93
Note  25.  Staff  costs  and  average  number  of  staff 95
Note  26.  Other  financial  income 95
Note  27.  Financial  expenses 95
Note  28.  Net  earnings  per  share 96
Note  29.  Dividends  and  Directors’fees 96
Note  30.  Information  on  related  party 97
Note  31.  Off  balance  sheet  commitments 99
Note  32.  Segment  information 100
Note  33.  Risk  management 107
Note  34.  Contingent  liabilities 110
Note  35.  Events  after  the  closing  date 111
Note  36.Assets  held  for  sale 111
Note  37.Auditor’s  fees 112
Note  38.  EBITDA
G
112
Company’s management report 113
Audit report on the Company’s financial statements 119
Company financial statements 123
1. Balance  sheet  as  at  31  December  2024 123
2. Income  statement  for  the  year  ended  31  December  2024 125
Allocation  of  profit 125
3. Notes  to  the  parent  company  financial  statements  for  the  2024  financial  year 126
Note 1. Overview 126
Note  2.Accounting  principles,  rules  and  methods 126
Note  3.  Financial  fixed  assets 129
Note  3.  Financial  fixed  assets  (continued) 130
Note  3.  Financial  fixed  assets  (continued) 131
Note  4.  Equity 132
Note  5.Amounts  owed  to  affiliated  undertakings 133
Note  6. Amounts  owed  to  undertakings  with  which  the  undertaking  is  linked  by
virtue  of  participating  interests 133
Note  7.  Income  from  participating  interests 133
Note  8.Income  from  other  investments  and  loans  forming  part  of  the  fixed  assets 133
Note  9.  Taxation 134
Note  10.  Remuneration  of  the  Board  of  Directors 134
Note  11.  Political  and  economic  environment 134
Note  12.  Off-balance  sheet  commitments 134
Note  13.  Significant  events  after  the  year  end 134
Glossary 135
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ANNUAL REPORT 2024
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Socfinaf S.A.
Group profile Group profile
1. Overview of the Group
Socfinaf is a Luxembourg-based company whose
registered address is 4, Avenue Guillaume, L-1650,
Luxembourg.Itwasincorporatedon22October1961
and  is  listed  on  the  Stock  Exchange  of  Luxembourg.
Socfinaf’s principal activity is to manage a portfolio
ofsharesthatmainlyfocusontheoperationofmore
than137,000hectaresoftropical  palmoilandrubber
plantations  inAfrica.As  of  31December  2024,Socfinaf
employs24,824peopleandhasachievedaconsolidated
turnover  of  EUR  591  million  over  that  same  year.
2. History
• 22/10/1961: IncorporationofCompagnieInternationaledeCultures(Intercultures)asaLuxembourg-based
holding  company.
• 31/12/1961: InterculturesinvestsintwoCongoleseplantationsnamed“LaCompagnieCongolaisedel’Hévéa”
and  “Cultures  Equatoriales”.
• 18/04/1966: The  shares  of  Intercultures  have  been  listed  on  the  Stock  Exchange  of  Luxembourg.
• 31/12/1974: Nationalisation  measures  of  industrial  enterprises  by  the  State  of  Zaire.
• 31/12/1976: Progressofnegotiationswith  Zaire-exitof  Zairianholdingsfrom  theportfolioandaccounting
for  Zaire  claim.
• 19/05/1995: Increase  of  the  share  capital  of  Intercultures  in  order  to  relaunch  the  Company’s  activity  in  the
field  of  tropical  plantations.
• 30/06/1995: Acquisitionof65%ofSociétédes Caoutchoucs du Grand Bereby “SOGB” inCôted’Ivoire via
Bereby  Finances  “Befin”,  a  Côte  d’Ivoire  holding  company.
• 30/06/1997: Acquision  of  5%  of  Palmci,  a  Côte  d’Ivoire  company  producing  palm  oils.
• 31/03/1998: InterculturescontinuestheexpansionofitsinvestmentsinAfricaandmorespecificallyinLiberia:
acquisitionof70% ofWealaRubberCompany,ownerofarubberfactoryand75%ofLiberian
AgriculturalCompany“LAC”whichhasarubberconcession
G
(termshavinga
G
areexplainedpart
“Glossary”  at  the  end  of  the  annual  report).
• 30/06/1998: IncreaseofsharecapitalandinvestmentinKenyain70.8%ofRedLandsRoses,producerofroses
and  Socfinaf  Company,  coffee  producer.
Inaddition,Interculturesacquired  throughitsLuxembourgsubsidiary(IndufinaLuxembourg)54%
of  an  oil  palm  plantation  in  Nigeria,  Okomu  Oil  Palm  Company.
• 31/03/2000: Acquisitionof89.64%ofSociétédesPalmeraiesdela  FermeSuisse“SPFS”,a  Camerooncompany
active  in  the  production,  processing  and  refining  of  palm  oil.
• 31/12/2000: ThroughaCameroonholdingPalmcam,InterculturescontinuesitsinvestmentsinCameroonin
Socapalm,  a  company  active  in  the  production  and  processing  of  palm  oil.
• 31/12/2001: Further  increase  in  share  capital  which  allowed  Intercultures  toincrease  its  stake  in  Okomu  Oil
Palm  Company  and  in  Befin  (parent  company  of  SOGB).
• 31/12/2006: RestructuringofSocfinal  Group’sholdings,includingthedistribution  ofInterculturessharesby
Socfinasia  (spin-off)  and  repositioning  of  the  Group’s  operating  companies.
• 31/12/2007: Intercultures  acquired  99.8%  of  Brabanta,  a  company  developing  apalm  oil  plantation  in  Congo
(DRC).
Ontheotherhand,InterculturessolditsholdingsWealaRubber  Company(Liberia)andPalmci
(Côte  d’Ivoire).
• 31/12/2008: Constitution of Sud Comoë Caoutchouc “SCC” (Côte d’Ivoire) via the Ivorian holding Befin.
Intercultures  sold  60%  of  Red  Lands  Roses  (Kenya).
• 31/12/2009: Capital  increase  in  Brabanta  (DRC).
Increased  participation  in  Salala  Rubber  Corporation  “SRC”  (Liberia).
• 17/03/2010: Sale  of  Socfinaf  Company  (Kenya).
• 10/01/2011: Extraordinary  GeneralMeetingwhichratifiedthe  abandonoftheholding29  statusandchange
of  the  designation  to  Socfinaf.
• 01/07/2011: Share  split  by  10.
Socfinaf S.A.
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ANNUAL REPORT
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5
Group profile
• 06/10/2011: Acquisition  of  32.9%  of  Palmcam’s  shares  which  is  entirely  owned  by  Socfinaf.
• 31/12/2012: Acquisition  of  3.4%  of  Okomu  Oil  Palm  Company’s  shares.
Incorporation  of  Plantations  Socfinaf  Ghana  “PSG”.
• 23/10/2013: Acquisitionof100%ofSTPInvest’sshares,aBelgiancompany whichowns88%ofAgripalma,
benefitting  from  a  grant  of  5,000  hectares  concession
G
on  the  island  of  São  Tomé.
• 31/12/2014: Capitalincreasewiththeissueof1,474,200newsharessubscribedbySocfininexchangefor
100%of  theshares  ofSociétéAnonymeForestière  etAgricole  “SAFA”.  Itowns  68.93%ofSafacam
(Cameroon).
• 01/01/2015: Beginning  of  Sogescol  Cameroon  andCamseeds,  which  were  formed  in2014  by  Sogescol  FR  and
Socfin  Research.
• 05/10/2015: Acquisition  of  shares  in  Socapalm  to  increase  the  percentage  holding  to  4.57%.
• 04/11/2015: Constitution  of  Sodimex  FR  and  Induservices  FR.
• 01/02/2016: Liquidation  of  Palmcam  (Cameroon).
• 20/08/2024: Sale  of  100%  shares  of  SRC.
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ANNUAL REPORT 2024
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Socfinaf S.A.
Group profile
Holding companies
SOCFINDE
Luxembourg
65%
20%
30%
50%
33%
15%
30%
19%
35%
10%
SOCFIN
Luxembourg
10%
SOCFINAF
Luxembourg
50%
100%
50%
50%
50%
50%
50%
STP INVEST
Belgium
100%
100%
66%
100%
100%
88%
BEREBY-FINANCES
Côte d’Ivoire
SAFA
France
93%
100%
100%
69%
87%
70%
100%
67%
73%
3. Group structure
Socfinaf S.A.
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ANNUAL REPORT
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7
Group profile
4. Information on Socfinaf’s holdings
Portfolio Number of shares Direct %
Sierra Leone
SAC 119,970,000 93.00%
Liberia
LAC 25,000 100.00%
Côte d’Ivoire
Befin 739,995 87.06%
Ghana
PSG 750,000 100.00%
Nigeria
Okomu 633,172,832 66.38%
Cameroon
Socapalm 3,086,886 67.46%
Democratic Republic of Congo
Brabanta 5,000 100.00%
France
SAFA 577,200 100.00%
Belgium
Socfinco 8,750 50.00%
Centrages 7,500 50.00%
Pépinière 3,333 50.00%
STP Invest 1,800 100.00%
Luxembourg
Socfinde 50,000 20.00%
Terrasia 3,328 33.28%
Induservices 3,000 30.00%
ManagementAssociates 1,500 15.00%
Switzerland
Sogescol  FR 2,650 50.00%
Socfinco  FR 650 50.00%
Induservices  FR 700 50.00%
Sodimex  FR 675 50.00%
The  followingpages  containasummary  ofthe  activity
and comments on the financial information for the
past two financial years in which Socfinaf holds a
direct  or  indirect  participation.
Unless indicated otherwise, equity includes capital,
reserves and the results brought forward before
allocation  of  the  current  year  results.
Corporate  data  refers  to  consolidated  data.
The balance sheet figures are presented in the
functional  currency  of  the  respective  entities.
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ANNUAL REPORT 2024
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Socfinaf S.A.
Group profile
SOCFIN AGRICULTURAL COMPANY “SAC”
Share  capital:  USD  30,000,000
SAC  is  active  in  Sierra  Leone  in  the  production  of  palm  oil.
Key data
Area (hectares) Planted area
As at 31 December 2024 Mature Immature Total
Palm 12,349 0 12,349
Concessions
G
:  18,473  ha
Permanent  staff  as  at  31  December  2024:  2,976
Production and turnover
As at 31 December 2024 2023
Production (tons)
Palm  oil 38,750 50,249
Turnover  (EUR  000) 36,173 44,341
Result  (EUR  000) 1,226 11,126
Average sale price (EUR / kg)
Palm  oil 0.93 0.88
Average  rate  EUR  /  USD 1.08 1.08
Closing  rate  EUR  /  USD 1.04 1.10
Key figures (USD 000)
As at 31 December 2024 2023
Fixed  assets 119,819 124,216
Current assets 11,903 13,813
Equity  (*) 47,054 45,729
Debts,  provisions  and  third  parties  (*) 84,668 92,299
Profit  /  (loss)  for  the  period 1,325 12,046
Socfinaf’s  holding  (%) 93.00 93.00
(*) Before  profit  allocation.
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Group profile
LIBERIAN AGRICULTURAL COMPANY “LAC”
Share  capital:  USD  31,105,561
LAC  is  active  in  Liberia  in  the  field  of  rubber  cultivation  and  industrial  rubber  processing.
Key data
Area (hectares) Planted area
As at 31 December 2024 Mature Immature Total
Rubber 11,233 1,037 12,270
Concessions
G
:  121,407  ha
Permanent  staff  as  at  31  December  2024:  2,015
Production and turnover
As at 31 December 2024 2023
Production (tons)
Rubber 27,452 27,694
Turnover  (EUR  000) 41,387 34,964
Result  (EUR  000) 6,624 -16,538
Average sale price (EUR / kg)
Rubber 1.51 1.26
Average  rate  EUR  /  USD 1.08 1.08
Closing  rate  EUR  /  USD 1.04 1.10
Key figures (USD 000)
As at 31 December 2024 2023
Fixed  assets 64,321 64,814
Current assets 27,651 24,252
Equity  (*) 50,070 42,913
Debts,  provisions  and  third  parties  (*) 41,903 46,153
Profit  /  (loss)  for  the  period 7,156 -17,904
Socfinaf’s  holding  (%) 100.00 100.00
(*) Before  profit  allocation.
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ANNUAL REPORT 2024
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Socfinaf S.A.
Group profile
BEREBY-FINANCES “BEFIN”
Share  capital:  CFA8,500,000,000
This  Côte  d’Ivoire  holding  company  holds  73.16%  of  SOGB  and  70.01%  of  SCC.
SOCIETE DES CAOUTCHOUCS DU GRAND BEREBY “SOGB”
Share  capital:  CFA21,601,840,000
SOGB  is  active  in  Côte  d’Ivoire  in  the  production  and  processing  of  palm  oil  and  rubber.
Key data
Area (hectares) Planted area
As at 31 December 2024 Mature Immature Total
Palm 7,468 20 7,488
Rubber 13,058 2,897 15,955
TOTAL 20,526 2,917 23,443
Concessions
G
:  34,712  ha
Permanent  staff  as  at  31  December  2024:  6,453
Production and turnover
As at 31 December 2024 2023
Production (tons)
Rubber 65,805 64,309
Palm  oil 31,966 34,159
Turnover  (EUR  000) 136,313 111,971
Result  (EUR  000) 19,987 8,035
Average selling price (EUR / kg)
Rubber 1.57 1.22
Palm  oil 0.93 0.91
Rate  EUR  /  CFA 655.957 655.957
Key figures (CFA million)
As at 31 December 2024 2023
Fixed  assets 62,263 63,269
Current assets 26,699 25,738
Equity  (*) 68,899 60,756
Debts,  provisions  and  third  parties  (*) 20,063 28,251
Profit  /  (loss)  for  the  period 13,111 5,270
Distribution 11,449 4,968
Gross  dividend  per  share  (CFA) 530 230
Socfinaf’s  indirect  holding  (%) 63.69 63.69
(*) Before  profit  allocation.
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Group profile
SUD COMOË CAOUTCHOUC “SCC”
Share  capital:  CFA964,160,000
SCC  is  active  in  Côte  d’Ivoire  in  the  industrial  rubber  processing  sector.
Key data
Permanent  staff  as  at  31  December  2024:  396
Production and turnover
As at 31 December 2024 2023
Production (tons)
Rubber 38,358 38,559
Turnover  (EUR  000) 56,198 48,644
Result  (EUR  000) 5,718 4,099
Average selling price (EUR / kg)
Rubber 1.46 1.26
Rate  EUR  /  CFA 655.957 655.957
Key figures (CFA million)
As at 31 December 2024 2023
Fixed  assets 3,978 3,727
Current assets 13,628 10,196
Equity  (*) 9,127 7,976
Debts,  provisions  and  third  parties  (*) 8,479 5,947
Profit  /  (loss)  for  the  period 3,751 2,689
Distribution 2,700 2,600
Gross  dividend  per  share  (CFA) 28,004 26,966
Socfinaf’s  indirect  holding  (%) 60.95 60.95
(*) Before  profit  allocation.
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Socfinaf S.A.
Group profile
PLANTATIONS SOCFINAF GHANA “PSG”
Share  capital:  GHS  150,000,000
PSG  is  active  in  Ghana  in  the  production  of  palm  oil  and  rubber.
Key data
Area (hectares) Planted area
As at 31 December 2024 Mature Immature Total
Rubber 942 0 942
Palm 6,140 0 6,140
TOTAL 7,082 0 7,082
Concessions
G
:  18,304  ha
Permanent  staff  as  at  31  December  2024:  2,404
Production and turnover
As at 31 December 2024 2023
Production (tons)
Rubber 1,358 1,280
Palm  oil 31,130 35,472
Turnover  (EUR  000) 28,333 34,514
Result  (EUR  000) 12,363 12,795
Average selling price (EUR / kg)
Rubber 1.30 0.89
Palm  oil 0.94 0.94
Average  rate  EUR  /  GHS 15.27 12.07
Closing  rate  EUR  /  GHS 15.27 13.13
Key figures (GHS 000)
As at 31 December 2024 2023
Fixed  assets 448,433 477,066
Current assets 81,584 39,895
Equity  (*) 481,380 428,495
Debts,  provisions  and  third  parties  (*) 48,637 88,465
Profit  /  (loss)  for  the  period 188,801 154,436
Distribution 182,643 13,274
Gross  dividend  per  share  (GHS) 244 18
Socfinaf’s  holding  (%) 100 100
(*) Before  profit  allocation.
Socfinaf S.A.
|
ANNUAL REPORT
2024
|
13
Group profile
OKOMU OIL PALM COMPANY
Share  capital:  NGN  476,955,000
Okomu  is  active  in  Nigeria  in  the  production  and  processing  of  palm  oil  and  rubber.
Key data
Area (hectares) Planted area
As at 31 December 2024 Mature Immature Total
Rubber 6,014 1,320 7,334
Palm 18,349 662 19,011
TOTAL 24,363 1,982 26,345
Concessions
G
:  33,113  ha
Permanent  staff  as  at  31  December  2024:  2,228
Production and turnover
As at 31 December 2024 2023
Production (tons)
Rubber 9,097 9,907
Palm  oil 74,370 69,563
Turnover  (EUR  000) 81,277 113,519
Result  (EUR  000) 26,128 35,264
Average selling price (EUR / kg)
Rubber 1.55 1.21
Palm  oil 0.90 1.46
Average  rate  EUR  /  NGN 1,602 662
Closing  rate  EUR  /  NGN 1,595 995
Key figures (NGN 000)
As at 31 December 2024 2023
Fixed  assets 80,334,209 59,399,143
Current assets 36,658,242 23,325,373
Equity  (*) 56,301,261 40,633,430
Debts,  provisions  and  third  parties  (*) 60,691,191 42,091,087
Profit  /  (loss)  for  the  period 41,857,789 23,331,914
Distribution 19,539,100 17,647,335
Gross  dividend  per  share  (NGN) 20.48 18.50
Socfinaf’s  holding  (%) 66.38 66.38
(*) Before  profit  allocation.
14
|
ANNUAL REPORT 2024
|
Socfinaf S.A.
Group profile
SOCAPALM
Share  capital:  CFA45,757,890,000
Socapalmis  activeinCameroon  inthe  productionand  processingof  palmoil  andthe  cultivationof  rubbertrees.
Key data
Area (hectares) Planted area
As at 31 December 2024 Mature Immature Total
Rubber 1,762 0 1,762
Palm 30,167 2,442 32,609
TOTAL 31,929 2,442 34,371
Concessions
G
:  58,063  ha
Permanent  staff  as  at  31  December  2024:  2,715
Production and turnover
As at 31 December 2024 2023
Production (tons)
Palm  oil 168,452 138,783
Rubber  (*) 2,537 2,499
Turnover  (EUR  000) 154,354 129,003
Result  (EUR  000) 15,869 18,194
Average selling price (EUR / kg)
Palm  oil 0.90 0.91
Rubber 1.06 0.71
Rate  EUR  /  CFA 655.957 655.957
Key figures (CFA million)
As at 31 December 2024 2023
Fixed  assets 73,948 73,401
Current assets 17,805 18,657
Equity  (**) 66,386 67,873
Debts,  provisions  and  third  parties  (**) 25,367 24,185
Profit  /  (loss)  for  the  period 10,410 11,934
Distribution 9,609 11,897
Gross  dividend  per  share  (CFA) 2,100 2,600
Socfinaf’s  holding  (%) 67.46 67.46
(*) Agricultural  production  fully  sold  to  SAFACAM.
(**)Before  profit  allocation.
Socfinaf S.A.
|
ANNUAL REPORT
2024
|
15
Group profile
SOCIETE ANONYME FORESTIERE ET AGRICOLE “SAFA”
Share  capital:  EUR  4,040,400
This  French  company  owns  68.93%  of  Safacam.
SAFACAM
Share  capital:  CFA6,210,000,000
Safacam  is  active  in  Cameroon  in  the  production  and  processing  of  palmoil  and  the  cultivation  of  rubber  trees.
Key data
Area (hectares) Planted area
As at 31 December 2024 Mature Immature Total
Palm 5,210 96 5,306
Rubber 3,714 706 4,420
TOTAL 8,924 802 9,726
Concessions
G
and  land  owned:  17,690  ha
Permanent  staff  as  at  31  December  2024:  2,531
Production and turnover
As at 31 December 2024 2023
Production (tons)
Palm  oil 17,912 16,096
Palm  kernel  oil 11,180 9,770
Rubber 10,126 9,004
Turnover  (EUR  000) 44,988 35,943
Result  (EUR  000) 4,240 934
Average selling price (EUR / kg)
Palm  Products 1.62 1.61
Rubber 1.54 1.08
Rate  EUR  /  CFA 655.957 655.957
Key figures (CFA million)
As at 31 December 2024 2023
Fixed  assets 22,727 22,602
Current assets 9,412 9,107
Equity  (*) 21,414 19,242
Debts,  provisions  and  third  parties  (*) 10,725 12,467
Profit  /  (loss)  for  the  period 2,781 613
Distribution 2,700 609
Gross  dividend  per  share  (CFA) 2,174 490
Socfinaf’s  indirect  holding  (%) 69.05 69.05
(*) Before  profit  allocation.
16
|
ANNUAL REPORT 2024
|
Socfinaf S.A.
Group profile
AGRIPALMA
Share  capital:  STN  156,094,090
Agripalma  is  a  company  active  in  the  production  of  palm  oil  on  the  island  of  São  Tomé  and  Principe.
Key data
Area (hectares) Planted area
As at 31 December 2024 Mature Immature Total
Palm 1,879 0 1,879
Concessions
G
and  land  owned:  2,388  ha
Permanent  staff  as  at  31  December  2024:  717
Production and turnover
As at 31 December 2024 2023
Production (tons)
Palm  oil 4,742 4,870
Turnover  (EUR  000) 5,440 5,512
Result  (EUR  000) -4,005 -2,463
Average selling price (EUR / kg)
Palm  oil 1.14 1.13
Average  rate  EUR  /  STN 24.50 24.50
Closing  rate  EUR  /  STN 24.50 24.50
Key figures (STN million)
As at 31 December 2024 2023
Fixed  assets 581 667
Current assets 100 94
Equity -114 -16
Debts,  provisions  and  third  parties 796 777
Profit  /  (loss)  for  the  period -98 -60
Socfinaf’s  indirect  holding  (%) 88.00 88.00
Socfinaf S.A.
|
ANNUAL REPORT
2024
|
17
Group profile
BRABANTA
Share  capital:  CDF  34,243,622,100
Brabanta  is  a  Congolese  company  (DRC)  active  in  the  production  of  palm  oil.
Key data
Area (hectares) Planted area
As at 31 December 2024 Mature Immature Total
Palm 6,072 0 6,072
Concessions
G
:  8,380  ha
Permanent  staff  as  at  31  December  2024:  1,960
Production and turnover
As at 31 December 2024 2023
Production (tons)
Palm  oil 13,652 13,231
Turnover  (EUR  000) 12,725 10,923
Result  (EUR  000) -1,495 -4,803
Average selling price (EUR / kg)
Palm  oil 0.93 0.83
Average  rate  EUR  /  CDF 3,040 2,514
Closing  rate  EUR  /  CDF 2,956 2,961
Key figures (CDF million)
As at 31 December 2024 2023
Fixed  assets 133,163 139,957
Current assets 196,474 175,848
Equity  (*) 70,171 74,717
Debts,  provisions  and  third  parties  (*) 259,466 241,088
Profit  /  (loss)  for  the  period -4,546 -12,077
Socfinaf’s  holding  (%) 100.00 100.00
(*) Before  profit  allocation.
18
|
ANNUAL REPORT 2024
|
Socfinaf S.A.
Group profile
SOGESCOL FR
Share  capital:  CHF  5,300,000
Sogescol  FR  is  a  Swiss  company  that  sells  rubber  and  palm  oil.
Thefinancialyearendedon31December2024withaprofitofUSD10,492,456.TheBoardofDirectorswill
propose  to  the  General  Meeting  of  Shareholders  a  profit  distribution  of  USD  10,000,000.
2024 2023
Average  rate  EUR  /  USD 1.08 1.08
Closing  rate  EUR  /  USD 1.04 1.10
Key figures (USD 000)
As at 31 December 2024 2023
Fixed  assets 3,780 4,031
Current assets 78,211 49,001
Equity  (*) 20,453 16,660
Debts,  provision  and  third  parties  (*) 61,538 36,372
Profit  /  (loss)  for  the  period 10,492 6,705
Distribution 10,000 6,700
Gross  dividend  per  share  (USD) 1,887 1,264
Socfinaf’s  holding  (%) 50.00 50.00
(*) Before  profit  allocation.
Socfinaf S.A.
|
ANNUAL REPORT
2024
|
19
Group profile
SOCFINCO FR
Share  capital:  CHF  1,300,000
SocfincoFR  isa  Swisscompany,  whichprovides  services,studies  andmanagement  ofagro-industrial  plantations.
Socfinco  FR  covers  the  agro-industrial  sector  of  palm  oil  and  rubber.
The  financialyear  thatended  on  31December  2024shows  aprofit  ofEUR  4,465,222.The  Boardof  Directorswill
propose  to  the  General  Meeting  of  Shareholders  a  profit  distribution  of  EUR  2,000,000.
Key figures (EUR 000)
As at 31 December 2024 2023
Fixed  assets 4,741 5,444
Current assets 18,035 19,703
Equity  (*) 19,386 14,921
Debts,  provisions  and  third  parties  (*) 3,390 10,225
Sales  and  services 26,198 26,709
Profit  /  (loss)  for  the  period 4,465 6,489
Distribution 2,000 0
Gross  dividend  per  share  (EUR) 1,538 0
Socfinaf’s  holding  (%) 50.00 50.00
(*) Before  profit  allocation.
20
|
ANNUAL REPORT 2024
|
Socfinaf S.A.
International market for rubber and palm oil
1. Rubber
SGX - NATURAL RUBBER - 5 years +
SGX - NATURAL RUBBER - 1 year +
50
100
150
200
250
300
50
100
150
200
250
300
2020
2021
2022
2023
2024
$ct/Kg
RSS3
TSR20
100
120
140
160
180
200
220
240
260
280
300
100
120
140
160
180
200
220
240
260
280
300
jan 2024
feb 2024
mar 2024
apr 2024
may 2024
jun 2024
jul 2024
aug 2024
sep 2024
oct 2024
nov 2024
dec 2024
$ct/Kg
RSS3
TSR20
Socfinaf S.A.
|
ANNUAL REPORT
2024
|
21
International market for rubber and palm oil
The international market in 2024
Theaveragenaturalrubberprice(TSR20
G
1
st
position
on SGX
G
) is USD 1,743/T FOB
G
Singapore compared
with  USD  1,377/T  in  2023,  an  increase  of  27%.
Converted into euros, the average TSR20
G
price in
2024isEUR1,611/T,comparedwithEUR1,273/Tin
2023.
The upward trend that began in the last quarter of
2023continuedduringthefirsthalfof2024,withprices
fluctuating  between  USD  1,500  and  USD  1,800/T.
Indeed, adverse weather conditions disrupted
productioninThailand’ssouthernprovinces  attheend
of2023andearly2024,followedbyanearlywintering
season in the main producing countries due to the
El Niño phenomenon which exacerbated the natural
rubber  shortage  in  the  first  quarter  of  2024.
The  end  of  the  wintering  season  in  SoutheastAsia  and
the  resumptionoftapping  negativelyaffected  rubber
prices. After reaching USD 1,837/T in early June,
prices  fell  to  around  USD  1,650/T  by  the  end  of  June.
From August, prices resumed their upward trend
surpassingUSD1,700/Tamiddecliningproductionin
the two largest natural rubber-producing countries,
Thailand  and  Indonesia.At  the  same  time,decreasing
stocksinChina,indicating  arecoveryinconsumption
by the world’s largest consumer, also supported the
priceincreasewhichroseaboveUSD1,800/Tbythe
end  ofAugust.
In an already tight global supply context, the
announcement  inearly  Septemberof  amajor  typhoon
affecting China’s Hainan province, Thailand, and
Vietnam  pushed  prices  above  USD  1,900/T.
At the end of September, the Chinese government
announced a massive economic stimulus plan to
supportChina’seconomy,whichisstrugglingwithan
unprecedentedrealestatecrisisandweakdomestic
consumption,whichpushed  pricesaboveUSD2,000/T.
This decision came just days after the U.S. Federal
Reserve announced an interest rate cut after
maintaining  them  at  their  highest  levels  in  17  years.
The end of the year was marked by high volatility.
Natural rubber prices hit a seven-year high of
USD 2,136/T in early October before contracting
to a low of USD 1,850/T in mid-November. These
upward market movements were mainly driven by
unfavourable  weather  conditionsaffecting  production
in SoutheastAsia and downward movements due to
weakening Chinese demand and doubts about the
effectivenessoftheChinesegovernment’seconomic
recovery measures.
AccordingtoitslatestforecastspublishedinDecember
2024, the IRSG estimates that global production
reached  14.35  million  tons  in2024  (+1%),  while  global
demandroseto15.12milliontons(+2.8%),  resultingin
a  rubber  deficit  of  770  000  tons,  compared  to  492  000
tons in 2023.
The TSR20 1
st
position FOB Singapore on SGX was
priced  at  USD  1,974/T  on  December  31,  2024.
22
|
ANNUAL REPORT 2024
|
Socfinaf S.A.
International market for rubber and palm oil
Outlook 2025
After a significantly deficit year in 2024 in terms of
production, natural rubber prices are fluctuating at
the beginning of the year between USD 1,850 and
USD2,050/Tandcould  continuetorise  duetoan  early
wintering  season  in  Côte  d’Ivoire.
Natural rubber prices are expected to remain high
in 2025, mainly due to a persistent strain on global
supply,resultinginaproductiondeficitforthethird
consecutive year.
Thisdeficit isattributedtoseveral factorsaffecting
globalnaturalrubbersupply.Inadditiontoweather-
related challenges impacting harvests, the global
rubber  plantation  is  aging  due  to  a  lack  of  investment
in rubber cultivation over the past decade, driven
by relatively low international market prices.
Furthermore,farmersareshiftingtomoreprofitable
crops, and rubber tree diseases are spreading in
Southeast Asia.
Afteradecadeofstronggrowth,Côted’Ivoire—ranked
as the world’s third-largest producer in 2023 after
ThailandandIndonesia—isshowingsignsofslowing
growth,withproductionreaching  1.683million  tonsin
2024  compared  to  1.673  million  tons  in  2023.
According  toIRSG  forecasts,global  productionin2025
is  expected  to  reach  14.76  million  tons  (+2.9%),while
globaldemand  isprojectedto  reach15.26million  tons
(+0.9%),  leading  to  a  rubber  deficit  of  500  000  tons.
The  pricetrend  willalso  dependon  theeffectiveness
offinancialmeasurestakenbytheChinesegovernment
to  stimulate  the  country’s  economic  recovery  and  the
impactoftradetensionsbetweentheUnited States
and  China.
The monetary easing initiated in 2024 by European
andAmerican central banks isexpectedtocontinue
in  2025,  positively  affecting  natural  rubber  demand.
The implementation of the European regulation
“EUDR”,whichaimstobantheentryofcertainraw
materials linked to deforestation into the European
market, was initially scheduled for the end of 2024
buthasbeenpostponedtoDecember31,2025.This
extension is intended to give industry players and
regulatory authorities more time to prepare for the
new  requirements.
Thestrongdemandfromtiremanufacturersfor“EUDR”
compliant natural rubber destined for the European
market should allow producers who can prove their
supply chain complies with legal requirements and
doesnotoriginatefromdeforestedareastobegranted
an  “EUDRpremium”.  Non-compliant  rubberproducers
will be forced to sell their production outside the
European  Union  at  a  lower  valuation.
As of February 20, 2025, the TSR20 1
st
position FOB
Singapore  on  SGX  was  priced  at  USD  2,061/T.
Socfinaf S.A.
|
ANNUAL REPORT
2024
|
23
International market for rubber and palm oil
2. Palm oil
CIF ROTTERDAM - PALM OILS - 5 years +
CIF ROTTERDAM - PALM OILS - 1 year +
200
400
600
800
1.000
1.200
1.400
1.600
1.800
2.000
2.200
2.400
2.600
2.800
200
400
600
800
1.000
1.200
1.400
1.600
1.800
2.000
2.200
2.400
2.600
2.800
2020
2021
2022
2023
2024
$/Mton
CPO
CPKO
700
900
1.100
1.300
1.500
1.700
1.900
2.100
700
900
1.100
1.300
1.500
1.700
1.900
2.100
jan 2024
feb 2024
mar 2024
apr 2024
may 2024
jun 2024
jul 2024
aug 2024
sep 2024
oct 2024
nov 2024
dec 2024
$/Mto
n
CPO
CPKO
24
|
ANNUAL REPORT 2024
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Socfinaf S.A.
International market for rubber and palm oil
World palm oil production in million tons
(source:  Oil  World)
2025 (*) 2024 2023 2022 2021 2020 2015 2005 1995
Indonesia 48.1 45.6 48.4 46.7 44.7 42.8 33.4 14.1 4.2
Malaysia 19.3 19.4 18.6 18.5 18.1 19.1 20.0 15.0 7.8
Other 15.3 14.4 14.4 14.0 13.1 12.2 9.1 4.8 3.2
TOTAL 82.7 79.4 81.6 79.2 75.9 74.1 62.5 33.9 15.2
(*) Estimated  (December  2024).
Production of the main oils in million tons
(source:  Oil  World)
2025 (*) 2024 2023 2022 2021 2020 2015 2005 1995
Palm 82.7 79.4 81.6 79.2 75.9 74.1 62.5 33.9 15.2
Soya 66.8 64.7 59.7 60.1 60.1 58.6 48.8 33.6 20.2
Rapeseed 30.8 31.6 30.6 25.7 26.9 25.3 26.3 16.2 10.8
Sunflower 21.1 23.3 22.3 19.7 18.9 21.3 15.1 9.7 8.7
Palm  kernel 8.4 8.2 8.4 8.2 8.0 7.8 6.8 4.0 2.0
Cotton 4.5 4.5 4.4 4.4 4.4 4.6 4.7 5.0 3.9
Peanut 4.7 4.4 4.4 4.7 4.4 4.2 3.7 4.5 4.3
Copra 3.0 3.1 3.1 3.0 2.8 2.6 2.9 3.2 3.3
TOTAL 222.1 219.2 214.5 205.1 201.4 198.5 170.8 110.1 68.4
(*) Estimated  (December  2024).
The international market in 2024
Theaverage  priceforCIF  Rotterdam
G
crude  palmoilin
2024  stood  at  USD  1,084/T,  compared  with  USD  964/T
in 2023.
Palm oil prices fluctuated between USD 900 and
USD1,050/TinQ12024.  A dropincrudeoilpricesin
April  ledto  a  declinein  palmoil  pricesby  nearly  USD
100/T,  falling  from  USD  1,050  to  USD  950/T.
Prices rebounded in June, surpassing USD 1,000/T,
driven by strong demand from importing countries,
mainly India and China. India remains the largest
importer, with nearly 10 million tons imported in
2023,whileIndonesiaremainsthelargest consumer,
absorbing  over  21  million  tons,  46%  of  its  production.
The biofuel industry, with its increasingly ambitious
programs,alsoprovidedsubstantial support to palm
oil prices.An estimated 20 million tons of palm oil
(around 25% of global production) were used for
biodiesel production in 2024. In Indonesia, for the
first time, more palm oil was allocated to biodiesel
production  than  to  the  food  industry.
PricesrosebynearlyUSD150/TinQ3amidexpectations
of supply tightening. By early October, CPO CIF
RotterdamexceededUSD1,200/T,itshighestlevelin
overtwoyears.TheupwardtrendcontinuedinQ4,with
CPOCIFRotterdamtradingaboveUSD1,300/Tmultiple
times  in  November  and  December.
WhileElNiñodidnotsignificantlyaffectglobalpalm
oilproduction,loweryieldswereobservedinIndonesia
and several Central American countries. According
toOilWorld,globalpalmoil productionisexpected
toreach79.4milliontonsin2024,down2.2million
tons from 2023.
Atof31December2024,the  CIFRotterdam
G
CPO
G
was
trading  at  USD  1,275/T.
Socfinaf S.A.
|
ANNUAL REPORT
2024
|
25
International market for rubber and palm oil
Outlook 2025
A rise in palm oil production is expected in 2025.
Indonesia,theworld’slargestproducer,isprojected
toincrease  outputtoapproximately  48.1million  tons,
while  Malaysia’s  productionis  expected  tostabilize  at
around19.3milliontons.This increase isattributed
to improved yields due to fertilizer application and
favourable  weather  conditions  in  2025.
Over the past three decades, global palm oil
productionhasgrown  sixfold  between1990  and2020,
mainly  due  to  expandedcultivation  areas  in  Indonesia
and Malaysia, which together account for 85% of
globalproduction.However,signsindicateaslowdown
in production growth, as land availability becomes
more limited and labor shortages persist. Palm oil
supplymaystruggleto  meetthe  risingglobal  demand,
drivenbypopulationgrowthandhighervegetableoil
consumption  in  developing  countries.
The biofuel industry will continue to provide price
support.Indonesia’s  B40program,aimedatincreasing
theshare of palm oil-based biofuelin diesel to 40%
in 2025 (up from 35% currently), is expected to be
fully implemented by March 2025. This mandate
couldboostpalm oil consumption by 2 million tons,
reducing export availability and potentially driving
prices  higher.
However, price increases could be limited by
competitionfromcheaperalternativevegetableoils,
such as SouthAmerican soybean oil. While palm oil
is traditionally cheaper than soybean oil, the latter
experienced less price volatility in 2024, thanks to
abundant soybean harvests in the U.S. and Brazil.
This unprecedented price inversion could influence
importers’ and food manufacturers’ preferences.
Trade tensions, particularly between the U.S. and
China, could also impact soybean exports and,
consequently,  soybean  oil  prices.
In 2025, palm oil prices will be influenced by a
combination of factors, including global supply and
demand trends, weather conditions, government
policies,competition from other vegetableoils,and
rising  biofuel  demand.
As  of20  February2025,  theCIF  Rotterdam
G
CPO
G
was
quoted  at  around  USD  1,275/T.
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Socfinaf S.A.
Environment and social responsibility
Alongwith its specific commitment to transparency,
theGrouphas  builtaresponsiblemanagementpolicy
around  its  three  pillars  of  commitment,  namely:  rural
development, workers and local communities, and
environment. These commitments form the basis of
keyinitiativesthat  areaimedatimprovinglong-term
economic performance, social well-being, health,
safety  and  natural  resource  management.
An implementation plan for this policy has been
defined  and  implemented  since  2022.
A regularlyupdateddashboard,aswellasaseparate
annual report (“Sustainability Report”), details the
efforts and actions undertaken by the Socfin Group
in this area.
The responsible management policy, the dashboard
and the Sustainability Report are available on the
Group’s  website.
Socfinaf S.A.
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27
Key figures
1. Activity indicators
Area (hectares) Rubber Palm
As at 31 December 2024
Immatures  (by  year  of  planting)
2024 1,133 1,704
2023 606 761
2022 390 755
2021 935 0
2020 599 0
2019 1,076 0
2018 1,162 0
2017 45 0
2016 11 0
2015 3 0
Total immatures 5,959 3,220
Young (from  8  to  11  years) 9,826 (from  4  to  7  years) 10,780
Prime (from  12  to  22  years) 17,697 (from  8  to  18  years) 50,052
Old (above  22  years) 9,201 (above  18  years) 26,801
Total in production 36,723 87,634
TOTAL 42,683 90,854
Area (hectares) 2024 2023 2022 2021 2020
Palm 90,854 90,716 90,959 91,004 91,207
Rubber 42,683 47,138 47,278 47,940 48,146
TOTAL 133,537 137,854 138,237 138,944 139,353
Production 2024 2023 2022 2021 2020
Palm oil (tons) 380,974 362,424 349,644 355,924 321,348
Own  production 307,355 319,591 308,544 309,149 285,726
Third  party  purchases 73,619 42,834 41,100 46,775 35,623
Rubber (tons) 150,838 149,472 147,271 151,848 144,456
Own  production 64,949 68,210 59,027 55,450 48,972
Third  party  purchases 85,890 81,262 88,243 96,397 95,484
Seeds (thousands) 3,293 3,464 4,495 3,362 1,413
Own  production 3,293 3,464 4,495 3,362 1,413
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Socfinaf S.A.
Key figures
Turnover (EUR million) 2024 2023 2022 2021 2020
Palm 352 370 408 328 241
Rubber 232 187 222 196 157
Other agricultural products 2 2 0 1 1
Other 5 4 7 2 4
TOTAL 591 563 637 527 403
Staff 2024 2023 2022 2021 2020
Average workforce 24,824 23,940 25,453 24,596 23,291
2. Key figures in the consolidated income statement and the cash flow
statement
(EUR million) 2024 2023 2022 2021 2020
Turnover 591 563 637 527 403
Operating income 119 105 175 143 56
Profit / (loss) for the period attributable to the Group 57 28 73 72 -4
Net cash flows from operating activities 145 147 190 154 91
Free cash flows 101 98 136 93 30
3. Key figures in the consolidated statement of financial position
(EUR million) 2024 2023 2022 2021 2020
Bearer biological assets 288 300 350 366 364
Other non-current assets 311 300 324 316 290
Current assets 199 191 230 209 171
Assets held for sale 0 6 0 0 0
Total equity 525 464 485 416 334
Non-current liabilities 107 166 220 295 182
Current liabilities 167 167 199 180 310
Socfinaf S.A.
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29
Stock market data
(EUR) 2024 2023 2022 2021 2020
Number of shares 17,836,650 17,836,650 17,836,650 17,836,650 17,836,650
Equity attributable to the owners of the
Company
421,751,282 363,885,495 368,561,160 301,530,511 224,895,450
Undiluted net profit per share 3.18 1.58 4.10 4.04 -0.22
Dividend per share 0.00 0.00 0.00 0.00 0.00
Share price
Minimum 9.75 10.00 11.30 8.10 7.00
Maximum 13.50 13.40 15.80 12.40 12.60
Closing 12.10 10.80 12.10 12.00 11.10
Market capitalisation 215,823,465 192,635,820 215,823,465 214,039,800 197,986,815
Dividend paid / net profit attributable to the
owners of the Company
N.a. N.a. N.a. N.a. N.a.
Dividends / market capitalisation N.a. N.a. N.a. N.a. N.a.
Market price / undiluted net profit per share 3.80 6.82 2.95 2.97 -51.03
Financial highlights of the year
The saleof SRCwas finalisedin August 2024, asaconsequence SRCin notwithin theconsolidation scopeas at
2024 year-end.
No other material events occurred during the financial period.
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Socfinaf S.A.
Corporate governance statement
1. Introduction
Socfinafpayscloseattentiontotheevolutionoftheten
principlesofcorporategovernanceoftheLuxembourg
StockExchange.Itcommitstoprovidingthenecessary
explanations for a comprehensive understanding on
how the Company functions.
Corporate governance is a set of principles and
ruleswhosemainobjective istocontributetolong-
termvaluecreation.ItallowstheBoardtopromote
the interests of the Company and its shareholders
while putting in place effective control systems,
management  of  risks  and  conflicts  of  interests.
2. Corporate governance chart
The Board of Directors adopted the Corporate
Governance Chart on 21 November 2018. It was
updatedon3April2025andisavailableontheGroup’s
website.
3. Board of Directors
Composition of the Board of Directors
Name Nationality
Year of
Birth
Position
First
nomination
Term of
office
Mr.  Hubert  Fabri Belgian 1952 Chairman
(a)
AGM  1981 AGM  2028
Mr.  Vincent  Bolloré French 1952 Director
(a)
AGM  1993 AGM  2029
Bolloré  Participations  SE
represented  by  Mr.  Cyrille  Bolloré
French 1985 Director
(a)
AGM  2018 AGM  2030
Mr.  Gbenga  Oyebode Nigerian 1959 Director
(a)
AGM  2011 AGM  2029
Mr.  François  Fabri Belgian 1984 Managing  Director
(b)
AGM  2014 AGM  2026
Mr.  Philippe  Fabri Belgian 1988 Director
(b)
AGO 2020 AGO 2026
Mr.  Frédéric  Lemaire Belgian 1970 Director
(c)
AGM  2019 AGM  2025
Mr.  George  Quarteng-Mensah Ghanaian 1953 Director
(c)
AGM  2023 AGO 2029
(a) Non-Executive  Non-Independent  Director
(b) Executive  Non-Independent  Director
(c) Independent  Director
ThetermservedbyMr.FrédéricLemaireasdirector
expires this year. The renewal of this term will be
proposed at the next Annual General Meeting. This
renewalwillholdforsixyearsuntiltheAnnualGeneral
Meeting  of  2031.
Socfinaf S.A.
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31
Corporate governance statement
Other mandates held by the Directors in listed companies
Hubert Fabri
Chairman
Positions and offices held in Luxembourg-based companies
• ChairmananddirectoroftheBoardofDirectorsofSociétéFinancièredesCaoutchoucs“Socfin”,Socfinaf
and  Socfinasia.
Positions and offices held in foreign companies
• Chairman  and  Director  of  the  Board  of  Directors  of  Palmeraies  de  Mopoli;
• Vice-Chairman  of  Société  des  Caoutchoucs  du  Grand  Bereby  “SOGB”;
• Vice-Chairman  and  member  of  the  Supervisory  Board  of  Compagnie  du  Cambodge;
• DirectorofCompagniedel’Odet,FinancièreMoncey,SociétéIndustrielleetFinancièredel’ArtoisandLa
Forestière  Equatoriale.
Vincent Bolloré
Director
Positions and offices held in Luxembourg-based companies
• Director  of  Société  Financière  des  Caoutchoucs  “Socfin”,  Socfinaf  and  Socfinasia.
Positions and offices held in foreign companies
• Chairman  and  chief  Executive  officer  of  Compagnie  de  l’Odet;
• Vice-Chairman  of  Société  des  Caoutchoucs  du  Grand  Bereby  “SOGB”;
• Director  of  Compagnie  de  l’Odet;
• Permanent representative of Bolloré Participations SE on the Boards of Directors of S.A.F.A. Cameroon
“Safacam”, Société des Caoutchoucs du Grand Bereby “SOGB” and Société Camerounaise de Palmeraies
“Socapalm”.
Bolloré Participations SE
Director
Positions and offices held in Luxembourg-based companies
• Director  of  Socfinaf.
Positions and offices held in foreign companies
• Member  of  the  Supervisory  Board  of  Compagnie  du  Cambodge;
• Director  of  Bolloré  SE,  Sociétédes  Caoutchoucs  du  Grand  Bereby  “SOGB”,  Société  Industrielleet  Financière
de l’Artois, Financière Moncey, S.A.F.A. Cameroun “Safacam” and Société Camerounaise de Palmeraies
“Socapalm”.
Gbenga Oyebode
Director
Positions and offices held in Luxembourg-based companies
• Director  of  Socfinaf.
Positions and offices held in foreign companies
• Chairman  of  Okomu  Oil  Palm  Company;
• Chairman  of  Nestlé  Nigeria  and  LafargeAfrica;
• Chairman  of  LafargeAfrica  plc,  which  is  listed  on  the  Nigerian  Stock  Exchange.
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Socfinaf S.A.
Corporate governance statement
François Fabri
Managing  Director
Positions and offices held in Luxembourg-based companies
• Director  of  Société  Financière  des  Caoutchoucs  “Socfin”,  Socfinaf  and  Socfinasia;
• Executive  Director  of  Socfinaf.
Positions and offices held in foreign companies
• PermanentRepresentative  of  AdministrationandFinanceCorporation“AFICO”  ontheBoardofSociétédes
Caoutchoucs  du  Grand  Bereby  “SOGB”  and  Société  Industrielle  et  Financière  de  l’Artois;
• Managing  Director  of  Palmeraies  de  Mopoli;
• Director  of  S.A.F.A.  Cameroon  “Safacam”  and  Société  Camerounaise  de  Palmeraies  “Socapalm”;
• Non-Executive  Director  of  Okomu  Plc.
Philippe Fabri
Director
Positions and offices held in Luxembourg-based companies
• Director  of  Société  Financière  des  Caoutchoucs  “Socfin”,  Socfinaf  and  Socfinasia;
• Executive  Director  of  Société  Financière  des  Caoutchoucs  “Socfin”.
Positions and offices held in foreign companies
• Member  of  the  Supervisory  Board  of  Palmeraies  de  Mopoli;
• Director of S.A.F.A. Cameroon “Safacam” and permanent representative of SOCFINAF on the board of
SOCAPALM;
• Director  of  Société  des  Caoutchoucs  du  Grand  Bereby  “SOGB”;
• Non-Executive  Director  of  Okomu  Plc.
Frédéric Lemaire
Director
Positions and offices held in Luxembourg-based companies
• Director  of  Socfinaf.
George Quarteng-Mensah
Administrator
Positions and offices held in Luxembourg-based companies
• Director  of  Socfinaf.
Socfinaf S.A.
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ANNUAL REPORT
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33
Corporate governance statement
Appointments of Directors
The Board of Directors proposes the appointment
of the Directors at the Annual General Meeting of
shareholders. It specifies the term of service and
verifies that the Director meets the criteria for
independence.
In the event of a vacancy due to the passing of or
following the resignation of one or more Directors,
the  remainingDirectors  willproceedto  temporaryco-
optations.These co-optationswillbesubjecttothe
approvaloftheAnnualGeneralMeetingatitsfollowing
meeting.The Director appointed to replace another
Director  will  complete  the  term  of  his  predecessor.
Role and powers of the Board of Directors
The Board of Directors is the body responsible for
themanagementoftheCompanyandthecontrolof
day-to-day  management.  Itacts  in  the  interest  ofthe
Company.
TheBoardofDirectorsensuresthatallfinancialand
human resources are available and ensures that all
the necessary structures are in place to achieve its
objectives  and  secure  long-term  value  creation.
The Articles of Association empower the Board of
Directorsthepowertoperformallactionsnecessary
to achieve the corporate purpose.
Activity report of the Board of Directors
Number of meetings
Thereareatleasttwomeetingsfortheendofyear
and mid-year evaluations. During the 2024 financial
year,  the  Board  of  Directors  met  2  times.
Topics generally discussed
Periodic  accounting  situations;
Portfolio  movements;
Inventory  and  valuation  of  the  portfolio;
Evolution  of  significant  holdings;
Management  report;
Investment  projects;
Corporate,  social  and  environmental  responsibility.
Average attendance rate of Directors
-  2024:  93%
-  2023:  87%
-  2022:  83%
-  2021:  83%
-  2020:  85%
4. Committees of the Board of Directors
4.1. Audit Committee
The Committee consists of three members, of which
two  areindependents  and  oneis  assignedas  President
of theAudit Committee. The members of theAudit
Committeeare  appointedforone  yearandareeligible
forre-election.ThisAuditCommitteeiseffectiveasof
1January2025  andhasbeeninchargeof  supervising
the preparation of the financial informationfor the
year 2024.
The Board of Directors has proposed that its
constitution  will  be  as  follows:
• Mr. Frédéric Lemaire (Independent Director) –
Chairman
• Mrs.  Valérie  Hortefeux  (Independent  Member)
• Mr.  Philippe  Fabri  (Director)
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Socfinaf S.A.
Corporate governance statement
Theappointmentofthenon-executivememberswill
beconfirmedattheGeneralMeetingofShareholders
on  4  June  2025.
TheAuditCommittee  willassist  theBoard  ofDirectors
in its supervisory function and is responsible ofthe
monitoring of the financial reporting, the audit
process,the  analysisand  thecontroloffinancial  risks.
TheAudit  Committee  shall  meet  three  times  a  year.
4.2. Appointment and Remuneration Committee
The principal shareholders set the remuneration of
the operational management of Socfinaf. The Board
ofDirectorsdoesnotconsideritnecessarytosetup
a Remuneration Committee. Similarly, for practical
reasonsanddueto  thesize  ofthe  Company,theBoard
of Directors has chosen not to set up a Nomination
Committee.
5. Remunerations
The remuneration allocated to the members of
the Board of Directors of Socfinaf for the financial
year of 2024 amounts to EUR 474,747 compared to
EUR  488,730  for  the  financial  year  2023.
The Directors of Socfinaf did not receive any other
payment  in  shares  (stock  options).
6. Shareholding status
On31December2014,Socfinaf  issued1,474,200new
shareswhichbringstoatotalof17,854,200number
ofsharesissued.Allstatementsfiledbetween1July
2011 and 31 December 2014 relate to the previous
number  of  sharesin  place  and  theprevious  number  of
voting  rights,  i.e.  16,380,000.
On31December2024,thesharecapitalisrepresented
by  17,836,650  shares.
Shareholder
Number of shares held =
Number of voting rights
Percentage
holding
Date of
notification
Socfin
L-1650 Luxembourg
10,497,046 58.85 01/02/2017
Bolloré  (a)
F-29500  Ergué  Gaberic
80,642 0.49  (b) 03/09/2014
Compagnie  du  Cambodge  (a)
F-92800  Puteaux
1,157,929 7.07  (b) 03/09/2014
Société  Industrielle  et  Financière  de  l’Artois  (a)
F-92800  Puteaux
176,636 1.08  (b) 03/09/2014
Compagnie  des  Glénans  (a)
F-29500  Ergué  Gaberic
58,993 0.36  (b) 03/09/2014
Total Bolloré (all categories combined, based on
aggregate voting rights)
1,474,200 9.00 (b)
(a)  =  entities  controlled  by  Vincent  Bolloré.
(b)  =  before  increase  in  share  capital  on  31  December  2014
Socfinaf S.A.
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Corporate governance statement
7. Financial calendar
4  June  2025 Annual  General  Meeting  at  10  a.m.
End  of  September  2025 Half  year  stand  alone  and  consolidated  results  as  at  30  June  2025
Mid-November  2025 Interim  Management  statement  for  3
rd
quarter  of  2025
End  of  March  2026 Annual  stand  alone  results  as  at  31  December  2025
Mid-April  2026 Consolidated  annual  results  as  at  31  December  2025
Mid-May  2026 Interim  Management  statement  for  the  1
st
quarter  of  2026
27  May  2026 Annual  General  Meeting  at  10  a.m.
TheresultsoftheCompanyarepublishedonthewebsiteoftheLuxembourgStockExchangewww.bourse.lu
under  the  heading  “OAM”  and  on  the  website  of  the  Company  www.socfin.com.
8. External audit
Independent  statutory  auditor
(Réviseur  d’entreprises  agréé)
Ernst  &  Young  “EY”
35EAvenue  John  F.  Kennedy
L-1855  Luxembourg.
In2024,  theauditfees  amountedtoEUR  815,053VAT
included.
Theauditfeesincludeallfeespaidtotheindependent
statutoryauditoroftheGroupnamelyEYaswellas
those paid to member firms within EY network for
therelevant years.Thisfirm performed no material
consulting work or other non-audit services in 2024
nor in 2023.
9. Corporate, social and environmental responsibility
Alongwithitsspecificcommitmenttotransparency,the
responsible  management  policy  embodies  the  Group’s
three pillars of commitment: rural development,
workers and local communities, and environment.
These commitments form the basis of key initiatives
aimedatimprovinglong-term  economicperformance,
social  well-being,health,  safetyand  naturalresource
management.
An implementation plan for this policy has been
defined  and  implemented  since  2022.
The efforts and actions undertaken by the Socfinaf
Group  in  thisarea  are  detailedin  a  regularlyupdated
dashboard as well as in a separate annual report
(“Sustainability  Report”).
10. Other information
Following the Regulation 2016/347 of the European
Commission of 10 March 2016 which specifies the
modalitiesforupdatinginsiderlists,alistofinsiders
hasbeendrawnupandisupdatedcontinuously.The
persons concerned were informed of their inclusion
on  this  list.
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ANNUAL REPORT 2024
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Socfinaf S.A.
Statement of compliance
Mr.  Philippe  Fabri,  Director  and  Mr.  Daniel  Haas,  Chief
Financial  Officer,  indicate  that,  to  their  knowledge:
(a)in accordance with the International Financial
ReportingStandards asadoptedbytheEuropean
Union, the consolidated financial statements
prepared for the year ended on 31 December
2024, provide a trueand fair view of the assets
and liabilities, the financial position and the
profits  orlosses  attributableto  Socfinafand  allof
the  entities  included  in  consolidation,
(b)inaccordancewiththelocalaccountingstandards,
the individual financial statements prepared for
the year ended on 31 December 2024, provide
atrueandfairviewoftheassetsandliabilities,
the financial position and the profits or losses
attributable  to  Socfinaf,
(c)the management report presents the following
informationinafairlymanner:theevolutionand
resultsof the Company,the financial position of
the  Group  and  all  the  entities  that  are  included  in
theconsolidationaswellas a description of the
main  risks  and  uncertainties  they  face.
Socfinaf S.A.
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Consolidated management report
Directors’ report on the consolidated financial statements
presented by the Board of Directors to the
Annual General Meeting of the Shareholders of 4 June 2025
Ladies and Gentlemen,
1. Consolidated financial statements
The consolidated financial statements as at
31 December 2024 include thefinancial statements of
Socfinaf,andofallsubsidiaries anddirectand indirect
associatecompanies.ThedetailsaregiveninNote2
of the notes to the consolidated financial statements.
As stated in Note 1 to the consolidated financial
statements, the consolidated financial statements
were prepared in accordance with the International
FinancialReportingStandards(IFRS)asadoptedbythe
European Union. Socfinaf (the Group) adopted IFRS
for the first time in 2005, and implemented all the
standardsapplicable totheGroup asat31 December
2024.
Consolidated results
For the 2024 financial year, the result attributable
to the Group of the parent company amounted to
EUR 56.8 million compared to EUR 28.2 million in
2023.Thisresultsin earningsper shareof EUR3.18
compared to EUR 1.58 in 2023.
The consolidated revenue amounted to
EUR 591.4 million in 2024 compared to EUR 563.1 million
in2023(increaseofEUR28.3million).Thisincrease
inrevenueismainly duetotheincreaseinpricesfor
EUR 53.9 million, to the higher quantities sold for
EUR34.2millionwhereasthevariationoftransactional
currencyversusEuronegativelyimpactedtherevenues
for EUR 60.6 million (mainly in Nigeria).
Likewise, the operating profit increased to
EUR118.6million,compared to EUR 105.2millionin
2023.
Otherfinancialincome amountedtoEUR31.7 million
comparedtoEUR22.9millionin2023andconsisted
mainlyofforeignexchangegainsofEUR28.4million
compared to EUR 22.2 million in 2023.
Financial expenses amounted to EUR 37.0 million
comparedtoEUR43.0millionin2023andconsisted
mainly of interest expense for EUR 11.2 million
(EUR14.7million in2023) andforeign exchangelosses
of EUR 25.2 million (EUR 26.8 million in 2023).
Furthermore, the tax expenseincreased, with income
taxes amounting to EUR 37.7 million compared to
EUR 36.6 million in 2023.
Profit for the period from associates attributable to
theGroupdecreasedtoEUR4.7millioncomparedto
EUR 6.0 million in 2023.
Consolidated statement of financial position
The assets of Socfinaf consist of:
- Non-currentassetsofEUR599.6millioncompared
to EUR 600.1 million in 2023, a decrease of
EUR 0.5 million mainly due to the decrease of
biological assets for EUR -11.4 million and to the
increaseofdeferredtaxassetsfor EUR+9.7 million;
- CurrentassetsthatamountedtoEUR198.9million
comparedtoEUR190.5millionin2023.Thisincrease
ofEUR8.4millionismainlyduetotheincreaseinthe
valueofinventoryforEUR13.3millionandtothe
decrease in other receivables for EUR -7.4 million.
Theshareholders’equityamountedtoEUR421.8million
comparedtoEUR363.9million in2023.Thisincreasein
theshareholder’sequityofEUR57.9millionismainly
duetothe profitfortheperiod:EUR 56.8million (2023:
EUR28.2million),totheimpactofhyperinflationfor
EUR 7.2 million and to the change in the translation
reserve for EUR -5.6 million.
Based on consolidated shareholders’ equity, the
net value per share
G
attributable to the Group was
EUR23.65comparedtoEUR20.40ayearearlier.On
31December2024,thesharepricestoodatEUR12.10.
Current and non-current liabilities decreased to
EUR 273.4 million compared to EUR 332.8 million a
year earlier.
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Financial debts decreased to EUR 98.5 million in
2024 compared to EUR 166.9 million in 2023. This
mainly consists of loans to Socfinaf from Socfin for
EUR 30.0 million and advances from shareholders
amounting to EUR 40.0 million, as well as the non-
current and current portion of bank loans for an
amount of EUR 18.4 million.
DeferredtaxliabilitiesincreasedtoEUR27.7million
compared to EUR 24.6 million in 2023. Current tax
liabilitiesincreasedtoEUR31.0millioncomparedto
EUR 28.7 million in 2023.
Net debt before IFRS adjustments
G
amounts to
EUR 50.4 million versus EUR 113.4 million as at
31 December 2023.
Consolidated cash flows
Asat31December 2024, cash and cash equivalents
amounted to EUR 35.4 million, a decrease of
EUR0.8millionfortheyearcomparedtoadecrease
of EUR 16.7 million in the previous financial year.
Net cash flows from operating activities amounted
to EUR 145.2 million during the financial year 2024
(EUR 147.0 million in 2023). This resulted mainly
from self-financing capacity of EUR 174.0 million
(EUR 176.9 million in 2023), EUR 30.0 million of
income tax paid and EUR -9.7 million change in
working capital.
Netcashflowsfrominvestingactivitiesamountedto
EUR-43.7million(EUR-48.5millionin2023).These
activities are largely influenced by acquisitions of
tangible fixed assets amounting to EUR 49.3 million
(EUR 45.8 million in 2023).
Cash flows from financing activities amounted to
EUR99.2 million(EUR 105.5million in2023),and are
mainly due to net reimbursement of borrowings for
EUR68.1million(comparedtoanetreimbursement
in2023forEUR 63.1million) andto thedividendspaid
for EUR 16.2 million (EUR 23.1 million in 2023).
2. Financial instruments
Financialriskmanagementpoliciesaredescribedinthenotestotheconsolidatedfinancialstatementsofthe
Company (see Notes 24 and 33).
3. Outlook 2025
The results for the next financial year will largely
depend on factors that are external to the Group’s
management such as the prevailing political and
economic conditions in the countries where the
subsidiariesareestablished,thechangesintheprice
of rubber and palm oil, but also the price of the
US dollar against the Euro. The Group, for its part,
maintainsitspolicyofkeepingcostpricesaslowas
possible and of improving its production capacity.
4. Political and economic environment
The Company holds interestsin subsidiaries operating
in Africa.
Giventhe economicand politicalinstability insome
of the African countries (Sierra Leone, Liberia,
Côte d’Ivoire, Ghana, Nigeria, Cameroon, São Tomé
and DRC), these holdings present a risk in terms of
exposure to political and economic changes.
Due to the geopolitical tensions, since 2022, there
has been a significant increase in volatility on the
securities and currency markets. The conflicts have
hadasignificant impacton thefinancialmarkets,with
many investors concerned about the risk of further
escalation andthe ensuing impacton global tradeand
economic growth.
Although the aforementioned aspects have not
significantly impacted the company’s operations nor
performance and going concern during 2024, the
BoardofDirectorscontinuestomonitortheevolving
situation and its impact on the company’s financial
position and results.
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Consolidated management report
5. Events after the closing date
There  are  no  material  events  after  the  closing  date  to  mention.
6. Corporate governance
The Board of Directors implements the corporate
governance rules that are applicable in the Grand
Duchy of Luxembourg into the Group’s financial
structure  and  reports.
Further information on how these rules are
implemented  isavailable  in  thecorporate  governance
statementoftheannualreportandinthemanagement
report on the Company’s stand-alone financial
statements.
7. General internal control system adapted to the group’s specific activities
1 Risk Assessment
Potential risks relevant to the group’s activities
(includingfinancial,operational,andcompliancerisks)
are identified. Once residual risks are assessed and
foundtobeexceedingtheriskappetite,strategiesare
also  implementedto  mitigate  identifiedrisks,  such  as
implementingsecuritymeasures,creating  redundancy
inoperations, or adopting technologicalsolutionsto
reduce  human  error.
2 Control Activities
Key controls are in place to manage risks within
acceptable  boundaries(in  linewith  therisk  appetite).
Most  important  key  controls  are:
Compliance with Laws and Regulations
LegalFramework:the  internalcontrolsystemassesses
compliancewith relevant lawsand regulations.This
comprises  but  itis  not  limited  tolabor  laws,  financial
regulations,  and  data  protection  laws.
Regulatory Updates: the Group stays abreast ofthe
impact that changes to laws and regulations could
induce  in  the  internal  control  system.
Segregation of functions
Thesegregationoftheoperational,commercialand
financialfunctionsimplementedateachlevelofthe
Group encourages an autonomous model of internal
control.
In  eachoftheir  areaof  responsibility,these  different
functions ensure the completeness and reliability
of information. They provide regular updates on
this aspect to local managers and to the Group’s
headquarters,on information related toagricultural
and industrial production, trade, human resources,
finance,  etc.
Authorisation and Approval Processes: clear
procedures are set for approving transactions and
decisions, including authorisation limits, to prevent
unauthorised  or  inappropriate  actions.
Physical Controls are implemented on an ongoing
basistosafeguardassets,suchassecurestoragefor
inventory,accesscontrolsforsensitivesystems,and
regular  inventory  checks.
IT Controls: cybersecurity and IT security protocols
areestablishedandcontinuouslyreinforced,suchas
user access controls, and data backup and recovery
processes to protect data integrity and prevent
unauthorised  access.
Preventive and Detective Controls: include both
preventive controls (e.g., user authentication) and
detective controls (e.g., periodic audits) to foresee
potential  or  emerging  risks.
3 Cross-Functional Collaboration
Autonomy and accountability of subsidiaries
The operational entities have a large degree of
autonomy in their management due to geographical
distances. In particular, they are responsible for
the implementation of an internal control system,
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whichis adapted not onlyto the nature andextent
oftheiractivity,butalsototheoptimisationoftheir
operations  andfinancial  performances,the  protection
of  their  assets  and  the  management  of  their  risks.
This autonomy allows the entities to be more
accountable and to ensure consistency between
theirpracticesandthelegalframeworkoftheirhost
country.
Despite this autonomy, policies and procedures
are transversal to operational entities (if and when
possible),aimingtostreamlinecontrolsandleverage
synergies.
Centralised control
The top management of the entities within the
Group carry out/adhere to a Human Resources
Management policy, which is centralised at the
Group’s  headquarters.
Thispolicycontributestothesmoothrunningofthe
internalcontrolsystemandensuresitseffectiveness
through different practices such as independent/
autonomousrecruitingprocesses,theharmonisationof
allsegregatedfunctions,aswellasannual  evaluations
and  training  programs.
The operational, commercial and financial functions
centrallydefineasetofstandard  reportswhichensure
that information originating from the subsidiaries is
presented  homogenously.
4 Information and Communication (including
reporting system)
Treasury reporting process
The treasury department organises, supervises and
controls the reporting of the subsidiaries’ daily
information and weekly indicators. In particular, it
monitorsthepositionofthecashflow,theevolutionof
netdebtand  theexpenses  relatedtotheinvestments.
Financial reporting process
The financial department organises, supervises
and controls the reporting of monthly accounting,
budgetary and financial information. It distributes
condensedreports  forusebythe  Group’s  operational
management.
Twiceperyear,itincludesthisinformationinthelong-
term development plan of the subsidiaries. It also
ensures  theimplementation  ofthe  financialdecisions
taken  by  the  subsidiaries’Board  of  Directors.
Preparation of consolidated accounts
Theconsolidatedfinancialstatementsarepreparedon
ahalf-yearlybasis.  Ona  yearlybasis,  theyareaudited
annually  bythe  external  auditorsas  partof  afinancial
auditof  subsidiaries,which  coversboththe  statutory
accountsofthe  entitiesinthescopeofconsolidation
and  the  consolidated  financial  statements.
Once approved by the Board of Directors, they are
published.
The consolidation department of the Group
guarantees homogeneity and treatment monitoring
for  all  companieswithin  the  scope  ofconsolidation.  It
strictlyadherestotheaccountingstandardsinforce
relatingto  consolidationoperations.It  usesastandard
consolidationtoolto  ensureanumberofprocedures,
such as the secure processing of information
feedback from subsidiaries, the transparency and
relevance of automatic consolidation processes
and the consistency of the accounting aggregates’
presentationintheannualreport.Lastly,duetothe
complexityofthe accountingstandardsinforceand
the many specificities around their implementation,
theconsolidationservicecentralisestheadjustments
specific to the valuation rules applicable to the
consolidated  financial  statements.
5 Monitoring
Ongoing Monitoring: Controls performance is
monitoredthroughoutautomatedsystemsormanual
checks, including compliance with policies and
procedures  or  evaluating  financial  reports.
InternalAudits:internalauditsareconductedregularly
toassessthe  effectivenessofcontrols,identifyareas
for further improvement, ensure compliance and
follow-up  on  corrective  actions  status.
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Consolidated management report
8. Environment and social responsibility
Alongwithitsspecificcommitmenttotransparency,the
responsible  management  policy  embodies  the  Group’s
three pillars of commitment: rural development,
workers and local communities, and environment.
These commitments form the basis of key initiatives
aimedatimprovinglong-term  economicperformance,
social  well-being,health,  safetyand  naturalresource
management.
An implementation plan for this policy was defined
and  implemented  since  2022.
A regularly-updateddashboardaswellasaseparate
annual report (“Sustainability Report”) detail the
efforts  andactions  undertaken  bythe  Socfin  Groupin
relation  to  this  policy.
The responsible management policy, the dashboard
andtheannualSustainabilityReportareavailableon
the  Group’s  website.
The Board of Directors
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Auditor’s report on the consolidated financial statements
Independent auditor’s report
To the Shareholders of
Socfinaf S.A.
4Avenue Guillaume
L-1650-Luxembourg
REPORT ON THE AUDIT OF THE CONSOLIDATED FINANCIAL STATEMENTS
Opinion
We have audited the consolidated financial
statements of Socfinaf S.A. (the “Company”) and
its subsidiaries (the “Group”), which comprise the
consolidatedstatementoffinancialpositionasat31
December 2024, and the consolidated statement of
comprehensive income, the consolidated statement
ofchangesinequityandtheconsolidatedstatement
ofcashflowsfortheyearthenended,andthenotes
to the consolidated financial statements, including
material accounting policy information.
In our opinion, the accompanying consolidated
financialstatementsgiveatrueandfairviewofthe
consolidatedfinancialpositionoftheCompanyasat
31December2024, and ofitsconsolidated financial
performance and consolidated cash flowsfor the year
then endedin accordancewith InternationalFinancial
Reporting Standards (“IFRS”) as adopted by the
European Union.
Basis for opinion
Valuation of biological assets
Risk identified
As at 31 December 2024, the value of the Group’s
biologicalassetsamountedto EUR288.6 millionout of
total assets of EUR 798.5 million.
The Group owns biological assets in Africa. These
biological assets, whichconsist mainlyof oil palmand
rubber plantations, are valued in accordance with
theprinciplesdefinedinIAS16“Property,Plantand
Equipment”.Theseassetsarerecognisedatcostless
accumulated depreciationand any impairmentlosses.
Thenote8 “Impairmentof assets”oftheconsolidated
financialstatementsdescribesthemethodologyused
by Groupmanagement toassess whetherthere isany
indicatorofimpairmentoranyindicatorofimpairment
reversal at thebalance sheetdate. When anindicator
is identified, Group management determines the
recoverableamountofthebiologicalassetsandthus
determines the impairment loss or the reversal of
impairment to be recognised, if any.
The indicators used by Group Management are:
• a decrease or an increase of the listed price of
naturalrubber(TSR201
st
positiononSGX)andthe
listedpriceof crudepalm oil(CIF Rotterdam) atthe
balancesheetdatehigherthan15%comparedtoa
five-year average of the prices observed on those
markets
• a decreaseor anincrease of thesix-month average
of the pricesobserved of those marketshigher than
15%comparedtoafive-yearaverageoftheprices
observed on those markets
• a decrease or an increase of the twelve-month
averageof thepricesobservedof thosemarketsof
morethan15%comparedtoafive-yearaverageof
the prices observed on those markets
Forpalmoil,whichis mainlysoldonlocalmarkets,
Group Management also analyses local sales prices,
considering that a decrease or an increase in these
prices at the balance sheet date higher than 15%
compared to a five-year average value of the local
prices constitutes an indicator of impairment or an
indicator of impairment reversal respectively.
In addition to these external factors, the Group
analyses the following internal performance
indicators:
- Specificities of the local market (evolution of
supply and demand,...);
- Physical indications of impairment;
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Auditor’s report on the consolidated financial statements
- Significantchangesintheplantationsthatcould
have  a  material  impact  on  future  cash  flows.
Therecoverableamountisdeterminedasthehigher
of the value in use and the fair value less costs of
disposal. The value in use is defined in terms of
discounted future net cash flows and involves
significant judgements and estimations by Group
Management, including financial forecasts and the
utilization  of  appropriate  discount  rates.
We  considered  the  valuation  of  biological  assets  to  be
a  key  audit  issue  because  of:
- theirsignificanceinrelationtotheGroup’stotal
assets
- theassessmentofwhetherthere  isanyindicator
of impairment or any indicator of impairment
reversal;  and
- the determination of their recoverable amount
which involves significant judgements and
estimates.
Audit response
Inordertoassessthereasonablenessofanindicator
ofimpairmentor  anindicatorofimpairmentreversal
and,whereappropriate,todeterminetherecoverable
amount of biological assets, we performed the
following  audit  procedures:
• Assess the compliance of Group’s management’s
methodology with the provisions of IAS 36
“Impairment  ofAssets”;
• Analyze the methodology used with a particular
focus on the indicators of impairment or on the
indicators  of  impairment  reversal;
• Analyze the completeness of indicators of
impairment  or  indicators  of  impairment  reversal:
- Evaluating the assessment performed by
Group management to identify the existence
of indicators of impairment or indicators of
impairment  reversal  by  comparing  the  underlying
dataoftheanalysiswiththesourceofthedata
used;
- Comparing the evolution of yields per hectare;
and
- Overseeing the audit work of the components
auditors of material subsidiaries to identify any
indicators of impairment or any indicators of
impairmentreversal,includingthatsitevisitsof
the  plantations  have  been  carried  out;
• Incaseofidentificationofanindicatorofimpairment
or  an  indicator  of  impairment  reversal,  we:
- Assess the appropriateness of the methodology
applied by Group Management to determine
the recoverable value of the biological assets
andtheaccuracyofanyimpairmentlossorany
impairment  reversal  recorded;
- Analyze the reasonableness of the cash flow
forecastsusedbyGroupManagementtodetermine
the  value  in  use  of  the  biological  assets;
- Assess  the  reasonableness  ofthe  assumptionsand
inputs  used  by  Group  management;  and
- Reconcilethekeyinputsusedinthemodelwith
informationauditedbythecomponentsauditors
of  material  subsidiaries.
• Assess whether the disclosures required by IAS 36
“Impairment of Assets” for biological assets are
properlydisclosedinthenotesoftheconsolidated
financial  statements.
Other information
The Board of Directors is responsible for the other
information. The other information comprises the
informationincludedintheconsolidated  management
report and the corporate governance statement but
doesnotincludetheconsolidatedfinancialstatements
and our report of “réviseur d’entreprises agréé”
thereon.
Ouropinionontheconsolidatedfinancialstatements
doesnotcovertheotherinformationandwedonot
express  any  form  of  assurance  conclusion  thereon.
In connection with our audit of the consolidated
financialstatements,ourresponsibilityistoreadthe
otherinformationand,indoingso,considerwhether
the other information is materially inconsistent
with the consolidated financial statements or our
knowledge  obtained  inthe  auditor  otherwise  appears
tobemateriallymisstated.If,basedontheworkwe
have  performed,  we  conclude  that  there  is  a  material
misstatement of this other information, we are
requiredtoreport  thisfact.Wehave  nothingtoreport
in  this  regard.
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Auditor’s report on the consolidated financial statements
Responsibilities of the Board of Directors and
of those charged with governance for the
consolidated financial statements
The Board of Directors is responsible for the
preparationand  fairpresentation  oftheconsolidated
financial statements in accordance with IFRS as
adopted by the European Union or IFRSAccounting
Standards as adopted by the European Union, and
for such internal control as the Board of Directors
determinesisnecessarytoenablethepreparationof
consolidatedfinancialstatementsthatarefreefrom
materialmisstatement,whetherduetofraudorerror.
TheBoardofDirectorsisalsoresponsibleforpresenting
and  markingup  the  consolidatedfinancial  statements
in compliance with the requirements set out in the
Delegated Regulation 2019/815 on European Single
Electronic  Format,  as  amended  (“ESEF  Regulation”).
In preparing the consolidated financial statements,
the Board of Directors is responsible for assessing
the Group’s ability to continue as a going concern,
disclosing, as applicable, matters related to going
concern and using the going concern basis of
accountingunlesstheBoardofDirectorseitherintends
toliquidatetheCompanyortocease operations,or
has  no  realistic  alternative  but  to  do  so.
Those charged with governance are responsible for
overseeing  the  Group’s  financial  reporting  process.
Responsibilities of the “réviseur d’entreprises
agréé” for the audit of the consolidated
financial statements
Theobjectivesofourauditaretoobtainreasonable
assurance about whether the consolidated financial
statements as a whole are free from material
misstatement,whetherduetofraudorerror,andto
issue a report of the “réviseur d’entreprises agréé”
thatincludesouropinion.Reasonableassuranceisa
highlevelof assurance, but is not a guaranteethat
an  auditconductedin  accordancewithEU  Regulation
N°537/2014, the Law of 23July2016andwith the
ISAs as adopted for Luxembourg by the CSSF will
always detect a material misstatement when it
exists. Misstatements can arise from fraud or error
andareconsideredmaterialif,individuallyorinthe
aggregate, they could reasonably be expected to
influence the economic decisions of users taken on
the  basis  of  these  consolidated  financial  statements.
AspartofanauditinaccordancewithEURegulation
N°537/2014,theLawof23July2016andwithISAs
asadoptedforLuxembourgbytheCSSF,weexercise
professional judgment and maintain professional
skepticism  throughout  the  audit.  We  also:
• Identifyandassesstherisksofmaterialmisstatement
of the consolidated financial statements, whether
due to fraud or error, design and perform audit
procedures responsive to those risks, and obtain
audit evidence that is sufficient and appropriate
toprovideabasisforouropinion.Theriskofnot
detecting a material misstatement resulting from
fraud is higher than for one resulting from error,
asfraudmayinvolvecollusion,forgery,intentional
omissions, misrepresentations, or the override of
internal  control.
• Obtainanunderstandingofinternalcontrolrelevant
to the audit in order to design audit procedures
that are appropriate in the circumstances, but not
for the purpose of expressing an opinion on the
effectiveness  of  the  Group’s  internal  control.
• Evaluate the appropriateness of accounting
policiesusedand  thereasonablenessofaccounting
estimates and related disclosures made by the
Board  of  Directors.
• Conclude on the appropriateness of Board of
Directors’ useofthegoingconcernbasisofaccounting
and,basedontheauditevidenceobtained,whether
a material uncertainty exists related to events or
conditions that may cast significant doubt on the
Group’s ability to continue as a goingconcern. If
we conclude that a material uncertainty exists,
wearerequiredtodrawattentioninourreportof
the “réviseur d’entreprises agréé” to the related
disclosures  in  the  consolidated  financial  statements
or, if such disclosures are inadequate, to modify
our  opinion.  Our  conclusions  are  based  on  the  audit
evidenceobtaineduptothedateofourreportof
the“réviseurd’entreprises  agréé”.However,future
eventsorconditions  maycausetheGrouptocease
to  continue  as  a  going  concern.
• Evaluate the overall presentation, structure and
content of the consolidated financial statements,
including the disclosures, and whether the
consolidated financial statements represent the
underlyingtransactions  andevents  inamannerthat
achieves fair presentation.
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Auditor’s report on the consolidated financial statements
• Assess whether the consolidated financial
statements have been prepared, in all material
respects,in  compliancewiththerequirementslaid
down  in  the  ESEF  Regulation.
• Obtain sufficient appropriate audit evidence
regardingthe financial information of the entities
andbusinessactivitieswithintheGrouptoexpress
anopinionontheconsolidatedfinancialstatements.
We are responsible for the direction, supervision
and performance of the Group audit. We remain
solely  responsible  for  our  audit  opinion.
We  communicate  withthose  charged  with  governance
regarding, among other matters, the planned scope
andtiming  oftheauditandsignificantaudit  findings,
including any significant deficiencies in internal
control  that  we  identify  during  our  audit.
Wealsoprovidethosechargedwithgovernancewith
a statement that we have complied with relevant
ethical requirements regarding independence, and
communicate to them all relationships and other
matters that may reasonably be thought to bear on
our independence, and where applicable, related
safeguards.
Fromthematterscommunicatedwiththosecharged
with governance, we determine those matters
that were of most significance in the audit of the
consolidatedfinancialstatementsofthecurrentperiod
and  are  thereforethe  key  audit  matters.Wedescribe
thesematters inourreportunlesslaworregulation
precludes  public  disclosure  about  the  matter.
Report on other legal and regulatory
requirements
We have been appointed as “réviseur d’entreprises
agréé”  by  theGeneral  Meeting  of  theShareholders  on
26 May 2020 and the duration of our uninterrupted
engagement, including previous renewals and
reappointments, is 5 years.
The consolidated management report is consistent
with the consolidated financial statements and has
been prepared in accordance with applicable legal
requirements.
The accompanying corporate governance statement
on pages 30 to 35 is the responsibility ofthe Board
of Directors. The information required by article
68ter paragraph (1) letters c) and d) of the law of
19December  2002onthecommercialand  companies
register and on the accounting records and annual
accountsofundertakings,asamended, is consistent
with the consolidated financial statements and has
been prepared in accordance with applicable legal
requirements.
Wehave  checkedthecomplianceof  theconsolidated
financialstatementsoftheGroupasat31December
2024 with relevant statutory requirements set out
in the ESEF Regulation that are applicable to the
financial  statements.  For  the  Group,  it  relates  to:
Financial  statements  prepared  in  valid  xHTMLformat;
• The XBRL markup of the consolidated financial
statements using the core taxonomy and the
common rules on markups specified in the ESEF
Regulation.
Inouropinion,theconsolidatedfinancialstatements
of the Group as at 31 December 2024, identified as
Socfinaf  2024Annual  Report.zip,  have  been  prepared,
in all material respects, in compliance with the
requirements  laid  down  in  the  ESEF  Regulation.
Weconfirmthattheauditopinionisconsistentwith
the additional report to the audit committee or
equivalent.
We confirm that the prohibited non-audit services
referred to in EU RegulationNo 537/2014 were not
provided and that we remained independent of the
Group  in  conducting  the  audit.
Ernst  &  Young
Société  anonyme
Cabinet  de  révision  agréé
Anthony  Cannella
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Consolidated financial statements
1. Consolidated statement of financial position
31/12/2024 31/12/2023
EUR Note
ASSETS
Non-Current Assets
Right-of-use  assets 3 31,473,450 29,232,550
Intangible  assets 4 807,053 991,732
Property,  plant  and  equipment 5 227,382,537 232,787,778
Non-current  biological  assets 6 288,576,982 299,988,603
Investments in associates 10 28,728,462 24,499,660
Financial  assets  at  fair  value  through  other  comprehensive  income 11 4,800,038 4,800,038
Long-term  advances 1,746,434 2,015,903
Deferred  tax  assets 12 12,390,875 2,735,633
Other non-current assets 3,710,342 3,089,715
599,616,173 600,141,612
Current Assets
Inventories 15 102,053,768 88,736,703
Current  biological  assets 2,336,552 2,129,780
Trade  receivables 16 32,267,503 27,235,836
Other  receivables 17 15,728,504 23,131,220
Current  tax  assets 13 6,066,013 9,549,095
Cash  and  cash  equivalents 18 40,464,609 39,741,654
198,916,949 190,524,288
Assets  classified  as  held  for  sale 36 0 6,313,418
TOTAL ASSETS 798,533,122 796,979,318
The  accompanying  notes  form  an  integral  part  of  these  consolidated  financial  statements.
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47
Consolidated financial statements
31/12/2024 31/12/2023
EUR Note
EQUITY AND LIABILITIES
Equity attributable to the owners of the Parent
Share  capital 19 35,673,300 35,673,300
Share premium 19 87,453,866 87,453,866
Legal  reserve 20 3,567,330 3,567,330
Consolidated  reserves 365,505,196 330,567,274
Translation  reserves -127,246,943 -121,624,614
Profit  /  (loss)  for  the  period 56,798,533 28,248,339
421,751,282 363,885,495
Non-controlling  interests 9 103,401,281 100,045,115
Total Equity 525,152,563 463,930,610
Non-Current Liabilities
Deferred  tax  liabilities 12 27,671,802 24,585,197
Employee  Benefits  Obligations 21 13,166,746 12,501,274
Long-term  debt,  net  of  current  portion 22 38,354,164 102,778,317
Long-term  lease  liabilities 3 26,184,654 24,950,880
Other  payables 23 1,321,911 1,332,110
106,699,277 166,147,778
Current Liabilities
Short-term  debt  and  current  portion  of  long-term  debt 22 60,106,451 64,103,627
Short-term  lease  liabilities 3 3,274,791 2,778,042
Trade  payables 23 51,399,394 46,397,043
Current  tax  liabilities 13 30,985,675 28,701,137
Provisions 713,520 597,934
Other  payables 23 20,201,451 24,038,868
166,681,282 166,616,651
Liabilities  associated  with  assets  classified  as  held  for  sale 36 0 284,279
TOTAL EQUITY AND LIABILITIES 798,533,122 796,979,318
The  accompanying  notes  form  an  integral  part  of  these  consolidated  financial  statements.

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Socfinaf S.A.
Consolidated financial statements
2. Consolidated income statement
2024 2023
EUR Note
CONSOLIDATED INCOME STATEMENT
Revenue 32 591,382,950 563,066,846
Change  in  inventories  of  finished  products  and  work  in  progress 4,512,935 9,185,214
Other  operational  income 32 5,874,049 11,671,635
Raw  materials  and  consumables  used 32 -195,778,485 -198,032,506
Other  expenses 32 -127,360,230 -118,502,853
Staff costs 25 -78,567,156 -78,909,883
Depreciation  and  impairment  expense 7 -59,831,038 -68,590,445
Other  operating  expenses 32 -21,640,479 -14,677,733
Operating profit / (loss) 118,592,546 105,210,275
Other  financial  income 26 31,659,474 22,852,327
Gain  on  disposals 2,489,172 153,578
Loss  on  disposals -1,942,031 -342,369
Financial  expenses 27 -36,982,026 -43,023,377
Profit / (loss) before taxes 113,817,135 84,850,434
Income  tax  expense 14 -37,722,511 -36,557,147
Deferred  tax  (expense)  /  income 12 1,004,672 -4,971,264
Share  of  the  Group  in  the  result  from  associates 10 4,681,925 6,002,745
Profit / (loss) for the period 81,781,221 49,324,768
Profit / (loss) attributable to non-controlling interests 24,982,688 21,076,429
Profit / (loss) attributable to the owners of the Parent 56,798,533 28,248,339
Basic earnings per share undiluted 3.18 1.58
Number of Socfinaf shares 17,836,650 17,836,650
Basic  earnings  per  share 3.18 1.58
Diluted  earnings  per  share 3.18 1.58
The  accompanying  notes  form  an  integral  part  of  these  consolidated  financial  statements.

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Consolidated financial statements
3. Consolidated statement of comprehensive income
2024 2023
EUR Note
Profit / (loss) for the period 81,781,221 49,324,768
Other comprehensive income
Actuarial  gains  /  (losses) 21 -631,048 -1,468,299
Deferred  tax  on  actuarial  losses  and  gains 105,776 602,097
Subtotal of items that cannot be reclassified to profit or loss -525,272 -866,202
Gains  /  (losses)  on  exchange  differences  on  translation  of  subsidiaries  (*) -11,046,121 -62,323,635
Share  of  other  comprehensive  income  related  to  associates 10 0 -337,884
Subtotal of items eligible for reclassification to profit or loss -11,046,121 -62,661,519
Total other comprehensive income -11,571,393 -63,527,721
Total comprehensive income 70,209,828 -14,202,953
Comprehensive income attributable to non-controlling interests 19,567,258 6,403,098
Comprehensive income attributable to the owners of the Parent 50,642,570 -20,606,051
(*)
In2023,  EUR–33.1million  relatingto  Okomuand  EUR-13.6million  relatingto  PSG(following  the  importantdevaluation  of
the  Naira  and  the  Cedi  during  the  period,  refer  to  Note1.8).
The  accompanying  notes  form  an  integral  part  of  these  consolidated  financial  statements.

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Socfinaf S.A.
Consolidated financial statements
4. Consolidated statement of cash flows
2024 2023
EUR Note
Operating activities
Profit / (loss) attributable to the owners of the Parent 56,798,533 28,248,339
Profit / (loss) attributable to non-controlling shareholders 24,982,688 21,076,429
Income from associates 10 -4,681,925 -6,002,745
Dividends received from associates 10 3,894,328 8,292,174
Fair value of agricultural production 15 -7,419,470 9,659,361
Other adjustments having no impact on cash position -4,760,018 4,310,632
Depreciation and impairment expense 7 59,831,038 68,590,445
Provisions and allowances 9,187,905 1,011,683
Net loss on disposals of assets -547,141 188,791
Income tax expense and deferred tax 36,717,839 41,528,411
Cash flows from operating activities 174,003,777 176,903,520
Interest expense 26,27 10,814,827 14,238,101
Income tax paid 14 -29,964,975 -35,155,555
Change in inventory -10,971,406 -5,993,340
Change in trade and other receivables -2,337,209 -14,979,594
Change in trade and other payables 412,813 9,116,206
Change in accruals and prepayments 3,218,205 2,830,778
Change in working capital requirement -9,677,597 -9,025,950
Net cash flows from operating activities 145,176,032 146,960,116
Investing activities
Acquisitions / disposals of intangible assets -1,750 -15,444
Acquisitions of property, plant and equipment and biological assets 5, 6 -49,265,156 -45,765,516
Disposals of property, plant and equipment 1,397,979 1,553,935
Acquisitions / disposals of financial assets 10 3,730,337 -4,741,780
Interest received 26 392,745 419,665
Net cash flows from investing activities -43,745,845 -48,549,140
Financing activities
Dividends paid to non-controlling shareholders 9 -16,193,550 -23,106,115
Proceeds from borrowings 22 3,147,023 3,564,029
Repayment of borrowings 22 -71,246,192 -66,681,107
Repayment of lease liabilities 22 -3,704,820 -4,623,622
Interest paid 27 -11,207,571 -14,657,766
Net cash flows from financing activities -99,205,110 -105,504,581
Effect of exchange rate fluctuations -3,057,847 -9,216,071
Effect of cash linked to assets held for sale 0 -361,169
Net cash flow -832,770 -16,670,845
Cash and cash equivalents as at 1 January 18 36,271,288 52,942,133
Cash and cash equivalents as at 31 December 18 35,438,518 36,271,288
Net increase / (decrease) in cash and cash equivalents -832,770 -16,670,845
The accompanying notes form an integral part of these consolidated financial statements.

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Consolidated financial statements
5. Consolidated statement of changes in equity
EUR
Share
capital
Share
premium
Legal
reserve
Translation
reserves
Consoli-
dated
reserves
Equity
attributable
to the
owners of
the Parent
Non-
controlling
interests
TOTAL
EQUITY
Balance as at 1 January 2023
35,673,300 87,453,866 3,567,330 -70,699,935 312,566,602 368,561,163 116,745,946 485,307,109
Profit  /  (loss)  for  the  period
28,248,339 28,248,339 21,076,429 49,324,768
Actuarial  (losses)  /  gains
-490,124 -490,124 -376,078 -866,202
Foreign  currency  translation  adjustments
-48,026,382 -48,026,382 -14,297,253 -62,323,635
Transfer between reserves
-2,898,297 2,898,297 0 0
Share in other comprehensive income
from associates
-337,884 -337,884 -337,884
Total comprehensive income
-50,924,679 30,318,628 -20,606,051 6,403,098 -14,202,953
Dividends  (Note9)
0 0 -20,924,672 -20,924,672
Interim  dividends  (Note9)
0 0 -2,181,443 -2,181,443
Hyperinflation
G
15,923,481 15,923,481 15,923,481
Other movements
6,902 6,902 2,186 9,088
Transactions with shareholders
0 15,930,383 15,930,383 -23,103,929 -7,173,546
Balance as at 31 December 2023
35,673,300 87,453,866 3,567,330 -121,624,614 358,815,613 363,885,495 100,045,115 463,930,610
Balance as at 1 January 2024
35,673,300 87,453,866 3,567,330 -121,624,614 358,815,613 363,885,495 100,045,115 463,930,610
Profit  /  (loss)  for  the  period
56,798,533 56,798,533 24,982,688 81,781,221
Actuarial  (losses)  /  gains
-533,634 -533,634 8,362 -525,272
Foreign  currency  translation  adjustments
-5,622,329 -5,622,329 -5,423,792 -11,046,121
Total comprehensive income
-5,622,329 56,264,899 50,642,570 19,567,258 70,209,828
Dividends  (Note9)
0 0 -14,209,074 -14,209,074
Interim  dividends  (Note9)
0 0 -2,002,033 -2,002,033
Hyperinflation
7,240,909 7,240,909 0 7,240,909
Other movements
-17,692 -17,692 15 -17,677
Transactions with shareholders
0 7,223,217 7,223,217 -16,211,092 -8,987,875
Balance as at 31 December 2024
35,673,300 87,453,866 3,567,330 -127,246,943 422,303,729 421,751,282 103,401,281 525,152,563
The  accompanying  notes  form  an  integral  part  of  these  consolidated  financial  statements.

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Consolidated financial statements
6. Notes to the consolidated financial statements
Note 1. Overview and accounting policies
1.1. Overview
Socfinaf   S.A. (the “Company”) was incorporated
on 22 October 1961. Its corporate purpose qualifies
it as a holding company “soparfi”
G
(terms having
a
G
are explained part “Glossary” atthe end of the
annual report) since theAnnual General Meeting of
10January2011.Theregisteredofficeisestablished
at4,  avenue  Guillaume,  L-1650  in  Luxembourg.
The  mainactivity  ofthe  Company  andits  subsidiaries
(the “Group”) is the management of a portfolio of
holdings that mainly focus on the exploitation of
tropical  oil  palm  and  rubber  plantations  inAfrica.
Socfinaf is controlled by
Société Financière des
Caoutchoucs
, abbreviated as “Socfin” which is the
largest  entitythatconsolidates.  The  registeredoffice
of the latter company is also located at 4, avenue
Guillaume,  L-1650  in  Luxembourg.
The Company is listed on the Luxembourg Stock
Exchange under ISIN code: LU0056569402 and is
registered in the commercial register under the
number B6225.
1.2. Statement of compliance
The consolidated financial statements have been
preparedonagoingconcernbasisandinaccordance
withInternationalFinancialReportingStandards(IFRS)
asadoptedbytheEuropeanUnion.
Theconsolidated
financial statements are presented in euros and
rounded to the nearest whole number, the euro
beingthefunctionalcurrencyoftheparentcompany
Socfinaf  and  of  the  Group’s  presentation  currency.
On3  April2025,theBoardofDirectorsapprovedthe
consolidated  financial  statements.
Inconformitywiththecurrentlegislationexistinginthe
Grand  Duchy  of  Luxembourg,  the  financial  statements
will be approved by the shareholders during the
AnnualGeneralMeeting.Theofficial  versionofthese
financial statements is the ESEF
G
version available
with  the  OfficiallyAppointed  Mechanism  (OAM)  tool.
New standards and amendments issued but not yet
effective on 1 January 2024:
The Group does not expect the adoption of the
standards and amendments described below to
haveamaterialimpact on its consolidated financial
statements,nordoes  itanticipatetheearlyadoption
of new accounting standards, amendments and
interpretations.
- On25  August2023,  theIASBissuedamendmentsto
IAS21  “LackofExchangeability”.  Theamendments
clarify how an entity should assess whether a
currencyisexchangeable,howit  shoulddetermine
a spot exchange rate when exchangeability is
lacking, and specify information disclosures to
enableusersoffinancialstatementstounderstand
theimpactofacurrencynotbeingexchangeable.
The amendments will be applied prospectively
to annual reporting periods beginning on or after
1  January  2025,  with  early  adoption  permitted.
New IFRS standards, amendments and
interpretations not yet endorsed by the European
Union:
The Group is currently assessing the impacts the
amendments described below will have on the
primary financial statements and notes to the
financialstatements,nordoesitanticipatetheearly
adoption of new accounting standards, amendments
and  interpretations.
- On 9 April 2024, the IASB issued IFRS 18, which
replacesIAS1Presentation  ofFinancial  Statements.
IFRS  18  introduces:
- New requirements for presentation within the
statement of profit or loss, including specified
totals  and  subtotals.
- Entities are required to classify all income
and expenses within the statement of profit
or loss into one of five categories: operating,
investing, financing, income taxes and
discontinuedoperations,whereofthefirstthree
are new.
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53
Consolidated financial statements
- Disclosureof  newlydefinedmanagement-defined
performancemeasures,subtotalsofincome and
expenses, and includes new requirements for
aggregation and disaggregation of financial
information  basedon  the  identified‘roles’ of  the
primary  financialstatements  (PFS)  andthe  notes.
The standard will become effective for reporting
periods beginning on or after 1 January 2027, with
retrospective application and with early adoption
permitted.
- On 18 July 2024, the IASB issued the Annual
Improvements Volume 11 of the IFRS. These
amendmentsinclude clarifications,simplifications,
corrections and changes that improve the
consistency of several IFRS Accounting Standards.
The  main  amendments  are:
- IFRS 1: clarification of a potential confusion
between paragraph B6 of IFRS 1 and hedge
accounting  requirements  in  IFRS  9,
- IFRS 7: clarification of an inconsistency on
paragraph 28 of IFRS 7, regarding disclosure of
deferred difference between fair value and
transaction price,
- IFRS9:potentiallackofclarityregardinglessee
derecognition of lease liabilities addressed,
linkedtotherequirementsofIFRS9(paragraph
2.1.(b)(ii)),
- IFRS10:clarificationof apotentialconfusion in
thedeterminationofa“defactoagent”,between
paragraph  B73  and  B74  of  IFRS  10,
- IAS  7:  potential  confusion  addressed  in  the  use  of
the term “cost method”. Paragraph 37 of IAS 7
has  been  amended.
The  AnnualImprovementsVolume11oftheIFRSwill
be effective for annual reporting periods beginning
on or after 1 January 2026, with early application
permitted.
The Group does not expect the adoption of the
standards and amendments described below to
haveamaterialimpact on its consolidated financial
statements,nordoes  itanticipatetheearlyadoption
of new accounting standards, amendments and
interpretations.
- On  9May2024,theIASBissued  IFRS19  -Subsidiaries
without Public Accountability: Disclosures. This
standard permits eligible subsidiaries to elect to
applyreduceddisclosurerequirementsasperIFRS
19andcomplywiththerecognition,measurement
and  presentationrequirements  setout  inother  IFRS
Accounting Standards. The standard will become
effectivefor  reportingperiods  beginningonorafter
1January2027,withearlyadoptionpermitted.As
the  Group’s  equityinstruments  are  publicly  traded,
it  is  not  eligible  to  elect  to  apply  IFRS  19.
- On 30 May 2024, the IASB issued Amendments to
the Classification and Measurement of Financial
Instruments  -Amendments  to  IFRS9  and  IFRS7  (the
Amendments). TheAmendments provide guidance
on:
- the classification of financial assets, including
Environment, social and Governance (ESG)
features;
- the derecognition of liabilities settled through
electronic payment systems. It also clarifies
the treatment of non-recourse assets and
contractually  linked  instruments;
- the disclosures related to investments in
equity instruments at fair value through other
comprehensive income and to financial assets/
liabilitieswith contractualtermsthatreference
acontingenteventincludingthosethatareESG-
linked.
Theamendments  toIFRS  9andIFRS7  willbe  effective
for annual reporting periods beginning on or after
1  January  2026,  with  early  application  permitted.
- On 18 December 2024, the IASB issued Contracts
Referencing Nature-dependent Electricity -
Amendments  to  IFRS9  andIFRS  7.TheAmendments
provide  guidance  on:
- factors to consider when applying IFRS 9:2.4 to
contractstobuyandtakedeliveryofrenewable
electricityforwhichthesourceofproductionof
the  electricity  is  nature-dependent,
- hedge accounting requirements, to permit
an entity using a contract for nature-
dependent renewable electricity with specified
characteristics as a hedging instrument, to
designateavariablevolumeofforecastelectricity
transactions  as  the  hedged  item,
- the amendments introduce disclosure
requirements about contracts for nature-
dependent electricity with specified
characteristics.
TheamendmentstoIFRS9andIFRS7willbeapplicable
retrospectively  and  are  effectivefor  annual  reporting
periods beginning on or after 1 January 2026. Early
application  is  permitted.
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Consolidated financial statements
1.3. Presentation of the consolidated financial
statements
Theconsolidated financialstatementsare presented
in  euros  (EUR  or  €).
Theyare preparedbasedonhistorical costwiththe
exception  of  biological  assets  (current)(IAS  2,  IAS  41)
and securities measured at fair value through other
comprehensiveincome,whicharerecognisedat fair
value.
Theaccountingprinciplesand rulesareapplied ina
consistentand  permanentwaywithin  theGroup.  The
consolidated financial statements are prepared for
the accounting year ending on 31 December 2024,
and  are  presented  before  theAnnual  General  Meeting
of shareholders that approves the allocation of the
parent  company’s  income.
Asof1January2024,  theGroup  adoptedthe  following
amendments without any material impact on the
Group’s  consolidated  financial  statements:
- Amendments to IAS 1 “Presentation of Financial
Statements”
In January 2020 and October 2022, the IASB issued
amendments to paragraphs 69 to 76 of IAS 1
“Presentation  ofFinancial  Statements”to  specify  the
requirements for classifying liabilities as current or
non-current.  The  amendments  clarify:
• What  is  meant  by  a  right  to  defer  settlement
• Thata  righttodefermustexist  attheendofthe
reporting  period
• Thatclassificationisunaffectedbythelikelihood
that  an  entity  will  exercise  its  deferral  right
• That only if an embedded derivative in a
convertibleliabilityisitselfanequityinstrument
would the terms of a liability not impact its
classification
In addition, a requirement has been introduced to
requiredisclosure  whena  liabilityarisingfrom  aloan
agreementisclassified  asnon-current  andtheentity’s
right  to  defer  settlement  is  contingenton  compliance
with  future  covenants  within  twelve  months.
- AmendmentstoIFRS16  “Leaseliabilityina  Saleand
Leaseback”
In September 2022, the IASB issued amendments to
IFRS 16 to specify the requirements that a seller-
lessee  uses  inmeasuring  the  lease  liability  arisingin  a
saleandleasebacktransaction,toensuretheseller-
lesseedoesnotrecogniseanyamountofthegainor
loss  that  relates  to  the  right  of  use  it  retains.
- Amendments to IAS 7 “Supplier Finance
Arrangements”
On 25 May 2023, the IASB issued amendments to
IAS 7 and IFRS 7 “Supplier Finance Arrangements”:
the amendments clarify the characteristics of an
arrangementforwhichanentityis  requiredtoprovide
the  information.They  also  require  entities  todisclose
informationthat allows userstoassess how supplier
finance arrangements affect an entity’s liabilities,
cash flows and exposure to liquidity risk. Such
informationmayconsistofthetermsandconditions
ofthese  arrangementsandthe  carryingamountof  the
supplier  finance  arrangement  financial  liabilities.
1.4. Consolidation principles
The consolidated financial statements include the
financialstatements oftheparentcompany Socfinaf
aswell asthoseof thecompaniescontrolled bythe
parent (“subsidiaries”) and those of the companies
in which Socfinaf has exercised significant influence
(“associates”),  all  of  which  constitute  the  “Group”.
Allcompaniesincludedinthescopeofconsolidation
as of 31 December 2024 close their accounts on 31
December.
a) Subsidiaries
In accordance with IFRS 10, an investor has control
when  it  fulfills  three  conditions:
1)It  holds  power  over  the  entity;
2)It is entitled to or is exposed to variable returns
from  its  involvement;
3)It  has  theability  to  useits  power  over  theentity  to
affect returns.
Currently,theGroupholdsthemajority  ofthevoting
rights  in  the  entities.
Income and expenses from subsidiaries acquired or
soldduringtheyearareincludedintheconsolidated
income statement, respectively, from the date of
acquisition  to  the  date  of  disposal.
Profit  or  loss  and  components  of  other  comprehensive
income are attributed to the equity holders of
the parent of the Group and to the non-controlling
interests, even if this results in the non-controlling
interests  having  a  deficit  balance.
Socfinaf S.A.
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55
Consolidated financial statements
Where appropriate, restatements are made to the
financial statements of the subsidiaries to align the
accounting  principles  used  with  those  of  the  Group.
All intra-group balances and transactions are
eliminated  upon  consolidation.
If the Group loses control over a subsidiary, it
derecognisesthe relatedassets(including goodwill),
liabilities, non-controlling interest and other
components of equity. Any residual gain or loss is
recognised in profit or loss, while any investment
retained  is  recognised  at  fair  value.
b) Investments in associates and joint ventures
An associate is a company over which the Group
exercisessignificantinfluencethroughitsparticipation
in the financial and operational decisions of this
company,  but  over  which  it  has  no  control.  Significant
influence  ispresumed  whenthe  Groupholds,  directly
or indirectly through its subsidiaries, between 20%
and  50%  ofthe  voting  rights.  Ajoint  ventureis  a  joint
arrangement whereby the parties that have joint
controlofthearrangementhaverightstothenetassets
of  the  arrangement.  Joint  control  is  the  contractually
agreed sharing of control of an arrangement (i.e.
decisions require unanimous consent of the parties
sharing  control).
Associates  andjointventures  areaccounted  forusing
the equity method. Under this method, the Group’s
interestintheassociateandjointventureisinitially
recognised at cost in the statement of financial
positionandsubsequently adjusted to recognise the
Group’s share of movements in profit and loss and
other comprehensive income.
The profit or loss statement reflects the Group’s
shareintheresultsoftheassociateorjointventure’s
operations.Any  changein  othercomprehensiveincome
ofthoseinvesteesispresentedaspartoftheGroup’s
other comprehensive income. Unrealised gains and
lossesresulting from transactionsbetweentheGroup
andtheassociate  orjointventureareeliminatedtothe
extent  of  theinterest  in  theassociate  or  jointventure.
Investments in associates and joint ventures are
included in the consolidated financial statements
using the equity method from the date on which
significantinfluence begins until the date when this
influence ceases. The carrying amount of positive
goodwillthatresultsfromtheacquisitionofassociates
andjointventures  isincludedinthecarrying  amount
of the investment and is not tested for impairment
separately. An impairment test is performed if an
objective indication of impairment is identified.
Impairmentis  recognised,ifnecessary,  intheincome
statementundertheheading“ShareoftheGroupin
the  result  from  associates”.
The list of subsidiaries and associated companies
(including joint ventures) of the Group is presented
in Note 2.
1.5. Changes in accounting policies, errors and
changes in estimates
A change in accounting policy is applied only if
it meets the requirements of a standard or of an
interpretation or if it permits more reliable and
relevantinformation.Changesinaccountingpolicies
areaccountedforretrospectively,exceptinthecase
of transitional provisions specific to the standard or
interpretation.A materialerror,whendiscovered,is
also  adjusted  retrospectively.
Uncertaintiesinherent  totheactivityrequire  theuse
of estimates when preparing financial statements.
The estimates are based on judgments intended to
give a reasonable assessment of the latest reliable
informationavailable.Anestimateisrevisedtoreflect
changesincircumstances,newinformationavailable
and  the  effects  of  experience.
1.6. Business combinations
IFRS 3 “Business Combinations” provides the
accountingbasisforrecognisingbusinesscombinations
andchangesininterestsinsubsidiariesafterobtaining
control.
For each business combination, the Group elects
whether to measure the non-controlling interests in
the acquiree at fair value or at the proportionate
share  of  the  acquiree’s  identifiable  net  assets.
Changes in interest in a subsidiary that do not
resultinlossofcontrolareaccounted for as equity
transactions.
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Consolidated financial statements
1.7. Goodwill
Goodwillisthedifferenceonthedateofacquisition
between the fair value of the consideration given
in exchange for taking control, the value of non-
controlling interests, the fair value of previous
equityinvestmentsandthefairvalueofidentifiable
assetsandliabilitiesandcontingentliabilitiesofthe
acquiree.
Whendisposing  ofa  subsidiary,  theresidual  amountof
goodwillattributabletothesubsidiaryisincludedin
the  calculation  of  the  disposal’s  result.
1.8. Foreign currency conversion
In the financial statements of Socfinaf and of each
subsidiary, transactions in foreign currency are
recorded, upon initial recognition, in the functional
currency of the company concerned. The exchange
rate in force is applied on the transaction date.At
closing,monetaryassetsandliabilitiesdenominatedin
foreigncurrencies  areconvertedonthe  lastdayofthe
year.Gainsandlossesarisingfromtherealisationor
translation  of  monetary  items  denominated  in  foreign
currenciesarerecordedintheincomestatementfor
the year.
Onconsolidation,theassetsandliabilitiesofcompanies
whose  accountsare  heldin  a  currencyother  thanthe
euroaretranslated into euros at the exchangerate
prevailingontheclosingdate.Incomeandexpenses
areconvertedinto  eurosat  theaverageexchangerate
fortheyear.Anyexchangedifferencesareclassifiedas
equityunder“Translationdifferences”. In the event
ofadisposal,thetranslationdifferencesrelatingto
the  companyconcerned  are  recognisedin  the  income
statement  for  the  year  in  which  the  sale  occurred.
Goodwill and fair value adjustments arising on the
acquisition of a foreign entity are treated as assets
andliabilitiesoftheforeignentityandtranslatedat
the  closing  rate.
The  following  exchange  rates  have  been  used  for  the  conversion  of  the  consolidated  financial  statements:

1 euro equals to: | Closing rate | Average rate
| 31/12/2024 | 31/12/2023 | 2024 | 2023
Euro | 1.000 | 1.000 | 1.000 | 1.000
CFA  franc | 655.957 | 655.957 | 655.957 | 655.957
Ghanaian  cedi | 15.2718 | 13.1274 | 15.3080 | 12.0698
Nigerian  naira | 1,594.89 | 994.55 | 1,602.06 | 661.63
Dobra  of  São  Tomé | 24.50 | 24.50 | 24.50 | 24.50
Congolese  franc | 2,956 | 2,961 | 3,040 | 2,514
US  dollar | 1.0389 | 1.1050 | 1.0804 | 1.0826

1.9. Intangible assets
Intangibleassets arestatedattheir acquisition cost
less accumulated amortisation and any impairment
losses.
Amortisation is applied on a straight-line basis
basedon an estimate oftheusefullifeof the asset
in question. Intangible assets are not subject to
revaluation.Whentherecoverablevalueofanasset
islowerthanitsbookvalue,thelatterisreducedto
reflect  this  loss  in  value.
The  estimated  useful  lives  are  as  follows:

Patents | 3 to 5 years
Other  intangible  assets | 3 to 5 years
Software | 3 to 5 years
Concessions G | Length  of  the  concessions G

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Consolidated financial statements
Amortisationstartsfrom the date when the assetis
available  to  use.
Gains or losses arising from derecognition of assets
(i.e. the difference between the disposal proceeds
and  thecarrying  amountof  theasset)  areincluded  in
the  income  statement  when  assets  are  derecognised.
1.10. Property, plant, equipment
Tangible  fixed  assetsare  recorded  at  theiracquisition
cost less accumulated depreciation and any
impairment  losses.
Property,plant  andequipmentinprogressiscarriedat
cost  less  any  identified  impairment.
Depreciation is applied on a straight-line basis,
accordingto an estimate of the usefullife for each
significantcomponentoftheassetinquestion.When
the recoverable value of an asset is lower than its
bookvalue,thelatter isreducedtoreflectthis loss
in  value.
The  estimated  useful  lives  are  as  follows:

Buildings | 20 to 50 years
Technical  installations | 3 to 20 years
Furniture,  vehicles  and  others | 3 to 20 years

Depreciationstartsfromthedatethattheassetsare
available  to  use.
Land  is  not  subject  to  depreciation.
Gainsorlossesarisingfromthederecognitionofassets
(i.e. the difference between the disposal proceeds
and  thecarrying  amountof  theasset)  areincluded  in
the  income  statement  when  assets  are  derecognised.
1.11. Bearer biological assets
TheGrouphasbiologicalassetsinAfrica.Bearerplants,
mainlyconsistingofpalmoilandrubberplantations,
are valued by using the cost model, according to
theprinciplesdefinedinIAS16“Property,plantand
equipment”.
Biologicalassetsatthetimeofharvest,inparticular
for  palmbunches,palm  oiland  rubber,are  evaluated
according to the principles defined by IAS 41
“Agriculture”.
Bearer biological assets
Producer  biologicalassets  arerecorded  atacquisition
cost, less accumulated depreciation and any
impairment  losses.
Depreciationisappliedaccordingtothestraight-line
method  based  on  an  estimateof  the  useful  life.  When
the recoverable amount of an asset is less than its
carryingamount, the carrying amountis reduced to
reflect  that  impairment.
The  estimated  useful  lives  are  as  follows:

Bearer  plants  –  Palm | 20 to 26 years
Bearer  plants  -  Rubber | 20 to 33 years

Thedepreciation  startingdateisthedate  oftransfer
of biological assets in production (i.e. asset being
mature). This transfer takes place in the fourth
yearafterpalmoiltreeplanting andintheseventh
yearafterrubbertreeplanting.Foreachentity,the
operating period can be adapted according to the
particular  circumstances.
Agricultural production
Agricultural production at harvest is valued at fair
valuelesstheestimatedcostsnecessarytocomplete
the  sale.
There are no observable data for agricultural
production (palm harvest, latex). The World Bank
publishes price forecasts for dry rubber
G
(finished
product).TheseforecastsarebasedontheRSS3
G
grade
(smokedsheet
G
)thatis not produced by the Group.
Lastly, and even more so, there are no observable
prospectivedatarelatingtotheGroup’s agricultural
production. The price of a standard product in a
global  market  isnot  sufficiently  representativeof  the
economicrealityinwhichthevariousentitiesofthe
Group  intervene.This  pricecan  hencenot  beused  as
a  reference  for  valuation.
Asaresult,eachentitydeterminesthefairvalueof
agricultural  production  based  on  actual  market  prices
obtained  over  the  past  year.
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Consolidated financial statements
The Group considers produce that grows on mature
plantations (oil in the palm fruits and produce of
rubber)  asbiological  assets,inaccordance  withIAS  41
principles.  This  produce  is  measured  at  fair  value  less
coststoselluntilthepointofharvest.Anyresultant
gainsorlossesarisingfromchangesinfairvalueare
recognised in the income statement. After harvest,
these  produceare  measured  inaccordance  with  IAS  2
Inventoriesandthefairvaluelesscoststosellisthe
cost  of  the  inventories  (see  Note  1.14).
1.12. Leases
The Group assesses at contract inception whether
a contract is, or contains, a lease. That is, if the
contract conveys the right to controlthe use of an
identifiedassetforaperiodoftimeinexchangefor
consideration.
The Group applies a single recognition and
measurementapproachforallleases,exceptforshort-
term leases and leases of low-value assets (mainly
IT equipment), for which payments associated are
recognised as an expense in the income statement.
TheGrouprecognisesleaseliabilities to make lease
payments and right-of-use assets representing the
right  to  use  the  underlying  assets.
The Group leases offices and agricultural land for
termsrangingfrom1to99years,aswellasvehicles
andequipmentfortermsrangingfrom1monthto5
years.
The Group’s lease contracts are standard contracts
thatdonotincludeadditionalnon-leasingcomponents,
exceptforsomevehicleleasecontractsthatinclude
a maintenance service. The Group has used the
practicalexpedientthat  allowsthenon-segregationof
theleasecomponentfromthenon-leasecomponent
for these contracts.
Assets and liabilities related to lease contracts are
initially measured at the present value of the fixed
payments,includingin-substancefixed  paymentsless
any lease incentives receivable. Lease payments to
bemadeunderreasonablycertainextensionoptions
arealso  includedin  themeasurementof  theliability.
Tothispurpose,the managementconsidersallfacts
and circumstances that may create an incentive to
exercisearenewaloptionornottoexerciseanearly
terminationoption.Theleaseliabilityisremeasured
if there is a change in the lease term, in the lease
payment or in the assessment of an option to purchase
the  underlying  asset.
As the implicit interest rate is unknown for all the
Group’scontracts,theincrementalborrowingratewas
used  todiscount  thelease  payments.The  incremental
borrowing  rateis  therate  thatthelessee  wouldhave
to  pay  toborrow,  for  a  similar  term  andwith  a  similar
guarantee, the funds necessary to acquire an asset
whose  value  is  similar  tothe  asset  under  the  right-of-
use  in  a  similar  economic  environment.
In determining the incremental borrowing rate, the
Group:
- where possible, uses the most recent financing
received by the lessee as a starting point, which
was adjusted to reflect the change in financing
conditions  since  the  financing  was  received;
- uses a build-up approach starting with a risk-free
ratewhichwas  adjustedforcreditriskforleases  for
entities  with  no  recent  external  financing;
- makes lease specific adjustments (such as term,
country,  currency  and  collateral).
ThediscountratesusedbytheGrouprangebetween
1.75%  and  19.9%.
Leasepaymentsareallocated  betweentherepayment
of the principal amount of the lease liabilities and
interest expense. Interest expense is recognised in
the income statement for the period over the term
of  the  lease.
Right-of-use  assets  are  depreciatedon  a
straight-linebasisovertheshorterofusefullifeand
lease  term.
The Group applies IAS 36 to determine whether a
right-of-use asset is impaired and recognises any
impairment  loss  as  described  in  Note  8.
1.13. Impairment of assets
Goodwillisnotamortised,butistestedforimpairment
at least once a year, and whenever there is an
indication  of  impairment.
Inaddition,  ateach  reportingdate,theGroupreviews
the carrying amounts of its intangible and tangible
assets,  includingits  organic  producingassets,  in  order
toassesswhetherthereisanyindicationthatitsassets
may have lost value. If there is such an indication,
therecoverableamountoftheassetisestimatedto
determine, if applicable, the amount of the loss or
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Consolidated financial statements
impairment.  Therecoverableamountisthehigher  of
thefairvaluelessthecoststoselltheassetandthe
value  in  use.
Thevalueinuse  ofproperty,  plantandequipmentand
intangible assets is the present value of estimated
futurecashflowsexpectedfromtheuseofanasset
or cash-generating unit. When it is not possible to
estimate  therecoverable  amountof  anisolated  asset,
theGroup  determinestherecoverableamountof  the
cash-generating  unit  to  which  the  asset  belongs.
If the recoverable amount of an asset (or a cash-
generating unit) is estimated to be less than its
carrying amount, the carrying amount of the asset
(cash-generating unit) is reduced to its recoverable
amount. Impairment losses are immediately
recognised  as  expenses  in  the  income  statement.
Whenanimpairmentlosswhichwasrecognised ina
priorperiodnolongerexists or needs to be written
down, the carrying amount of the asset (cash-
generating unit) is increased to the extent of the
revised  estimate  of  itsrecoverable  amount.  However,
this increased carrying amount may not exceed the
carryingamountthatwouldhavebeendeterminedif
no  impairmentloss  hadbeen  recognisedfor  theasset
(cash-generating unit) in prior years. The reversal
of an impairment loss is recognised immediately in
income in the income statement.
Itisnotpossibletosubsequentlyreverseanimpairment
loss  recorded  on  goodwill.
1.14. Inventories
Inventoriesare  recordedat  thelowerof  costand  net
realisable value. Cost includes direct material costs
and, if applicable, direct labour costs and directly
attributable  overhead  costs.
Wherespecificidentificationisnotpossible,thecost
is determined based on the weighted average cost
method.Netrealisablevalueistheestimatedselling
price  intheordinary  courseof  businesslessestimated
costsofcompletionandtheestimatedcostsnecessary
to  complete  the  sale  (primarily  selling  expenses).
Impairmentorlossoninventorytonetrealisablevalue
is  recognised  asan  expense  in  the  periodin  which  the
impairment  or  loss  occurred.
AsexplainedinNote1.11.,agriculturalproductionis
measured  atfair  value  lessestimated  costs  necessary
to  make  the  sale.
1.15. Trade receivables
Tradereceivablesarevaluedattheirnominalvalueand
donotbearinterest.The Groupappliesasimplified
approachandrecordsaprovisionforexpectedlosses
over the life of the receivables. This provision for
lossesisan  amountthattheGroup  considersareliable
estimate  of  theinability  of  its  customersto  make  the
required  payments  (refer  to  Note  33).
1.16. Cash and cash equivalents
Cash and cash equivalents include cash, demand
deposits,short-termdepositsoflessthan3 months,
as  well  asinvestments  that  aresubject  to  a  negligible
risk  of  changein  value  and  areeasily  convertible  into
aknownamountofcash,havingamaturityofthree
months  or  less.
Forthe  purposeoftheconsolidated  statementofcash
flows,  cash  and  cashequivalents  are  presented  net  of
outstandingbank overdrafts, as they are considered
an  integral  part  of  the  Group’s  cash  management.
1.17. Financial instruments
Financial assets and liabilities are recognised in the
consolidated statement of the financial position
whentheGroupbecomesapartytothecontractual
provisions of the instrument.
Financial assets and liabilities measured at
amortised costs
The Group’s business model for financial assets
management describes the way it manages its
financialassetsinordertogeneratecashflows.The
business model determines whether cash flows will
resultfromthecollectionofcontractualcashflows,
fromthedisposaloffinancialassets,orboth.Financial
assetsclassifiedandmeasuredatamortisedcostare
heldina  businessmodel  withtheaimtoholdfinancial
assetsandcollectcontractualcashflows.Long-term
advancesandotherreceivablesareheldforthesole
purposeofcollectingprincipalandinterest.Assuch,
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Consolidated financial statements
they comply with the “Solely Payments of Principal
and Interest” (SPPI) model. They are accountedfor
using  the  amortised  cost  method.
Financialassetsareinitiallymeasuredatfairvalue,
net  of  transactioncosts.  Financial  income  isadded  to
thecarryingamountoftheinstrumenttotheextent
that  itis  notreceivedin  theperiod  inwhich  itoccurs.
Interest  is  calculated  using  the  effective  interestrate
method.
TheGroupapplies  thelowcreditrisk  simplification:at
everyreportingdate,theGroupevaluateswhetherthe
debtinstrumentisconsideredtohavelowcreditrisk
using  all  reasonable  andsupportable  information  that
isavailable without undue cost or effort. Inmaking
that evaluation, the Group reassesses the internal
credit rating of the debt instrument. In addition,
theGroupconsidersthattherehasbeenasignificant
increase  in  credit  risk  when  contractual  payments  are
more  than  30  days  past  due.
Financial liabilities are initially measured at fair
value,netoftransactioncosts.Financialexpensesare
recognised  in  income  statementand  are  added  to  the
carryingamount  oftheinstrumentto  theextentthat
they  are  unpaid  in  the  year  in  which  they  occur.
The  carrying  amount  isa  reasonable  approximation  of
fairvalue  inthecase  offinancialinstruments  suchas
borrowings  and  debts  with  short-term  maturity.
Thefairvaluemeasurementofborrowingsanddebts
with financial institutions, other than in the short
term,dependsbothonthespecificsoftheloansand
on current market conditions. The fair value was
calculated by discounting the expected future cash
flowsatthere-estimatedinterestratesprevailingat
the balance sheet date over the remaining term of
repayment  of  the  loans  (Refer  to  Note  24).
The Group relied on the evolution of the interest
rate of the European Central Bank adjusted for the
specificriskinherentineachfinancialinstrument,as
areasonablebenchmark  forestimatingthefairvalue
of  such  borrowings  (see  Note  24).
Financial assets designated at fair value through
OCI (equity instruments)
Upon initial recognition, the Group can elect to
classify irrevocably its equity investments as equity
instruments designated at fair value through OCI
if they meet the definition of equity under IAS 32
FinancialInstruments:Presentationandarenotheld
for trading. The classification is determined on an
instrument-by-instrument basis.
Gains and losses on these financial assets are never
recycledintoprofitorloss.Dividendsarerecognised
as other income in the statement of profit or loss
when the right of payment has been established,
exceptwhentheGroupbenefitsfromsuchproceeds
as  arecovery  ofpart  ofthecost  ofthefinancial  asset,
inwhichcase,suchgainsarerecorded  inOCI.Equity
instrumentsdesignatedatfairvaluethroughOCIare
not  subject  to  impairment  assessment.
The Group elected to classify irrevocably its non-
listed  equity  investments  under  this  category.
Other financial assets and liabilities
Other financial assets (trade receivables, other
receivables,...)andliabilities(tradepayables,other
payables,...)arerecordedattheirtransactionprice.
Thefairvalueofotherfinancialassetsandliabilities
isestimated  tobe  closetothe  carryingamount  dueto
their short-term nature.
Thereceivablesarevaluedattheirtransactionprice
less any write-downs covering amounts considered
asnon-recoverable iftheGroup deemsitnecessary.
Impairment of assets is recognised in the income
statementunder“Otheroperatingincome/expenses”.
TheGrouphasestablishedaprovisionmatrix,based
on its historical credit loss experience (average
losses  on  trade  receivables  overseveral  years),  which
was adjusted for prospective factors specific to the
debtorsandtheeconomicenvironment.Thecarrying
amount of the asset is reduced using a provision
account, and the amount of the loss is recognised
intheconsolidatedincomestatement.TheBoardof
Directors  of  each  subsidiary  evaluates  the  receivables
individually. Value adjustments are determined by
consideringthelocaleconomicrealityofeachcountry.
They  arereviewed  atthe  receptionofnew  eventsand
at  least  annually.
1.18. Provisions
Provisions occur when the Group has a present
obligation(legal  orconstructive)asa  resultofa  past
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event.Thispresent  obligationwillprobably  leadtoan
outflowofeconomicbenefits,insofarastheycanbe
reasonably  estimated.
Restructuring provisions occur when the Group has
come up with a formal and detailed plan for the
restructuring,  which  hasbeen  notified  to  theaffected
parties.
1.19. Pension obligations
Defined contribution plans
The defined contribution plans designate the post-
employmentbenefit  plansunderwhichtheGrouppays
definedcontributionstoexternalinsurance  companies
forcertaincategoriesofemployees.Paymentsmade
under these pension plans are recognised in the
income  statement  in  the  year  when  they  are  due.
Asthese plans donotgeneratefuturecommitments
for  the  Group,  they  do  not  give  rise  to  provisions.
Defined benefit plans
The defined benefit plans refer to post-employment
benefitplansthatprovideadditionalincometocertain
categoriesofemployeesforservicesrenderedduring
the  year  and  prior  years.
This guarantee of additional resources is a future
expenditure for the Group for which a commitment
iscalculatedbyindependentactuariesattheendof
each  financial  year.
The actuarial assumptions used to determine the
liabilities vary according to the prevailing economic
conditions  in  thecountry  in  whichthe  plan  is  located.
The discount rates applicable to post-employment
benefitobligationsshouldbe  determinedby  reference
tothemarketyieldsonhighqualitycorporatebonds
thatareappropriate/relevant  tothe  estimatedtiming
of  benefit  payments  at  the  balance  sheet  date.
TheGroupdecidedtocalculatediscountratesusing
an economic approach for high-quality corporate
bonds whose duration corresponds to the terms of
employeebenefitsinthecountriesconcerned.Inthe
countries where there is no active market for such
obligation, the Group refers to the market yields
(at the end of the reporting period) of government
bonds.Thecurrencyanddurationofthesecorporate
orgovernment  bondsmust  correspondtothecurrency
and estimated duration of the post-employment
benefit  obligations.
Thecost  ofcorrespondingcommitmentsis  determined
by using the projected unit credit method, with a
discountedvaluecalculationatthebalancesheetdate
in  accordancewith  theprinciples  ofIAS  19“Employee
Benefits”.
Allchangesintheamountofdefinedbenefitpension
obligations  are  recognised  as  soon  as  they  occur.
Remeasurements of defined benefit pension
obligations,includingactuarialgainsandlosses,should
berecognisedimmediatelyin“Othercomprehensive
income”.
The  costs  ofservices  renderedduring  the  period,past
servicecosts(planamendment)andnetinterestare
recognised  as  an  expense  immediately.
Theamountrecognisedinthestatementoffinancial
positionconsistsofthepresentvalueofthedefined
benefitplans’ pensionobligations.This  valuehas  been
adjusted  for  actuarial  gainsand  losses,  minus  thefair
value  of  plan  assets.
1.20. Revenue recognition
The Group’s revenues derive from the performance
obligation to transfer the control of products under
arrangements. According to these arrangements,
the transfer of control and the fulfilment of the
performance  obligation  occur  at  the  same  time.
The point of control of the asset by the customer
depends on the moment when the goods are made
available to the carrier or when the buyer takes
possession of the goods. This also depends on the
delivery conditions. With regards to the Group’s
activities,  the  recognition  criteria  are  generally  met:
(a)  for  export  sales,  where  the  time  of  the  transferof
deed  is  based  on  the  incoterms;
(b) for local sales, depending on the delivery
conditions,  eitherwhen  thegoods  leavethe  premises
or  when  the  customer  takes  possession  of  the  goods.
Thisisthemomentwhen the Group has fulfilled its
performance  obligations.
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Consolidated financial statements
Revenuesare valued at the transaction priceof the
consideration received or receivable, to which the
company  expects  to  be  entitled.
The selling price is determined at the market price
and, in a few cases, is contractually determined on
a provisional basis using a reliable estimate. In the
latter case, price adjustments can then take place
dependingonthemovementsbetweenthereference
price  and  the  final  price,  as  recognised.
The Group considers itself to be the principal in its
revenuearrangements,becauseitcontrolsthegoods
sold  before  transferring  them  to  the  customers.
As at 31 December 2024, revenue from the major
Group customer accounted for approximately
EUR257.2million(2023: EUR197.8 million)oftotal
Group revenue.
1.21. Taxes
Currenttaxistheamountoftaxpayableorrecoverable
on  the  profit  or  loss  of  a  financial  year.
Temporary differences between the book values of
assetsandliabilitiesandtheirtaxbasesgiveriseto
therecognitionof  adeferredtaxusingthe  taxrates.
The application of the latter is provided for when
reversing the temporary differences, as adopted on
the  closing  date.
Deferredtaxisrecognisedforalltaxabletemporary
differences, except when the deferred tax is
generated:
- by  goodwill  or;
- by the initial recognition of an asset or liability
in a transaction which is not acquired through a
business combination. It does not affect neither
the accounting profit nor the taxable profit (tax
loss),anddoes not give rise toequaltaxableand
deductibletemporarydifferencesatthetimeofthe
transaction.
A deferred tax liability is recognised for all taxable
temporary differences related to investments in
subsidiariesandassociates,unlessthedateonwhich
the temporary difference will be reversed can be
controlledand  willmostlikely  notbereversed  inthe
foreseeable  future.
A deferred tax asset is recognised in order to carry
forward unused tax losses and tax credits, so that
future taxable profits, on which these unused tax
lossesandtaxcreditscanbe charged,willlikelybe
available.
Deferred tax is recognised in the income statement
unless it relates to items that have been directly
recognised,eitherin  equityorinother  comprehensive
income.
1.22. Segment information
IFRS 8 – Operating Segments requires operating
segments to be identified based on an internal
reporting.This internal reporting is analysed by the
entity’s chief operating decision-maker, in order to
assessperformance andmakeresourcedecisions for
the  segments.
The identification of these operational sectors
originates from the information that is analysed by
the management. This information is based on the
geographic distribution of political and economic
risks.
1.23. Use of estimates
For the preparation of consolidated financial
statements in accordance with IFRS, the Group’s
Management has made use of its best estimates to
make assumptions on the following aspects, and
to what extent they were affected: the carrying
amount of assets and liabilities, information on
assets and liabilities, contingent liabilities and the
carrying amount of income and expenses recorded
during the period. Depending on the evolution of
theseassumptionsordifferenteconomicconditions,
the amount that will appear in the Group’s future
consolidated financial statements may differ from
current estimates. Material accounting policies, for
which  theGroup  has  made  estimates,mainly  concern
the application of IAS 19 - Employee Benefits (Note
21),  IAS  41  -Agriculture  and  IAS  2  -  Inventories  (Notes
6 and 15), IAS 16 - Property, Plant and Equipment
(Note5),  IAS36  -Impairment  ofAssets  (Notes5,6and
8),IFRS9-FinancialInstruments(Note24)andIFRS
16  –  Leases  (Note  3).
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63
Consolidated financial statements
In the absence of observable data within the scope
of IFRS 13 – Fair Value Measurement, the Group
makesuseofa model that was developed to assess
thefairvalue of agricultural production, using local
productioncostsandconditions,and  localsales  (Refer
to  Note  1.11).
This method is inherently more volatile than
assessment  at  historical  cost.
Due to the geopolitical tensions, since 2022, there
has been a significant increase in volatility on the
securities and currency markets. The conflicts have
hadasignificantimpactonthefinancial  markets,with
many investors concerned about the risk of further
escalation  andtheensuing  impacton  globaltrade  and
economic  growth.
Although the aforementioned aspects have not
significantly impacted the company’s operations nor
performance and going concern during 2024, the
BoardofDirectorscontinuestomonitortheevolving
situation and its impact on the company’s financial
position  and  results.
1.24. Non-Current Assets held for sale
Non-currentassets(ordisposalgroups)areclassified
as assets that are held for sale when their carrying
amountistoberecoveredprincipallythroughasale
transaction and when a sale is considered highly
probable. If their carrying amount is recovered
principally through a sale transaction rather than
through  continuing  use,  these  assetsare  stated  at  the
lowest  of  the  carrying  amount  andfair  value,  less  the
costs  of  disposal.
1.25. Hyperinflation
G
The accounts of entities whose economies are
in hyperinflation are translated in accordance
with the standard IAS 29 – Financial reporting in
hyperinflationary economies. Monetary items in the
balancesheet are not restated,as they are already
expressed in the measuring unit current at the
end of the reporting period, unlike non-monetary
items,whicharerestatedintermsofthemeasuring
unit current at the end of the reporting period.
In accordance with IAS 21 – Foreign exchange, as
comparative  amountsare  translatedinto  thecurrency
of  a  non-hyperinflationary  economy,  they  do  not  need
to  be  restated.
Sierra Leone
Since October 2023, Sierra Leone is considered
hyperinflationary.IAS29isapplicabletoentitieswhose
functionalcurrencyistheLeoneofSierraLeone(SLL).
Thefunctional currency of the subsidiary locatedin
Sierra Leone is the US dollar. Consequently, IAS 29
has no incidence on the Group financial statements
in Sierra Leone.
Ghana
Since October 2023, Ghana is considered
hyperinflationary.IAS29isapplicabletoentitieswhose
functionalcurrencyistheGhanaianCedi(GHS).The
functional  currencyof  thesubsidiary  locatedin  Ghana
is the Ghanaian Cedi. Consequently, non-monetary
items of the subsidiary located in Ghana have been
restated in terms of the measuring unit current at
theendofthe reportingperiod(refertoNotes 3,5
and 6), corresponding to the Ghana Consumer Price
Index (CPI), provided by the Government of Ghana
Statistical  Service.
1.26. Climate effect
The  Groupconsidered  the  potentialimpact  of  climate
change, which may affect positively or negatively
the Group’sbiological assets, and thus the financial
performance of the Group. Among climate factors,
thedistributionofrainfallandsunshinearethemost
important ones.
TheGroupconsideredclimaticeventssuchassevere
windor  firesin  thevaluationof  thebiologicalassets.
However, given current knowledge, distinguishing
theimpact of natural climate changes fromclimate
impact  caused  by  anthropic  activity  remains  difficult.
The Management Board considered various
documentationinitsassessmentoftheimpact,such
asthelastIntergovernmentalPanelonClimateChange
(IPCC) reports but also the data coming from the
agronomic departments which reflect the potential
effect  of  climate  change  over  the  pastyears.  Budgets
areadjustedtointegratetheoperationalneedsthat
mayresultoftheimpactofthosechangesandthevalue
in  useof  thebiologicalassets  isaligned  consequently
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Consolidated financial statements
(Note  1.13and  Note8).  Froma  socialstand  point,the
effectofclimatechangeareintegratedthroughthe
regularupdatesofthe  dataused  forthe  calculationof
the  employee  benefit  provision  (Note  21).
TheManagementBoardwillcontinuetoconsiderthe
potentialimpact  ofclimate  changeinitsassessments,
andwillintegrateanynewpotentialimpactthatcould
lead to a material change in the Group’s financial
statements.
1.27. Environmental, Social and Governance
The  Grouphas  describeditsambitions  andobjectives
in terms of environment, social responsibilities and
governance in a separate Sustainability Report that
can  be  accessed  on  Socfinaf  website.
Managementhas  performeda  preliminaryassessment
tomeasurethefinancialimpactsofthoseobjectives
on the consolidated financial statements. Based on
this assessment, Management was able to conclude
that most of the commitments described in the
SustainabilityReporthavealreadybeenincorporated
in the budgets of the subsidiaries of Group. Those
budgets are mainly used for the determination of
internalindicatorsofimpairmentbutalsoasabasisfor
thedeterminationoftheexpectedgrowthrates  ofthe
companies.A furtherdescriptionfortheassessmentof
impairmentindicators  isprovided  inNotes1.13  and8.
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65
Consolidated financial statements
Note 2. Subsidiaries and associates

| % Group | % Group | Consolidation | % Group | % Group | Consolidation
| Interest | Control | Method (*) | Interest | Control | Method (*)
| 2024 | 2024 | 2024 | 2023 | 2023 | 2023
AFRICA |  |  |  |  |  |
Rubber and palm |  |  |  |  |  |
SOCIETE  DES  CAOUTCHOUCS  DE  GRAND-BEREBY  “SOGB”  S.A. | 63.69 | 73.16 | FI | 63.69 | 73.16 | FI
PLANTATIONS  SOCFINAF  GHANA  “PSG”  LTD | 100.00 | 100.00 | FI | 100.00 | 100.00 | FI
OKOMU  OIL  PALM  COMPANY  PLC | 66.38 | 66.38 | FI | 66.38 | 66.38 | FI
SOCIETE  AFRICAINE  FORESTIERE  ET  AGRICOLE  DU  CAMEROUN | 69.05 | 69.05 | FI | 69.05 | 69.05 | FI
“SAFACAM”  S.A. |  |  |  |  |  |
SOCIETE  CAMEROUNAISE  DE  PALMERAIES  “SOCAPALM”  S.A. | 67.46 | 67.46 | FI | 67.46 | 67.46 | FI
Rubber |  |  |  |  |  |
LIBERIAN  AGRICULTURAL  COMPANY  “LAC” | 100.00 | 100.00 | FI | 100.00 | 100.00 | FI
SALALA  RUBBER  CORPORATION  “SRC” | 0.00 | 0.00 | NC | 100.00 | 100.00 | FI
SUD  COMOË  CAOUTCHOUC  “SCC”  S.A. | 60.95 | 70.01 | FI | 60.95 | 70.01 | FI
Palm |  |  |  |  |  |
SOCFIN  AGRICULTURAL  COMPANY  “SAC”  LTD | 93.00 | 93.00 | FI | 93.00 | 93.00 | FI
SOCIETE  DES  PALMERAIES  DE  LA  FERME  SUISSE  “SPFS”  S.A. | 67.46 | 100.00 | FI | 67.46 | 100.00 | FI
AGRIPALMA  LDA | 88.00 | 88.00 | FI | 88.00 | 88.00 | FI
BRABANTA S.A.U. | 100.00 | 100.00 | FI | 100.00 | 100.00 | FI
Other activities |  |  |  |  |  |
BEREBY-FINANCES  “BEFIN”  S.A. | 87.06 | 87.06 | FI | 87.06 | 87.06 | FI
CAMSEEDS  S.A. | 67.52 | 100.00 | FI | 67.52 | 100.00 | FI
EUROPE |  |  |  |  |  |
Other activities |  |  |  |  |  |
CENTRAGES S.A. | 50.00 | 50.00 | EM | 50.00 | 50.00 | EM
IMMOBILIERE  DE  LA  PEPINIERE  S.A. | 50.00 | 50.00 | EM | 50.00 | 50.00 | EM
INDUSERVICES  S.A. | 30.00 | 30.00 | EM | 30.00 | 30.00 | EM
INDUSERVICES  FR  S.A. | 50.00 | 50.00 | EM | 50.00 | 50.00 | EM
SOCIETE  ANONYME  FORESTIERE  AGRICOLE  “SAFA”  S.A.S. | 100.00 | 100.00 | FI | 100.00 | 100.00 | FI
SOCFINCO  S.A. | 50.00 | 50.00 | EM | 50.00 | 50.00 | EM
SOCFINCO  FR  S.A. | 50.00 | 50.00 | EM | 50.00 | 50.00 | EM
SOCFINDE  S.A. | 20.00 | 20.00 | EM | 20.00 | 20.00 | EM
SODIMEX  FR  S.A. | 50.00 | 50.00 | EM | 50.00 | 50.00 | EM
SOGESCOL  FR  S.A. | 50.00 | 50.00 | EM | 50.00 | 50.00 | EM
STP INVEST S.A. | 100.00 | 100.00 | FI | 100.00 | 100.00 | FI
TERRASIA S.A. | 33.28 | 33.28 | EM | 33.28 | 33.28 | EM

(*) Consolidation  method:  FI:  Full  Integration  -  EM:  Equity  Method  –  NC:  NotConsolidated
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Consolidated financial statements
List of subsidiaries and associated companies
* AGRIPALMA  LDAis  a  company  locatedon  the  island  of  São  Tomé
and  Principe  specialised  in  the  production  of  palm  oil.
* BEREBY-FINANCES “BEFIN” S.A. is a holding company under
Ivorianlawthatowns  theIvorian  companiesSOGB  S.A.andSCC.
* BRABANTAS.A.  isa  companyunder  Congoleselaw  specialised  in
the  production  of  palm  oil.
* CAMSEEDSS.A.isa  companyunderCameroonianlawspecialised
in  research,  development  and  production  of  seeds  (palm).
* CENTRAGES S.A. is a company under Belgian law providing
administrative  andaccountingservices  andowning  threefloors
of  office  space  in  Brussels.
* IMMOBILIERE DE LA PEPINIERE “PEPINIERE” S.A. is a company
underBelgianlawowningthreefloorsofofficespaceinBrussels.
* INDUSERVICES S.A. is a company under Luxembourg law
whose purpose is to provide all administrative services to all
companiesandorganisations,includingallservicesrelatingto
documentation,bookkeepingandregisterservices,aswellas
allrepresentation,  study,consultationactivities  andassistance.
* INDUSERVICES FR S.A. is a company under Swiss law whose
purposeistoprovidealladministrativeservicestoallcompanies,
organisationsandcompanies,includingallservicesrelatingto
documentation,bookkeepingandregisterservices,aswellas
allrepresentation,  study,consultationactivities  andassistance.
Inaddition,  itprovidesallGroup  companieswithaccessto  the
common  IT  platform.
* LIBERIANAGRICULTURAL COMPANY “LAC” is a company under
Liberian  law  that  specialises  in  the  production  of  rubber.
* OKOMUOIL PALMCOMPANY“OKOMU”PLCisacompanyunder
Nigerianlawspecialisedintheproductionofpalmandrubber
products.
* PLANTATIONSSOCFINAFGHANA“PSG”LTDisacompanyunder
Ghanaian  lawspecialisedin  theproduction  ofpalmand  rubber
products.
* SOCIETE AFRICAINE FORESTIERE ET AGRICOLE DU CAMEROUN
“SAFACAM”S.A.  is  acompany  under  Cameroonianlaw  activein
the  production  of  palm  oil  and  the  cultivation  of  rubber  trees.
* SOCIETE CAMEROUNAISE DE PALMERAIES “SOCAPALM S.A.” is
active in Cameroon inthe production ofpalm oil and rubber
cultivation.
* SOCFIN AGRICULTURAL COMPANY “SAC” LTD is a company
locatedinSierra Leone specialised in theproductionofpalm
oil.
* SOCFINCONSULTANTSERVICES“SOCFINCO” S.A. is a company
establishedinBelgiumprovidingtechnicalassistance,agronomic
and  financial  services.
* SOCFINCO  FRS.A.  isa  Swisscompanyprovidingservices,studies
and  management  of  agro-industrial  plantations.
* SOCIETE  ANONYMEFORESTIERE  AGRICOLE“SAFA”isacompany
underFrenchlawthatholdsastakeinaplantationinCameroon,
Safacam S.A.
* SOCFINDES.A.  is  afinance  holdingcompany  underLuxembourg
law.
* SOCIETE DES PALMERAIES DE LA FERME SUISSE “SPFS” S.A. is
activeinCamerooninthe  production,processing  andmarketing
of  palm  oil.
* SODIMEXFRS.A.is  acompanyunderSwisslaw  activeinthefield
of  purchase  and  sale  of  planting  material.
* SOCIETEDESCAOUTCHOUCSDEGRAND-BEREBY“SOGB”S.A.is
acompany under Ivorianlawspecialisedin the productionof
palm  and  rubber  products.
* SOGESCOL FR S.A. is a Swiss company active in the tropical
products  trade.
*STP  INVESTS.A.  is  acompany  under  Belgian  law  with  a  stake  in
Agripalma  LDA.
* SUDCOMOECAOUTCHOUC“SCC”S.A.isacompanyunderIvorian
lawwhoseactivityfocusesontheprocessingandmarketingof
rubber.
* TERRASIA S.A. is a company under Luxembourg law owning
office  spaces.
Scope exits during the period
* SALALA RUBBERCORPORATION“SRC” has been removedfrom
theconsolidationscope  in2024,asthecompanywas  soldduring
the  period.
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67
Consolidated financial statements
Note 3. Leases
The  amounts  recognised  in  the  balance  sheet  related  to  leases  are  as  follows:
* Right-of-use assets

| Furniture, |  | Land and |
|  |  | concession G of |
EUR | vehicles and | Buildings | agricultural | TOTAL
| other |  | area |
Gross value as at 1 January 2023 | 10,819,535 | 535,523 | 7,582,758 | 18,937,816
Additions | 10,151,459 | 0 | 14,357,096  (*) | 24,508,555
Disposals | -4,402,886 | 0 | 0 | -4,402,886
Hyperinflation G | 0 | 0 | 3,213,055 | 3,213,055
Transfer | 0 | 0 | -185,995 | -185,995
Foreign  exchange  differences | -3,219,325 | -831 | -391,540 | -3,611,696
Gross value as at 31 December 2023 | 13,348,783 | 534,692 | 24,575,374 | 38,458,849
Accumulated depreciation as at 1 January 2023 | -7,798,762 | -465,096 | -2,504,392 | -10,768,250
Depreciation | -3,641,708 | -31,842 | -559,689 | -4,233,239
Depreciation  reversals | 4,402,886 | 0 | 0 | 4,402,886
Transfer  to  assets  held  for  sale | 0 | 0 | 152,144 | 152,144
Foreign  exchange  differences | 1,180,354 | 230 | 39,566 | 1,220,150
Accumulated depreciation as at 31 December 2023 | -5,857,230 | -496,708 | -2,872,371 | -9,226,309
Net book value as at 31 December 2023 | 7,491,553 | 37,984 | 21,703,003 | 29,232,540
Gross value as at 1 January 2024 | 13,348,783 | 534,692 | 24,575,374 | 38,458,849
Additions | 6,147,366 | 210,993 | 376,810 | 6,735,169
Disposals | -634,711 | 0 | 0 | -634,711
Hyperinflation | 0 | 0 | 1,670,694 | 1,670,694
Transfer | -10,297 | 0 | 0 | -10,297
Foreign  exchange  differences | -2,011,332 | -288 | -130,594 | -2,142,214
Gross value as at 31 December 2024 | 16,839,809 | 745,397 | 26,492,284 | 44,077,490
Accumulated depreciation as at 1 January 2024 | -5,857,230 | -496,708 | -2,872,371 | -9,226,309
Depreciation | -3,827,697 | -45,904 | -535,802 | -4,409,403
Depreciation  reversals | 641,732 | 0 | 0 | 641,732
Hyperinflation | 0 | 0 | -116,663 | -116,663
Transfer | 3,592 | 0 | 0 | 3,592
Foreign  exchange  differences | 527,800 | 82 | -24,878 | 503,004
Accumulated depreciation as at 31 December 2024 | -8,511,803 | -542,530 | -3,549,714 | -12,604,047
Net book value as at 31 December 2024 | 8,328,006 | 202,867 | 22,942,570 | 31,473,443

(*) Additions  during  the  past  period  correspond  to  the  revision  of  the  concession  agreement  in  Cameroon.
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Consolidated financial statements
* Lease liabilities

| 31/12/2024 | 31/12/2023
EUR |  |
Long-term  lease  liabilities | 26,184,654 | 24,950,880
Short-term  lease  liabilities | 3,274,791 | 2,778,042
TOTAL | 29,459,445 | 27,728,922

The  amounts  recognised  in  the  income  statement  in  relation  with  the  lease  contracts  are  detailed  as  follows:

| 2024 | 2023
EUR |  |
Depreciation  of  right-of-use  assets | 4,409,403 | 4,233,239
Hyperinflation | 116,663 | 0
Expenses  related  to  short-term  leases  and  leases  of  low-value  assets | 1,773,996 | 2,154,944
Interest  expense  (included  in  the  financial  expenses) | 3,254,417 | 3,411,779
TOTAL | 9,554,479 | 9,799,962

* Agricultural land and concessions
G
TheGroupdoesnotownallofthelandonwhichitsbiologicalassetsareplanted.Ingeneral,theselandsare
subject  to  very  long-term  concessions
G
from  the  local  public  authority.  These  concessions
G
are  renewable.

Company (*) | Date of initial lease or | Duration of the initial | Area conceded |  |
| renewal extension | lease |  |  |
SAC | 2011/2012/2013/2014 | 50 years | 18,473  ha |  | (1)
LAC | 1959 | 77  years | 121,407  ha |  |
SOGB | 1995 | 99 years | 34,712  ha |  |
PSG | 2013/2016/2022 | 50 years | 18,304  ha |  |
OKOMU | 1986/1993/1999//2014 | 92 to 99 years | 33,113 ha |  |
SOCAPALM | 2005 | 55 years | 58,063  ha |  |
SAFACAM | 2022 | 3 years | 2,161 ha |  | (3)
AGRIPALMA | 2009 | 25 years | 1,735  ha |  | (2)(4)
BRABANTA | 2004 to 2022 | 25 years | 8,380  ha |  |

(1) Renewable  concessions
G
for a term of 25 years
(2) Concessions
G
renewable  tacitly  for  periods  of  25  years
(3) Safacam  owns  15,529  ha
(4) Agripalma  owns  653  ha
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Consolidated financial statements
Note 4. Intangible assets

| Concessions G |  | Other |
EUR | and patents | Softwares | intangible | TOTAL
|  |  | assets |
Cost as at 1 January 2023 | 1,633,382 | 405,561 | 630,810 | 2,669,753
Additions | 0 | 15,621 | 0 | 15,621
Disposals | 0 | 0 | -177 | -177
Transfer | 0 | 0 | -35,710 | -35,710
Foreign  exchange  differences | -489,272 | -21,759 | -13,624 | -524,655
Cost as at 31 December 2023 | 1,144,110 | 399,423 | 581,299 | 2,124,832
Accumulated amortisation as at 1 January 2023 | -245,606 | -405,161 | -569,086 | -1,219,853
Amortisation | -24,459 | -746 | -29,603 | -54,808
Transfer | 0 | 0 | 35,710 | 35,710
Foreign  exchange  differences | 70,469 | 21,759 | 13,624 | 105,852
Accumulated amortisation as at 31 December 2023 | -199,596 | -384,148 | -549,355 | -1,133,099
Net book value as at 31 December 2023 | 944,514 | 15,275 | 31,944 | 991,733
Cost as at 1 January 2024 | 1,144,110 | 399,423 | 581,299 | 2,124,832
Additions | 0 | 0 | 1,750 | 1,750
Foreign  exchange  differences | -157,888 | 12,432 | 0 | -145,456
Cost as at 31 December 2024 | 986,222 | 411,855 | 583,049 | 1,981,126
Accumulated amortisation as at 1 January 2024 | -199,596 | -384,148 | -549,355 | -1,133,099
Amortisation | -19,331 | -5,282 | -29,192 | -53,805
Foreign  exchange  differences | 25,262 | -12,432 | 0 | 12,830
Accumulated amortisation as at 31 December 2024 | -193,665 | -401,862 | -578,547 | -1,174,074
Net book value as at 31 December 2024 | 792,557 | 9,993 | 4,502 | 807,052

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Consolidated financial statements
Note 5. Property, plant and equipment

| Land and |  | Technical | Furniture, | Work in | Advances |
EUR | nurseries | Buildings | installations | vehicles and | progress | and | TOTAL
| (**) |  |  | others |  | prepayments |
Cost as at 1 January 2023 | 9,367,879 | 252,932,179 | 167,690,988 | 221,376,452 | 14,260,711 | 865,583 | 666,493,792
Additions  (*) | 0 | 4,599,712 | 5,234,624 | 13,420,048 | 12,189,105 | 676,214 | 36,119,703
Disposals | 0 | -150,984 | -445,823 | -3,383,491 | -1,487,422 | 0 | -5,467,720
Hyperinflation G | 0 | 3,559,352 | 4,626,554 | 1,723,126 | 0 | 0 | 9,909,032
Transfer | -1,482,854 | 10,296,975 | 2,197,008 | 3,184,170 | -14,548,501 | -1,069,328 | -1,422,530
Transfer  to  assets  held  for  sale | 0 | -5,971,824 | 0 | -1,261,309 | 0 | 0 | -7,233,133
Foreign  exchange  differences | -2,259,961 | -19,590,147 | -39,010,253 | -14,835,108 | -1,276,793 | -8,376 | -76,980,638
Cost as at 31 December 2023 | 5,625,064 | 245,675,263 | 140,293,098 | 220,223,888 | 9,137,100 | 464,093 | 621,418,506
Accumulated depreciation as at 1 January 2023 | -1,193,432 | -137,332,463 | -77,292,225 | -170,418,829 | 0 | 0 | -386,236,949
Depreciation | -16,518 | -12,150,672 | -8,955,871 | -13,400,168 | 0 | 0 | -34,523,229
Depreciation  reversals | 0 | 140,444 | 306,131 | 3,370,914 | 0 | 0 | 3,817,489
Transfer | 19,670 | -61,214 | -393 | 393 | 0 | 0 | -41,544
Transfer  to  assets  held  for  sale | 0 | 3,631,134 | 0 | 975,370 | 0 | 0 | 4,606,504
Foreign  exchange  differences | 5,941 | 6,213,514 | 10,482,218 | 9,540,193 | 0 | 0 | 26,241,866
Accumulated depreciation as at 31 December 2023 | -1,184,339 | -139,559,257 | -75,460,140 | -169,932,127 | 0 | 0 | -386,135,863
Accumulated impairment as at 1 January 2023 | 0 | -409,129 | -2,131,536 | -182,271 | 0 | 0 | -2,722,936
Impairment | 0 | -298,687 | 0 | 0 | 0 | 0 | -298,687
Impairment  reversal | 0 | 0 | 133,234 | 0 | 0 | 0 | 133,234
Transfer  to  assets  held  for  sale | 0 | 385,553 | 0 | 0 | 0 | 0 | 385,553
Foreign  exchange  differences | 0 | 7,968 | 0 | 0 | 0 | 0 | 7,968
Accumulated impairment as at 31 December 2023 | 0 | -314,295 | -1,998,302 | -182,271 | 0 | 0 | -2,494,868
Net book value as at 31 December 2023 | 4,440,725 | 105,801,711 | 62,834,656 | 50,109,490 | 9,137,100 | 464,093 | 232,787,775
Cost as at 1 January 2024 | 5,625,064 | 245,675,263 | 140,293,098 | 220,223,888 | 9,137,100 | 464,093 | 621,418,506
Additions  (*) | 0 | 3,686,752 | 5,032,154 | 12,076,784 | 16,787,996 | 796,475 | 38,380,161
Disposals | -188,727 | -522,467 | -187,947 | -5,756,522 | 0 | 0 | -6,655,663
Hyperinflation | 0 | 1,416,644 | 1,574,857 | 564,982 | 0 | 0 | 3,556,483
Transfer | 0 | 4,124,572 | 7,877,030 | -3,485,352 | -7,924,576 | -385,900 | 205,774
Foreign  exchange  differences | -771,964 | -1,604,054 | -12,296,352 | -3,702,973 | -174,480 | -1,213 | -18,551,036
Cost as at 31 December 2024 | 4,664,373 | 252,776,710 | 142,292,840 | 219,920,807 | 17,826,040 | 873,455 | 638,354,225
Accumulated depreciation as at 1 January 2024 | -1,184,339 | -139,559,257 | -75,460,140 | -169,932,127 | 0 | 0 | -386,135,863
Depreciation | -16,710 | -11,507,635 | -7,745,756 | -11,638,335 | 0 | 0 | -30,908,436
Depreciation  reversals | 0 | 177,301 | 131,661 | 5,597,054 | 0 | 0 | 5,906,016
Hyperinflation | 0 | -421,804 | -804,587 | -621,363 | 0 | 0 | -1,847,754
Transfer | 0 | 0 | -7,973,937 | 7,973,937 | 0 | 0 | 0
Foreign  exchange  differences | -35 | -346,844 | 2,892,515 | 1,741,485 | 0 | 0 | 4,287,121
Accumulated depreciation as at 31 December 2024 | -1,201,084 | -151,658,239 | -88,960,244 | -166,879,349 | 0 | 0 | -408,698,916
Accumulated impairment as at 1 January 2024 | 0 | -314,295 | -1,998,302 | -182,271 | 0 | 0 | -2,494,868
Impairment  reversal | 0 | 86,230 | 135,866 | 0 | 0 | 0 | 222,096
Foreign  exchange  differences | 0 | 0 | 0 | 0 | 0 | 0 | 0
Accumulated impairment as at 31 December 2024 | 0 | -228,065 | -1,862,436 | -182,271 | 0 | 0 | -2,272,772
Net book value as at 31 December 2024 | 3,463,289 | 100,890,406 | 51,470,160 | 52,859,187 | 17,826,040 | 873,455 | 227,382,537

(*) Additions  for  the  period  include  capitalised  costs.
(**)Nurseries  have  been  reclassified  in  2023  from  property,  plant  and  equipment  to  biological  assets,  see  Note  6.
As  at31  December  2024,the  Grouphas  no  technicalinstallations  andprofessional  equipment  pledgedas  guaranteesfor  borrowingsof
the  Group  (2023:  EUR  4.9  million).
Socfinaf S.A.
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71
Consolidated financial statements
Note 6. Biological assets

EUR | Palm | Rubber | Nurseries and |
|  |  |  |  | Others (**) | TOTAL
| Mature | Immature | Mature | Immature |  |
Cost as at 1 January 2023 | 363,609,691 | 5,508,065 | 192,975,090 | 38,483,204 | 7,131 | 600,583,181
Additions  (*) | 0 | 3,490,349 | 0 | 5,634,066 | 521,397 | 9,645,812
Disposals | -934,198 | -386,833 | -2,955,273 | 0 | -769,566 | -5,045,870
Hyperinflation G | 3,386,453 | 0 | 1,689,724 | 0 | 0 | 5,076,177
Transfer | 3,546,358 | -3,512,803 | 8,938,826 | -8,765,028 | 1,275,501 | 1,482,854
Transfer  to  assets  held  for  sale | 0 | 0 | -40,811,858 | -4,002,517 | -71,764 | -44,886,139
Foreign  exchange  differences | -37,402,896 | -98,312 | -9,850,140 | -2,944,059 | -188,941 | -50,484,348
Cost as at 31 December 2023 | 332,205,408 | 5,000,466 | 149,986,369 | 28,405,666 | 773,758 | 516,371,667
Accumulated depreciation as at 1 January 2023 | -132,538,731 | 0 | -60,632,580 | 0 | -3,160 | -193,174,471
Depreciation | -14,497,818 | 0 | -7,567,771 | 0 | -302 | -22,065,891
Depreciation  reversals | 931,881 | 0 | 2,534,073 | 0 | 0 | 3,465,954
Transfer | 889 | 0 | 0 | 0 | -19,670 | -18,781
Transfer  to  assets  held  for  sale | 0 | 0 | 5,837,046 | 0 | 0 | 5,837,046
Foreign  exchange  differences | 9,779,930 | 0 | 2,927,522 | 0 | 0 | 12,707,452
Accumulated depreciation as at 31 December 2023 | -136,323,849 | 0 | -56,901,710 | 0 | -23,132 | -193,248,691
Accumulated impairment as at 1 January 2023 | -23,590,118 | 0 | -30,770,318 | -2,803,518 | 0 | -57,163,954
Impairment | 0 | 0 | -6,632,680 | -915,146 | 0 | -7,547,826
Transfer | 0 | 0 | -851,402 | 851,402 | 0 | 0
Transfer  to  assets  held  for  sale | 0 | 0 | 34,311,388 | 2,768,543 | 0 | 37,079,931
Foreign  exchange  differences | 2,853,205 | 0 | 1,545,550 | 98,716 | 0 | 4,497,471
Accumulated impairment as at 31 December 2023 | -20,736,913 | 0 | -2,397,462 | -3 | 0 | -23,134,378
Net book value as at 31 December 2023 | 175,144,646 | 5,000,466 | 90,687,197 | 28,405,663 | 750,626 | 299,988,598
Cost as at 1 January 2024 | 332,205,408 | 5,000,466 | 149,986,369 | 28,405,666 | 773,758 | 516,371,667
Additions  (*) | 0 | 4,372,433 | 207,892 | 6,022,264 | 282,406 | 10,884,995
Disposals | -2,587,264 | -608,993 | -4,932,047 | -91,267 | 0 | -8,219,571
Hyperinflation | 3,880,373 | 0 | 1,209,194 | 0 | 0 | 5,089,567
Transfer | 2,380,254 | -2,319,938 | 7,800,324 | -7,800,324 | -60,315 | 1
Foreign  exchange  differences | -2,797,674 | -27,756 | -3,500 | -335,229 | -67,755 | -3,231,914
Cost as at 31 December 2024 | 333,081,097 | 6,416,212 | 154,268,232 | 26,201,110 | 928,094 | 520,894,745
Accumulated depreciation as at 1 January 2024 | -136,323,849 | 0 | -56,901,710 | 0 | -23,132 | -193,248,691
Depreciation | -15,079,045 | 0 | -6,336,156 | 0 | -303 | -21,415,504
Depreciation  reversals | 2,587,264 | 0 | 3,171,710 | 0 | 0 | 5,758,974
Hyperinflation | -822,978 | 0 | -251,249 | 0 | 0 | -1,074,227
Foreign  exchange  differences | 563,907 | 0 | 614,261 | 0 | 0 | 1,178,168
Accumulated depreciation as at 31 December 2024 | -149,074,701 | 0 | -59,703,144 | 0 | -23,435 | -208,801,280
Accumulated impairment as at 1 January 2024 | -20,736,913 | 0 | -2,397,462 | -3 | 0 | -23,134,378
Impairment | -227,342 | 0 | 0 | 0 | 0 | -227,342
Foreign  exchange  differences | -291,179 | 0 | 136,410 | 0 | 0 | -154,769
Accumulated impairment as at 31 December 2024 | -21,255,434 | 0 | -2,261,052 | -3 | 0 | -23,516,489
Net book value as at 31 December 2024 | 162,750,962 | 6,416,212 | 92,304,036 | 26,201,107 | 904,659 | 288,576,976

(*) Additions  for  the  period  include  capitalised  costs.
(**)Nurseries  have  been  reclassified  in  2023  from  property,  plant  and  equipment  to  biological  assets.
Accounting  policy  regarding  current  biological  assets  is  disclosed  in  Note  1.11.
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Consolidated financial statements
Note 7. Depreciation and impairment

| 2024 | 2023
EUR |  |
Depreciation and amortisation |  |
Of  intangible  assets  (Note  4) | 53,805 | 54,808
Of  property,  plant  and  equipment  excluding  biological  assets  (Note  5)  (*) | 32,756,190 | 34,523,229
Of  biological  assets  (Note  6)  (*) | 22,489,731 | 22,065,891
Of  right-of-use  assets  (Note  3)  (*) | 4,526,066 | 4,233,239
Impairment and impairment reversal |  |
Of  property,  plant  and  equipment  excluding  biological  assets  (Note  5) | -222,096 | 165,453
Of  biological  assets  (Note  6) | 227,342 | 7,547,826
TOTAL | 59,831,038 | 68,590,446

(*) Corresponds  to  amounts  presented  lines  “Depreciation”  and  “Hyperinflation”  for  each  Note
Note 8. Impairment of assets
Goodwill
Impairmenttestsongoodwillareperformedatleast
onceayear  toassesswhetherthecarryingamount  is
still  appropriate.
Intangible and tangible assets and right-of-use
assets
At each reporting date, the Group reviews the
carryingamountofitsintangibleandtangibleassets
and right-of-use assets in order to assess whether
there  is  anyindication  of  impairment.If  there  is  such
anindication,therecoverable  amountoftheassetis
estimated in order to determine the amount of the
impairment  loss.
Bearer biological assets
At each reporting date, the Group assesses if there
is any indication that its biological assets may be
impaired or if an impairment reversal should be
considered.
Forthispurpose,theGroupassessesseveralindicators:
Thesignificantandsustaineddecreasingtrendinthe
pricesofnaturalrubber(TSR20
G
1
st
position on SGX
G
)
andcrudepalmoil (CIFRotterdam
G
)wasconsidered
asanobservable sign that the biologicalassetsmay
have been impaired. A decrease in these prices at
reporting date greater than 15% compared to an
averageof  5-yearvalue  hasbeenset  bytheGroup  as
an  impairment  indicator.
TheGroup  alsoconsidersaverage  prices,overthesix
monthsbeforereportingdateandoverthelasttwelve
months,  insteadof  onlyclosing  prices.  Thisis  donein
ordertoavoid seasonal fluctuations in thepricesof
supply  materials.
Moreover,  theGroup  also  reviewsthe  pricesobserved
on local market and considers a decrease in these
prices  at  the  closing  date  of  more  than  15%  compared
toanaverage  ofvaluesover5years,as  animpairment
indicator.
In addition to these external indicators, the Group
considers  the  following  indicators:
- Internal  performance  indicators;
- Criteria  relating  to  the  local  market;
- Physical  indicators  of  impairment;
- Significantchanges  in  plantationsthat  could  have  a
material  impact  on  their  future  cash  flows.
If  an  indicationof  impairment  orimpairment  reversal
is identified, the recoverable amount of the bearer
biological  assets  is  determined.
Impairmenttestsmustbeperformedonthesmallest
identifiablegroupofassetswhichgeneratescashflows
independently  of  otherassets  or  groups  ofassets,  and
Socfinaf S.A.
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73
Consolidated financial statements
forwhichtheGrouppreparesfinancialinformationfor
the  Board  of  Directors.
The identification of Cash Generating Units (CGUs)
depends,  in  particular,  on:
- how  the  Groupmanages  theactivities  of  theentity;
- thewayinwhichdecisionsaremadewithregards
to  the  pursuit  or  the  disposal  of  its  activities  and;
- theexistenceofanactivemarketfor  allorpartof
the  production.
The  Group  considers  the  political  and  country  specific
risk factors while reviewing business evolution.
Therefore, companies are grouped within the CGU
country.
The recoverable amount of bearer biological assets
isdeterminedthroughthecalculationofvalueinuse
by  using  the  mostrecent  information  approved  bythe
local management. Those information comprise the
measurestakenthatwillhelptopreventtheeffects
of the climate change (maintenance program, land
and  fieldpreparationagainst  thefire  and/  orflooding
resulting  from  heavy  rainfalls).  The  impacts  on  future
cash-flows  of  the  potential  effects  of  climate  changes
are therefore taken into consideration. Then the
Group  uses  thediscounted  value  ofexpected  net  cash
flows,  whichare  discountedat  apre-tax  rate.On  the
reportingdate, thefinancialprojectionincorporates
thefullexploitationoftheyoungerbearerbiological
assets.Theoperationallife
G
rangesfrom25to30years
forbothcrops.  Thisperiodcanbeadaptedaccording
to  the  particular  circumstances  for  each  entity.
Thevalue inusecalculation hasbeenvery sensitive
to:
- changes  in  the  margins  achieved  by  the  entity  and
- changes  related  to  discount  rates.
This sensitivity analysis is performed whenever an
impairment test is performed after impairment
indicators  are  identified.
Changes in realised margins
Initially,theGroupdeterminesseparatelytheexpected
production of each category of bearer biological
assets within the entity over their remaining life.
This expected production is estimated through the
surface areas planted on the reporting date as well
asthroughtheactualcropyieldrecordedduringthe
financialyear.Thelatterdependsonthematurityof
the  bearerbiologicalasset.  Production  is  thenvalued
onanaveragebasis offive-yearofthemarginsthat
were  achieved  bythe  entity  inrelation  toagricultural
activities. The value in use of the bearer biological
asset is then obtained by discounting these cash
flows.Averagemarginsareconsideredconstantover
thedurationofthefinancialprojection.Anindexing
factor  is  not  considered.
Conclusion - financial impacts
Intangible and tangible assets
As at 31 December 2024, no impairment was
recognised on tangible assets (2023: impairment
lossforEUR 0.3millionandimpairmentreversalfor
EUR  0.1  million).
Bearer biological assets – indicators of impairment
Asat 31 December 2024 theclosing prices, average
prices  overthe  last  6months  and  averageprices  over
thelast12months,did  notaltogetherexceed15%of
the average 5-year value, for the Rubber and Palm
segments.
The review of prices and of other indicators led to
the  conclusion  that  there  are  no  external  nor  internal
indicators  of  impairment.
Bearer biological assets – financial impact
As at 31 December 2024, accumulated impairment
losses in the palm business segment amounted
to EUR 7.2 million for Brabanta, EUR 9.4 million
forAgripalma and EUR 4.6 million for SAC. For the
rubbersegment,theaccumulatedimpairmentlosses
areEUR0.9millionforPSG and EUR 1.4 million for
Safacam(Note7).Noimpairmentreversalindicators
have  been  identified  during  the  year.
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Consolidated financial statements
Note 9. Non-wholly owned subsidiaries in which non-controlling interests are
significant
Interests of non-controlling interests in the activities of the Group

Subsidiary | Main location | Percentage of equity shares | Percentage of voting rights
|  | of non-controlling interest | of non-controlling interests
|  | 2024 | 2023 | 2024 | 2023
Production of palm oil and rubber |  |  |  |  |
SOGB | Côte  d’Ivoire | 36% | 36% | 27% | 27%
OKOMU | Nigeria | 34% | 34% | 34% | 34%
SAFACAM | Cameroon | 31% | 31% | 31% | 31%
SOCAPALM | Cameroon | 33% | 33% | 33% | 33%

| Net income attributed to |  |
EUR | non-controlling interests in | Accumulated non-controlling
| the subsidiary during the | interests in the subsidiary
| financial period |  |
| 2024 | 2023 | 2024 | 2023
Subsidiary |  |  |  |
SOGB | 7,730,403 | 1,816,310 | 39,557,311 | 34,428,578
OKOMU | 9,254,519 | 11,532,083 | 12,612,409 | 13,610,634
SAFACAM | 977,083 | -340,054 | 13,358,299 | 12,682,330
SOCAPALM | 4,144,543 | 5,833,015 | 27,408,242 | 29,186,471
Subsidiaries  that  hold  non-controlling  interests  that  are  not  significant  individually | 10,465,020 | 10,137,102
Non-controlling interests |  |  | 103,401,281 | 100,045,115

Summary financial information concerning subsidiaries whose interests of non-controlling interests are
significant for the Group excluding intragroup eliminations

EUR |  |  |  |
2023 | Current | Non-current | Current | Non-Current
| assets | assets | liabilities | Liabilities
Subsidiary |  |  |  |
SOGB | 39,237,673 | 96,453,663 | 35,692,377 | 7,376,308
OKOMU | 23,453,222 | 59,724,716 | 17,910,393 | 24,411,400
SAFACAM | 13,883,373 | 34,456,093 | 11,913,763 | 7,092,036
SOCAPALM | 28,442,311 | 111,898,820 | 31,614,481 | 5,254,925
EUR |  |  |  |
2024 |  |  |  |
SOGB | 40,702,405 | 94,919,366 | 23,694,915 | 6,891,247
OKOMU | 22,984,839 | 50,369,814 | 24,152,737 | 13,900,840
SAFACAM | 14,348,699 | 34,647,702 | 10,520,634 | 5,829,629
SOCAPALM | 27,143,220 | 112,732,284 | 37,154,606 | 1,516,694

Socfinaf S.A.
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75
Consolidated financial statements

EUR |  |  |  |
2023 |  |  |  |
| Revenue from | Net income | Comprehen- | Dividends
Subsidiary | ordinary | for the | sive income | paid to non-
| activities | period | for the | controlling
|  |  | period | interests
SOGB | 111,971,288 | 8,034,526 | 8,034,526 | 5,480,113
OKOMU | 113,518,676 | 35,264,066 | 35,264,066 | 8,816,146
SAFACAM | 35,943,252 | 933,817 | 933,817 | 1,303,922
SOCAPALM | 129,002,660 | 18,194,012 | 18,194,012 | 5,107,090
EUR |  |  |  |
2024 |  |  |  |
SOGB | 136,312,714 | 19,987,271 | 19,987,271 | 2,750,076
OKOMU | 81,277,158 | 26,127,523 | 26,127,523 | 4,804,879
SAFACAM | 44,987,896 | 4,240,244 | 4,240,244 | 287,131
SOCAPALM | 154,353,699 | 15,869,417 | 15,869,417 | 5,901,526

EUR |  |  |  |
2023 |  |  |  |
|  | Net cash inflows (outflows) | Net cash
Subsidiary | Operating | Investing | Financing | inflows
| activities | activities | activities | (outflows)
SOGB | 30,182,499 | -8,399,725 | -18,023,120 | 3,759,654
OKOMU | 32,367,223 | -11,180,148 | -25,909,506 | -4,722,431
SAFACAM | 5,355,954 | -4,585,446 | -2,522,796 | -1,752,289
SOCAPALM | 35,566,217 | -11,080,808 | -19,192,268 | 5,293,141
EUR |  |  |  |
2024 |  |  |  |
SOGB | 23,309,905 | -9,498,240 | -15,491,033 | -1,679,368
OKOMU | 31,159,075 | -10,140,922 | -15,469,383 | 5,548,771
SAFACAM | 8,680,251 | -3,781,083 | -2,641,087 | 2,258,082
SOCAPALM | 31,709,026 | -14,465,968 | -20,230,963 | -2,987,905

ThenatureandevolutionoftherisksassociatedwiththeinterestsheldbytheGroupinthesubsidiariesremained
stable  over  the  financial  period  compared  to  the  previous  year.
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Consolidated financial statements
Note 10. Investments in associates

| 2024 | 2023
EUR |  |
Value as at 1 January | 24,499,660 | 27,288,358
Income from associates | 4,681,925 | 6,002,745
Dividends | -3,894,328 | -8,292,174
Share in other comprehensive income from associates | 0 | -337,884
Increase  in  associates’s  Equity  (*) | 2,936,903 | 0
Other movements | 504,302 | -161,386
Value as at 31 December | 28,728,462 | 24,499,660

(*) Corresponds  to  Induservices  FR  increase  in  share  capital  during  2024.

| Value of | Income from | Value of | Income from
| investment in | associates | investment in | associates
| associates |  | associates |
| 31/12/2024 | 2024 | 31/12/2023 | 2023
EUR |  |  |  |
Centrages | 3,248,519 | 1,883 | 3,346,636 | 79,639
Immobilière  de  la  Pépinière | 1,733,626 | -60,181 | 1,794,038 | -71,861
Induservices | 179,278 | 33,441 | 145,837 | 47,547
Induservices  FR | 556,217 | -2,380,685 | 0 | 125,258
Socfinco | 330,643 | 16,790 | 313,853 | -4,683
Socfinco  FR | 9,418,614 | 2,312,487 | 7,106,126 | 2,558,601
Socfinde | 1,542,839 | 94,839 | 1,848,000 | 124,448
Sodimex  FR | 1,980,344 | 163,514 | 2,116,830 | 342,281
Sogescol  FR | 9,434,275 | 4,490,177 | 7,533,893 | 2,791,818
Terrasia | 304,106 | 9,660 | 294,446 | 9,698
TOTAL | 28,728,461 | 4,681,925 | 24,499,659 | 6,002,746

| Total assets | Revenue | Total assets | Revenue
| 31/12/2024 | 2024 | 31/12/2023 | 2023
EUR |  |  |  |
Centrages | 3,513,590 | 4,133,102 | 3,973,190 | 3,921,004
Immobilière  de  la  Pépinière | 3,527,021 | 542,766 | 3,738,399 | 512,571
Induservices | 825,299 | 2,000,440 | 1,080,076 | 2,240,040
Induservices  FR | 8,079,485 | 4,277,158 | 7,823,488 | 3,651,270
Socfinco | 1,561,286 | 0 | 1,581,948 | 0
Socfinco  FR | 22,775,929 | 26,198,369 | 25,146,251 | 26,708,826
Socfinde | 142,309,736 | 0 | 110,740,705 | 0
Sodimex  FR | 10,696,365 | 19,727,530 | 8,126,993 | 21,344,372
Sogescol  FR | 78,921,062 | 425,221,366 | 47,993,053 | 326,642,221
Terrasia | 684,141 | 75,367 | 655,210 | 0
TOTAL | 272,893,914 | 482,176,098 | 210,859,313 | 385,020,304

Socfinaf S.A.
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2024
|
77
Consolidated financial statements
Main data of significant associates accounted for using the equity method

Associate company | Main location | Main activity | Dividend received | Dividend received
|  |  | 31/12/2024 | 31/12/2023
EUR |  |  |  |
Socfinco  FR | Switzerland | Rendering  of  services | 0 | 4,000,000
Socfinde | Luxembourg | Financial  Holding | 400,000 | 0
Sodimex  FR | Switzerland | Purchase  and  sale  of  equipment | 300,000 | 375,000
Sogescol  FR | Switzerland | Trade  of  tropical  products | 3,086,989 | 3,744,267
TOTAL |  |  | 3,786,989 | 8,119,267

Summary financial information of interests held in associates - Statement of financial position

Associate company | Current assets | Non-current | Current | Non-current
|  | assets | liabilities | liabilities
31/12/2023 | EUR | EUR | EUR | EUR
Centrages | 2,473,196 | 1,499,994 | 677,627 | 0
Socfinco  FR | 19,702,567 | 5,443,685 | 8,691,698 | 1,533,477
Socfinde | 107,749,118 | 2,991,587 | 97,660,026 | 6,412,830
Sodimex  FR | 8,104,378 | 22,616 | 3,492,398 | 321,364
Sogescol  FR | 44,344,968 | 3,648,084 | 32,518,033 | 397,673
TOTAL | 182,374,227 | 13,605,966 | 143,039,782 | 8,665,344

Associate company | Current assets | Non-current | Current | Non-current
|  | assets | liabilities | liabilities
31/12/2024 | EUR | EUR | EUR | EUR
Centrages | 2,395,093 | 1,118,497 | 456,017 | 0
Socfinco  FR | 18,035,233 | 4,740,696 | 3,389,631 | 0
Socfinde | 139,268,149 | 3,041,587 | 130,689,832 | 6,412,830
Sodimex  FR | 10,685,793 | 10,572 | 6,595,552 | 17,955
Sogescol  FR | 75,282,614 | 3,638,448 | 59,233,967 | 0
TOTAL | 245,666,882 | 12,549,800 | 200,364,999 | 6,430,785

Summary financial information of interests held in associates - Income statement

|  |  | Other | Total
Associate company | Profit from | Net income for | comprehensive | comprehensive
| operations | the period | income for the | income for the
|  |  | period | period
2023 | EUR | EUR | EUR | EUR
Centrages | 217,890 | 117,522 | 0 | 117,522
Socfinco  FR | 7,755,033 | 6,488,998 | -91,830 | 6,397,168
Socfinde | -64,129 | 644,758 | 0 | 644,758
Sodimex  FR | 712,284 | 609,180 | -33,645 | 575,535
Sogescol  FR | 7,990,852 | 6,193,674 | -87,087 | 6,106,587
TOTAL | 16,611,930 | 14,054,132 | -212,563 | 13,841,569

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Socfinaf S.A.
Consolidated financial statements

|  |  | Other | Total
Associate company | Profit from | Net income for | comprehensive | comprehensive
| operations | the period | income for the | income for the
|  |  | period | period
2024 | EUR | EUR | EUR | EUR
Centrages | -33,077 | -37,989 | 0 | -37,989
Socfinco  FR | 5,136,985 | 4,465,222 | 0 | 4,465,222
Socfinde | -57,041 | 539,225 | 0 | 539,225
Sodimex  FR | 442,336 | 369,626 | 0 | 369,626
Sogescol  FR | 13,841,623 | 9,711,688 | 0 | 9,711,688
TOTAL | 19,330,826 | 15,047,772 | 0 | 15,047,772

Reconciliation of the financial information summarised above to the carrying amount of the investments
in the consolidated financial statements

| Net assets of | % stake held by | Other IFRS | Value of stake
Associate company | the associate | the Group | adjustments | held by the
|  |  |  | Group
31/12/2023 | EUR |  | EUR | EUR
Centrages | 3,295,563 | 50% | 1,698,855 | 3,346,636
Socfinco  FR | 14,921,077 | 50% | -354,413 | 7,106,126
Socfinde | 6,667,849 | 20% | 514,430 | 1,848,000
Sodimex  FR | 4,313,232 | 50% | -39,786 | 2,116,830
Sogescol  FR | 15,077,346 | 50% | -4,780 | 7,533,893
TOTAL | 44,275,067 |  | 1,814,306 | 21,951,485

| Net assets of | % stake held by | Other IFRS | Value of stake
Associate company | the associate | the Group | adjustments | held by the
|  |  |  | Group
31/12/2024 | EUR |  | EUR | EUR
Centrages | 3,057,573 | 50% | 1,719,733 | 3,248,519
Socfinco  FR | 19,386,298 | 50% | -274,535 | 9,418,614
Socfinde | 5,207,074 | 20% | 501,424 | 1,542,839
Sodimex  FR | 4,082,858 | 50% | -61,085 | 1,980,344
Sogescol  FR | 19,687,095 | 50% | -409,273 | 9,434,275
TOTAL | 51,420,898 |  | 1,476,264 | 25,624,591

There  is  no  goodwill  attributed  to  the  above  associates.
Aggregated information relating to associates that are not significant individually

| 2024 | 2023
EUR |  |
Share  of  profit  from  continued  operations  attributable  to  the  Group | -2,380,975 | 185,598
Share  of  other  comprehensive  income  attributable  to  the  Group | 0 | -125,259
Share  of  total  comprehensive  income  attributable  to  the  Group | -2,380,975 | 60,339
Total  book  value  of  investments  in  associates  held  by  the  Group | 3,103,871 | 2,548,175

The nature, extent and financial impact of the
interests held in associates by the Group, including
the nature of relationships with other investors,
remained stable over the financial period compared
to the previous year.
Socfinaf S.A.
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2024
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79
Consolidated financial statements
Note 11. Financial assets at fair value through other comprehensive income

| 2024 | 2023
EUR |  |
Fair value as at 1 January | 4,800,038 | 300,038
Additions | 0 | 4,500,000
Fair value as at 31 December | 4,800,038 | 4,800,038

| Cost (historical) | Fair value
EUR |  |  |  |
| 31/12/2024 | 31/12/2023 | 31/12/2024 | 31/12/2023
Financial  assets  at  fair  value  through  other | 4,800,038 | 4,800,038 | 4,800,038 | 4,800,038
comprehensive income |  |  |  |

Asat31December2024,thefinancialassetsatfairvaluethroughothercomprehensiveincomemainlycorrespond
to  ManagementAssociates  shares.
Note 12. Deferred taxes
* Components of deferred tax assets and liabilities

| 2024 | 2023
EUR |  |
IAS  2  /  IAS  41:  Agricultural  production | -2,659,036 | -915,418
IAS  12:  Losses  carried  forward  activated | 5,171,080 | 238,349
IAS  12:  Tax  latencies  (*) | -6,931,640 | -6,474,314
IAS  16:  Property,  plant  and  equipment  (**) | -13,916,767 | -16,196,712
IAS  19:  Pension  obligations | 2,757,288 | 2,545,646
IAS  21:  Translation  differences | 0 | -1,210,662
IAS  37:  Provisions  for  risks  and  charges | 946,458 | 375,811
IAS  38:  Formation  expenses | -9,465 | 0
IAS  38:  Research  costs | 316,988 | 360,975
IFRS  9:  Financial  assets  measured  at  fair  value  through  other  comprehensive  income | 0 | -47,377
IFRS  16:  Leases  (**) | -31,609 | -44,883
IAS  41:  Biological  assets  (**) | -919,292 | -480,896
Others | -4,933 | -83
Balance as at 31 December | -15,280,928 | -21,849,564
Of which deferred tax assets | 12,390,875 | 2,735,633
Of which deferred tax liabilities | -27,671,802 | -24,585,197

(*)  Mainly  linked  to  withholding  tax  on  dividends  for  EUR  4.1  million.
(**)Of  which  EUR  -2.7  million  relatingto  hyperinflation
G
(reevaluation  of  property,  plant  and  equipment,  biological  assets  and
right  of  use  assets).
The  abovedeferred  taxesare  presented  percategory
of deferred taxes resulting from consolidated
adjustments. They are calculated company per
companyandthenetpositionbetweendeferredtax
liabilities  and  deferred  tax  assets  is  presented.
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Socfinaf S.A.
Consolidated financial statements
Based on the assessment performed, the Group has
notidentifiedanymaterialpotentialexposuretoPillar
Twoincometaxesinrespectofprofitsearnedduring
the  year  (2023:  not  applicable).
* Contingent tax assets and liabilities
Someof  thesubsidiarieshave  accumulatedtaxlosses
that are or are not limited over time or capital
allowances  limited  or  not  over  time.
Brabanta andAgripalma have unused tax losses and
tax latencies, whose recoverability is uncertain,
amounting to EUR 17.4 million (recoverability not
limited), and EUR 10.5 million (to use before 2030)
respectively  as  at  31  December  2024.
Socfinaf has unused tax losses of EUR 219.0 million
(mainly  to  use  before  2040).
Duetotheinstabilitywhichmayexistinthesecountries
withregardstotheevolutionoftaxlegislationorits
application,  no  deferredtax  assets  have  beenbooked
related  to  these  tax  losses.
Note 13. Current tax assets and liabilities
* Components of current tax assets

| 2024 | 2023
EUR |  |
Current tax assets as at 1 January | 9,549,094 | 12,438,610
Tax  income | 1,443,799 | 1,133,981
Other  taxes | 10,086,112 | 9,529,471
Taxes  paid  or  recovered | -944,164 | -263,201
Transfer  (*) | -13,654,242 | -12,782,933
Transfer  to  assets  held  for  sale | 0 | -299,780
Foreign  exchange  differences | -414,587 | -207,054
Current tax assets as at 31 December | 6,066,012 | 9,549,094

(*) Corresponds  mainly  to  offset  of  tax  assets  and  tax  liabilities.
Socfinaf S.A.
|
ANNUAL REPORT
2024
|
81
Consolidated financial statements
* Components of current tax liabilities

| 2024 | 2023
EUR |  |
Current tax liabilities as at 1 January | 28,701,137 | 40,651,438
Tax  expense | 34,918,600 | 31,897,496
Other  taxes  (*) | 43,162,648 | 38,366,780
Taxes  paid  or  recovered  (**) | -56,890,316 | -58,507,765
Transfer  (***) | -14,178,878 | -13,881,093
Foreign  exchange  differences | -4,727,516 | -9,825,719
Current tax liabilities as at 31 December | 30,985,675 | 28,701,137

(*) Other  taxes  are  composed  of  taxes  not  included  in  general  tax  expenses:  VAT,  withholding  tax,  custom  tax,...
(**) This  includes  income  taxes  and  also  other  taxes.
(***)Corresponds  mainly  to  offset  of  tax  assets  and  tax  liabilities.
Note 14. Income tax expense
* Components of the tax expense

| 2024 | 2023
EUR |  |
Income  tax  expense  (*) | 37,722,511 | 36,557,147
Deferred  tax  expense  /  (income) | -1,004,672 | 4,971,264
Tax expense as at 31 December | 36,717,839 | 41,528,411

(*) Withholding  tax  on  dividends  is  presented  within  income  tax  expense.
* Components of the deferred tax (expense) / income

| 2024 | 2023
EUR |  |
IAS  12:  Deferred  taxes | 382,364 | -102,571
IAS  19:  Pension  obligations | -354,828 | 1,553,831
IAS  38:  Intangible  assets | 43,879 | 484,856
IAS  2  /  IAS  41:  Fair  value  of  agricultural  produce | 1,886,214 | -2,143,595
IFRS  9:  Forward  exchange  contracts | -29,412 | 0
IFRS  3:  Fair  valuation  of  buildings | -364 | -16,005
IAS  12:  New  tax  latencies | 2,843,286 | 2,523,222
IAS  12:  Tax  latencies  recognised | -4,691,904 | 0
IAS  16:  Tangible  assets | 410,940 | 539,398
IAS  37:  Provisions  for  risks  and  charges | -681,417 | 25,932
IAS  21:  Foreign  exchange  differences | -751,573 | 1,819,832
IFRS  16:  Leases | -66,719 | 286,364
Others | 4,862 | 0
Deferred tax expense / (income) as at 31 December | -1,004,672 | 4,971,264

82
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ANNUAL REPORT 2024
|
Socfinaf S.A.
Consolidated financial statements
* Reconciliation between income statement and cash flow statement

| 2024 | 2023
EUR |  |
Income  tax  expense  paid  during  the  period | -37,722,511 | -36,557,147
Income  tax  –  movement  financial  position | 7,757,536 | 1,401,592
Income tax paid | -29,964,975 | -35,155,555

* Reconciliation of income tax expense

| 2024 | 2023
EUR |  |
Profit before tax from continuing operations | 113,817,135 | 84,850,434
Nominal  tax  rate  of  the  parent  company | 24.94% | 24.94%
Nominal  tax  rate  of  subsidiaries | from  0%  to  33% | from  0%  to  33%
Income  tax  at  nominal  tax  rates  of  subsidiaries | 26,544,284 | 18,981,308
Definitively  taxed  income | 3,317,996 | 2,843,271
Use  of  unrecognised  capital  allowances | -544,530 | -192,116
Specific  tax  regimes  in  foreign  countries | 7,856,944 | 7,215,176
Non-taxable  income | -6,327,763 | -5,601,483
Non-deductible  expenses | 7,799,038 | 6,629,405
Use  and  recognition  of  tax  latencies | -7,061,820 | -1,410,695
Unrecognised  losses  carried  forward | 3,065,503 | 8,294,995
Other  tax  benefits | -24,392 | -10,671
Additional  tax  assessment | 3,287,343 | 232,357
Impact  of  change  in  tax  rate | -1,194,771 | 4,552,406
Other  adjustments | 7 | -5,542
Tax expense as at 31 December | 36,717,839 | 41,528,411

Socfinaf S.A.
|
ANNUAL REPORT
2024
|
83
Consolidated financial statements
Note 15. Inventories
* Carrying value of inventories by category

| 31/12/2024 | 31/12/2023
EUR |  |
Raw  materials | 33,419,082 | 24,638,464
Consumables | 17,675,787 | 16,850,225
Spare parts | 34,182,829 | 30,663,090
Production  in  progress | 725,886 | 858,179
Finished  products | 19,283,456 | 17,728,911
Down-payments  and  orders  in  progress | 3,226,579 | 2,945,178
Gross amount (before impairment) as at 31 December | 108,513,619 | 93,684,047
Inventory  write-downs | -6,459,851 | -4,947,343
Net amount as at 31 December | 102,053,768 | 88,736,704

* Reconciliation of inventories

| 2024 | 2023
EUR |  |
Situation as at 1 January | 93,684,047 | 111,161,829
Change  in  inventory | 11,553,053 | 5,770,503
Fair  value  of  agricultural  products | 6,985,822 | -9,522,251
Transfer  to  assets  held  for  sale | 0 | -956,711
Hyperinflation | 225,880 | 0
Foreign  exchange  differences | -3,935,183 | -12,769,323
Gross amount (before impairment) as at 31 December | 108,513,619 | 93,684,047
Inventory  write-downs | -6,459,851 | -4,947,343
Net amount as at 31 December | 102,053,768 | 88,736,704

* Quantity of inventory by category

31/12/2023 | Raw materials G | Production-in- | Finished goods G
|  | progress G |
Crude  Palm  Oil  /  Palm  Kernel  Oil  (tons) | 0 | 0 | 10,843
Rubber  (tons) | 33,065 | 0 | 9,799
Others  (units) | 0 | 0 | 2,386,647

31/12/2024 | Raw materials G | Production-in- | Finished goods G
|  | progress G |
Crude  Palm  Oil  /  Palm  Kernel  Oil  (tons) | 0 | 0 | 6,439
Rubber  (tons) | 30,503 | 0 | 11,347
Others  (units) | 0 | 0 | 8,259,150

84
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|
Socfinaf S.A.
Consolidated financial statements
Note 16. Trade receivables (current assets)

| 31/12/2024 | 31/12/2023
EUR |  |
Trade  receivables | 28,750,979 | 22,784,333
Advances  and  prepayments | 3,516,525 | 4,451,502
TOTAL | 32,267,504 | 27,235,835

The  accounting  and  risk  management  policies  related  to  receivables  are  detailed  in  Notes  1  and  33.
TheGroupperformed  ECL  analysisontradereceivablesduringthe  year.Followingthisanalysis,the  Groupdid
not  identify  any  material  impairment  to  book.
Note 17. Other receivables (current assets)

| 31/12/2024 | 31/12/2023
EUR |  |
Social  security | 1,132,601 | 1,247,379
Other  receivables  (*) | 14,141,323 | 21,252,251
Accrued  charges | 454,580 | 631,589
TOTAL | 15,728,504 | 23,131,219

(*) Other receivables include receivables linked to non-operational activities and a receivable of EUR 8.5 million
(EUR15.9millionin2023)relatingtothecashpoolingatthelevelofSocfinafanditssubsidiarieswithrelatedparties
outside  the  consolidation  scope.
Note 18. Cash and cash equivalents
* Reconciliation with the amounts in the financial statements

| 2024 | 2023
EUR |  |
Current account | 40,464,609 | 39,741,654
TOTAL | 40,464,609 | 39,741,654

* Reconciliation with the cash flow statement

| 2024 | 2023
EUR |  |
Current account | 40,464,609 | 39,741,654
Bank  overdrafts  (*) | -5,026,090 | -3,470,366
TOTAL | 35,438,519 | 36,271,288

(*) See  also  Note  22.
Socfinaf S.A.
|
ANNUAL REPORT
2024
|
85
Consolidated financial statements
Note 19. Share capital and share premium
Issued  and  fullypaid  capital  amountedto  EUR  35.7  millionas  at  31December  2024  (stablecompared  to  2023).
There  is  a  share  premium  of  EUR  87.5  million  added  to  the  subscribed  capital.
Asat  31December2024,the  sharecapital  isrepresented  by17,836,650  shareswith  nodesignation  ofpar  value.

| Ordinary shares
| 31/12/2024 | 31/12/2023
Number of shares | 17,836,650 | 17,836,650
Number  of  subscribed  shares  without  designation  of  par  value | 17,836,650 | 17,836,650

Note 20. Legal reserves
In accordance with Luxembourg commercial law,
the Company is required to allocate a minimum of
5%ofitsnetprofitforeachfinancialyeartoalegal
reserve. This requirement ceases to be necessary
oncethe  balanceonthelegalreserve  reaches10%of
thesubscribedsharecapital.Thelegalreserveisnot
available  for  distribution  to  the  shareholders.
86
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|
Socfinaf S.A.
Consolidated financial statements
Note 21. Pension obligations
* Defined benefit pension plan and post-employment benefits
Besides  thelegislation  onsocial  securityapplicablelocally,  most
oftheemployeesoftheGroupinAfricabenefitfromadefined
benefitpensionplan.Thesubsidiariespaybenefitsinthe  eventof
retirementanddependingoncountriesin  caseofdismissal.The
benefits paid are calculated as a percentage of salary and are
based  on  the  number  of  yearsof  service.  The  plans  are  governed
by the local collective agreements in force in each country.
ThebenefitspayabletothestaffoftheCamerooniansubsidiary
Socapalm  are  financed  byassets  that  include  insurance  contracts
whose  price  is  not  quoted  on  active  markets.

|  |  | 2024 |  |  | 2023
EUR |  |  |  |  |  |
|  | Fair value of |  |  | Fair value of |
| Present value | the defined | Net amount | Present value | the defined | Net amount
| of obligations | benefit plans | recognised | of obligations | benefit plans | recognised
|  | assets |  |  | assets |
Assets and liabilities recognised in the |  |  |  |  |  |
statement of financial position |  |  |  |  |  |
Present  value  of  obligations | 14,499,786 | -1,333,054 | 13,166,732 | 13,932,928 | -1,431,667 | 12,501,261
Net amount recognised in the statement of | 14,499,786 | -1,333,054 | 13,166,732 | 13,932,928 | -1,431,667 | 12,501,261
financial position for defined benefit plans |  |  |  |  |  |
Components of net charge |  |  |  |  |  |
Current service costs | 812,117 | 0 | 812,117 | 716,745 | 0 | 716,745
Financial  costs | 1,056,642 | 23,824 | 1,080,466 | 1,047,943 | 23,504 | 1,071,447
Interest  income  on  plan  assets | 0 | -229,001 | -229,001 | 0 | -170,158 | -170,158
Early  retirement,  reductions,  liquidations | 0 | 0 | 0 | -5,875 | 0 | -5,875
Past service costs | 0 | 0 | 0 | 300,283 | 0 | 300,283
Defined benefit plan costs | 1,868,759 | -205,177 | 1,663,582 | 2,059,096 | -146,654 | 1,912,442
Movements in liabilities / net assets recognised |  |  |  |  |
in the statement of financial position |  |  |  |  |  |
As at 1 January | 13,932,928 | -1,431,667 | 12,501,261 | 13,689,168 | -1,322,634 | 12,366,534
Costs as per income statement | 1,868,759 | -205,177 | 1,663,582 | 2,059,096 | -146,654 | 1,912,442
Contributions  by  employer | -934,503 | -680,676 | -1,615,179 | -699,064 | -671,544 | -1,370,608
Costs  of  services  rendered | -211,986 | 211,986 | 0 | -179,306 | 179,306 | 0
Actuarial  gains  and  losses  of  the  year  recognised  in | 481,640 | 149,111 | 630,751 | 1,387,967 | 80,332 | 1,468,299
other comprehensive income |  |  |  |  |  |
Reclassification  of  net  asset | 0 | 623,370 | 623,370 | 0 | 449,526 | 449,526
Foreign  exchange  differences | -637,052 | 0 | -637,052 | -2,324,932 | 0 | -2,324,932
As at 31 December | 14,499,787 | -1,333,054 | 13,166,733 | 13,932,928 | -1,431,667 | 12,501,261

Provisions  are  based  on  actuarial  valuation  reports  prepared  in  January  2025.
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Consolidated financial statements
* Actuarial gains and losses recognised in other comprehensive income

|  |  | 2024 |  |  | 2023
|  | Fair value of |  |  | Fair value of |
EUR | Present value | the defined | Net amount | Present value | the defined | Net amount
| of obligations | benefit plans | recognised | of obligations | benefit plans | recognised
|  | assets |  |  | assets |
Adjustments  of  liabilities  related  to  experience | -1,402,613 | 0 | -1,402,613 | -912,093 | 0 | -912,093
Changes  in  financial  assumptions  related  to | 422,885 | 0 | 422,885 | 171,518 | 0 | 171,518
recognised  liabilities |  |  |  |  |  |
Changes  in  demographic  assumptions  related  to | 498,087 | 0 | 498,087 | -647,390 | 0 | -647,390
recognised  liabilities |  |  |  |  |  |
Return  on  assets  in  the  plan  excl.  interest | 0 | -149,111 | -149,111 | 0 | -80,332 | -80,332
income |  |  |  |  |  |
Actuarial gains and losses recognised during | -481,641 | -149,111 | -630,752 | -1,387,965 | -80,332 | -1,468,297
the period in other comprehensive income |  |  |  |  |  |

* Actuarial valuation assumptions

| 2024 | 2023
AFRICA |  |
Average  discount  rate | from  4.71%  to  20.16% | from  5.42%  to  17.11%
Expected  long-term  returns  of  plan  assets | 315,821 | 229,001
Future  salary  increases | from  1.74%  to  10.80% | from  1.74%  to  10.70%
Average  remaining  active  life  of  employees  (in  years) | 18.33 | 19.06

* Sensitivity analysis of the present value of defined benefit obligations

| 2024 | 2023
EUR |  |
Actuarial value of the obligation |  |
-  Pension  plan | 14,499,786 | 13,932,928
-  Fair  value  of  plan  assets | -1,333,054 | -1,431,667
Total as at 31 December | 13,166,732 | 12,501,261
Actuarial rate (on pension plan) |  |
Increase  of  0.5% | 14,083,715 | 13,515,787
Decrease  of  0.5% | 14,941,729 | 14,375,266
Expected future salary increases (on pension plan) |  |
Increase  of  0.5% | 14,916,305 | 14,360,688
Decrease  of  0.5% | 14,104,320 | 13,526,805

Thesensitivity analysis isbasedon the sameactuarialmethodused tomeasuretheobligationsof thedefinedbenefitplans.The
mortality  rate  which  can  be  impacted  by  the  effect  of  the  climate  change  is  included  in  this  sensitivity  analysis.
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* Impact of the defined benefit pension plan on future cash flows

| 2025 | 2024
Estimated  contributions  for  the  next  financial  year  (in  euros) | 2,831,681 | 1,812,594

| 2024 | 2023
Weighted  average  duration  of  defined  benefit  plan  obligations  (in  years) | 5.5 | 6.1

* Pension scheme with defined benefit obligations

| 2024 | 2023
EUR |  |
Accounted  expense  for  the  defined  contribution  pension  plan | 2,637,484 | 2,621,986

Note 22. Financial debts

31/12/2023 |  |  |
EUR | < 1 year | > 1 year | TOTAL
Loans  held  by  financial  institutions | 13,137,581 | 17,357,744 | 30,495,325
Lease  liabilities | 2,778,042 | 24,950,880 | 27,728,922
Other  loans  (*) | 47,495,679 | 85,420,573 | 132,916,252
Bank  overdrafts  (**) | 3,470,366 | 0 | 3,470,366
TOTAL | 66,881,668 | 127,729,197 | 194,610,865

31/12/2024 |  |  |
EUR | < 1 year | > 1 year | TOTAL
Loans  held  by  financial  institutions | 4,957,772 | 8,354,164 | 13,311,936
Lease  liabilities | 3,274,791 | 26,184,654 | 29,459,445
Other  loans  (*) | 50,122,589 | 30,000,000 | 80,122,589
Bank  overdrafts  (**) | 5,026,090 | 0 | 5,026,090
TOTAL | 63,381,242 | 64,538,818 | 127,920,060

(*) ThisbalanceincludesanamountofEUR70.0millionpayabletoSocfinandshareholdersbySocfinaf(2023:EUR120.0million).
See note 30.
(**)  See  also  Note  18.
Mostof  theconsolidated  borrowingsare  denominatedin  Eurosor  CFAfrancs(whoseparity  islinked  tothe  Euro).
ThefixedinterestratesfromfinancialinstitutionsandwhicharepeggedtotheEurovarybetween5.70%and
7.09%.
As  explained  in  Note  33,  interest  rate  management  is  the  subject  of  ongoing  management  attention.
In  compliance  with  its  covenants  towards  Socfin,  Socfinafshould  avoid  to  be  subject  to  bankruptcy,  liquidation,
or  any  Luxembourg-basedand  foreign  lawproceedings,  affecting  the  rightsof  creditors  generally.Socfinaf  also
engages  topay  all  amountstowards  Socfinon  duedate.  In  caseof  default,the  overalloutstanding  amount  (EUR
30,000,000  as  at  31  December  2024)  would  be  immediately  due  and  payable.
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Consolidated financial statements
* Long-term debt analysis by interest rate

31/12/2023 |  |  |  |  |
EUR | Fixed Rate | Rate | Floating rate | Rate | TOTAL
Loans held by financial institutions |  |  |  |  |
Côte  d’Ivoire | 175,639 | 5.50% | 0 | - | 175,639
Nigeria | 7,240,279 | 5.00%  to  10.00% | 0 | - | 7,240,279
Cameroon | 8,316,825 | 5.70%  to  7.09% | 0 | - | 8,316,825
Ghana | 1,625,000 | 4.00% | 0 | - | 1,625,000
| 17,357,743 |  | 0 |  | 17,357,743
Other loans |  |  |  |  |
Europe | 80,000,000 | 6.00%  to  6.25% | 0 | - | 80,000,000
Sierra Leone | 5,420,573 | 0%  to  3.00% | 0 | - | 5,420,573
| 85,420,573 |  | 0 |  | 85,420,573
TOTAL | 102,778,316 |  | 0 |  | 102,778,316

31/12/2024 |  |  |  |  |
EUR | Fixed Rate | Rate | Floating rate | Rate | TOTAL
Loans held by financial institutions |  |  |  |  |
Nigeria | 3,804,741 | 5.00% | 0 | - | 3,804,741
Cameroon | 4,549,422 | 5.70%  to  7.09% | 0 | - | 4,549,422
| 8,354,163 |  | 0 |  | 8,354,163
Other loans |  |  |  |  |
Europe | 30,000,000 | 6.25% | 0 | - | 30,000,000
| 30,000,000 |  | 0 |  | 30,000,000
TOTAL | 38,354,163 |  | 0 |  | 38,354,163

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* Long-term debt analysis by currency

31/12/2023 |  |  |  |  |  |  |  |
| EUR | C FA | NGN | STN | USD | GHS | CDF | TOTAL EUR
Loans  held  by  financial | 1,625,000 | 8,492,464 | 7,240,279 | 0 | 0 | 0 | 0 | 17,357,743
insitutions |  |  |  |  |  |  |  |
Other  loans | 80,000,000 | 0 | 0 | 0 | 5,420,573 | 0 | 0 | 85,420,573
Lease  liabilities | 0 | 20,289,243 | 3,236,272 | 112,602 | 1,260,191 | 25,509 | 27,063 | 24,950,880
TOTAL | 81,625,000 | 28,781,707 | 10,476,551 | 112,602 | 6,680,764 | 25,509 | 27,063 | 127,729,196

31/12/2024 |  |  |  |  |  |  |  |
| EUR | C FA | NGN | STN | USD | GHS | CDF | TOTAL EUR
Loans  held  by  financial | 0 | 4,549,422 | 3,804,741 | 0 | 0 | 0 | 0 | 8,354,163
insitutions |  |  |  |  |  |  |  |
Other  loans | 30,000,000 | 0 | 0 | 0 | 0 | 0 | 0 | 30,000,000
Lease  liabilities | 0 | 21,455,410 | 2,377,968 | 101,977 | 2,201,431 | 21,772 | 26,096 | 26,184,654
TOTAL | 30,000,000 | 26,004,832 | 6,182,709 | 101,977 | 2,201,431 | 21,772 | 26,096 | 64,538,817

* Long-term debt analysis by maturity

31/12/2023 |  |  |  |  |  |
EUR | 2025 | 2026 | 2027 | 2028 | 2029 and | TOTAL
|  |  |  |  | above |
Loans  held  by  financial  institutions | 8,362,989 | 4,773,585 | 4,061,408 | 2,685,043 | 1,051,182 | 20,934,207
Lease  liabilities | 2,332,498 | 1,812,884 | 1,534,512 | 121,920 | 19,149,066 | 24,950,880
Other  loans | 6,937,466(*) | 85,000,000(*) | 0 | 0 | 3,487,181 | 95,424,647
TOTAL | 17,632,952 | 91,586,469 | 5,595,920 | 2,806,963 | 23,687,429 | 141,309,733

(*) Those  amounts  correspond  to  the  interests  and  capital  to  be  repaid  on  the  EUR  80  million  long-term  loans,  disclosed  in  Note  30.

31/12/2024 |  |  |  |  |  |
EUR | 2026 | 2027 | 2028 | 2029 | 2030 and | TOTAL
|  |  |  |  | above |
Loans  held  by  financial  institutions | 3,857,659 | 3,197,038 | 1,999,062 | 655,502 | 0 | 9,709,261
Lease  liabilities | 2,804,012 | 2,505,730 | 731,656 | 158,689 | 19,984,567 | 26,184,654
Other  loans | 31,875,000(*) | 0 | 0 | 0 | 0 | 31,875,000
TOTAL | 38,536,671 | 5,702,768 | 2,730,718 | 814,191 | 19,984,567 | 67,768,915

(*) Those  amounts  correspond  to  the  interests  and  capital  to  be  repaid  on  the  EUR  30  million  long-term  loan,  disclosed  in  Note  30.
* Short-term debt analysis
Theshort-termdebtsaremainlycomposedoftheshareholderadvanceswithBolloréandMopoli.Thedetailoftheinterestrates,
currency  and  maturity  are  disclosed  in  Note  30.
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Consolidated financial statements
* Net cash surplus / (net debt)

| 31/12/2024 | 31/12/2023
EUR |  |
Cash  and  cash  equivalents | 40,464,609 | 39,741,654
Long-term  debt  net  of  current  portion | -38,354,164 | -102,778,317
Short-term  debt  and  current  portion  of  long-term  debt | -60,106,451 | -64,103,627
Lease  liabilities | -29,459,445 | -27,728,922
Net debt | -87,455,451 | -154,869,212
Cash  and  cash  equivalents | 40,464,609 | 39,741,654
Loan  bearing  interest  at  a  fixed  rate | -98,460,615 | -166,881,944
Lease  liabilities | -29,459,445 | -27,728,922
Net debt | -87,455,451 | -154,869,212

* Reconciliation of net cash surplus / (net debt)

|  |  |  | Short-term |  |  |  |
| Cash |  |  | debt and | Long-term | Debt |  |
| and cash | Bank | Sub-total | current | debt, net | related to | Sub-total | TOTAL
| equivalents | overdraft |  | portion of | of current | leases |  |
|  |  |  | long-term | portion |  |  |
|  |  |  | debt |  |  |  |
As at 1 January 2023 | 63,638,032 | -10,695,901 | 52,942,131 | -72,781,426 | -163,937,124 | -10,206,202 | -246,924,752 | -193,982,621
Cash  flows | -14,319,139 | 7,225,534 | -7,093,605 | 24,092,568 | 37,988,001 | 4,623,622 | 66,704,191 | 59,610,586
Foreign  exchange  differences | -9,216,071 | 0 | -9,216,071 | 138,407 | 9,990,476 | 2,274,529 | 12,403,412 | 3,187,341
Transfer | 0 | 0 | 0 | -12,082,811 | 13,180,334 | 0 | 1,097,523 | 1,097,523
Transfer  to  assets  held  for  sale | -361,169 | 0 | -361,169 | 0 | 0 | 45,866 | 45,866 | -315,303
Other movements with no impact | 0 | 0 | 0 | 0 | 0 | -24,466,733 | -24,466,733 | -24,466,733
on  cash  flows |  |  |  |  |  |  |  |
As at 31 December 2023 | 39,741,653 | -3,470,367 | 36,271,286 | -60,633,262 | -102,778,313 | -27,728,918 | -191,140,493 | -154,869,207
Cash  flows | 3,780,801 | -1,555,724 | 2,225,077 | 18,483,418 | 49,615,658 | 3,704,820 | 71,803,896 | 74,028,973
Foreign  exchange  differences | -3,057,847 | 0 | -3,057,847 | 847,338 | 2,702,982 | 1,481,976 | 5,032,296 | 1,974,449
Transfer | 0 | 0 | 0 | -13,777,856 | 12,105,513 | 6,707 | -1,665,636 | -1,665,636
Other movements with no impact | 0 | 0 | 0 | 0 | 0 | -6,924,024 | -6,924,024 | -6,924,024
on  cash  flows |  |  |  |  |  |  |  |
As at 31 December 2024 | 40,464,607 | -5,026,091 | 35,438,516 | -55,080,362 | -38,354,160 | -29,459,439 | -122,893,961 | -87,455,445

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Note 23. Trade and other payables

| 31/12/2024 | 31/12/2023
EUR |  |
Non-current other payables | 1,321,911 | 1,332,110
Trade  creditors:  suppliers | 41,774,847 | 35,295,036
Advances  received  and  invoices  to  be  received | 9,624,547 | 11,102,007
Subtotal trade payables | 51,399,394 | 46,397,043
Staff  cost  liabilities | 7,548,310 | 6,110,763
Other  payables | 5,293,059 | 11,555,848
Accruals  (*) | 7,360,084 | 6,372,256
Subtotal current other payables | 20,201,453 | 24,038,867
TOTAL | 72,922,758 | 71,768,020
Non-current  liabilities | 1,321,911 | 1,332,110
Current  liabilities | 71,600,847 | 70,435,910

(*) This  amount  includes  the  Okomu  grant  part  of  the  loans,  for  EUR  0.9  million  (2023:  EUR  2.2  million).
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Consolidated financial statements
Note 24. Financial instruments

|  | Financial |  |  |  |
|  | assets at | Other financial |  |  | Other financial
31/12/2023 | Loans and | fair value | assets and | TOTAL | Loans and | assets and
| borrowings | through other | liabilities |  | borrowings (*) | liabilities (*)
|  | comprehensive |  |  |  |
|  | income |  |  |  |
EUR | At amortised | At fair value | At cost |  | At fair value | At fair value
| cost |  |  |  |  |
Assets |  |  |  |  |  |
Financial  assets  at  fair  value  through  other | 0 | 4,800,038 | 0 | 4,800,038 | 0 | 0
comprehensive income |  |  |  |  |  |
Long-term  advances | 1,502,170 | 0 | 513,733 | 2,015,903 | 1,502,170 | 513,733
Other non-current assets | 0 | 0 | 3,089,715 | 3,089,715 | 0 | 3,089,715
Trade  receivables | 0 | 0 | 27,235,836 | 27,235,836 | 0 | 27,235,836
Other  receivables | 0 | 0 | 23,131,220 | 23,131,220 | 0 | 23,131,220
Cash  and  cash  equivalents  (**) | 0 | 0 | 39,741,654 | 39,741,654 | 0 | 39,741,654
Total assets | 1,502,170 | 4,800,038 | 93,712,158 | 100,014,366 | 1,502,170 | 93,712,158
Liabilities |  |  |  |  |  |
Long-term  debts  (**) | 102,778,317 | 0 | 0 | 102,778,317 | 100,229,159 | 0
Other  non-current  liabilities  (***) | 0 | 0 | 1,332,110 | 1,332,110 | 0 | 1,332,110
Short-term  debts  (**) | 60,633,260 | 0 | 3,470,367 | 64,103,627 | 60,633,260 | 3,470,367
Trade  payables  (current)  (***) | 0 | 0 | 46,397,043 | 46,397,043 | 0 | 46,397,043
Other  payables  (current)  (***) | 0 | 0 | 24,038,868 | 24,038,868 | 0 | 24,038,868
Total liabilities | 163,411,577 | 0 | 75,238,388 | 238,649,965 | 160,862,419 | 75,238,388

(*) For  information  purposes.
(**) See  note  22.
(***)See  note  23.

31/12/2023 |  | Fair Value |
EUR | Level 1 | Level 2 | Level 3 | TOTAL
Financial  assets  at  fair  value  through  other | 0 | 0 | 4,800,038 | 4,800,038
comprehensive income |  |  |  |

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Consolidated financial statements

|  | Financial |  |  |  |
|  | assets at | Other |  |  | Other
| Loans and | fair value | financial |  | Loans and | financial
31/12/2024 | borrowings | through | assets and | TOTAL | borrowings | assets and
|  | other com- | liabilities |  | (*) | liabilities (*)
|  | prehensive |  |  |  |
|  | income |  |  |  |
| At |  |  |  |  |
EUR | amortised | At fair value | At cost |  | At fair value | At fair value
| cost |  |  |  |  |
Assets |  |  |  |  |  |
Financial  assets  at  fair  value  through | 0 | 4,800,038 | 0 | 4,800,038 | 0 | 0
other comprehensive income |  |  |  |  |  |
Long-term  advances | 1,239,441 | 0 | 506,993 | 1,746,434 | 1,239,441 | 506,993
Other non-current assets | 0 | 0 | 3,710,342 | 3,710,342 | 0 | 3,710,342
Trade  receivables | 0 | 0 | 32,267,503 | 32,267,503 | 0 | 32,267,503
Other  receivables | 0 | 0 | 15,728,504 | 15,728,504 | 0 | 15,728,504
Cash  and  cash  equivalents  (**) | 0 | 0 | 40,464,609 | 40,464,609 | 0 | 40,464,609
Total assets | 1,239,441 | 4,800,038 | 92,677,951 | 98,717,430 | 1,239,441 | 92,677,951
Liabilities |  |  |  |  |  |
Long-term  debts  (**) | 38,354,164 | 0 | 0 | 38,354,164 | 38,226,992 | 0
Other  non-current  liabilities  (***) | 0 | 0 | 1,321,911 | 1,321,911 | 0 | 1,321,911
Short-term  debts  (**) | 55,080,361 | 0 | 5,026,090 | 60,106,451 | 55,080,361 | 5,026,090
Trade  payables  (current)  (***) | 0 | 0 | 51,399,394 | 51,399,394 | 0 | 51,399,394
Other  payables  (current)  (***) | 0 | 0 | 20,201,453 | 20,201,453 | 0 | 20,201,453
Total liabilities | 93,434,525 | 0 | 77,948,848 | 171,383,373 | 93,307,353 | 77,948,848

(*) For  information  purposes.
(**) See  Note  22.
(***)See  Note  23.

31/12/2024 |  | Fair Value |
EUR | Level 1 | Level 2 | Level 3 | TOTAL
Financial  assets  at  fair  value  through  other | 0 | 0 | 4,800,038 | 4,800,038
comprehensive income |  |  |  |

TheGroupestimated  thefair  valueofthefinancialinstrumentsby  comparingtheir  interestratestotheactual  interestrate  asat  year-
end,provided  bytheEuropean  CentralBank.Incase  ofmaterialdifferences  betweentheinterestrates,  theestimatedfair  valueof
the  financial  instruments  is  disclosed  in  this  note.
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Consolidated financial statements
Note 25. Staff costs and average number of staff

| 2024 | 2023
Staff costs |  |
EUR |  |
Remuneration | 70,201,602 | 69,702,788
Social  security  and  pension  expenses | 8,365,554 | 9,207,095
TOTAL | 78,567,156 | 78,909,883

| 2024 | 2023
Average number of employees |  |
Directors | 121 | 118
Employees | 5,824 | 5,126
Workers  (including  temporary  workers) | 18,879 | 18,696
TOTAL | 24,824 | 23,940

Note 26. Other financial income

| 2024 | 2023
EUR |  |
Interest  from  receivables  and  cash  and  cash  equivalents | 392,745 | 419,665
Exchange  gains | 28,373,454 | 22,174,456
Others  (*) | 2,893,276 | 258,206
TOTAL | 31,659,475 | 22,852,327

(*) Of  which  EUR  1.3  million  linked  to  hyperinflation
G
.
Note 27. Financial expenses

| 2024 | 2023
EUR |  |
Interest  and  finance  expense | 7,953,154 | 11,245,986
Interest  expenses  on  lease  liabilities | 3,254,417 | 3,411,779
Exchange  losses | 25,226,993 | 26,848,781
Others | 547,461 | 1,516,828
TOTAL | 36,982,025 | 43,023,374

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Socfinaf S.A.
Consolidated financial statements
Note 28. Net earnings per share
The undiluted net earnings per share (basic) is the
profitfortheyearattributabletoordinaryshareholders
divided by the average number of ordinary shares
outstanding  during  the  year.  As  there  are  no  potential
dilutiveordinaryshares,thedilutednetearningsper
share is identical to the undiluted net earnings per
share.

| 2024 | 2023
Net  profit  /  (loss)  for  the  period  (in  euros) | 56,798,533 | 28,248,339
Average  number  of  shares | 17,836,650 | 17,836,650
Net earnings per share undiluted (in euros) | 3.18 | 1.58

Note 29. Dividends and Directors’ fees
The  Boardwill  propose  totheAnnual  GeneralMeeting  of4  June  2025the  payment  ofa  dividend  ofEUR  0.10  per
share,  for  a  total  amount  of  EUR  1.8  million.

| 2024 | 2023
Dividends  and  interim  dividends  distributed  during  the  period | 0 | 0
Number of shares | 17,836,650 | 17,836,650
Dividend per share paid during the period | 0 | 0

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97
Consolidated financial statements
Note 30. Information on related party
* Directors’ remuneration

| 2024 | 2023
EUR |  |
Short-term  benefits | 474,747 | 488,730

* Other related party transactions

31/12/2023 |  |  |  |
EUR | Parent | Associates | Other related | TOTAL
|  |  | parties |
Non-current assets |  |  |  |
Long-term  advances | 0 | 130,000 | 280,000 | 410,000
| 0 | 130,000 | 280,000 | 410,000
Current assets |  |  |  |
Trade  receivables | 0 | 18,248,109 | 0 | 18,248,109
Other  receivables  (Note  17) | 0 | 16,003,218 | 14,339 | 16,017,557
| 0 | 34,251,327 | 14,339 | 34,265,666
Non-current liabilities |  |  |  |
Financial  debts  (Note  22) | 80,000,000 | 3,395,056 | 3,487,181 | 86,882,237
| 80,000,000 | 3,395,056 | 3,487,181 | 86,882,237
Current liabilities |  |  |  |
Financial  debts  (Note  22) | 0 | 0 | 40,705,753 | 40,705,753
Trade  payables | 0 | 16,879,628 | 6,031 | 16,885,659
Other  payables  (Note  23) | 1,250,000 | 3,912,871 | 660 | 5,163,531
| 1,250,000 | 20,792,499 | 40,712,444 | 62,754,943

2023 |  |  |  |
EUR | Parent | Associates | Other related | TOTAL
|  |  | parties |
Income statement |  |  |  |
Services  and  goods  delivered | 0 | 198,623,366 | 0 | 198,623,366
Services  and  goods  received | 0 | 44,144,608 | 658,211 | 44,802,819
Financial  income | 0 | 254,618 | 0 | 254,618
Financial  expenses | 5,786,549 | 310,356 | 2,003,287 | 8,100,192

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Consolidated financial statements

31/12/2024 |  |  |  |
EUR | Parent | Associates | Other related | TOTAL
|  |  | parties |
Current assets |  |  |  |
Trade  receivables | 0 | 26,562,342 | 0 | 26,562,342
Other  receivables  (Note  17) | 0 | 8,933,781 | 13,470 | 8,947,251
| 0 | 35,496,124 | 13,470 | 35,509,594
Non-current liabilities |  |  |  |
Financial  debts  (Note  22) | 30,000,000 | 509,491 | 903 | 30,510,394
| 30,000,000 | 509,491 | 903 | 30,510,394
Current liabilities |  |  |  |
Financial  debts  (Note  22) | 642,361 | 0 | 43,982,261 | 44,624,622
Trade  payables | 0 | 14,849,277 | 31,507 | 14,880,784
Other  payables  (Note  23) | 0 | 2,945,443 | 660 | 2,946,103
| 642,361 | 17,794,720 | 44,014,428 | 62,451,509

2024 |  |  |  |
EUR | Parent | Associates | Other related | TOTAL
|  |  | parties |
Income statement |  |  |  |
Services  and  goods  delivered | 0 | 257,195,825 | 0 | 257,195,825
Services  and  goods  received | 0 | 41,041,515 | 922,000 | 41,963,515
Financial  income | 0 | 302,858 | 0 | 302,858
Financial  expenses | 3,907,118 | 46,028 | 2,400,000 | 6,353,146

Other related party transactions are carried out
with Bolloré Participations and Palmboomen Cultuur
Maatschappij  (Mopoli).
MopoliisaDutchcompanywhichismainlyownedby
Mr  Hubert  Fabri  throughFinancière  Privée,  which  also
owns  Socfin.
Bolloré  Participations  is  ashareholder  anddirector  of
Socfinaf.
In 2014, Socfinaf obtained a cash advance of
EUR 35 million from Mopoli. This advance bears an
annual  interest(net  oftax)  of6%  (2023:6%).  Interest
is payable in arrears at the end of each calendar
quarter. The amount of interest recognised for the
year  2024  is  EUR1.2  million.As  at  31  December  2024,
theoutstandingbalanceamountstoEUR20.3million
and is repayable on demand with final maturity on
July  2026.
In 2016, Socfinaf obtained a loan of EUR20 million
from Bolloré Participations.The loan has an annual
interest  rate  of  6%  (2023:6%).  The  amountof  interest
recognisedfor  theyear2024is  EUR1.2million.  As  at
31December2024,theoutstandingbalanceamounts
toEUR20.3millionandis  repayableondemandwith
final  maturity  on  June  2025.
Socfinaf  did  notpay  any  dividend  in2024  to  itsparent
companySocfin(2023:nil).Socfinafowesanamountof
EUR  30.0  millionfrom  Socfin(2023:  EUR  80.0million),
repayable early or at the latest on November 2026.
Annual interest at rate of 6.25% (2023: 6.25%) is
payable on this loan. As such, Socfinaf has paid
an interest of EUR 3.9 million in 2024 compared to
EUR  5.8  million  in  2023.
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99
Consolidated financial statements
Note 31. Off balance sheet commitments
In 2019, a subsidiary of Socfinaf, Okomu Oil Palm
Company obtained a loan of Naira 10 billion. The
contractstipulatesthatOkomuwilluseasmortgage
guarantee, up to the loan granted, the 11,416 ha
plantation.Asat31December2024,thebalanceofthe
loan  amounts  to  EUR  4  million  (2023:  EUR  7  million).
In 2021, a subsidiary of Socfinaf, Okomu Oil Palm
Company obtained a loan of Naira 2 billion, whose
contractstipulatesthatOkomuwilluseasmortgage
guarantee, up to the loan granted, the 11,416 ha
plantation.Asat31December2024,thebalanceofthe
loan  amounts  to  EUR  1  million  (2023:  EUR  1  million).
In compliance with Group’s commitments on
responsible management, most of the plantations
within the Group have been certified RSPO. RSPO
certification contains engagements to support
reforestation projects, named compensation plans.
SincemostoftheplantationshavebeencertifiedRSPO,
the Group is committed into several reforestation
projectsinAfrica,representinganoverallbudgetof
USD 19.6 million (EUR 18.9 million, undiscounted),
that  should  be  expensed  between  2025  and  2047.
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Consolidated financial statements
Note 32. Segment information
In accordance with IFRS 8, the information analysed by
managementisbasedonthegeographicaldistributionofpolitical
andeconomicrisks.Asaresult,  thesectorspresentedareEurope,
SierraLeone,Liberia,Côted’Ivoire,Ghana,Nigeria,Cameroon,
São  Tomé  and  Principe  and  Congo  (DRC).
Products from Côte d’Ivoire, Ghana, Nigeria and Cameroon’s
operating sectors come from the palm oil and rubber sales.
Those from the Liberia sector are only from the rubber sales,
while those from Sierra Leone, Ghana, SãoTomé and Principe
andCongo(DRC)comesolelyfromthepalmoilsales.Thosein
the  European  segment  comefrom  the  provisionof  administrative
services, of assistance in managing the areas under plantation
andthemarketingofproductsoutsideoftheGroup.Thesegment
result  of  the  Group  is  the  profit  from  operations.
The stated figures originate from internal reporting. Since
they do not reflect any consolidation or IFRS adjustments or
restatements,theyare not directly comparable to the amount
reportedintheconsolidatedstatementofthefinancialposition
and  income  statement.
* Segmental breakdown of profit / (loss) as at 31 December 2023

|  | Sierra |  | Côte |  |  |  | São Tomé | Congo |
EUR | Europe | Leone | Liberia | d'Ivoire | Ghana | Nigeria | Cameroon | and | (DRC) | TOTAL
|  |  |  |  |  |  |  | Principe |  |
Revenue  from  ordinary |  |  |  |  |  |  |  |  |  |
business  with  external | 0 | 44,340,974 | 36,813,393 | 160,456,976 | 34,514,182 | 113,518,677 | 156,987,751 | 5,511,788 | 10,923,105 | 563,066,846
customers |  |  |  |  |  |  |  |  |  |
Revenue  from  ordinary |  |  |  |  |  |  |  |  |  |
business between | 0 | 0 | 0 | 142,039 | 0 | 0 | 0 | 0 | 0 | 142,039
segments |  |  |  |  |  |  |  |  |  |
Raw  materials  and | 0 | -9,871,828 | -14,655,657 | -85,800,296 | -5,767,731 | -23,467,006 | -52,489,312 | -2,141,205 | -3,839,471 | -198,032,506
consumables  used |  |  |  |  |  |  |  |  |  |
Other  expenses  (*) | -2,760,646 | -6,819,654 | -10,822,984 | -21,217,101 | -3,063,113 | -36,461,249 | -32,737,251 | -1,531,005 | -3,089,851 | -118,502,853
Staff costs | 0 | -6,200,117 | -8,196,073 | -29,184,999 | -4,598,807 | -2,986,458 | -22,056,316 | -2,216,606 | -3,470,508 | -78,909,883
Depreciation  and | 0 | -7,320,901 | -13,907,357 | -11,619,861 | -2,350,323 | -8,431,352 | -19,884,067 | -1,346,455 | -3,730,129 | -68,590,445
impairment  expense |  |  |  |  |  |  |  |  |  |
Other  operational | 1,102,029 | -1,458,697 | -1,415,146 | -59,267 | -203,855 | 10,166,980 | -116,544 | -238,200 | -1,598,184 | 6,179,116
income  and  expenses  (**) |  |  |  |  |  |  |  |  |  |
Segmental profit / (loss) | -1,658,616 | 12,669,776 | -12,183,825 | 12,575,452 | 18,530,353 | 52,339,593 | 29,704,262 | -1,961,683 | -4,805,038 | 105,210,274
Financial  income  and |  |  |  |  |  |  |  |  |  | 23,005,905
gain  on  disposals |  |  |  |  |  |  |  |  |  |
Financial  expenses  and |  |  |  |  |  |  |  |  |  | -43,365,744
loss  on  disposals |  |  |  |  |  |  |  |  |  |
Group share of income |  |  |  |  |  |  |  |  |  | 6,002,745
from associates |  |  |  |  |  |  |  |  |  |
Income  tax  expense  and |  |  |  |  |  |  |  |  |  |
deferred  tax  (expense)  / |  |  |  |  |  |  |  |  |  | -41,528,411
income |  |  |  |  |  |  |  |  |  |
Net Profit / (loss) for |  |  |  |  |  |  |  |  |  | 49,324,768
the period |  |  |  |  |  |  |  |  |  |

(*) Otherexpensesincludecorrespondmainly  toexternalservicesinvoicedtoplantationsand  relateddirectlytotheoperationalactivity  (Transport,
interim  and  subcontractors,  technical  assistance,  insurance  …).
(**)  Other  operational  income  and  expenses  are  not  related  directly  to  the  operational  activity  (government  grants,  other  taxes,  property  taxes,  …).
Socfinaf S.A.
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101
Consolidated financial statements
* Segmental breakdown of profit / (loss) as at 31 December 2024

|  | Sierra |  | Côte |  |  |  | São Tomé | Congo |
EUR | Europe | Leone | Liberia | d'Ivoire | Ghana | Nigeria | Cameroon | and | (DRC) | TOTAL
|  |  |  |  |  |  |  | Principe |  |
Revenue  from  ordinary |  |  |  |  |  |  |  |  |  |
business  with  external | 0 | 36,173,045 | 41,386,727 | 192,312,963 | 31,225,313 | 81,277,153 | 190,843,095 | 5,439,779 | 12,724,876 | 591,382,950
customers |  |  |  |  |  |  |  |  |  |
Revenue  from  ordinary |  |  |  |  |  |  |  |  |  |
business between | 0 | 0 | 0 | 181,737 | 0 | 0 | 0 | 0 | 0 | 181,737
segments |  |  |  |  |  |  |  |  |  |
Raw  materials  and | 0 | -7,902,602 | -5,379,820 | -91,507,678 | -4,648,969 | -11,876,188 | -70,169,794 | -1,400,552 | -2,892,884 | -195,778,485
consumables  used |  |  |  |  |  |  |  |  |  |
Other  expenses  (*) | -3,432,596 | -6,897,187 | -17,066,305 | -23,690,750 | -3,031,418 | -28,824,359 | -39,901,479 | -1,979,936 | -2,536,200 | -127,360,230
Staff costs | -239,750 | -8,309,246 | -8,345,726 | -28,286,341 | -5,328,019 | -1,017,338 | -21,323,285 | -2,250,577 | -3,466,873 | -78,567,156
Depreciation  and | 0 | -7,133,509 | -5,174,916 | -11,147,579 | -5,040,249 | -4,295,495 | -20,577,477 | -3,506,001 | -2,955,811 | -59,831,038
impairment  expense |  |  |  |  |  |  |  |  |  |
Other  operational | 1,206,767 | -2,508,507 | -3,334,668 | 195,692 | -554,960 | -1,086,698 | -819,290 | -271,138 | -4,080,542 | -11,253,343
income  and  expenses  (**) |  |  |  |  |  |  |  |  |  |
Segmental profit / (loss) | -2,465,579 | 3,421,994 | 2,085,292 | 37,876,154 | 12,621,698 | 34,177,075 | 38,051,769 | -3,968,425 | -3,207,433 | 118,592,545
Financial  income  and |  |  |  |  |  |  |  |  |  | 34,148,646
gain  on  disposals |  |  |  |  |  |  |  |  |  |
Financial  expenses  and |  |  |  |  |  |  |  |  |  | -38,924,056
loss  on  disposals |  |  |  |  |  |  |  |  |  |
Group share of income |  |  |  |  |  |  |  |  |  | 4,681,925
from associates |  |  |  |  |  |  |  |  |  |
Income  tax  expense  and |  |  |  |  |  |  |  |  |  |
deferred  tax  (expense)  / |  |  |  |  |  |  |  |  |  | -36,717,839
income |  |  |  |  |  |  |  |  |  |
Net Profit / (loss) for |  |  |  |  |  |  |  |  |  | 81,781,222
the period |  |  |  |  |  |  |  |  |  |

(*) Otherexpensesinclude  correspondmainlytoexternal  servicesinvoicedtoplantations  andrelateddirectlyto  theoperationalactivity(Transport,
interim  and  subcontractors,  technical  assistance,  insurance  …).
(**)Other  operational  income  and  expenses  are  not  related  directly  to  the  operational  activity  (government  grants,  other  taxes,  property  taxes,  …).
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Consolidated financial statements
* Total segmental assets

| 31/12/2024 | 31/12/2023
EUR |  |
Europe | 2,470,841 | 1,489,353
Sierra Leone | 125,589,443 | 123,185,982
Liberia | 125,895,953 | 115,836,618
Côte  d’Ivoire | 156,984,041 | 151,924,753
Ghana | 34,590,758 | 37,518,498
Nigeria | 73,267,846 | 81,865,152
Cameroon | 177,372,347 | 178,037,147
São  Tomé  and  Principe | 23,300,264 | 26,624,876
Congo  (DRC) | 49,879,235 | 51,567,843
TOTAL | 769,350,728 | 768,050,223
IFRS  3  /  IAS  16:  Bearer  plants | -18,642,032 | -18,545,344
IAS  2  /  IAS  41:  Agricultural  production | 7,760,052 | 1,036,347
Other  IFRS  adjustments | -6,672,709 | -6,556,682
Consolidation  adjustments  (intra-group  and  others) | -57,907,036 | -52,372,458
Total consolidated segmental assets | 693,889,004 | 691,612,086
Consolidated assets not included in segmental assets |  |
Right-of-use  assets | 31,473,450 | 29,232,550
Investments in associates | 28,728,462 | 24,499,660
Financial  assets  at  fair  value  through  other  comprehensive  income | 4,800,038 | 4,800,038
Long-term  advances | 1,746,434 | 2,015,903
Deferred  tax | 12,390,875 | 2,735,632
Other non-current assets | 3,710,342 | 3,089,715
Consolidated non-current assets | 82,849,601 | 66,373,498
Other  debtors | 15,728,504 | 23,131,220
Current  tax  assets | 6,066,013 | 9,549,095
Consolidated current assets | 21,794,516 | 32,680,315
Total of consolidated assets in the segmental assets | 104,644,118 | 99,053,812
Assets  classified  as  held  for  sale | 0 | 6,313,418
Total assets | 798,533,121 | 796,979,317

Socfinaf S.A.
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|
103
Consolidated financial statements
* Total segmental liabilities

| 31/12/2024 | 31/12/2023
EUR |  |
Europe | 71,664,116 | 3,261,194
Sierra Leone | 2,141,812 | 2,453,806
Liberia | 7,059,949 | 7,008,789
Côte  d’Ivoire | 18,401,404 | 29,593,122
Ghana | 2,906,865 | 597,314
Nigeria | 6,318,461 | 3,674,454
Cameroon | 31,406,383 | 27,352,202
São  Tomé  and  Principe | 5,181,397 | 4,435,416
Congo  (DRC) | 1,974,123 | 2,393,585
TOTAL | 147,054,510 | 80,769,881
Other  IFRS  adjustments | 2,109,067 | 2,294,545
Consolidation  adjustments  (intra-group  and  others) | -77,562,730 | -12,628,515
Total consolidated segmental liabilities | 71,600,846 | 70,435,910
Consolidated equity and liabilities not included in segmental liabilities |  |
Total  equity | 525,152,562 | 463,930,610
Non-current  liabilities | 106,699,276 | 166,147,779
Current  financial  debts | 60,106,451 | 64,103,627
Current  lease  liabilities | 3,274,791 | 2,778,042
Current  tax  liabilities | 30,985,675 | 28,701,137
Provisions | 713,520 | 597,934
Total consolidated equity and liabilities not included in segmental liabilities | 726,932,275 | 726,259,128
Liabilities  associated  with  assets  classified  as  held  for  sale | 0 | 284,279
Total equity and liabilities | 798,533,122 | 796,979,317

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Consolidated financial statements
* Costs incurred for acquisition of segmental assets during 2023

EUR | Intangible assets | Tangible assets | Biological assets | TOTAL
Sierra Leone | 0 | 2,535,268 | 0 | 2,535,268
Liberia | 0 | 2,492,307 | 1,238,634 | 3,730,941
Côte  d’Ivoire | 15,621 | 5,647,697 | 3,685,695 | 9,349,013
Ghana | 0 | 1,580,958 | 160,462 | 1,741,420
Nigeria | 0 | 10,397,083 | 759,758 | 11,156,841
Cameroon | 0 | 12,548,621 | 3,801,263 | 16,349,884
São  Tomé  and  Principe | 0 | 811,212 | 0 | 811,212
Congo  (DRC) | 0 | 106,557 | 0 | 106,557
TOTAL | 15,621 | 36,119,704 | 9,645,812 | 45,781,136

* Costs incurred for acquisition of segmental assets during 2024

EUR | Intangible assets | Tangible assets | Biological assets | TOTAL
Sierra Leone | 0 | 2,918,570 | 0 | 2,918,570
Liberia | 0 | 3,045,124 | 772,505 | 3,817,629
Côte  d’Ivoire | 1,750 | 6,302,699 | 4,416,626 | 10,721,075
Ghana | 0 | 1,792,455 | 7,489 | 1,799,944
Nigeria | 0 | 8,320,017 | 2,061,827 | 10,381,845
Cameroon | 0 | 15,434,392 | 3,626,548 | 19,060,940
São  Tomé  and  Principe | 0 | 288,366 | 0 | 288,366
Congo  (DRC) | 0 | 278,538 | 0 | 278,538
TOTAL | 1,750 | 38,380,160 | 10,884,996 | 49,266,907

* Information by sector of activity
Revenue  from  external  customers:

| 2024 | 2023
EUR |  |
Palm | 352,185,922 | 370,064,088
Rubber | 232,052,741 | 186,846,082
Other  agricultural  activities | 1,974,806 | 1,717,350
Others | 5,169,491 | 4,439,331
TOTAL | 591,382,960 | 563,066,850

Socfinaf S.A.
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2024
|
105
Consolidated financial statements
* Information by geographical region
Revenue  from  external  customers  by  origin  of  the  customers  and  geographical  location:

EUR |  |  |  |  |  |  |  |  |  | 2023
Geographical |  |  | Côte |  |  |  | Sierra | Other | Rest of |
location | Europe | Liberia | d’Ivoire | Nigeria | Cameroon | Congo | Leone | African | the world | TOTAL
Origin |  |  |  |  |  |  |  | countries |  |
Sierra Leone | 3,640,928 | 0 | 0 | 0 | 0 | 0 | 40,700,046 | 0 | 0 | 44,340,974
Liberia | 34,963,720 | 1,849,674 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 36,813,394
Côte  d’Ivoire | 89,813,516 | 0 | 27,089,750 | 0 | 0 | 0 | 0 | 1,266,572 | 42,287,138 | 160,456,976
Ghana | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 34,514,182 | 0 | 34,514,182
Nigeria | 0 | 0 | 0 | 113,518,677 | 0 | 0 | 0 | 0 | 0 | 113,518,677
Cameroon | 11,639,991 | 0 | 0 | 0 | 145,347,760 | 0 | 0 | 0 | 0 | 156,987,752
São  Tomé  and | 5,222,997 | 0 | 0 | 0 | 0 | 0 | 0 | 288,791 | 0 | 5,511,788
Principe |  |  |  |  |  |  |  |  |
Congo  (DRC) | 0 | 0 | 0 | 0 | 0 | 10,923,105 | 0 | 0 | 0 | 10,923,105
TOTAL | 145,281,153 | 1,849,674 | 27,089,750 | 113,518,677 | 145,347,760 | 10,923,105 | 40,700,045 | 36,069,545 | 42,287,138 | 563,066,847

EUR |  |  |  |  |  |  |  |  |  | 2024
Geographical |  |  | Côte |  |  |  | Sierra | Other | Rest of |
location | Europe | Ghana | d’Ivoire | Nigeria | Cameroon | Congo | Leone | African | the world | TOTAL
Origin |  |  |  |  |  |  |  | countries |  |
Sierra Leone | 0 | 0 | 0 | 0 | 0 | 0 | 36,173,045 | 0 | 0 | 36,173,045
Liberia | 41,385,338 | 0 | 0 | 0 | 0 | 0 | 0 | 1,388 | 0 | 41,386,727
Côte  d’Ivoire | 119,868,974 | 0 | 21,202,960 | 0 | 0 | 0 | 0 | 1,355,054 | 49,885,974 | 192,312,963
Ghana | 0 | 31,225,313 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 31,225,313
Nigeria | 0 | 0 | 0 | 81,277,153 | 0 | 0 | 0 | 0 | 0 | 81,277,153
Cameroon | 22,275,641 | 0 | 0 | 0 | 168,567,454 | 0 | 0 | 0 | 0 | 190,843,095
São  Tomé  and | 5,253,903 | 0 | 0 |  | 0 | 0 | 0 | 185,876 | 0 | 5,439,779
Principe |  |  |  | 0 |  |  |  |  |  |
Congo  (DRC) | 0 | 0 | 0 | 0 | 0 | 12,724,876 | 0 | 0 | 0 | 12,724,876
TOTAL | 188,783,856 | 31,225,313 | 21,202,960 | 81,277,153 | 168,567,454 | 12,724,876 | 36,173,045 | 1,542,319 | 49,885,974 | 591,382,950

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Socfinaf S.A.
Consolidated financial statements
* Information by business segment and revenue category
Revenue  from  external  customers  by  business  segment  and  geographical  area:

|  |  |  | 2023
EUR |  |  |  |
Category |  |  | Other agricultural |
Business | Palm | Rubber | products | TOTAL
Segment |  |  |  |
Sierra Leone | 44,340,974 | 0 | 0 | 44,340,974
Liberia | 0 | 36,813,393 | 0 | 36,813,393
Côte  d’Ivoire | 30,964,234 | 126,880,126 | 2,612,616 | 160,456,976
Ghana | 33,301,860 | 1,136,571 | 75,751 | 34,514,182
Nigeria | 101,319,579 | 12,017,173 | 181,926 | 113,518,677
Cameroon | 143,702,547 | 9,998,817 | 3,286,387 | 156,987,751
São  Tomé  and  Principe | 5,511,788 | 0 | 0 | 5,511,788
Congo  (DRC) | 10,923,105 | 0 | 0 | 10,923,105
TOTAL | 370,064,087 | 186,846,079 | 6,156,680 | 563,066,846

|  |  |  | 2024
EUR |  |  |  |
Category |  |  | Other agricultural |
Business | Palm | Rubber | products | TOTAL
Segment |  |  |  |
Sierra Leone | 36,173,045 | 0 | 0 | 36,173,045
Liberia | 0 | 41,385,339 | 1,388 | 41,386,727
Côte  d’Ivoire | 29,716,535 | 159,211,619 | 3,384,808 | 192,312,963
Ghana | 29,401,919 | 1,771,651 | 51,743 | 31,225,313
Nigeria | 67,125,503 | 14,058,216 | 93,434 | 81,277,153
Cameroon | 171,623,331 | 15,625,913 | 3,593,851 | 190,843,095
São  Tomé  and  Principe | 5,420,706 | 0 | 19,073 | 5,439,779
Congo  (DRC) | 12,724,876 | 0 | 0 | 12,724,876
TOTAL | 352,185,915 | 232,052,737 | 7,144,298 | 591,382,950

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107
Consolidated financial statements
Note 33. Risk management
Capital management
TheGroupmanagesitscapitalandadaptsaccording
to changes in economic conditions and investment
opportunities. To maintain or adjust the capital
structure, the Group may issue new shares, repay part
ofthecapitaloradjustthepaymentofdividendsto
shareholders.
The Group also manages its capital by closely
monitoring  the  ratio  of  debt  over  equity.
Financial risk
The  financialriskfor  thecompanies  withinthe  Group
originatesmainlyfrom  changesinthesellingpriceof
agriculturalcommodities,foreignexchangeand,toa
lesser  extent,  interest  rate  movements.
Potential  risk
Apart from Ghana and Sierra Leone (refer to Note
1.25), countries where the Group operates do not
correspondtoahyperinflationaryeconomyorsuffer
from an immediate threat of price devaluation.
Nevertheless, in a minority of those countries, the
political system and economic stability remain
fragile and could lead to currency devaluation or
hyperinflation
G
.
Risk  management  and  opportunities
TheGroup  regularlyreviews  itssourcesof  financingas
wellascurrencymovements.Moreover,itsdecisions
are based on a variety of risks and opportunities,
whichthemselvesdependonseveralfactors,including
interest  rates,  currency  and  counterparties.
Market risk
* Price risk in commodities market
Potential  risk
The Group markets its finished products at prices
that may be influenced by commodity prices in
international markets. It therefore faces the risk of
volatility  in  the  prices  of  these  commodities.
Risk  management  and  opportunities
Themain  policyofthe  Group’s  companieshasalways
been to control its production costs. It aims to
generate  marginsfor  theviability  of  structuresin  the
event  ofa  significant  dropin  theselling  prices  ofraw
materials
G
and,  conversely,  togenerate  profit  margins
during  the  market  downturns.
In parallel with this main policy, secondary policies
havealsobeenimplementedtoimproveorconsolidate
profit  margins,  such  as:
- theproductionofagriculturalproductsofsuperior
quality  and  branded,  in  particular  for  rubber  and;
- theuseof  theGroup’sexpertiseinthe  commercial
sector.
The Group reduces its exposure to price risk by
investing into different geographical markets and
products.
* Foreign currency risk
Potential  risk
TheGroupcarriesout  transactionsin  localcurrencies,
the main ones being US dollar and Nigerian naira.
In addition, financial instruments hedging against
fluctuations  inexchange  ratemay  notbe  availablefor
certain  currencies.This  createsexposure  to  exchange
ratefluctuations, which mayhaveanimpact on the
financial  result  denominated  in  euro.
In Nigeria, the availability of hard currency is
extremely  limited.  The  gap  between  the  central  bank
rate(CBN)andOTC remainsstrongasat2024 year-
end.Forconsolidationpurposes,the Groupusesthe
CentralBankofNigeria(CBN)rates.Theseratesare
disclosed in Note 1.8 to the financial statements.
The  impactof  theGroup’sNigerian  operationson  the
consolidatedresult isdisclosedinNote 32(Segment
information)  to  the  financial  statements.
Risk  management  and  opportunities
Apartfromthecurrentcurrencyhedginginstruments
foroperationaltransactions,whichremainrelatively
limited, the main policy of the Group is to finance
its development projects in the local currencies of
a region. This practice is indeed favorable for the
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Consolidated financial statements
significant  investments  made  in  the  plantations,as  an
attempt  to  reduce  borrowings  wherever  possible.
Management closely monitors developments in the
Nigerian foreign exchange markets and is keen to
present  a  fair  view  of  the  financial  statements.
* Interest rate risk
Potential  risk
The first risk linked to the interest rate denotes a
changeincashflowsrelatingtoshort-termborrowings,
often on a variable rate, as well as a relatively
high level of base interest rates on cash and cash
equivalents.Thesecondrisk,islinkedtodeveloping
markets,  when  borrowing  in  a  local  currency.
Risk  management  and  opportunities
The Group has limited exposure to these risks. The
first risk is maintained under control by an active
policy of monitoring the evolution of local financial
markets  onthe  onehand  and,whennecessary,  short-
term debt consolidation in the long term on the
other.  Anothersystematicpolicykeepsaneyeonthe
secondrisk,byputtinglocalandinternationalbanks
in competition with international lenders who can
offerrealinvestmentanddevelopmentopportunities
at attractive rates.
Credit risk
Potential  risk
Credit risk is the risk that a counterparty will not
meet its obligations under a financial instrument or
customer contract, leading to a financial loss. The
Group is exposed to credit risk from its operating
activities (primarily trade receivables) and from its
financing  activities,  including  deposits  with  banks  and
financial institutions, foreign exchange transactions
and  other  financial  instruments.
Risk  management  and  opportunities
To manage credit risk, the Group ensures the
payment  of  local  salesin  cash  or  the  guaranteeof  the
receivablesbyobtainingapprovedbillsofexchange.
The export sales of the plantations are centralised
in the Group’s sales structure, which applies either
acashpaymentpolicyoracommercialcreditpolicy
whose limits are defined by its Board of Directors.
The Group chooses, whenever possible, to maintain
financialliabilitiesandcashpositionwithlowcredit
risk institutions.
Detailsonimpairmentoffinancialassetsandliabilities,
including  measurement  ofexpected  credit  losses,are
disclosed  in  note  1.17.
Liquidity risk
Potential  risk
Liquidity risk is defined as the risk that the Group
cannot  meet  its  obligations  in  time  or  at  a  reasonable
price.Thisriskmainlyaffectsplantations,whichare
both  the  main  source  of  cash  and  financing  needs.
Risk  management  and  opportunities
Given the specific economic and technological
environmentofeachplantation,theGroupmanages
the  liquidityrisk  in  adecentralised  manner.  However,
boththeavailable  cashandtheimplementation  ofthe
financing  are  supervised  by  the  Group  Management.
Emerging market risks
Potential  risk
Current or future political instability in certain
countries in which the Group operates may affect the
Group’sprofitability  and  itsability  todo  businessand
generate  revenue.
The  politicalsystem  insome  ofthe  Group’s  marketsis
relativelyfragileandcanbe  potentiallythreatened  by
cross-border  conflicts  or  wars  between  rival  groups.
Risk  management  and  opportunities
Through its activities, the Group contributes to the
improvement of the quality of life in the countries
in which it operates. It also focuses on improving
the stability of its markets, which may lead to
an appreciation in the value of the Group’s local
companies.
By diversifying the countries, economies and
currenciesinwhichthe  Groupgeneratesitsrevenues
Socfinaf S.A.
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Consolidated financial statements
and cash flows, it reduces its exposure to emerging
market risk.
Itisawareofitsenvironmentalandsocialresponsibility
towards the local population and is continually
implementing  initiatives  to  this  end.
Risk of expropriation
Potential  risk
Certain countries in which the Group operates have
politicalregimes thatmaycall intoquestionforeign
commercial interests by limiting their activities and
may  attemptto  exert  controlover  theGroup’s  assets.
This  is  known  as  the  risk  of  expropriation.
Risk  management  and  opportunities
The diversified geographical distribution of the
countriesinwhichtheGroupgeneratesitsrevenues
and  its  cash  flows  reduces  its  exposure  to  this  risk.
Credibility risk
Potential  risk
With the Group being linked to the state of the
financial markets, the Group may be exposed to a
credibility risk when said markets lose confidence.
This  depends  on  the  Group’s  ability  to  maintain  sound
financial  health  considering:
- its  environmental  impact,
- its  social  responsibility  and
- the economic and geopolitical risks that certain
Group entities may face.
Risk  management  and  opportunities
TheGrouphaspublisheditsresponsiblemanagement
policy in 2017, which was updated in 2022. This
complementstheGroup’ssutainabilitycommitments
formalised  in  2012.
The Group’s initiatives to monitor this risk are
detailed in the information provided in the annual
Sustainability Report available on request at Group
headquarters.
Risk sensitivity
* Exchange rate risk
The Group is exposed to changes in value arising
fromfluctuationsinexchangeratesgeneratedbyits
operating activities. However, as local turnover was
made  inthe  local  currency,andexport  salesaremade
in  US  dollar,  the  Group’s  exposure  is  mainly  limited  to
fluctuations  indollar  againstthe  euro.  Theimpact  on
the result of a 10% increase or decrease (EUR/USD)
inforeigncurrencyfinancialinstrumentsamountsto
EUR  0.8  million.
In the case where the currency of sale is not the
functional currency of the Company and it is linked
to  astrong  currency,the  conversionis  ensuredat  the
time  ofthe  conclusionof  thecontract.The  localsales
concluded in the local currency in 2024 (including
US dollars) amounted to EUR 351.4 million. The
globalsales(mainlyconcludedinUSdollars)in2024
amounted  to  EUR  240.0  million.
* Interest rate risk
The breakdown of fixed rate loans and variable
rate loans is described in Note 22. Following the
reimbursement  of  thevariable  loan  rate  arrangement
bySocfinafin2024,theGroup’sexposuretointerest
rate risk decreased in 2024. The management
maintains its policy to closely monitor the interests
rate  evolution.
* Credit risk
Asat31December2024,thetradereceivablesfrom
global customers and local customers amount to
EUR 26.6 million and EUR 5.7 million respectively.
Accounts  receivablefrom  globalcustomers  aremainly
receivablesrelatedtothesaleofrubber.Palmoilis
soldlocallytolocal  playerswhich  entailsa  widerange
of customers. The marketing of rubber isentrusted
to  SogescolFR(equity  accountedcompany).  Ittrades
either on the physical markets or directly with end
customers.
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Consolidated financial statements

| 2024 | 2023
EUR |  |
Trade  receivables | 34,144,347 | 29,023,129
Provision  incurred  mainly  on  non-operational  receivables | -1,876,844 | -1,787,293
Other  receivables | 15,728,504 | 23,131,220
Total net receivables | 47,996,007 | 50,367,056
Amount  not  yet  due | 46,536,635 | 50,345,512
Amount  due  less  than  6  months | 744,991 | 0
Amount  due  for  more  than  6  months  and  less  than  one  year | 689,156 | 0
Amount  due  for  more  than  one  year | 25,225 | 21,544
Total net receivables | 47,996,007 | 50,367,056

Note 34. Contingent liabilities
SociétédesCaoutchoucsdu  GrandBereby  (“SOGB”),a
publiclimitedcompanyincorporatedunderIvorianlaw
andsubsidiaryoftheGroup,isinvolvedinadispute
with the Caisse Nationale de Prévoyance Sociale
(“CNPS”)oftheCôted’Ivoire.Thisdisputeconcerns
the  tax  auditof  the  benefits  inkind  that  SOGB  should
havepaidtoCNPSforhavingprovidedhousingtoits
employees.
Following an initial analysis for the period from 1
January2010to31December2013,CNPSestimated
the due amount at CFA 182 million, equivalent to
EUR277,000.  BasedonSOGB’scalculations,however,
theamountowedisofCFA 32million,equivalentto
EUR  48,000.
Following a contestation, the case was brought
beforetheCourtofSassandra.  Thelatterinvitedthe
twopartiestoreachanamicablesettlementforthe
disputebetweenthemandtosubmitatransactional
agreement,  if  necessary.
In the absence of an amicable settlement for the
dispute,  it  would  be  up  to  the  Sassandra  Court  to  rule
on the merits.
TheCNPScarriedoutasecondanalysiscoveringthe
years 2014 through 2018. The CNPS added to the
previousamountasumofCFA 1,650million,equivalent
to  EUR2.5  million.The  SOGB  hasrecorded  aprovision
of CFA 250 million, equivalent to EUR 381,000,
which corresponds to the amount it considers to be
effectively  due.
The matter of housing on plantations in rural areas
isageneralissueandconcernsmostagriculturaland
forestrycompanies,particularlythoseintherubber,
oil  palm  and  banana  sectors.
For this reason, actions have been undertaken by
companies in the sector, which are supported by
the Union of Agricultural and Forestry Companies
(“UNEMAF”) and the General Confederation of
Companies of Côte d’Ivoire (“CGECI”), to obtain a
clear  position  from  the  CNPS  on  this  issue.
TheCNPS  hadalwaysshownleniencyfor  determining
of benefits in kind constituted by the provision of
housing  in  rural  areas.
A proposal for arbitration was submitted to the
Ministry of Employment and Social Protection by a
workinggroupthatcomprisesmembersofCGECIand
UNEMAF. Working group meetings were scheduled
totakeplaceinthecourseof2020,butthesewere
postponeddue to the health situationand have not
been  resumed  to  date.
At the date of the closing of the accounts, the
amicableprocedure isthereforestill inprogress.Its
outcome will determine whether or not the case is
referred  to  the  SassandraCourt,  which  has  thepower
alone to enforce the parties. Insofar as there is no
legal constraint to date, and based on the above,
the management is of the opinion that no material
provisionshouldberecordedbecausetheprobability
of  a  claim  is  very  low.
Consolidated financial statements
Note 35. Events after the closing date
There  are  no  material  events  after  the  closing  date  to  mention.
Note 36. Assets held for sale

| 31/12/2024 | 31/12/2023
EUR |  |
ASSETS |  |
Non-Current Assets |  |
Right-of-use  assets | 0 | 33,851
Property,  plant  and  equipment | 0 | 2,241,077
Non-current  biological  assets | 0 | 1,969,162
| 0 | 4,244,090
Current Assets |  |
Inventories | 0 | 956,711
Current  biological  assets | 0 | 21,188
Trade  receivables | 0 | 2,973
Other  receivables | 0 | 427,509
Current  tax  assets | 0 | 299,777
Cash  and  cash  equivalents | 0 | 361,169
| 0 | 2,069,328
Assets classified as held for sale | 0 | 6,313,418

| 31/12/2024 | 31/12/2023
EUR |  |
LIABILITIES |  |
Non-Current Liabilities |  |
Long-term  lease  liabilities | 0 | 35,449
| 0 | 35,449
Current Liabilities |  |
Short-term  lease  liabilities | 0 | 10,417
Trade  payables | 0 | 119,584
Other  payables | 0 | 118,829
| 0 | 248,830
Liabilities associated with assets classified as held for sale | 0 | 284,279

As  at31December  2023,the  carryingamounts  ofthe
assets  classified  as  held  for  sale  and  related  liabilities
were  attributableto  SRC.Inthe  lastquarter  of2023,
themanagementofSocfinafconductednegociationson
thedisposalofSRC.  Accordingly,SRCwasreclassified
as  a  disposal  as  at  31  December  2023.
Following negociations, in August 2024 the sale of
SRC  was  finalised.  The  gain  on  this  sale,  amounting  to
EUR2.4million,ispresentedwithinincome  statement
on  line  “gain  on  disposals”.
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Consolidated financial statements
Note 37. Auditor’s fees

| 2024 | 2023
EUR |  |
Audit  (VAT  included) | 815,053 | 732,412

Theauditfeesincludeallfeespaidtotheindependent
statutoryauditorofthe GroupnamelyEYaswellas
those paid to member firms within EY network for
therelevantyears. Thisfirm performed nomaterial
consulting work or other non-audit services in 2024
nor in 2023.
Note 38. EBITDA
G

| 2024 | 2023
EUR |  |
Profit  /  (loss)  attributable  to  the  owners  of  the  Parent | 56,798,533 | 28,248,339
Profit  /  (loss)  attributable  to  non-controlling  interests | 24,982,689 | 21,076,429
Share  of  the  Group  in  the  result  from  associates | -4,681,925 | -6,002,745
Dividends  from  associates | 3,894,328 | 8,292,174
Fair  value  of  biological  assets | -7,419,470 | 9,659,361
Depreciation,  amortisation  and  provisions | 69,018,943 | 69,602,128
Gains  and  losses  on  disposals  of  assets | -547,141 | 188,791
Income  tax  expense  and  deferred  tax | 36,717,839 | 41,528,411
Other  financial  income | -31,659,474 | -22,852,327
Other  financial  income  included  in  depreciation  write-backs | 19,843 | 0
Financial  expenses | 36,982,026 | 43,023,377
Financial  expenses  included  in  amortisation  and  provisions | -25,749 | -739,026
Impact  of  lease  on  EBITDA | -7,663,977 | -7,645,019
EBITDA excluding the impact of lease | 176,416,464 | 184,379,893

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113
Company’s management report
Presented by the Board of Directors
at the Annual General Meeting of 4 June 2025
Ladies  and  gentlemen,
WearepleasedtopresentourannualreportandtosubmitforyourapprovaltheannualaccountsofourCompany
as  at  31  December  2024.
Activities
Socfinaf  holds  financial  interests  in  portfolio  companies  which  operatedirectly  or  indirectly  in  tropicalAfrica  in
the  rubber  and  palm  oil  sectors.
Result for the period
The  profit  and  loss  account  for  the  year,  compared  to  that  of  the  previous  year,  is  as  follows:
(EUR million) 2024 2023
INCOME
Value  adjustments  in  respect  of  financial  assets
Investments  held  as  current  assets 62.6 0.0
Income  from  equity  investments
Dividends  received 49.7 45.2
Interests 1.3 1.3
Other  interest  receivable  and  similar  income 1.2 4.5
Total income 114.8 51.0
EXPENSES
Impairment:
On  financial  assets
(1)
5.9 33.1
Capital  loss  on  disposal  of  financial  fixed  assets 62.2 0.0
Other  external  expenses 3.8 3.4
Interest  payable  and  similar  expenses 6.8 8.7
Income  tax 4.9 3.2
Total expenses 83.6 48.4
PROFIT / LOSS FOR THE FINANCIAL YEAR 31.2 2.6
(1) Asat31December2024,theBoardofDirectorsdecidedtoreducethevalueofitsadvancetoSalalaRubberbyEUR1,809,955
and  toAgripalma  by  EUR  4,099,947.
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Company’s management report
Revenue from financial assets
(EUR million) 2024 2023
Dividends
Befin 13.4 13.4
Socapalm 12.2 10.6
Okomu 9.6 10.9
PSG 8.3 0.0
Socfinco  FR 0.0 4.0
Sogescol  FR 3.1 3.7
Safa 2.3 2.0
Others 0.8 0.5
Total of dividends 49.7 45.1
InterestonreceivablesamountedtoEUR1.6million
and  foreign  exchange  gains  to  EUR  1.0  million.
TheprofitfortheyearamountedtoEUR31.2million
compared to a profit of EUR 2.6 million on
31  December  2023.
Balance sheet
As at 31 December 2024, Socfinaf’s total assets
amounted to EUR 327.2 million compared to
EUR  349.3  million  on  31  December  2023.
Socfinaf’s assets mainly consist of financial fixed
assets of EUR 190.2 million, long term loan
receivables of EUR 114.9 million, amounts owed
by affiliated undertaking and other receivables
for EUR 19.7 million, and cash and equivalent of
EUR  2.4  million.
The equity amounted to EUR 255.1 million before
appropriation  of  results.
Socfinaf’sindebtednessfellfromEUR 125millionon
1  January  to  EUR  72  million  on  31  December  2024.
Portfolio
Movements
During the year, Socfinaf has participated in the
capitalincreaseofInduservicesFRforanamountof
EUR  2.9  millions.
In addition, Socfinaf sold its investment in Salala
Rubber.
Valuation
The investments are estimated at a total value of
EUR 668 million and includes an unrealised gain of
EUR477.9  millioncompared  totheiracquisition  costs,
potentially  adjusted.
Asareminder,  themarketsharepricewasEUR12.10
at  the  end  of  2024  against  EUR  10.80  a  year  earlier.
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Company’s management report
Investments
The  main  direct  and  indirect  investments  have  evolved  during  the  last  months  as  follows:
PROJECTS IN OPERATION AS AT 31 DECEMBER 2024
(EUR million)
AFRICA
TOTAL
AFRICA
Sierra Leone Liberia Côte d’Ivoire Ghana Nigeria Cameroon Sao Tomé DRC
SAC LAC & SRC SOGB SCC PSG OKOMU SOCAPALM SAFACAM AGRIPALMA BRABANTA
TURNOVER
Actual  2023 44,330 35,144 109,398 48,455 34,417 105,107 129,003 35,943 5,512 10,806 558,115
Actual 2024 36,159 41,422 133,702 55,983 27,872 80,230 154,354 44,988 5,421 12,718 592,849
Budget  2025 41,223 39,806 128,882 57,504 27,298 76,154 149,992 40,916 6,270 12,994 581,038
NET RESULT
Actual  2023 10,385 -19,171 8,035 4,099 12,781 31,581 18,194 934 -2,463 -4,752 59,623
Actual 2024 1,226 4,420 19,987 5,703 12,311 24,649 15,869 4,240 -4,005 -1,495 82,906
Budget  2025 5,607 5,287 18,498 4,651 11,654 16,274 22,281 3,028 -1,329 -1,305 84,647
PALM PRODUCT
SURFACE
AREA(HA)
Mature 12,349 - 7,468 - 6,140 18,349 30,167 5,210 1,879 6,072 87,634
Immature - - 20 - - 662 2,442 96 - - 3,220
Total 12,349 - 7,488 - 6,140 19,011 32,609 5,306 1,879 6,072 90,854
PRODUCTION
FFB
Actual  2023 209,067 - 144,174 - 132,495 272,639 456,398 72,094 22,496 49,871 1,359,233
Actual 2024 162,931 - 144,608 - 120,251 288,910 469,107 79,308 21,107 52,737 1,338,959
Budget  2025 221,981 - 151,502 - 129,000 295,639 482,108 75,157 23,150 62,500 1,441,037
CRUDE  PRO-
DUCTION
Actual  2023 50,249 - 34,159 - 35,472 69,563 138,783 16,096 4,872 13,232 362,426
Actual 2024 38,750 - 31,966 - 31,130 74,357 168,452 17,912 4,742 13,660 380,968
Budget  2025 53,275 - 35,888 - 33,540 75,753 164,370 17,102 5,440 16,300 401,668
EXTRACTION
RATE
Actual  2023 24.04 - 22.49 - 26.77 22.28 22.28 22.19 21.65 25.72 23.12
Actual 2024 23.40 - 20.79 - 25.89 24.04 21.91 22.46 22.49 24.92 22.95
Budget  2025 24.00 - 22.50 - 26.00 24.00 22.19 22.50 23.50 25.00 23.37
TURNOVER
Actual  2023 44,330 - 30,973 - 32,282 93,962 127,240 26,236 5,512 10,806 372,340
Actual 2024 36,159 - 29,753 - 26,410 66,337 151,673 29,383 5,421 12,718 357,854
Budget  2025 41,223 - 30,368 - 25,706 59,851 147,373 25,952 6,270 12,994 349,736
RUBBER
SURFACE
AREA(HA)
Mature - 14,765 13,069 - 942 6,014 1,762 3,717 - - 40,268
Immature - 1,951 2,886 - - 1,320 - 704 - - 6,860
Total - 16,715 15,955 - 942 7,334 1,762 4,420 - - 47,128
PRODUCTION
Actual  2023 - 27,694 64,309 38,559 - 9,907 - 9,004 - - 149,472
Actual 2024 - 27,440 65,805 38,358 - 9,097 - 10,126 - - 150,827
Budget  2025 -
26,000
65,100 38,000 - 10,083 - 9,889 - - 149,071
TURNOVER
Actual  2023
-
35,144 78,425 48,455 1,135 11,145 - 9,707 - - 184,011
Actual 2024 - 41,422 103,949 55,983 1,462 13,893 - 15,605 - - 232,314
Budget  2025 - 39,806 98,514 57,504 1,592 16,302 - 14,964 - -
228,683
The production data correspond to the quantities in tons of Milled Rubberand Crude PalmOil. Rubber production and sales are
presented  after  elimination  of  intercompany  transactions.  Consolidated  figures  may  however  differ.
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Company’s management report
Allocation of profit
The profit of the year of EUR 31,220,990 increased by profit brought forward of EUR 96,529,714, result in total earnings of
EUR  127,750,704  which  it  is  proposed  to  allocate  as  follows:
Earning allocation EUR
Profit  brought  forward 125,768,854
From  the  balance:
10%  to  the  Board  of  Directors 198,185
90%  to  19,594,260  shares 1,783,665
representing  EUR  0.10  per  share
127,750,704
As  a  reminder,  the  dividend  relating  to  the  previous  year  was  EUR  0.00
After  this  allocation,  the  total  reserves  will  be  as  follows:
Reserves EUR
Legal  reserve 3,567,330
Other reserves 628,717
Available  reserve 59,629
Profit  brought  forward 125,758,854
130,024,530
If  this  distribution  is  approved,  Coupon  No.  41  of  EUR  0.10  gross  will  be  declared  on  13  June  2025  and  payable  as  of  17  June  2025.
Treasury shares
The  Company  did  not  buy  back  its  own  shares  during  the  2024  financial  year.
Research and development
During  the  financial  year  2024,  Socfinaf  did  not  incur  any  expenses  for  research  and  development.
Financial instruments
During  the  financial  year  2024,  the  Company  did  not  make  use  of  any  financial  instruments.
Financial  risk  management  policies  are  described  in  the  notes  to  the  Company’s  consolidated  financial  statements.
Branch
The  Company  has  a  permanent  establishment  in  Fribourg  (CH).
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Company’s management report
Mentions required by Art. 11 (1) points a) to k) of the law of 19 May 2006
concerning Public Takeover Bids
a)  b)  f)ThesubscribedcapitaloftheCompanyisset
atEUR35,673,300representedby17,836,650
shareswithoutparvalue,fullypaidup.Each
shareentitlestheholdertoonevotewithout
limitation  or  restriction.
c) On 1
st
February 2017, Socfin declared that it
holds  a  58.85%  direct  stake  in  Socfinaf.
On 3
rd
September2014,CompagnieduCambodge
declared  that  it  holds  adirect  and  indirect  stake
of 9% in the capital of Socfinaf. 7.07% is held
by Compagnie du Cambodge, 1.08% by Société
Industrielle et Financière de l’Artois, 0.49% by
Bolloré  and  0.36%  by  Compagnie  des  Glénans.
h) Art. 13. of the statutes: “The Company is
administered by a Board composed of at least
three members, whether natural or legal
persons. The Directors are appointed for a
period of six years by the General Meeting of
Shareholders. They are eligible for re-election.
The Directors are renewed by lottery, so that at
least one Director will be leaving each year.”
Art. 23. of the statutes: “In the event of the
death or resignation of a Director, he may be
provisionally replaced by observing in this
respect the formalities provided for by law. In
this case the General Meeting at its first meeting
shall proceed to the final election.”
Art.32.ofthestatutes:“The present statutes
can be modified by decision of the General
Meeting specially convened for this purpose, in
the forms and conditions prescribed by articles
450-3 and 450-8 of the law of 10
th
August 1915 on
the commercial companies, as amended.”
i) The powers of the members of the Board of
Directors are defined in Art. 17 and seq. of
the statutes of the Company. They provide in
particularthat:“The Board of Directors is vested
with the broadest powers for the administration
of the Company. All matters not expressly
reserved to the General Meeting by the Articles
of Incorporation or the law fall within the
competence of the Board.”
In addition, the statutes provide in Art. 6: “In
the event of a capital increase, the Board of
Directors shall determine the conditions of issue
of the shares.
The new shares to be paid up in cash shall
be offered in preference to the current
shareholders, in accordance with the law.
In the event of the issue of shares by contribution
in cash or in the event of the issue of instruments
which fall within the scope of application of
article 420-27 of the law on companies and
which are paid for in cash, including and in a
non-exhaustive manner, convertible bonds
allowing their holder to subscribe to shares
or to be allocated shares, shareholders have
preferential subscription rights in proportion
to their participation with regard to all these
issues in accordance with the provisions of
company law.
The General Meeting called to deliberate, under
the conditions required for the amendment of
the Articles of Association, on the increase in the
share capital or on the authorisation to increase
the capital in accordance with Article 420-23
of the law of commercial companies, may limit
or cancel the preferential subscription right or
authorise the Board to do so in the manner and
under the conditions provided for by law.”
The other points of Art. 11 (1) are not applicable,
namely:
• title  holding  including  special  control  rights;
• the  existence  of  a  staff  shareholding  system;
• shareholder agreements that may result in
restrictionsonthetransferofsecuritiesor  voting
rights;
• the agreements to which the Company is party,
and  whichtakeeffect  aremodified  orterminated
intheeventofachange  ofcontrolofthe  Company
following  a  takeover  bid;
• the indemnities provided in the event of the
resignationordismissalofmembersoftheBoard
of  Directors  or  staff  following  a  takeover  bid.
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Company’s management report
Corporate responsibility policy
The responsible management policy is based on the
Group’s three pillars of commitment, alongside
its specific commitment to transparency: rural
development, workers and local communities, and
environment. These commitments form the basis of
keyinitiativesaimedatimprovinglong-termeconomic
performance, social well-being, health, safety and
natural  resource  management.
An implementation plan for this policy has been
defined  and  implemented  throughout  2024.
The efforts and actions undertaken by the Socfin
Group  in  thisarea  are  detailedin  a  regularlyupdated
dashboard as well as in a separate annual report
(“Sustainability  Report”).
The responsible management policy, the dashboard
andtheannualSustainabilityReportareavailableon
the  Group’s  website.
Significant events after the reporting date
As  at  31  December  2024  and  2023,  the  Company  had  no  significant  post-closing  events  affecting  the  Company.
Main risks and uncertainties
Itmustbe  emphasisedthat  theGroup’s  investmentsin
Africa  may  be  subject  to  political  and  economic  risks.
On-site executives and managers follow the day-to-
day  evolution  of  the  situation.
Inaddition,theCompanymaybeexposedtoforeign
exchange  riskson  long-term  advancesto  subsidiaries.
Theassessment  ofthis  riskisdescribedin  thenotes  to
the  Company’s  statutory  financial  statements.
Perspectives
The result for the 2025 financial year will depend to a large extent on the dividend distributions of the
subsidiaries;  these  are  not  yet  fixed.
Statutory appointments
ThetermservedasdirectorbyMr.FrédéricLemaire
expirethis  year.  Itwillbeproposed  atthe  nextAnnual
GeneralMeetingtorenewthismandateforsixyears
until  theAnnual  General  Meeting  of  2031.
The Board of Directors
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Audit report on the Company’s financial statements
Independent auditor’s report
To  the  Shareholders  of
Socfinaf  S.A.
4,  avenue  Guillaume
L-1650  Luxembourg
REPORT ON THE AUDIT OF THE FINANCIAL STATEMENTS
Opinion
WehaveauditedthefinancialstatementsofSocfinaf
S.A. (the “Company”), which comprise the balance
sheet as at 31 December 2024, and the profit and
lossaccountfortheyearthenended,andthenotes
to the financial statements, including a summary of
significant  accounting  policies.
Inour  opinion,the  accompanyingfinancialstatements
giveatrueandfairviewofthefinancialpositionofthe
Companyasat31December2024,andoftheresultsof
itsoperationsfortheyearthenendedinaccordance
with Luxembourg legal and regulatory requirements
relating to the preparation and presentation of the
financial  statements.
Basis for opinion
We conducted our audit in accordance with EU
Regulation N° 537/2014, the Law of 23 July 2016
ontheauditprofession(“Lawof23July2016”)and
with International Standards on Auditing (“ISAs”)
as adopted for Luxembourg by the “Commission de
Surveillance du Secteur Financier” (“CSSF”). Our
responsibilities  underthe  EU  Regulation  Nº  537/2014,
the Law of 23 July 2016 and ISAs as adopted for
LuxembourgbytheCSSFarefurtherdescribedinthe
“Responsibilitiesofthe“réviseurd’entreprisesagréé”
fortheauditofthefinancialstatements”sectionof
ourreport.WearealsoindependentoftheCompany
in accordance with the InternationalCode of Ethics
for ProfessionalAccountants, including International
IndependenceStandards,issuedby theInternational
EthicsStandardsBoardforAccountants(“IESBA Code”)
as  adopted  for  Luxembourg  by  the  CSSFtogether  with
the ethical requirements that are relevant to our
audit of the financial statements, and have fulfilled
ourotherethicalresponsibilitiesunderthoseethical
requirements.  We  believe  thatthe  auditevidence  we
have  obtained  is  sufficient  and  appropriate  to  provide
a basis for our opinion.
Key audit matters
Key audit matters are those matters that, in our
professional judgment, were of most significance in
ouraudit of the financial statements ofthe current
period.  Thesematterswereaddressedinthecontext
ofthe audit ofthefinancialstatements as awhole,
and in forming our opinion thereon, and we do not
provide  a  separate  opinion  on  these  matters.
Valuation of shares in affiliated undertakings
Risk identified
As at 31 December 2024, the shares in affiliated
undertakings amounts to 190 million euros and
represents 58% of the total assets of the balance
sheet.Sharesinaffiliatedundertakingsarevaluedat
historicalacquisitioncost,respectivelytheirnominal
value,  whichincludes  incidentalexpenses.In  thecase
of durable depreciation in value according to the
opinionoftheBoardofDirectors,valueadjustments
aremadeinrespectoffinancialfixedassets,sothat
theyarevaluedatthelowerfiguretobeattributed
to them at the balance sheet date. These value
adjustments are not continued if the reasons for
which  thevalueadjustments  weremade  haveceased
toapply.Intheeventofanimpairmentthat,inthe
opinion of the Board of Directors, is of a lasting
nature, these financial assets are subject to value
adjustments in order to give them the lower value
that should be attributed to them on the balance
sheet  date,  as  determined  by  the  Board  of  Directors.
Theassessmentofthedurabledepreciationinvalue
of  theseshares  in  affiliated  undertakings  requires  the
exerciseoftheBoard of Directors’judgement in its
choice of the elements to be considered according
to the shares in affiliated undertakings, whether
market  elements  (sharesprice  when  applicable)and/
or historical elements (adjusted net equity) and/or
forecast elements (discounted future cash flows to
shareholders).
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Audit report on the Company’s financial statements
Duetothesizeofthebalanceandjudgementincluded,
we  considered  this  area  to  be  a  key  audit  matter.
Our answer
Our audit procedures over the impairment of the
sharesinaffiliatedundertakingsandofthe loans to
affiliated  undertakings  included  amongst  other:
• Assessing the accounting policies determined by
the Board of Directors, as described in the note
2 of the financial statements, to determine the
valueadjustmentstoberecordedonsharesinthe
affiliated  undertakings;
• Ensuring that the accounting policies used by the
Board  of  Directors  were  properly  applied:
- when the Board of Directors relied on market
data, we reconciled the share prices as at 31
December2024usedforthevaluationofshares
in affiliated undertakings to the official stock
markets  quotations;
- whentheBoardofDirectorsrelied onhistorical
data, we reconciled the adjusted net equity
used in the valuation of the shares in affiliated
undertakings as at 31 December 2024 to the
financial information of the related affiliated
undertakings  and  assessedthe  appropriateness  of
evidencesupportingtheadjustmentsmadetothe
net  equity,  if  any.
• Assessing the appropriateness of the disclosures
made  in  the  Note  3  of  the  financial  statements.
Other information
The Board of Directors is responsible for the other
information. The other information comprises the
informationincludedin the management report and
the corporate governance statement but does not
include the financial statements and our report of
“réviseur  d’entreprises  agréé”  thereon.
Ouropiniononthefinancialstatementsdoesnotcover
the  otherinformation  andwedo  notexpress  anyform
of  assurance  conclusion  thereon.
In connection with our audit of the financial
statements, our responsibility is to read the other
information and, in doing so, consider whether the
other information is materially inconsistent with
thefinancial statements or ourknowledgeobtained
in the audit or otherwise appears to be materially
misstated.  If,  based  on  the  work  we  have  performed,
we  conclude  thatthere  is  a  materialmisstatement  of
this  other  information,we  are  required  toreport  this
fact.  We  have  nothing  to  report  in  this  regard.
Responsibilities of the Board of Directors and of
those charged with governance for the financial
statements
The Board of Directors is responsible for the
preparation and fair presentation of the financial
statementsin  accordancewithLuxembourglegaland
regulatory requirements relating to the preparation
and presentation of the financial statements, and
for such internal control as the Board of Directors
determines is necessary to enable the preparation
of financial statements that are free from material
misstatement,  whether  due  to  fraud  or  error.
TheBoardofDirectorsisalsoresponsibleforpresenting
and  markingup  the  consolidatedfinancial  statements
in compliance with the requirements set out in the
Delegated Regulation 2019/815 on European Single
Electronic  Format,  as  amended  (“ESEF  Regulation”).
In preparing the financial statements, the Board of
Directors is responsible for assessing the Company’s
abilitytocontinueasagoingconcern,disclosing,as
applicable,mattersrelatedtogoingconcernandusing
thegoingconcernbasisofaccounting  unlesstheBoard
ofDirectorseitherintendstoliquidatetheCompany
orto  ceaseoperations,or  hasnorealisticalternative
but  to  do  so.
Responsibilities of the “réviseur d’entreprises
agréé” for the audit of the financial statements
Theobjectivesofourauditaretoobtainreasonable
assurance about whether the financial statements
as a whole are free from material misstatement,
whetherduetofraudorerror,andtoissueareport
of the “réviseur d’entreprises agréé” that includes
our opinion. Reasonable assurance is a high level
of assurance, but is not a guarantee that an audit
conducted in accordance with EU Regulation N°
537/2014,theLawof23July2016andwiththeISAs
as adopted for Luxembourg by the CSSF will always
detect a material misstatement when it exists.
Misstatements can arise from fraud or error and
are considered material if, individually or in the
aggregate, they could reasonably be expected to
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Audit report on the Company’s financial statements
influencethe  economicdecisionsofuserstakenonthe
basis  of  these  financial  statements.
AspartofanauditinaccordancewithEURegulation
N°537/2014,theLawof23July2016andwithISAs
asadoptedforLuxembourgbytheCSSF,weexercise
professional judgment and maintain professional
skepticism  throughout  the  audit.  We  also:
• Identify and assess the risks of material
misstatementofthefinancialstatements,whether
due to fraud or error, design and perform audit
procedures responsive to those risks, and obtain
audit evidence that is sufficient and appropriate
toprovideabasisforouropinion.Theriskofnot
detecting a material misstatement resulting from
fraud is higher than for one resulting from error,
asfraudmayinvolvecollusion,forgery,intentional
omissions, misrepresentations, or the override of
internal  control.
• Obtainanunderstandingofinternalcontrolrelevant
to the audit in order to design audit procedures
that are appropriate in the circumstances, but not
for the purpose of expressing an opinion on the
effectiveness  of  the  Company’s  internal  control.
• Evaluate the appropriateness of accounting
policiesusedand  thereasonablenessofaccounting
estimates and related disclosures made by the
Board  of  Directors.
• Conclude on the appropriateness of Board of
Directors’ use of the going concern basis of
accounting and, based on the audit evidence
obtained, whether a material uncertainty exists
related to events or conditions that may cast
significant doubt on the Company’s ability to
continue as a going concern. If we concludethat
a material uncertainty exists, we are required
to draw attention in our report of the “réviseur
d’entreprises agréé” to the related disclosures in
thefinancialstatementsor,ifsuchdisclosuresare
inadequate,  tomodify  ouropinion.  Ourconclusions
are  based  on  the  auditevidence  obtained  up  to  the
date of our report of the “réviseur d’entreprises
agréé”.However,future events or conditions may
causethe  Companyto  ceasetocontinue  asagoing
concern.
• Evaluate the overall presentation, structure and
contentof the financial statements,including the
disclosures, and whether the financial statements
represent  the  underlying  transactions  and  events  in
a manner that achieves fair presentation.
• Assesswhetherthefinancialstatementshavebeen
prepared, in all material respects, in compliance
with the requirements laid down in the ESEF
Regulation.
We  communicate  withthose  charged  with  governance
regarding, among other matters, the planned scope
andtiming  oftheauditandsignificantaudit  findings,
including any significant deficiencies in internal
control  that  we  identify  during  our  audit.
Wealsoprovidethosechargedwithgovernancewith
a statement that we have complied with relevant
ethical requirements regarding independence, and
communicate to them all relationships and other
matters that may reasonably be thought to bear on
our independence, and where applicable, related
safeguards.
Fromthematterscommunicatedwiththosecharged
with governance, we determine those matters that
were  ofmost  significance  inthe  audit  ofthe  financial
statements of the current period and are therefore
thekeyauditmatters.Wedescribethesemattersin
ourreportunlesslaw or regulation precludes public
disclosure  about  the  matter.
Report on other legal and regulatory
requirements
We have been appointed as “réviseur d’entreprises
agréé”  by  theGeneral  Meeting  of  theShareholders  on
26 May 2020 and the duration of our uninterrupted
engagement, including previous renewals and
reappointments, is 5 years.
Themanagementreportisconsistentwiththefinancial
statements  andhas  been  preparedin  accordancewith
applicable  legal  requirements.
The accompanying corporate governance statement
on pages 30 to 35 is the responsibility ofthe Board
of Directors. The information required by article
68ter paragraph (1) letters c) and d) of the law of
19December  2002onthecommercialand  companies
register and on the accounting records and annual
accountsofundertakings,asamended, is consistent
withthefinancialstatementsandhasbeenprepared
in  accordance  with  applicable  legal  requirements.
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Audit report on the Company’s financial statements
We have checked the compliance of the financial
statementsoftheCompanyasat31December2024
with relevant statutory requirements setout in the
ESEF Regulation that are applicable to the financial
statements.  For  the  Company,  it  relates  to:
• Financial statements prepared in valid xHTML
format;
Inouropinion,thefinancialstatementsoftheCompany
asat31December2024,identifiedasSocfinaf2024
AnnualReport.zip,havebeenprepared,inallmaterial
respects, in compliance with the requirements laid
down  in  the  ESEF  Regulation.
Weconfirmthattheauditopinionisconsistentwith
the additional report to the audit committee or
equivalent.
We confirm that the prohibited non-audit services
referred to in EU RegulationNo 537/2014 were not
provided and that we remained independent of the
Company  in  conducting  the  audit.
Ernst  &  Young
Société  anonyme
Cabinet  de  révision  agréé
Anthony  Cannella
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Company financial statements
1. Balance sheet as at 31 December 2024
2024 2023
ASSETS Note EUR EUR
FIXED ASSETS
Financial assets 3
Shares  in  affiliated  undertakings 190  201  507.51 187  264  604.55
Loans  to  affiliated  undertakings 114 900 965.41 129 533 966.49
305 102 472.92 316 798 571.04
CURRENT ASSETS
Debtors
Amounts  owed  by  affiliated  undertakings
becoming  due  and  payable  within  one  year
19  044  625.84 28  993  195.61
Other  debtors
becoming  due  and  payable  within  one  year 484  160.00 1 936 640.00
19 528 785.84 30 929 835.61
Investments
Shares  in  affiliated  undertakings 248 406.09 248 406.09
Cash at bank and in hand 2 378 555.24 1 301 619.70
TOTAL ASSETS 327 258 220.09 349 278 432.44
The  accompanying  notes  form  an  integral  part  of  the  financial  statements.
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2024 2023
CAPITAL, RESERVES AND LIABILITIES Note EUR EUR
CAPITAL AND RESERVES 4
Subscribed  capital 35  673  300.00 35  673  300.00
Share premium account 87  453  866.21 87  453  866.21
Reserves
Legal  reserve 3  567  330.00 3  567  330.00
Other  reserves,  including  the  fair  value  reserve
Other  available  reserves 688  346.92 688  346.92
4 255 676.92 4 255 676.92
Profit  brought  forward 96  529  714.40 93  870  858.69
Profit  for  the  financial  year 31  220  989.80 2  658  855.71
255 133 547.33 223 912 557.53
CREDITORS
Amounts  owed  to  credit  institutions
becoming  due  and  payable  within  one  year 0.00 7.00
Trade  creditors
becoming  due  and  payable  within  one  year 290  465.88 225  304.17
Amounts  owed  to  affiliated  undertakings 5
becoming  due  and  payable  after  more  than  one  year 30 000 000.00 80  000  000.00
becoming  due  and  payable  within  one  year 642 361.11 1  252  128.31
Amounts  owed  to  undertakings  with  which  the  undertaking  is
linked  by  virtue  of  participating  interests
6
becoming  due  and  payable  after  more  than  one  year 0.00 20 000 000.00
becoming  due  and  payable  within  one  year 40  588  306.01 20  705  753.25
Other  creditors
Tax  authorities 495 520.00 2  130  637.50
Other  creditors
becoming  due  and  payable  within  one  year 108  019.76 1  052  044.68
72 124 672.76 125 365 874.91
TOTAL CAPITAL, RESERVES AND LIABILITIES 327 258 220.09 349 278 432.44
The  accompanying  notes  form  an  integral  part  of  the  financial  statements.
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Company financial statements
2. Income statement for the year ended 31 December 2024
2024 2023
Note EUR EUR
Raw materials and consumables and others external expenses
Other  external  expenses -3  427  957.70 -2 936 663.69
Value adjustments
in respect of current assets 0.00 -4 500.00
Other operating expenses -360 129.10 -421 143.32
Income from participating interests
derived  from  affiliated  undertakings 7 49  701  181.42 45  173  448.69
Other interest receivable and similar income
derived  from  affiliated  undertakings 8 2  409  782.12 5  872  854.29
other  interest  and  similar  income 141 234.31 10  081.36
Value adjustments in respect of financial assets and of invest-
ments held as current assets
3 -5  459  587.74 -33  076  586.91
Interest payable and similar expenses
derived  from  affiliated  undertakings -4  417  493.21 -6  638  801.02
other  interest  and  similar  expenses -2  440  644.98 -2  069  245.77
Tax on profit -3  566  077.02 -2  783  087.92
Profit after taxation 32  580  308.10 3  126  355.71
Other taxes not shown above -1  359  318.30 -467  500.00
Profit for the financial year 31 220 989.80 2 658 855.71
Allocation of profit
2024 2023
EUR EUR
Profit  brought  forward 125  768  854.20 96  529  714.40
From  the  balance:
10%  to  the  Board  of  Directors 198  185.00 0.00
90%  to  17  836  650  shares 1  783  665.00 0.00
127 750 704.20 96 529 714.40
Dividend per share 0.10 0.00
The  accompanying  notes  form  an  integral  part  of  the  financial  statements.
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Company financial statements
3. Notes to the parent company financial statements for the 2024 financial
year
Note 1. Overview
SOCFINAF  S.A.,(the“Company’)  wasincorporatedon
20November 1972 as a public   limited   company and
adopted  the  status  of  “Soparfi”  on  10  January  2011.
The duration of the Company is unlimited, and its
registered office is established in Luxembourg. The
Company is registered in the Registerof Commerce
andCompaniesundernumberB6225,andislistedon
the Luxembourg Stock Exchange under ISIN number
LU0056569402.
The object of the Company is (i) the acquisition,
holdinganddisposal,inanyformwhatsoeverandby
any means, directly or indirectly, of participations,
rightsand  interests,aswell  asbondsofLuxembourg-
based or foreign companies, (ii) the acquisition by
contribution, purchase, subscription or otherwise,
aswellasthedisposalbysale,transfer,exchangeor
otherwise, of shares, interests, bonds, debts, notes
andothersecuritiesorfinancialinstrumentsofanykind
(inparticularbonds or shares issued by Luxembourg
or foreign collective investment funds or any other
similarbody),loansoranyothercreditline,aswell
as contracts relating thereto and (iii) the holding,
administration, development and management of
a portfolio of assets (composed in particular of the
assets  described  in  points  (i)  and  (ii)  above).
The Company may also acquire and develop any
patentsand  otherrightsrelatingto  orsupplementing
those patents.
The Company may borrow in any form whatsoever. It
mayenterintoanykindofloanagreementandmay
issue debt securities, bonds, certificates, shares,
profitshares,warrantsandallkindsofdebtandequity
securities,includingbyvirtueofoneorseveralissue
programmes.  The  Companymay  lendfunds,  including
those resulting from borrowings and/or securities
issues, to its subsidiaries, affiliates and any other
company.
Although  the  Company  is  included  in  the  consolidated
financial statements of Société Financière des
Caoutchoucs, abbreviated as “Socfin”, which is the
largestentityinwhichtheCompanyisconsolidated,
the Company also prepares consolidated financial
statements which are published in accordance with
the law and which are available at the company’s
registered office (4, avenue Guillaume, L-1650
Luxembourg)orontheInternetsite:www.socfin.com.
The financial year begins on 1 January and ends on
31  December.
Note 2. Accounting principles, rules and methods
General principles
The annual financial statements are prepared in
accordance with Luxembourg legal and regulatory
requirements in force in Luxembourg under the
historical  cost  convention.
The accounting policies and valuation principles
are, apart from the rules imposed by the law of
19December2002,determinedandimplementedby
the  Board  of  Directors.
The preparation of the annual financial statements
involves the use of a number of critical accounting
estimates. It also requires the Board of Directors
to exercise its judgement in the application of
accounting  principles.Any  change  inassumptions  may
haveasignificantimpactonthefinancialstatements
for  theperiod  inwhichthe  assumptionsare  changed.
The Board of Directors believes that the underlying
assumptions are appropriate and that the financial
statementsgiveatrueandfairviewofthefinancial
position  and  results  of  the  Company.
Currency conversion
TheCompanykeepsitsaccountsineuros(EUR);the
annual  accounts  are  expressed  in  this  currency.
Transactions in a currency other than the balance
sheetcurrencyareconvertedintothebalancesheet
currencyattheexchangerateprevailingonthedate
of the transaction.
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Company financial statements
At  the  balance  sheet  date:
- the acquisition price of the financial assets,
expressedinacurrencyother  than  thecurrencyof
thebalancesheet,remainconvertedatthehistorical
exchange  rate,  the  currentportion  of  receivablesis
one  exceptionto  this,  asit  isvalued  individually  at
thelowest  oftheir  historicalexchange  ratevalue  or
theirvaluedeterminedonthebasisoftheexchange
rate  prevailing  at  the  balance  sheet  date;
- bank accounts expressedinacurrencyother than
the  currencyofthe  balancesheet  arevalued  on  the
basisoftheexchangerateprevailingon  thebalance
sheetdate.Foreignexchangegainsandlossesare
recognised  in  the  current  period;
- all other assets, expressed in a currency other
thanthe  currencyofthe  balancesheet,arevalued
individually at the lower of their value at the
historicalexchangerateortheirvaluedetermined
onthebasisoftheexchangerateprevailingatthe
balance  sheet  date;
- all liability items, expressed in a currency other
thanthe  currencyofthe  balancesheet,arevalued
individuallyatthehighestoftheirvalue.Forthis,
the highest amount is used between their value
at the historical exchange rate and their value
determined on the basis of the exchange rate
prevailing  on  the  balance  sheet  date.
Realised foreign exchange gains and losses and
unrealisedlosses  arerecognised  intheprofit  andloss
account. Unrealised foreign exchange gains are not
recognised.
Ifthereisaneconomiclinkbetweentwo  transactions,
unrealisedexchange  differencesare  recognisedatthe
corresponding  unrealised  exchange  loss.
Valuation of financial assets
Shares in affiliated undertakings are valued at
acquisitioncost,whichincludesincidentalexpenses.
Receivables from affiliated companies are valued
at their nominal value, which includes incidental
expenses.
In the event of an impairment that, in the opinion of
the Board of Directors, is of a lasting nature, these
financialfixedassetsaresubjecttovalueadjustments.
Theaimoftelatteristogivethemthelowestvalue
that should be attributed to them on the balance
sheet  date,  as  determined  by  the  Board  of  Directors.
In  ordertodetermine  thevalueadjustments  thatare
permanent at the balance sheet date, the Board of
Directorscarriesoutthefollowinganalysesforeach
investment  on  an  individual  basis:
1/ For investments listed on public markets, the
Board of Directors compares the net book value of
the  investment  with  its  sharesin  the  market  based  on
thestockmarket  priceattheclosingdate.  Whenthe
market  valueis  greater  than  orequal  to  thenet  book
value,theBoardofDirectorsconsidersthatnovalue
adjustment  needsto  be  recordedat  theclosing  date.
However,whenthemarketvalue  islower  thanthenet
bookvalue,  theBoardof  Directorsteststhe  netbook
valueagainsttheshareintherevaluednetassetsof
the investment.
2/If  thenetbookvalueexceeds  themarketvalueor
theequityvalueforunlistedinvestments,theBoard
of Directors compares the net book value with the
share held in the revalued net assets as well as in
the consolidated net assets (i.e. equity attributable
to owners of the parent company) if the subsidiary
prepares  consolidated  accounts.
Ifeitherthe  marketortheequity  valueisgreaterthan
orequaltothenetbookvalueoftheinvestment,no
value  adjustment  is  recognised.
3/ When both values are lower than the net book
value  of  the  investment:
- for support companies (other than plantations
or industrial companies), the Board of Directors
records the value adjustment resulting from the
smallerdifference between thenetbookvalue of
theinvestmentandtheshareheldintherevalued
net  assets  or  in  the  consolidated  net  assets;
- for investments in plantations or industrial
companies, the Board of Directors makes a value
adjustment to adjust the carrying value to the
enterprise value, which is calculated on the basis
of  the  discounted  future  cash  flows  available  to  the
shareholders. These discounted future cash flows
takeintoaccounttheforeseeabledevelopmentof
the  business  of  the  investments  under  test.
However, the Board of Directors may take other
factors  into  consideration.Particularly,  in  view  ofthe
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very  long  period  of  immaturity  of  young  plantation,it
considers  that  the  value  adjustment  is  not  permanent
foraplantation  wheremorethanhalfoftheplanted
area  is  not  being  used.
Loanstoaffiliatedcompanies aresubjecttoavalue
adjustmentinthe  eventthatthenetbookvaluetest
bydiscounting  futurecash  flowsto  shareholdersdoes
not  support  the  full  repayment  of  the  receivable.
Thesevalue  adjustmentsarenotmaintainedwhen  the
reasonsforwhichtheywereestablishedhaveceased
to  exist.
Receivables
Receivables are recorded at their nominal value.
They are subject to value adjustments when their
recovery is compromised. These value adjustments
arenotcontinued ifthereason for whichthe value
adjustments  were  made  are  no  longer  applicable.
Securities
Securitiesarevaluedatthelowerofcost,including
incidentalcostsormarketvalue.  Avalueadjustment
isrecordedwhenthemarketpriceislowerthanthe
purchaseprice.  Valueadjustments  arenot  maintained
if the reasons for their negotiations have ceased to
exist.
Liabilities
Debts are recorded at their reimbursement value.
Whentheamounttoberepaidonthedebtsexceeds
the amount received, the difference is recorded to
the  profit  and  loss  account.
Going concern
The Board of Directors has prepared the financial
statements as of 31 December 2024 on a going
concern basis. As of that date, current liabilities
amountingto€41,230,667.12exceedcurrentassetsof
€19,528,785.84.However,managementhasobtained
aletterfromoneofthecompany’sprincipalcreditors,
confirming that repayment of its liabilities will only
be required if the company has sufficient available
funds  todo  so.  The  Board  ofDirectors  has  prepareda
forecastoffuturecashflowsandconcludedthatthe
Companywillmeetitsworkingcapitalrequirements
fora periodofatleast12monthsfrom thedate of
approval  of  these  financial  statements  by  the  General
Assembly.
Geopolitical uncertainties
The  Company  holds  interestsin  subsidiaries  operating
in Africa.
Giventheeconomicand  politicalinstability  ofsomeof
thesecountries(SierraLeone,Liberia,Côted’Ivoire,
Ghana,  Nigeria,  Cameroon,  São  Tomé  and  DRC),  these
investments present a risk in terms of exposure to
political  and  economic  changes.
Due to the geopolitical tensions, since 2022, there
has been a significant increase in volatility on the
securities and currency markets. The conflicts have
hadasignificant  impacton  thefinancialmarkets,with
many investors concerned about the risk of further
escalation  andthe  ensuing  impacton  global  tradeand
economic  growth.
Although the aforementioned aspects have not
significantlyimpactedthe Company’s operationsnor
performance and going concern during 2024, the
BoardofDirectorscontinuestomonitortheevolving
situation and its impact on the Company’s financial
position  and  results.
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Company financial statements
Note 3. Financial fixed assets
Shares in affiliated
undertakings
Loans to Affiliated
undertakings
Total
2024 2023 2024 2023 2024 2023
EUR EUR EUR EUR EUR EUR
Acquisition cost/nominal value at
the beginning of the year
245 084 754.25 240 584 754.25 219 725 393.33 236 026 274.20 464 810 147.58 476 611 028.45
Increases
2 936 902.96 4 500 000.00 0.00 1 553 615.15 2 936 902.96 6 053 615.15
Transfer from/to current assets
0.00 0.00 -1  940  191.28 0.00 -1  940  191.28 0.00
Decreases
-23  977  983.85 0.00 -41  553  774.71 -17  854  496.02 -65  531  758.56 -17  854  496.02
Acquisition cost/nominal value at
the end of the year
224 043 673.36 245 084 754.25 176 231 427.34 219 725 393.33 400 275 100.70 464 810 147.58
Value adjustments at the beginning
of the year
-57 820 149.70 -57 704 474.70 -90 191 426.84 -57 230 514.93 -148 011 576.54 -114 934 989.63
Impairment
0.00 -115  675.00 -4  099  947.00 -32 960 911.91 -4  099  947.00 -33  076  586.91
Reversal
(*)  23  977  983.85 0.00 (*)  32  960  911.91 0.00 56  938  895.76 0.00
Value adjustments at the end of the
year
-33 842 165.85 -57 820 149.70 -61 330 461.93 -90 191 426.84 -91 072 680.78 -148 011 576.54
Net book value at the end of the
year
190 201 507.51 187 264 604.55 114 900 965.41 129 533 966.49 305 102 472.92 316 798 571.04
(*) Those  reversal  are  related  to  the  disposal  of  Salala  Rubber  Company  following  the  sale  of  the  plantation.
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Company financial statements
Note 3. Financial fixed assets (continued)
Information on companies in which the Company holds at least 20% of the capital
Entity Country % held
Net book value
EUR
Year end
Currencies
of the
annual
accounts
Net equity
in foreign
currency as at
31/12/2024
(including net
income) (*)
Net income
in foreign
currency as at
31/12/2024
Plantations  Socfinaf  Ghana Ghana 100.00 32  503  775 31.12.2024 GHS 481  379  807 188  801  101
SocfinAgricultural  Company Sierra Leone 93.00 20 445 954 31.12.2024 USD 47  054  079 1 324 610
LiberianAgricultural  Company Liberia 100.00 13  793  904 31.12.2024 USD 50  069  507 7  156  326
Bereby-Finances  “BEFIN” Côte  d’Ivoire 87.06 13 604 405 31.12.2024 XAF 15  128  743  196 4  743  891  247
Socapalm Cameroon 67.46 40  640  840 31.12.2024 XAF 66  385  604  974 10  409  655  273
Okomu  Oil  Palm  Company Nigeria 66.38 22  151  171 31.12.2024 NGN 56 301 260 595 39  957  745  180
Brabanta Congo  (DRC) 100.00 0 31.12.2024 CDF 70  171  185  608 -4  545  997  483
Induservices Luxembourg 30.00 30 000 31.12.2024 EUR 597  594 111  470
Socfinde Luxembourg 20.00 801  000 31.12.2024 EUR 5  207  073 539 225
Terrasia Luxembourg 33.28 246  705 31.12.2024 EUR 673  171 29 026
SAFA France 100.00 26 535 600 31.12.2024 EUR 20 451 361 524 644
Induservices  FR Switzerland 50.00 3  579  105 31.12.2024 EUR 6  035  684 -715  487
Socfinco  FR Switzerland 50.00 486  891 31.12.2024 EUR 19  386  298 4 465 222
Sogescol  FR Switzerland 50.00 1  985  019 31.12.2024 USD 20  446  682 10  486  214
Sodimex  FR Switzerland 50.00 621 424 31.12.2024 EUR 4  082  858 369 626
Centrages Belgium 50.00 4  074  577 31.12.2024 EUR 3  057  574 -37  989
Immobilière  de  la  Pépinière Belgium 50.00 3  015  798 31.12.2024 EUR 3  404  865 -113 431
Socfinco Belgium 50.00 763  875 31.12.2024 EUR 1  561  286 33  579
STP Invest Belgium 100.00 0 31.12.2024 EUR 152 541 -1  618  340
185 280 043
(*) Based on unauditedfinancialstatementsas at 31December2024.Amountsrepresent 100%ofEquityandnet incomebeforeallocationof% of
ownership.
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Company financial statements
Note 3. Financial fixed assets (continued)
Valuation of shares in affiliated undertakings:
During the year, the Company has participated in the capital increase of Induservices FR for an amount of
EUR 2 936 903.
In  August2024,theCompanysoldSRC.Thelossonthissale,amountingtoEUR1359641ispresentedwithin
incomestatement  online“Value  adjustmentsinrespect  offinancialassetsand  ofinvestmentsheld  ascurrent
assets”
Asat31December2024,  animpairmentwasrecognisedontheloangranted  toAgripalmaforEUR4099947.This
impairment  is  presented  withinincome  statement  on  line  “Valueadjustments  in  respect  of  financial  assetsand
of  investments  held  as  current  assets”.
As  at  31  December  2024,  the  Board  of  Directors  is  of  the  opinion  that  there  is  no  permanent  value  decrease  for
the  shares  in  affiliated  undertakings.
Valuation of loans to affiliated undertakings:
As  at  31  December  2024,  loans  to  affiliated  undertakings  are  as  follows:
Related parties Currency Balance Balance
Unrealised
exchange gains *
In currency In EUR EUR
Brabanta USD 21 000 000 19  688  730 524  957
SocfinAgricultural  Company USD 67  619  256 55 442 140 9  645  218
LiberianAgricultural  Company USD 29  070  199 25  770  095 2 211 616
Agripalma EUR 14 000 000 14 000 000 0
Situation as at 31
December 2024 114 900 965 12 381 791
* In  accordancewith  Luxembourglegal  andregulatoryprovisions  andgenerally  acceptedaccountingpractices,  receivables
from  affiliatedundertakingsare  translatedatthe  historicalexchangerate  andthe  unrealisedforeignexchange  gainorloss
is  notrecognised  in  theprofit  andloss  account,  withthe  exceptionof  the  currentportion  ofreceivables,  which  isvalued
individuallyattheloweroftheir  historicalexchange  ratevalue  ortheir  valuedeterminedonthebasisoftheexchangerate
prevailing  at  the  balance  sheet  date.
Duringtheyear,theCompanyhasreceivedareimbursementofEUR849860fromPlantationsSocfinafGhana,
and  has  paid  an  advance  to  Salala  Rubber  Corporation  of  EUR  1  809  955,  which  has  been  fully  impaired.
As  at  31  December  2024,the  Board  of  Directors  are  of  theopinion  that  these  loans  are  recoverableas  such,  no
other  impairment  loss  has  been  accounted  for.
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Company financial statements
Note 4. Equity
EUR
Subscribed
capital
Share premium Legal reserves Other reserves
Profit brought
forward
Results for the
year
Balance as at 1 January 2023 35 673 300.00 87 453 866.21 3 567 330.00 688 346.92 131 413 608.00 -37 542 749.31
Allocation  of  the  result  for  the  2022
financial  year  following  decision  of
the  General  Meeting  held  on  30  May
2023
•  Profit  brought  forward -37  542  749.31 37  542  749.31
Results  for  the  financial  year 2  658  855.71
Balance as at 31 December 2023 35 673 300.00 87 453 866.21 3 567 330.00 688 346.92 93 870 858.69 2 658 855.71
Allocation  of  the  result  for  the  2023
financial  year  following  decision  of
the  General  Meeting  held  on  29  May
2024
•  Profit  brought  forward 2  658  855.71 -2  658  855.71
Results  for  the  financial  year 31  220  989.80
Balance as at 31 December 2024 35 673 300.00 87 453 866.21 3 567 330.00 688 346.92 96 529 714.40 31 220 989.80
Subscribed capital
As at 31 December 2024 and 2023, the issued and fully paid
share  capital  is  EUR  35  673  300  represented  by17  836  650  shares
without  nominal  value.
Share premium
As  at  31December  2024  and2023,  the  sharepremium  amounted
to  EUR  87  453  866.
Legal reserve
Theannualprofitis subject to a levy of 5% to beallocatedto
a legal reserve. This allocation ceases to be mandatory when
thereservereaches10%ofthesharecapital.Thelegalreserve
cannot  be  distributed.
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Company financial statements
Note 5. Amounts owed to affiliated undertakings
As  at  31  December  2024,  this  item  consists  mainly  of:
- a debt to Socfin for a nominal amount of
EUR30000  000(2023:EUR80  000000)whichbear
a  fixedinterest  rateof  6.25%.  The  accruedinterest
amounted EUR 642 361 (2023: EUR 1 250 000).
This debt is repayable early or at the latest on
10
th
November2026.Duringtheyear,theCompany
has reimbursed an amount of EUR 50 000 000 to
Socfin. The Board Meeting of September 2024
approveda repayment ofEUR 30 000000 in2025
to  Socfin.
As  at  31  December  2024  and  2023,  the  maturity  of  debts  to  affiliated  undertakings  is  as  follows:
2024 2023
Amounts owed to affiliated undertakings: EUR EUR
becoming  due  and  payable  within  one  year 642 361 1 250 000
becoming  due  and  payable  between  one  to  five  years 30 000 000 80  000  000
30 642 361 81 250 000
Note 6. Amounts owed to undertakings with which the undertaking is linked
by virtue of participating interests
As  at  31  December  2024,  this  item  consists  mainly  of:
- a payable to Bolloré Participations for a nominal
amountof  EUR20000000  (2023:EUR20000  000),
plus  accrued  interestin  the  amount  of  EUR  286667
(2023: EUR 403 288). This debt bears interest at
afixed rateof6%perannum andis repayableon
demand  with  final  maturity  on  30  June  2025.
- a payable to Palmboomen Cultuur Maatschappij
“MOPOLI”fora  nominalamountofEUR20  000000
(2023:  EUR20  000000),  plusaccruedinterest  in  the
amountofEUR301639(2023:EUR302466).This
debt  bearsinterest  at  afixed  rate  of6%  per  annum
andisrepayableondemandwithfinalmaturityon
15  July  2026.
Note 7. Income from participating interests
2024 2023
EUR EUR
Dividends  received 49  701  181 45  168  435
Capital  gain  on  disposal  of  financial  fixed  assets  (*) 0 5 013
49 701 181 45 173 448
(*) This  amount  corresponds  to  a  remaining  amount  from  prior  year  disposal.
Note 8. Income from other investments and loans forming part of the fixed
assets
2024 2023
EUR EUR
Interest  on  related  companies’  receivables 2 409 782 5 872 854
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Company financial statements
Note 9. Taxation
The Company is subject to all taxes to which
Luxembourg-based commercial companies are
subject.
The  Companyhas  EUR  214118  336  ofcarried  forward
tax losses available as at 31 December 2023 and
estimatesapproximatelyEUR4840417ofadditional
taxlossesforthecurrentperiod(FY 2024).Basedon
adeferredtaxrateof23.87%thesetaxlosseswould
correspond  toadeferred  taxassetof  EUR52  265454
(deferred tax asset not recognised as at 2024 year-
end).
Regarding the portion of the aforementioned losses
that have been generated as from tax year 2017
(approximately EUR 4 334 536) that amount can be
carried  forward  for  theseventeen  years  following  the
tax  year  in  which  the  losses  arose.
Note 10. Remuneration of the Board of Directors
During2024,themembers ofthe BoardofDirectors
receivedEUR9688(2023:EUR7500)asattendance
feesandEUR230063(2023:EUR230000)asDirectors’
fees.
During2024,noadvancesorloanswere  grantedto  the
Board  members.
Note 11. Political and economic environment
Most  ofthe  investments  areheld  directlyor  indirectly
incompaniesoperating inAfrica,particularlyinthe
following  countries:
- Sierra Leone,
- Liberia,
- Côte  d’Ivoire,
- Ghana,
- Nigeria,
- São  Tomé  et  Principe,
- Cameroon,
- Congo  (DRC).
Given the political instability that exists in these
countriesandtheireconomicfragility  (dependenceon
internationalaid,inflationinsomecases,civilwars,
etc), the investments held by the Company present
ariskintermsofexposuretopoliticalandeconomic
fluctuations.
Note 12. Off-balance sheet commitments
As  at  31  December  2024  and  2023,  the  Company  had  no  significant  off-balance  sheet  commitments.
Note 13. Significant events after the year end
There  are  no  significant  post-closing  events  affecting  the  Company.
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Glossary
CIF Rotterdam-  CostInsurance  &  Freight  Rotterdam,
corresponds  to:
- Cost  of  the  good/oil;
- Insurancecostforthewholeconsignmentrightfrom
port  of  loading  until  arrived  and  delivered;
- Freight:  carryingcost  from  load  port  all  the  wayup
to  Rotterdam.
In other words, the seller pays for the goods,
transportationtothe  portofdestination,andmarine
insurance.
CONCESSION -Contract,  signedwithlocalauthorities,
giving  specificrights  tocontrol  anarea  of  landand  for
theconductofspecificactivitiesinthatarea,during
a  defined  period.
CPO -CrudePalmOilisedibleoilwhichisextracted
from  the  pulp  of  fruit  of  oil  palm  trees.
CPKO -Crude Palm KernelOilis thelightcrude oil,
extracted from the Oil Palm kernels, containing
mainly  lauric  acid.
DAP –DeliveredAtPlaceisaninternationalcommercial
term(Incoterm),  meaningthattheseller  takesonall
therisksandcostsofdeliveringgoodstoanagreed-
upon  location.
DRY RUBBER - This is weight of natural rubber
produced,determinedat theendofthemillingand
dryingprocess.  Aftertapping,liquidlatexisdripping
fromtherubbertreesinthefield,mostlyharvested
after in-field coagulation. However, the “wet
rubber”still containswaterand manyother natural
componentsapartfromtherubberparticles.Natural
rubberismarketedas“dryrubber”–afterprocessing–
to  beused  in  numerousindustrial  value  chainsamong
which  manufacturing  of  tyres  is  the  most  important.
EBIT -  Thisabbreviation  isdefinedas  earningsbefore
financial result and tax. It is the result of ordinary
business activities and is used to assess operational
profitability.
EBITDA - This abbreviation is defined as earnings
before financial result, tax, depreciation and
amortisation. This key figure is used to assess
operational  profitability.
ESEF - European Single Electronic Format is the
electronic reporting format in which issuers whose
securities are admitted to trading on EU regulated
marketsmustprepare  theirannual  financialreportsto
facilitateaccessibility, analysisand comparability of
annual  financial  reports.
EXW -Exworks  isanIncoterm,  inwhich  aseller  makes
a  product  directlyavailable  from  thefactory  or  place
of  manufacture.  The  buyerof  the  product  must  cover
the transport costs.
FINISHED GOODS - Goods that have completed the
manufacturingprocessbuthavenotyetbeensoldor
distributedtotheenduser(forexampledryrubber,
crude palm oil, seeds, palm kernel oil, palm kernel
cake).
FOB-  Free  On  Board  is  an  Incoterm,  which  means  the
sellerisresponsibleforloadingthepurchasedgoods
ontothe  ship,andall  costsassociated.  Thepointthe
goods are safe aboard the vessel, the risk transfers
to the buyer, who assumes the responsibility of the
remainder  of  the  transport.
GPSNR - Global Platform for Sustainable Natural
Rubber.GPSNRisan international,multistakeholder,
voluntary membership organisation, with a mission
to lead improvements in the socioeconomic and
environmental performance of the natural rubber
value  chain.
HYPERINFLATION - Hyperinflation corresponds to a
situationwhere  thepriceof  everything,inanational
economy,goesoutofcontrolandincreasesveryquickly.
There is no absolute rate at which hyperinflation is
deemedtoarise,butpractically,acumulativeinflation
rateoverthreeyearsapproachingorexceeding100%
is  a  strong  indicator  of  hyperinflation.
IRSG - International Rubber Study Group. It is an
inter-governmentalorganisationcomposedofrubber
producing and consuming stakeholders. Located in
Singapore,  IRSG  was  established  in  1944.
NET VALUE PER SHARE – Equity attributable to the
owners of the Parent at closing period, divided by
thenumberofshares.  Allowsreadersofthefinancial
statements to compare easily the share price at
closing period with its value within the financial
statements.  Asanexample,valueasat31December
2024isobtainedbydividingEUR421,751,282 (value
of  Equity  attributable  to  the  owners  of  the  Parent)  by
17,836,650  (number  of  shares).
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Glossary
NET DEBT BEFORE IFRS ADJUSTMENTS – Corresponds
to  netdebt  as  presentedNote  22(EUR  -87.4  million),
excludingleaseliabilities(EUR+29.4million),including
cashpoolingatthelevelofSocfinafandsubsidiaries
(See  Note  17,EUR  +8.5  million)  andOkomu  grant  part
of  the  loan  (See  Note  23,  EUR  -0.9  million).
OPERATIONAL LIFE – Length of time during whicha
tangible  orintangible  assetcan  be  usedeconomically
beforebreakdown.Operationallifedoesnotinclude
post-closure activities. As an example, rubber and
palmtreeshaveanestimatedoperationallifebetween
20  and  33  years.
OWN PRODUCTION - Quantities of raw materials
(Fresh  Fruit  Bunches,  wetrubber,…)  milled  that  have
been harvested on own plantations managed by the
Group.
PRODUCTION-IN-PROGRESS -Inventorythathasbegun
themanufacturingprocessandis  nolongerincluded  in
rawmaterialsinventory, but is not yetacompleted
product. In the financial statements, production in
progress  is  classified  within  current  assets,  with  other
items of inventory.
RAW MATERIALS -Rawmaterialsaretheinputgoods
or inventory that a company needs to manufacture
its products (for example Fresh Fruit Bunches, wet
rubber,  …).
RSS3 -RibbedSmokedSheetisrubbercoagulatedfrom
highqualitynaturalrubber.Rubber  isthenprocessed
intosheet,dried,smoked,andvisuallygraded.RSS3
rubber sheets are used in the production of tyres,
tread  carcass,  footwear,  …
SGX - Singapore Exchange is Singapore’s primary
asset exchange. The SGX lists stocks, bonds,
options contracts, foreign currency exchanges and
commodities, representing in 2021 the largest stock
market  exchange  in  South-EastAsia.
SMOKED SHEET -Itisatypeofcrudenaturalrubber
intheformofbrownsheetsobtainedbycoagulating
latexwithanacid, rollingitintosheets,and drying
over open wood fires. It is the main raw material
fornatural rubber products.Also called: ribbed and
smoked  sheet.
SOPARFI - SOciété de PARticipations FInancières.
SOPARFIs are fully taxable ordinary commercial
companies, whose corporate purpose consists in
the holding of participations and related financing
activities.
TAPPER -  Agricultural  workertrained  andqualifiedto
“tap”  atree  with  aspecial  knife.  Treesare  tapped  at
regular interval (4-7 days), releasingthe latex from
the  latex  vesselssituated  in  thesoft  outer  barkof  the
tree.
THIRD PARTY PURCHASES -Businessdealthatinvolves
a person or entity other than a Group company.
Typically,third-partypurchasesaremadewithsmall
local  growers.
TRADING ACTIVITIES –Theactivityofselling,buying
or  exchanging  goods  and  servicesin  order  to  generate
profit.Thiscommercialactivityismainlycentralised
within  Sogescol  FR.
TSR20 - Technically Specified Rubber graded
correspondstoblockrubbermadebycrashing,cleaning
and drying solid rubber. Major producing countries
havetheirownTSRstandard(STRinThailand,SIRin
Indonesia,…).TSRaregradedaccordingtoavariety
of factors, including volatile matter, ash content,
color,  viscosity,  …
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