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2024
ANNUAL REPORT
Socfinaf S.A.

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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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Group profileGroup profile
1. Overview of the Group
Socfinaf   is   a   Luxembourg-based   company   whose  
registered   address   is   4,   Avenue   Guillaume,   L-1650,  
Luxembourg.  It  was  incorporated  on  22  October  1961  
and  is  listed  on  the  Stock  Exchange  of  Luxembourg.
Socfinaf’s   principal   activity   is   to   manage   a   portfolio  
of  shares  that  mainly  focus  on  the  operation  of  more  
than  137,000  hectares  of  tropical  palm  oil  and  rubber  
plantations  in  Africa.  As  of  31  December  2024,  Socfinaf  
employs  24,824  people  and  has  achieved  a  consolidated  
turnover  of  EUR  591  million  over  that  same  year.
2. History
• 22/10/1961:    Incorporation  of  Compagnie  Internationale  de  Cultures  (Intercultures)  as  a  Luxembourg-based  
holding  company.
• 31/12/1961:   Intercultures  invests  in  two  Congolese  plantations  named  “La  Compagnie  Congolaise  de  l’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:    Progress  of  negotiations  with  Zaire  -  exit  of  Zairian  holdings  from  the  portfolio  and  accounting  
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:   Acquisition  of  65%  of  Société  des   Caoutchoucs   du   Grand   Bereby   “SOGB”   in  Côte  d’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:   Intercultures  continues  the  expansion  of  its  investments  in  Africa  and  more  specifically  in  Liberia:  
acquisition  of  70%   of  Weala  Rubber  Company,  owner  of  a  rubber  factory  and  75%  of  Liberian  
Agricultural  Company  “LAC”  which  has  a  rubber  concession
G
(terms  having  a  
G
  are  explained  part  
“Glossary”  at  the  end  of  the  annual  report).
• 30/06/1998:   Increase  of  share  capital  and  investment  in  Kenya  in  70.8%  of  Red  Lands  Roses,  producer  of  roses  
and  Socfinaf  Company,  coffee  producer.
   In  addition,  Intercultures  acquired  through  its  Luxembourg  subsidiary  (Indufina  Luxembourg)  54%  
of  an  oil  palm  plantation  in  Nigeria,  Okomu  Oil  Palm  Company.
• 31/03/2000:   Acquisition  of  89.64%  of  Société  des  Palmeraies  de  la  Ferme  Suisse  “SPFS”,  a  Cameroon  company  
active  in  the  production,  processing  and  refining  of  palm  oil.
• 31/12/2000:   Through  a  Cameroon  holding  Palmcam,  Intercultures  continues  its  investments  in  Cameroon  in  
Socapalm,  a  company  active  in  the  production  and  processing  of  palm  oil.
• 31/12/2001:   Further  increase  in  share  capital  which  allowed  Intercultures  to  increase  its  stake  in  Okomu  Oil  
Palm  Company  and  in  Befin  (parent  company  of  SOGB).
• 31/12/2006:   Restructuring  of  Socfinal  Group’s  holdings,  including  the  distribution  of  Intercultures  shares  by  
Socfinasia  (spin-off)  and  repositioning  of  the  Group’s  operating  companies.
• 31/12/2007:   Intercultures  acquired  99.8%  of  Brabanta,  a  company  developing  a  palm  oil  plantation  in  Congo  
(DRC).
   On  the  other  hand,  Intercultures  sold  its  holdings  Weala  Rubber  Company  (Liberia)  and  Palmci  
(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  General  Meeting  which  ratified  the  abandon  of  the  holding  29  status  and  change  
of  the  designation  to  Socfinaf.
• 01/07/2011:   Share  split  by  10.

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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:   Acquisition  of  100%  of  STP  Invest’s  shares,  a  Belgian  company   which  owns  88%  of  Agripalma,  
benefitting  from  a  grant  of  5,000  hectares  concession
G
  on  the  island  of  São  Tomé.
• 31/12/2014:   Capital  increase  with  the  issue  of  1,474,200  new  shares  subscribed  by  Socfin  in  exchange  for  
100%  of  the  shares  of  Société  Anonyme  Forestière  et  Agricole  “SAFA”.  It  owns  68.93%  of  Safacam  
(Cameroon).
• 01/01/2015:   Beginning  of  Sogescol  Cameroon  and  Camseeds,  which  were  formed  in  2014  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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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

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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%
Management  Associates 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  following  pages  contain  a  summary  of  the  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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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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Group profile
BEREBY-FINANCES “BEFIN”
Share  capital:  CFA  8,500,000,000
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:  CFA  21,601,840,000
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.

Graphics
Socfinaf S.A.
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ANNUAL REPORT
2024
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11
Group profile
SUD COMOË CAOUTCHOUC “SCC”
Share  capital:  CFA  964,160,000
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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ANNUAL REPORT 2024
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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.
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Socfinaf S.A.
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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.
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ANNUAL REPORT 2024
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Socfinaf S.A.
Group profile
SOCAPALM
Share  capital:  CFA  45,757,890,000
Socapalm  is  active  in  Cameroon  in  the  production  and  processing  of  palm  oil  and  the  cultivation  of  rubber  trees.
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.
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Socfinaf S.A.
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ANNUAL REPORT
2024
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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:  CFA  6,210,000,000
Safacam  is  active  in  Cameroon  in  the  production  and  processing  of  palm  oil  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.
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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
Graphics
Socfinaf S.A.
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ANNUAL REPORT
2024
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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.
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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.
The  financial  year  ended  on  31  December  2024  with  a  profit  of  USD  10,492,456.  The  Board  of  Directors  will  
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.  
Graphics
Socfinaf S.A.
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ANNUAL REPORT
2024
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19
Group profile
SOCFINCO FR
Share  capital:  CHF  1,300,000
Socfinco  FR  is  a  Swiss  company,  which  provides  services,  studies  and  management  of  agro-industrial  plantations.  
Socfinco  FR  covers  the  agro-industrial  sector  of  palm  oil  and  rubber.
The  financial  year  that  ended  on  31  December  2024  shows  a  profit  of  EUR  4,465,222.  The  Board  of  Directors  will  
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.
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ANNUAL REPORT 2024
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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
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Socfinaf S.A.
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ANNUAL REPORT
2024
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21
International market for rubber and palm oil
The international market in 2024
The  average  natural  rubber  price  (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
2024  is  EUR  1,611/T,  compared  with  EUR  1,273/T  in  
2023.
The   upward   trend   that   began   in   the   last   quarter   of  
2023  continued  during  the  first  half  of  2024,  with  prices  
fluctuating  between  USD  1,500  and  USD  1,800/T.
Indeed,   adverse   weather   conditions   disrupted  
production  in  Thailand’s  southern  provinces  at  the  end  
of  2023  and  early  2024,  followed  by  an  early  wintering  
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  Southeast  Asia  and  
the  resumption  of  tapping  negatively  affected  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  
surpassing  USD  1,700/T  amid  declining  production  in  
the   two   largest   natural   rubber-producing   countries,  
Thailand  and  Indonesia.  At  the  same  time,  decreasing  
stocks  in  China,  indicating  a  recovery  in  consumption  
by   the   world’s   largest   consumer,   also   supported   the  
price  increase  which  rose  above  USD  1,800/T  by  the  
end  of  August.
In   an   already   tight   global   supply   context,   the  
announcement  in  early  September  of  a  major  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  
support  China’s  economy,  which  is  struggling  with  an  
unprecedented  real  estate  crisis  and  weak  domestic  
consumption,  which  pushed  prices  above  USD  2,000/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  conditions  affecting  production  
in   Southeast  Asia   and   downward   movements   due   to  
weakening   Chinese   demand   and   doubts   about   the  
effectiveness  of  the  Chinese  government’s  economic  
recovery measures.
According  to  its  latest  forecasts  published  in  December  
2024,   the   IRSG   estimates   that   global   production  
reached  14.35  million  tons  in  2024  (+1%),  while  global  
demand  rose  to  15.12  million  tons  (+2.8%),  resulting  in  
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.

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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  
USD  2,050/T  and  could  continue  to  rise  due  to  an  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,  resulting  in  a  production  deficit  for  the  third  
consecutive year.
This  deficit   is  attributed  to  several   factors  affecting  
global  natural  rubber  supply.  In  addition  to  weather-
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,  farmers  are  shifting  to  more  profitable  
crops,   and   rubber   tree   diseases   are   spreading   in  
Southeast Asia.
After  a  decade  of  strong  growth,  Côte  d’Ivoire  —  ranked  
as   the   world’s   third-largest   producer   in   2023   after  
Thailand  and  Indonesia  —  is  showing  signs  of  slowing  
growth,  with  production  reaching  1.683  million  tons  in  
2024  compared  to  1.673  million  tons  in  2023.
According  to  IRSG  forecasts,  global  production  in  2025  
is  expected  to  reach  14.76  million  tons  (+2.9%),  while  
global  demand  is  projected  to  reach  15.26  million  tons  
(+0.9%),  leading  to  a  rubber  deficit  of  500  000  tons.
The  price  trend  will  also  depend  on  the  effectiveness  
of  financial  measures  taken  by  the  Chinese  government  
to  stimulate  the  country’s  economic  recovery  and  the  
impact  of  trade  tensions  between  the  United   States  
and  China.
The   monetary   easing   initiated   in   2024   by   European  
and  American   central   banks   is  expected  to  continue  
in  2025,  positively  affecting  natural  rubber  demand.
The   implementation   of   the   European   regulation  
“EUDR”,  which  aims  to  ban  the  entry  of  certain  raw  
materials   linked   to   deforestation   into   the   European  
market,   was   initially   scheduled   for   the   end   of   2024  
but  has  been  postponed  to  December  31,  2025.  This  
extension   is   intended   to   give   industry   players   and  
regulatory   authorities   more   time   to   prepare   for   the  
new  requirements.
The  strong  demand  from  tire  manufacturers  for  “EUDR”  
compliant   natural   rubber   destined   for   the   European  
market   should   allow   producers   who   can   prove   their  
supply   chain   complies   with   legal   requirements   and  
does  not  originate  from  deforested  areas  to  be  granted  
an  “EUDR  premium”.  Non-compliant  rubber  producers  
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.

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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

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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
The  average  price  for  CIF  Rotterdam
G
  crude  palm  oil  in  
2024  stood  at  USD  1,084/T,  compared  with  USD  964/T  
in 2023.
Palm   oil   prices   fluctuated   between   USD   900   and  
USD  1,050/T  in  Q1  2024.  A  drop  in  crude  oil  prices  in  
April  led  to  a  decline  in  palm  oil  prices  by  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,  while  Indonesia  remains  the  largest   consumer,  
absorbing  over  21  million  tons,  46%  of  its  production.
The   biofuel   industry,   with   its   increasingly   ambitious  
programs,  also  provided  substantial   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.
Prices  rose  by  nearly  USD  150/T  in  Q3  amid  expectations  
of   supply   tightening.   By   early   October,   CPO   CIF  
Rotterdam  exceeded  USD  1,200/T,  its  highest  level  in  
over  two  years.  The  upward  trend  continued  in  Q4,  with  
CPO  CIF  Rotterdam  trading  above  USD  1,300/T  multiple  
times  in  November  and  December.
While  El  Niño  did  not  significantly  affect  global  palm  
oil  production,  lower  yields  were  observed  in  Indonesia  
and   several   Central   American   countries.   According  
to  Oil  World,  global  palm  oil   production  is  expected  
to  reach  79.4  million  tons  in  2024,  down  2.2  million  
tons from 2023.
At  of  31  December  2024,  the  CIF  Rotterdam
G
CPO
G
was
trading  at  USD  1,275/T.

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International market for rubber and palm oil
Outlook 2025
A   rise   in   palm   oil   production   is   expected   in   2025.  
Indonesia,  the  world’s  largest  producer,  is  projected  
to  increase  output  to  approximately  48.1  million  tons,  
while  Malaysia’s  production  is  expected  to  stabilize  at  
around  19.3  million  tons.  This   increase   is  attributed  
to   improved   yields   due   to   fertilizer   application   and  
favourable  weather  conditions  in  2025.
Over   the   past   three   decades,   global   palm   oil  
production  has  grown  six  fold  between  1990  and  2020,  
mainly  due  to  expanded  cultivation  areas  in  Indonesia  
and   Malaysia,   which   together   account   for   85%   of  
global  production.  However,  signs  indicate  a  slowdown  
in   production   growth,   as   land   availability   becomes  
more   limited   and   labor   shortages   persist.   Palm   oil  
supply  may  struggle  to  meet  the  rising  global  demand,  
driven  by  population  growth  and  higher  vegetable  oil  
consumption  in  developing  countries.
The   biofuel   industry   will   continue   to   provide   price  
support.  Indonesia’s  B40  program,  aimed  at  increasing  
the  share   of   palm   oil-based   biofuel  in   diesel   to   40%  
in   2025   (up   from   35%   currently),   is   expected   to   be  
fully   implemented   by   March   2025.   This   mandate  
could  boost  palm   oil   consumption   by   2   million   tons,  
reducing   export   availability   and   potentially   driving  
prices  higher.
However,   price   increases   could   be   limited   by  
competition  from  cheaper  alternative  vegetable  oils,  
such   as   South  American   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   vegetable  oils,  and  
rising  biofuel  demand.
As  of  20  February  2025,  the  CIF  Rotterdam
G
CPO
G
was
quoted  at  around  USD  1,275/T.

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Environment and social responsibility
Along  with   its   specific   commitment   to   transparency,  
the  Group  has  built  a  responsible  management  policy  
around  its  three  pillars  of  commitment,  namely:  rural  
development,   workers   and   local   communities,   and  
environment. These commitments form the basis of
key  initiatives  that  are  aimed  at  improving  long-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  regularly  updated  dashboard,  as  well  as  a  separate  
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.

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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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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

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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 sale of SRC was finalised in August 2024, as a consequence SRC in not within the consolidation scope as at 
2024 year-end.
No other material events occurred during the financial period.

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Corporate governance statement
1. Introduction
Socfinaf  pays  close  attention  to  the  evolution  of  the  ten  
principles  of  corporate  governance  of  the  Luxembourg  
Stock  Exchange.  It  commits  to  providing  the  necessary  
explanations   for   a   comprehensive   understanding   on  
how the Company functions.
Corporate   governance   is   a   set   of   principles   and  
rules  whose  main  objective   is  to  contribute  to  long-
term  value  creation.  It  allows  the  Board  to  promote  
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  
updated  on  3  April  2025  and  is  available  on  the  Group’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
The  term  served  by  Mr.  Frédéric  Lemaire  as  director  
expires   this   year.   The   renewal   of   this   term   will   be  
proposed   at   the   next   Annual   General   Meeting.   This  
renewal  will  hold  for  six  years  until  the  Annual  General  
Meeting  of  2031.

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Corporate governance statement
Other mandates held by the Directors in listed companies
Hubert Fabri
Chairman
Positions and offices held in Luxembourg-based companies
• Chairman  and  director  of  the  Board  of  Directors  of  Société  Financière  des  Caoutchoucs  “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;
• Director  of  Compagnie  de  l’Odet,  Financière  Moncey,  Société  Industrielle  et  Financière  de  l’Artois  and  La  
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,  Société  des  Caoutchoucs  du  Grand  Bereby  “SOGB”,  Société  Industrielle  et  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  Lafarge  Africa;
• Chairman  of  Lafarge  Africa  plc,  which  is  listed  on  the  Nigerian  Stock  Exchange.

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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
• Permanent  Representative  of  Administration  and  Finance  Corporation  “AFICO”  on  the  Board  of  Société  des  
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.

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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  remaining  Directors  will  proceed  to  temporary  co-
optations.  These   co-optations  will  be  subject  to  the  
approval  of  the  Annual  General  Meeting  at  its  following  
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  
the  management  of  the  Company  and  the  control  of  
day-to-day  management.  It  acts  in  the  interest  of  the  
Company.
The  Board  of  Directors  ensures  that  all  financial  and  
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  
Directors  the  power  to  perform  all  actions  necessary  
to achieve the corporate purpose.
Activity report of the Board of Directors
Number of meetings
There  are  at  least  two  meetings  for  the  end  of  year  
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  are  independents  and  one  is  assigned  as  President  
of   the  Audit   Committee.   The   members   of   the  Audit  
Committee  are  appointed  for  one  year  and  are  eligible  
for  re-election.  This  Audit  Committee  is  effective  as  of  
1  January  2025  and  has  been  in  charge  of  supervising  
the   preparation   of   the   financial   information  for   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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Corporate governance statement
The  appointment  of  the  non-executive  members  will  
be  confirmed  at  the  General  Meeting  of  Shareholders  
on  4  June  2025.
The  Audit  Committee  will  assist  the  Board  of  Directors  
in   its   supervisory   function   and   is   responsible   of  the  
monitoring   of   the   financial   reporting,   the   audit  
process,  the  analysis  and  the  control  of  financial  risks.
The  Audit  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  
of  Directors  does  not  consider  it  necessary  to  set  up  
a   Remuneration   Committee.   Similarly,   for   practical  
reasons  and  due  to  the  size  of  the  Company,  the  Board  
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
On  31  December  2014,  Socfinaf  issued  1,474,200  new  
shares  which  brings  to  a  total  of  17,854,200  number  
of  shares  issued.  All  statements  filed  between  1  July  
2011   and   31   December   2014   relate   to   the   previous  
number  of  shares  in  place  and  the  previous  number  of  
voting  rights,  i.e.  16,380,000.  
On  31  December  2024,  the  share  capital  is  represented  
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

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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.
The  results  of  the  Company  are  published  on  the  website  of  the  Luxembourg  Stock  Exchange  www.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”
35E  Avenue  John  F.  Kennedy
L-1855  Luxembourg.
In  2024,  the  audit  fees  amounted  to  EUR  815,053  VAT  
included.
The  audit  fees  include  all  fees  paid  to  the  independent  
statutory  auditor  of  the  Group  namely  EY  as  well  as  
those   paid   to   member   firms   within   EY   network   for  
the  relevant   years.  This  firm   performed   no   material  
consulting   work   or   other   non-audit   services   in   2024  
nor in 2023.
9. Corporate, social and environmental responsibility
Along  with  its  specific  commitment  to  transparency,  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
aimed  at  improving  long-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.
The   efforts   and   actions   undertaken   by   the   Socfinaf  
Group  in  this  area  are  detailed  in  a  regularly  updated  
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  
modalities  for  updating  insider  lists,  a  list  of  insiders  
has  been  drawn  up  and  is  updated  continuously.  The  
persons   concerned   were   informed   of   their   inclusion  
on  this  list.

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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  
Reporting  Standards   as  adopted  by  the  European  
Union,   the   consolidated   financial   statements  
prepared   for   the   year   ended   on   31   December  
2024,   provide   a   true  and   fair   view   of   the   assets  
and   liabilities,   the   financial   position   and   the  
profits  or  losses  attributable  to  Socfinaf  and  all  of  
the  entities  included  in  consolidation,
(b)  in  accordance  with  the  local  accounting  standards,  
the   individual   financial   statements   prepared   for  
the   year   ended   on   31   December   2024,   provide  
a  true  and  fair  view  of  the  assets  and  liabilities,  
the   financial   position   and   the   profits   or   losses  
attributable  to  Socfinaf,
(c)  the   management   report   presents   the   following  
information  in  a  fairly  manner:  the  evolution  and  
results  of   the   Company,  the   financial   position   of  
the  Group  and  all  the  entities  that  are  included  in  
the  consolidation  as  well  as   a   description   of   the  
main  risks  and  uncertainties  they  face.

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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 the financial statements of 
Socfinaf, and of all subsidiaries and direct and indirect 
associate companies. The details are given in Note 2 
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 
Financial Reporting Standards (IFRS) as adopted by the 
European  Union.  Socfinaf  (the  Group)  adopted  IFRS 
for  the  first  time  in  2005,  and  implemented  all  the 
standards applicable to the Group as at 31 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. This results in  earnings per  share of  EUR 3.18 
compared to EUR 1.58 in 2023.
The  consolidated  revenue  amounted  to 
EUR 591.4 million in 2024 compared to EUR 563.1 million
in 2023 (increase of EUR 28.3 million). This increase 
in revenue is mainly due to the increase in prices for 
EUR  53.9  million,  to  the  higher  quantities  sold  for 
EUR 34.2 million whereas the variation of transactional 
currency versus Euro negatively impacted the revenues 
for EUR 60.6 million (mainly in Nigeria).
Likewise,  the  operating  profit  increased  to 
EUR 118.6 million, compared  to  EUR  105.2 million in 
2023.
Other financial income amounted to EUR 31.7 million 
compared to EUR 22.9 million in 2023 and consisted 
mainly of foreign exchange gains of EUR 28.4 million 
compared to EUR 22.2 million in 2023.
Financial  expenses  amounted  to  EUR  37.0  million 
compared to EUR 43.0 million in 2023 and consisted 
mainly  of  interest  expense  for  EUR  11.2  million 
(EUR 14.7 million in 2023) and foreign exchange losses 
of EUR 25.2 million (EUR 26.8 million in 2023).
Furthermore, the tax expense increased, 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 
the Group decreased to EUR 4.7 million compared to 
EUR 6.0 million in 2023.
Consolidated statement of financial position
The assets of Socfinaf consist of:
- Non-current assets of EUR 599.6 million compared 
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 
increase of deferred tax assets for EUR +9.7 million;
- Current assets that amounted to EUR 198.9 million 
compared to EUR 190.5 million in 2023. This increase 
of EUR 8.4 million is mainly due to the increase in the 
value of inventory for EUR 13.3 million and to the 
decrease in other receivables for EUR -7.4 million.
The shareholders’ equity amounted to EUR 421.8 million 
compared to EUR 363.9 million in 2023. This increase in 
the shareholder’s equity of EUR 57.9 million is mainly 
due to the profit for the period: EUR 56.8 million (2023: 
EUR 28.2 million), to the impact of hyperinflation for 
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 
EUR 23.65 compared to EUR 20.40 a year earlier. On 
31 December 2024, the share price stood at EUR 12.10.
Current  and  non-current  liabilities  decreased  to 
EUR  273.4  million  compared  to  EUR  332.8  million  a 
year earlier.

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Consolidated management report
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.
Deferred tax liabilities increased to EUR 27.7 million 
compared  to  EUR  24.6  million  in  2023.  Current  tax 
liabilities increased to EUR 31.0 million compared to 
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
As at 31 December  2024,  cash  and  cash  equivalents 
amounted  to  EUR  35.4  million,  a  decrease  of 
EUR 0.8 million for the year compared to a decrease 
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.
Net cash flows from investing activities amounted to 
EUR -43.7 million (EUR -48.5 million in 2023). 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 
EUR 99.2 million (EUR 105.5 million in 2023), and are 
mainly  due  to  net  reimbursement  of  borrowings  for 
EUR 68.1 million (compared to a net reimbursement 
in 2023 for EUR 63.1 million) and to the dividends paid 
for EUR 16.2 million (EUR 23.1 million in 2023).
2. Financial instruments
Financial risk management policies are described in the notes to the consolidated financial statements of the 
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 
subsidiaries are established, the changes in the price 
of  rubber  and  palm  oil,  but  also  the  price  of  the 
US  dollar  against  the  Euro.  The  Group,  for  its  part, 
maintains its policy of keeping cost prices as low as 
possible and of improving its production capacity.
4. Political and economic environment
The Company holds interests in subsidiaries operating 
in Africa.
Given the  economic and  political instability  in some 
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 
had a significant impact on the financial markets, with 
many  investors  concerned  about  the  risk  of  further 
escalation and the ensuing impact on global trade and 
economic growth.
Although  the  aforementioned  aspects  have  not 
significantly  impacted  the  company’s  operations  nor 
performance  and  going  concern  during  2024,  the 
Board of Directors continues to monitor the evolving 
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  is  available  in  the  corporate  governance  
statement  of  the  annual  report  and  in  the  management  
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  
(including  financial,  operational,  and  compliance  risks)  
are   identified.   Once   residual   risks   are   assessed   and  
found  to  be  exceeding  the  risk  appetite,  strategies  are  
also  implemented  to  mitigate  identified  risks,  such  as  
implementing  security  measures,  creating  redundancy  
in  operations,   or   adopting   technological  solutions  to  
reduce  human  error.
2 Control Activities
Key   controls   are   in   place   to   manage   risks   within  
acceptable  boundaries  (in  line  with  the  risk  appetite).  
Most  important  key  controls  are:
Compliance with Laws and Regulations
Legal  Framework:  the  internal  control  system  assesses  
compliance  with   relevant   laws  and   regulations.  This  
comprises  but  it  is  not  limited  to  labor  laws,  financial  
regulations,  and  data  protection  laws.
Regulatory   Updates:   the   Group   stays   abreast   of  the  
impact   that   changes   to   laws   and   regulations   could  
induce  in  the  internal  control  system.
Segregation of functions
The  segregation  of  the  operational,  commercial  and  
financial  functions  implemented  at  each  level  of  the  
Group   encourages   an   autonomous   model   of   internal  
control.
In  each  of  their  area  of  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   to  agricultural  
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  
basis  to  safeguard  assets,  such  as  secure  storage  for  
inventory,  access  controls  for  sensitive  systems,  and  
regular  inventory  checks.
IT   Controls:   cybersecurity   and   IT   security   protocols  
are  established  and  continuously  reinforced,  such  as  
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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which  is   adapted   not   only  to   the   nature   and  extent  
of  their  activity,  but  also  to  the  optimisation  of  their  
operations  and  financial  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  
their  practices  and  the  legal  framework  of  their  host  
country.
Despite   this   autonomy,   policies   and   procedures  
are   transversal   to   operational   entities   (if   and   when  
possible),  aiming  to  streamline  controls  and  leverage  
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.  
This  policy  contributes  to  the  smooth  running  of  the  
internal  control  system  and  ensures  its  effectiveness  
through   different   practices   such   as   independent/
autonomous  recruiting  processes,  the  harmonisation  of  
all  segregated  functions,  as  well  as  annual  evaluations  
and  training  programs.
The   operational,   commercial   and   financial   functions  
centrally  define  a  set  of  standard  reports  which  ensure  
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  
monitors  the  position  of  the  cash  flow,  the  evolution  of  
net  debt  and  the  expenses  related  to  the  investments.
Financial reporting process
The   financial   department   organises,   supervises  
and   controls   the   reporting   of   monthly   accounting,  
budgetary   and   financial   information.   It   distributes  
condensed  reports  for  use  by  the  Group’s  operational  
management.
Twice  per  year,  it  includes  this  information  in  the  long-
term   development   plan   of   the   subsidiaries.   It   also  
ensures  the  implementation  of  the  financial  decisions  
taken  by  the  subsidiaries’  Board  of  Directors.
Preparation of consolidated accounts
The  consolidated  financial  statements  are  prepared  on  
a  half-yearly  basis.  On  a  yearly  basis,  they  are  audited  
annually  by  the  external  auditors  as  part  of  a  financial  
audit  of  subsidiaries,  which  covers  both  the  statutory  
accounts  of  the  entities  in  the  scope  of  consolidation  
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  companies  within  the  scope  of  consolidation.  It  
strictly  adheres  to  the  accounting  standards  in  force  
relating  to  consolidation  operations.  It  uses  a  standard  
consolidation  tool  to  ensure  a  number  of  procedures,  
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’  
presentation  in  the  annual  report.  Lastly,  due  to  the  
complexity  of  the   accounting  standards  in  force  and  
the   many   specificities   around   their   implementation,  
the  consolidation  service  centralises  the  adjustments  
specific   to   the   valuation   rules   applicable   to   the  
consolidated  financial  statements.
5 Monitoring
Ongoing   Monitoring:   Controls   performance   is  
monitored  throughout  automated  systems  or  manual  
checks,   including   compliance   with   policies   and  
procedures  or  evaluating  financial  reports.
Internal  Audits:  internal  audits  are  conducted  regularly  
to  assess  the  effectiveness  of  controls,  identify  areas  
for   further   improvement,   ensure   compliance   and  
follow-up  on  corrective  actions  status.

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8. Environment and social responsibility
Along  with  its  specific  commitment  to  transparency,  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
aimed  at  improving  long-term  economic  performance,  
social  well-being,  health,  safety  and  natural  resource  
management.
An   implementation   plan   for   this   policy   was   defined  
and  implemented  since  2022.
A  regularly-updated  dashboard  as  well  as  a  separate  
annual   report   (“Sustainability   Report”)   detail   the  
efforts  and  actions  undertaken  by  the  Socfin  Group  in  
relation  to  this  policy.
The   responsible   management   policy,   the   dashboard  
and  the  annual  Sustainability  Report  are  available  on  
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.
4 Avenue 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 
consolidated statement of financial position as at 31 
December  2024,  and  the  consolidated  statement  of 
comprehensive  income,  the  consolidated  statement 
of changes in equity and the consolidated statement 
of cash flows for the year then ended, and the notes 
to  the  consolidated  financial  statements,  including 
material accounting policy information. 
In  our  opinion,  the  accompanying  consolidated 
financial statements give a true and fair view of the 
consolidated financial position of the Company as at 
31 December 2024,  and  of its consolidated  financial 
performance and consolidated cash flows for the year 
then ended in accordance with International Financial 
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 
biological assets amounted to EUR 288.6 million out of 
total assets of EUR 798.5 million.
The  Group  owns  biological  assets  in  Africa.  These 
biological assets, which consist mainly of oil palm and 
rubber  plantations,  are  valued  in  accordance  with 
the principles defined in IAS 16 “Property, Plant and 
Equipment”. These assets are recognised at cost less 
accumulated depreciation and any impairment losses.
The note 8 “Impairment of assets” of the consolidated 
financial statements describes the methodology used 
by Group management to assess whether there is any 
indicator of impairment or any indicator of impairment 
reversal at the balance sheet date. When an indicator 
is  identified,  Group  management  determines  the 
recoverable amount of the biological assets and thus 
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 
natural rubber (TSR20 1
st
 position on SGX) and the 
listed price of crude palm oil (CIF Rotterdam) at the 
balance sheet date higher than 15% compared to a 
five-year  average  of  the  prices  observed  on  those 
markets
•  a decrease or an increase of the six-month average 
of the prices observed of those markets higher than 
15% compared to a five-year average of the prices 
observed on those markets
•  a  decrease  or  an  increase  of  the  twelve-month 
average of the prices observed of those markets of 
more than 15% compared to a five-year average of 
the prices observed on those markets
For palm oil, which is  mainly sold on local markets, 
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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- Significant  changes  in  the  plantations  that  could  
have  a  material  impact  on  future  cash  flows.
The  recoverable  amount  is  determined  as  the  higher  
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:
- their  significance  in  relation  to  the  Group’s  total  
assets
- the  assessment  of  whether  there  is  any  indicator  
of   impairment   or   any   indicator   of   impairment  
reversal;  and
- the   determination   of   their   recoverable   amount  
which   involves   significant   judgements   and  
estimates.
Audit response
In  order  to  assess  the  reasonableness  of  an  indicator  
of  impairment  or  an  indicator  of  impairment  reversal  
and,  where  appropriate,  to  determine  the  recoverable  
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  of  Assets”;
•   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  
data  of  the  analysis  with  the  source  of  the  data  
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  
impairment  reversal,  including  that  site  visits  of  
the  plantations  have  been  carried  out;
•   In  case  of  identification  of  an  indicator  of  impairment  
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  
and  the  accuracy  of  any  impairment  loss  or  any  
impairment  reversal  recorded;
- Analyze   the   reasonableness   of   the   cash   flow  
forecasts  used  by  Group  Management  to  determine  
the  value  in  use  of  the  biological  assets;
- Assess  the  reasonableness  of  the  assumptions  and  
inputs  used  by  Group  management;  and
- Reconcile  the  key  inputs  used  in  the  model  with  
information  audited  by  the  components  auditors  
of  material  subsidiaries.
•   Assess   whether  the   disclosures   required   by   IAS   36  
“Impairment   of   Assets”   for   biological   assets   are  
properly  disclosed  in  the  notes  of  the  consolidated  
financial  statements.
Other information
The   Board   of   Directors   is   responsible   for   the   other  
information. The other information comprises the
information  included  in  the  consolidated  management  
report   and   the   corporate   governance   statement   but  
does  not  include  the  consolidated  financial  statements  
and   our   report   of   “réviseur   d’entreprises   agréé”  
thereon.
Our  opinion  on  the  consolidated  financial  statements  
does  not  cover  the  other  information  and  we  do  not  
express  any  form  of  assurance  conclusion  thereon.
In   connection   with   our   audit   of   the   consolidated  
financial  statements,  our  responsibility  is  to  read  the  
other  information  and,  in  doing  so,  consider  whether  
the   other   information   is   materially   inconsistent  
with   the   consolidated   financial   statements   or   our  
knowledge  obtained  in  the  audit  or  otherwise  appears  
to  be  materially  misstated.  If,  based  on  the  work  we  
have  performed,  we  conclude  that  there  is  a  material  
misstatement of this other information, we are
required  to  report  this  fact.  We  have  nothing  to  report  
in  this  regard.

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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  
preparation  and  fair  presentation  of  the  consolidated  
financial   statements   in   accordance   with   IFRS   as  
adopted   by   the   European   Union   or   IFRS  Accounting  
Standards   as   adopted   by   the   European   Union,   and  
for   such   internal   control   as   the   Board   of   Directors  
determines  is  necessary  to  enable  the  preparation  of  
consolidated  financial  statements  that  are  free  from  
material  misstatement,  whether  due  to  fraud  or  error.
The  Board  of  Directors  is  also  responsible  for  presenting  
and  marking  up  the  consolidated  financial  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  
accounting  unless  the  Board  of  Directors  either  intends  
to  liquidate  the  Company  or  to  cease   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
The  objectives  of  our  audit  are  to  obtain  reasonable  
assurance   about   whether   the   consolidated   financial  
statements   as   a   whole   are   free   from   material  
misstatement,  whether  due  to  fraud  or  error,  and  to  
issue   a   report   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,   the   Law   of   23  July  2016  and  with   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  
and  are  considered  material  if,  individually  or  in  the  
aggregate,   they   could   reasonably   be   expected   to  
influence   the   economic   decisions   of   users   taken   on  
the  basis  of  these  consolidated  financial  statements.
As  part  of  an  audit  in  accordance  with  EU  Regulation  
N°  537/2014,  the  Law  of  23  July  2016  and  with  ISAs  
as  adopted  for  Luxembourg  by  the  CSSF,  we  exercise  
professional   judgment   and   maintain   professional  
skepticism  throughout  the  audit.  We  also:  
•   Identify  and  assess  the  risks  of  material  misstatement  
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  
to  provide  a  basis  for  our  opinion.  The  risk  of  not  
detecting   a   material   misstatement   resulting   from  
fraud   is   higher   than   for   one   resulting   from   error,  
as  fraud  may  involve  collusion,  forgery,  intentional  
omissions,   misrepresentations,   or   the   override   of  
internal  control.
•   Obtain  an  understanding  of  internal  control  relevant  
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  
policies  used  and  the  reasonableness  of  accounting  
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  
Group’s   ability   to   continue   as   a   going  concern.   If  
we   conclude   that   a   material   uncertainty   exists,  
we  are  required  to  draw  attention  in  our  report  of  
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  
evidence  obtained  up  to  the  date  of  our  report  of  
the  “réviseur  d’entreprises  agréé”.  However,  future  
events  or  conditions  may  cause  the  Group  to  cease  
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  
underlying  transactions  and  events  in  a  manner  that  
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  compliance  with  the  requirements  laid  
down  in  the  ESEF  Regulation.
•   Obtain   sufficient   appropriate   audit   evidence  
regarding  the   financial   information   of   the   entities  
and  business  activities  within  the  Group  to  express  
an  opinion  on  the  consolidated  financial  statements.  
We   are   responsible   for   the   direction,   supervision  
and   performance   of   the   Group   audit.   We   remain  
solely  responsible  for  our  audit  opinion.  
We  communicate  with  those  charged  with  governance  
regarding,   among   other   matters,   the   planned   scope  
and  timing  of  the  audit  and  significant  audit  findings,  
including   any   significant   deficiencies   in   internal  
control  that  we  identify  during  our  audit.  
We  also  provide  those  charged  with  governance  with  
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.  
From  the  matters  communicated  with  those  charged  
with   governance,   we   determine   those   matters  
that   were   of   most   significance   in   the   audit   of   the  
consolidated  financial  statements  of  the  current  period  
and  are  therefore  the  key  audit  matters.  We  describe  
these  matters   in  our  report  unless  law  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  the  General  Meeting  of  the  Shareholders  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   of  the   Board  
of   Directors.   The   information   required   by   article  
68ter   paragraph   (1)   letters   c)   and   d)   of   the   law   of  
19  December  2002  on  the  commercial  and  companies  
register   and   on   the   accounting   records   and   annual  
accounts  of  undertakings,  as  amended,   is   consistent  
with   the   consolidated   financial   statements   and   has  
been   prepared   in   accordance   with   applicable   legal  
requirements.
We  have  checked  the  compliance  of  the  consolidated  
financial  statements  of  the  Group  as  at  31  December  
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  xHTML  format;  
•   The   XBRL   markup   of   the   consolidated   financial  
statements   using   the   core   taxonomy   and   the  
common   rules   on   markups   specified   in   the   ESEF  
Regulation.
In  our  opinion,  the  consolidated  financial  statements  
of   the   Group   as   at   31   December   2024,   identified   as  
Socfinaf  2024  Annual  Report.zip,  have  been  prepared,  
in   all   material   respects,   in   compliance   with   the  
requirements  laid  down  in  the  ESEF  Regulation.
We  confirm  that  the  audit  opinion  is  consistent  with  
the   additional   report   to   the   audit   committee   or  
equivalent.
We   confirm   that   the   prohibited   non-audit   services  
referred   to   in   EU   Regulation  No   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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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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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
(*)  
In  2023,  EUR  –33.1  million  relating  to  Okomu  and  EUR  -13.6  million  relating  to  PSG  (following  the  important  devaluation  of  
the  Naira  and  the  Cedi  during  the  period,  refer  to  Note  1.8).

The  accompanying  notes  form  an  integral  part  of  these  consolidated  financial  statements.


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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  (Note  9)
0 0 -20,924,672 -20,924,672
Interim  dividends  (Note  9)
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  (Note  9)
0 0 -14,209,074 -14,209,074
Interim  dividends  (Note  9)
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”   at  the   end   of   the  
annual   report)   since   the  Annual   General   Meeting   of  
10  January  2011.  The  registered  office  is  established  
at  4,  avenue  Guillaume,  L-1650  in  Luxembourg.
The  main  activity  of  the  Company  and  its  subsidiaries  
(the   “Group”)   is   the   management   of   a   portfolio   of  
holdings   that   mainly   focus   on   the   exploitation   of  
tropical  oil  palm  and  rubber  plantations  in  Africa.
Socfinaf   is   controlled   by  
Société   Financière   des  
Caoutchoucs
,   abbreviated   as   “Socfin”   which   is   the  
largest  entity  that  consolidates.  The  registered  office  
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  
prepared  on  a  going  concern  basis  and  in  accordance  
with  International  Financial  Reporting  Standards  (IFRS)  
as  adopted  by  the  European  Union.  
The  consolidated  
financial   statements   are   presented   in   euros   and  
rounded   to   the   nearest   whole   number,   the   euro  
being  the  functional  currency  of  the  parent  company  
Socfinaf  and  of  the  Group’s  presentation  currency.


On  3  April  2025,  the  Board  of  Directors  approved  the  
consolidated  financial  statements.
In  conformity  with  the  current  legislation  existing  in  the  
Grand  Duchy  of  Luxembourg,  the  financial  statements  
will   be   approved   by   the   shareholders   during   the  
Annual  General  Meeting.  The  official  version  of  these  
financial   statements   is   the   ESEF
G
   version   available  
with  the  Officially  Appointed  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  
have  a  material  impact   on   its   consolidated   financial  
statements,  nor  does  it  anticipate  the  early  adoption  
of   new   accounting   standards,   amendments   and  
interpretations.
- On  25  August  2023,  the  IASB  issued  amendments  to  
IAS  21  “Lack  of  Exchangeability”.  The  amendments  
clarify   how   an   entity   should   assess   whether   a  
currency  is  exchangeable,  how  it  should  determine  
a   spot   exchange   rate   when   exchangeability   is  
lacking,   and   specify   information   disclosures   to  
enable  users  of  financial  statements  to  understand  
the  impact  of  a  currency  not  being  exchangeable.  
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  
financial  statements,  nor  does  it  anticipate  the  early  
adoption   of   new   accounting   standards,   amendments  
and  interpretations.
- On   9   April   2024,   the   IASB   issued   IFRS   18,   which  
replaces  IAS  1  Presentation  of  Financial  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  
discontinued  operations,  whereof  the  first  three  
are new.



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- Disclosure  of  newly  defined  management-defined  
performance  measures,  subtotals  of  income   and  
expenses,   and   includes   new   requirements   for  
aggregation   and   disaggregation   of   financial  
information  based  on  the  identified  ‘roles’  of  the  
primary  financial  statements  (PFS)  and  the  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  
amendments  include   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,
- IFRS  9:  potential  lack  of  clarity  regarding  lessee  
derecognition   of   lease   liabilities   addressed,  
linked  to  the  requirements  of  IFRS  9  (paragraph  
2.1.(b)(ii)),
- IFRS  10:  clarification  of   a  potential  confusion   in  
the  determination  of  a  “de  facto  agent”,  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  Annual  Improvements  Volume  11  of  the  IFRS  will  
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  
have  a  material  impact   on   its   consolidated   financial  
statements,  nor  does  it  anticipate  the  early  adoption  
of   new   accounting   standards,   amendments   and  
interpretations.
- On  9  May  2024,  the  IASB  issued  IFRS  19  -  Subsidiaries  
without   Public   Accountability:   Disclosures.   This  
standard   permits   eligible   subsidiaries   to   elect   to  
apply  reduced  disclosure  requirements  as  per  IFRS  
19  and  comply  with  the  recognition,  measurement  
and  presentation  requirements  set  out  in  other  IFRS  
Accounting   Standards.   The   standard   will   become  
effective  for  reporting  periods  beginning  on  or  after  
1  January  2027,  with  early  adoption  permitted.  As  
the  Group’s  equity  instruments  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  IFRS  9  and  IFRS  7  (the  
Amendments).   The  Amendments   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/
liabilities  with   contractual  terms  that  reference  
a  contingent  event  including  those  that  are  ESG-
linked.
The  amendments  to  IFRS  9  and  IFRS  7  will  be  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  IFRS  9  and  IFRS  7.  The  Amendments  
provide  guidance  on:
- factors   to   consider   when   applying   IFRS   9:2.4   to  
contracts  to  buy  and  take  delivery  of  renewable  
electricity  for  which  the  source  of  production  of  
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  
designate  a  variable  volume  of  forecast  electricity  
transactions  as  the  hedged  item,
- the   amendments   introduce   disclosure  
requirements   about   contracts   for   nature-
dependent   electricity   with   specified  
characteristics.
The  amendments  to  IFRS  9  and  IFRS  7  will  be  applicable  
retrospectively  and  are  effective  for  annual  reporting  
periods   beginning   on   or   after   1   January   2026.   Early  
application  is  permitted.


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1.3. Presentation of the consolidated financial
statements
The  consolidated   financial  statements  are   presented  
in  euros  (EUR  or  €).
They  are   prepared  based  on  historical   cost  with  the  
exception  of  biological  assets  (current)  (IAS  2,  IAS  41)  
and   securities   measured   at   fair   value   through   other  
comprehensive  income,  which  are  recognised  at   fair  
value.
The  accounting  principles  and   rules  are  applied   in  a  
consistent  and  permanent  way  within  the  Group.  The  
consolidated   financial   statements   are   prepared   for  
the   accounting   year   ending   on   31   December   2024,  
and  are  presented  before  the  Annual  General  Meeting  
of   shareholders   that   approves   the   allocation   of   the  
parent  company’s  income.

As  of  1  January  2024,  the  Group  adopted  the  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  of  Financial  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  
• That  a  right  to  defer  must  exist  at  the  end  of  the  
reporting  period  
• That  classification  is  unaffected  by  the  likelihood  
that  an  entity  will  exercise  its  deferral  right  
• That   only   if   an   embedded   derivative   in   a  
convertible  liability  is  itself  an  equity  instrument  
would   the   terms   of   a   liability   not   impact   its  
classification
In   addition,   a   requirement   has   been   introduced   to  
require  disclosure  when  a  liability  arising  from  a  loan  
agreement  is  classified  as  non-current  and  the  entity’s  
right  to  defer  settlement  is  contingent  on  compliance  
with  future  covenants  within  twelve  months.
- Amendments  to  IFRS  16  “Lease  liability  in  a  Sale  and  
Leaseback”
In   September   2022,   the   IASB   issued   amendments   to  
IFRS   16   to   specify   the   requirements   that   a   seller-
lessee  uses  in  measuring  the  lease  liability  arising  in  a  
sale  and  leaseback  transaction,  to  ensure  the  seller-
lessee  does  not  recognise  any  amount  of  the  gain  or  
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  
arrangement  for  which  an  entity  is  required  to  provide  
the  information.  They  also  require  entities  to  disclose  
information  that   allows   users  to  assess   how   supplier  
finance   arrangements   affect   an   entity’s   liabilities,  
cash   flows   and   exposure   to   liquidity   risk.   Such  
information  may  consist  of  the  terms  and  conditions  
of  these  arrangements  and  the  carrying  amount  of  the  
supplier  finance  arrangement  financial  liabilities.


1.4. Consolidation principles
The   consolidated   financial   statements   include   the  
financial  statements   of  the  parent  company   Socfinaf  
as  well   as  those  of   the  companies  controlled   by  the  
parent   (“subsidiaries”)   and   those   of   the   companies  
in   which   Socfinaf   has   exercised   significant   influence  
(“associates”),  all  of  which  constitute  the  “Group”.
All  companies  included  in  the  scope  of  consolidation  
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  the  ability  to  use  its  power  over  the  entity  to  
affect returns.
Currently,  the  Group  holds  the  majority  of  the  voting  
rights  in  the  entities.
Income   and   expenses   from   subsidiaries   acquired   or  
sold  during  the  year  are  included  in  the  consolidated  
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.



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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  
derecognises  the   related  assets  (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
exercises  significant  influence  through  its  participation  
in   the   financial   and   operational   decisions   of   this  
company,  but  over  which  it  has  no  control.  Significant  
influence  is  presumed  when  the  Group  holds,  directly  
or   indirectly   through   its   subsidiaries,   between   20%  
and  50%  of  the  voting  rights.  A  joint  venture  is  a  joint  
arrangement   whereby   the   parties   that   have   joint  
control  of  the  arrangement  have  rights  to  the  net  assets  
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  and  joint  ventures  are  accounted  for  using  
the   equity   method.   Under   this   method,   the   Group’s  
interest  in  the  associate  and  joint  venture  is  initially  
recognised   at   cost   in   the   statement   of   financial  
position  and  subsequently   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  
share  in  the  results  of  the  associate  or  joint  venture’s  
operations.  Any  change  in  other  comprehensive  income  
of  those  investees  is  presented  as  part  of  the  Group’s  
other   comprehensive   income.   Unrealised   gains   and  
losses  resulting   from   transactions  between  the  Group  
and  the  associate  or  joint  venture  are  eliminated  to  the  
extent  of  the  interest  in  the  associate  or  joint  venture.
Investments   in   associates   and   joint   ventures   are  
included   in   the   consolidated   financial   statements  
using   the   equity   method   from   the   date   on   which  
significant  influence   begins   until   the   date   when   this  
influence   ceases.   The   carrying   amount   of   positive  
goodwill  that  results  from  the  acquisition  of  associates  
and  joint  ventures  is  included  in  the  carrying  amount  
of   the   investment   and   is   not   tested   for   impairment  
separately.   An   impairment   test   is   performed   if   an  
objective   indication   of   impairment   is   identified.  
Impairment  is  recognised,  if  necessary,  in  the  income  
statement  under  the  heading  “Share  of  the  Group  in  
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  
relevant  information.  Changes  in  accounting  policies  
are  accounted  for  retrospectively,  except  in  the  case  
of   transitional   provisions   specific   to   the   standard   or  
interpretation.  A  material  error,  when  discovered,  is  
also  adjusted  retrospectively.
Uncertainties  inherent  to  the  activity  require  the  use  
of   estimates   when   preparing   financial   statements.  
The   estimates   are   based   on   judgments   intended   to  
give   a   reasonable   assessment   of   the   latest   reliable  
information  available.  An  estimate  is  revised  to  reflect  
changes  in  circumstances,  new  information  available  
and  the  effects  of  experience.


1.6. Business combinations
IFRS   3   “Business   Combinations”   provides   the  
accounting  basis  for  recognising  business  combinations  
and  changes  in  interests  in  subsidiaries  after  obtaining  
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  
result  in  loss  of  control  are  accounted   for   as   equity  
transactions.



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1.7. Goodwill
Goodwill  is  the  difference  on  the  date  of  acquisition  
between   the   fair   value   of   the   consideration   given  
in   exchange   for   taking   control,   the   value   of   non-
controlling   interests,   the   fair   value   of   previous  
equity  investments  and  the  fair  value  of  identifiable  
assets  and  liabilities  and  contingent  liabilities  of  the  
acquiree.
When  disposing  of  a  subsidiary,  the  residual  amount  of  
goodwill  attributable  to  the  subsidiary  is  included  in  
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,  monetary  assets  and  liabilities  denominated  in  
foreign  currencies  are  converted  on  the  last  day  of  the  
year.  Gains  and  losses  arising  from  the  realisation  or  
translation  of  monetary  items  denominated  in  foreign  
currencies  are  recorded  in  the  income  statement  for  
the year.
On  consolidation,  the  assets  and  liabilities  of  companies  
whose  accounts  are  held  in  a  currency  other  than  the  
euro  are  translated   into   euros   at   the   exchange  rate  
prevailing  on  the  closing  date.  Income  and  expenses  
are  converted  into  euros  at  the  average  exchange  rate  
for  the  year.  Any  exchange  differences  are  classified  as  
equity  under  “Translation  differences”.   In   the   event  
of  a  disposal,  the  translation  differences  relating  to  
the  company  concerned  are  recognised  in  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  
and  liabilities  of  the  foreign  entity  and  translated  at  
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
Intangible  assets  are  stated  at  their   acquisition   cost  
less   accumulated   amortisation   and   any   impairment  
losses.
Amortisation   is   applied   on   a   straight-line   basis  
based  on   an   estimate   of  the  useful  life  of   the   asset  
in   question.   Intangible   assets   are   not   subject   to  
revaluation.  When  the  recoverable  value  of  an  asset  
is  lower  than  its  book  value,  the  latter  is  reduced  to  
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
ConcessionsG Length  of  the  concessionsG





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Amortisation  starts  from   the   date   when   the   asset  is  
available  to  use.
Gains   or   losses   arising   from   derecognition   of   assets  
(i.e.   the   difference   between   the   disposal   proceeds  
and  the  carrying  amount  of  the  asset)  are  included  in  
the  income  statement  when  assets  are  derecognised.



1.10. Property, plant, equipment
Tangible  fixed  assets  are  recorded  at  their  acquisition  
cost   less   accumulated   depreciation   and   any  
impairment  losses.
Property,  plant  and  equipment  in  progress  is  carried  at  
cost  less  any  identified  impairment.
Depreciation   is   applied   on   a   straight-line   basis,  
according  to   an   estimate   of   the   useful  life   for   each  
significant  component  of  the  asset  in  question.  When  
the   recoverable   value   of   an   asset   is   lower   than   its  
book  value,  the  latter   is  reduced  to  reflect  this   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
Depreciation  starts  from  the  date  that  the  assets  are  
available  to  use.
Land  is  not  subject  to  depreciation.
Gains  or  losses  arising  from  the  derecognition  of  assets  
(i.e.   the   difference   between   the   disposal   proceeds  
and  the  carrying  amount  of  the  asset)  are  included  in  
the  income  statement  when  assets  are  derecognised.


1.11. Bearer biological assets
The  Group  has  biological  assets  in  Africa.  Bearer  plants,  
mainly  consisting  of  palm  oil  and  rubber  plantations,  
are   valued   by   using   the   cost   model,   according   to  
the  principles  defined  in  IAS  16  “Property,  plant  and  
equipment”.
Biological  assets  at  the  time  of  harvest,  in  particular  
for  palm  bunches,  palm  oil  and  rubber,  are  evaluated  
according   to   the   principles   defined   by   IAS   41  
“Agriculture”.
Bearer biological assets
Producer  biological  assets  are  recorded  at  acquisition  
cost,   less   accumulated   depreciation   and   any  
impairment  losses.
Depreciation  is  applied  according  to  the  straight-line  
method  based  on  an  estimate  of  the  useful  life.  When  
the   recoverable   amount   of   an   asset   is   less   than   its  
carrying  amount,   the   carrying   amount  is   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
The  depreciation  starting  date  is  the  date  of  transfer  
of   biological   assets   in   production   (i.e.   asset   being  
mature).   This   transfer   takes   place   in   the   fourth  
year  after  palm  oil  tree  planting   and  in  the  seventh  
year  after  rubber  tree  planting.  For  each  entity,  the  
operating   period   can   be   adapted   according   to   the  
particular  circumstances.
Agricultural production
Agricultural   production   at   harvest   is   valued   at   fair  
value  less  the  estimated  costs  necessary  to  complete  
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).  These  forecasts  are  based  on  the  RSS3
G
  grade  
(smoked  sheet
G
)  that  is   not   produced   by   the   Group.  
Lastly,   and   even   more   so,   there   are   no   observable  
prospective  data  relating  to  the  Group’s   agricultural  
production.   The   price   of   a   standard   product   in   a  
global  market  is  not  sufficiently  representative  of  the  
economic  reality  in  which  the  various  entities  of  the  
Group  intervene.  This  price  can  hence  not  be  used  as  
a  reference  for  valuation.
As  a  result,  each  entity  determines  the  fair  value  of  
agricultural  production  based  on  actual  market  prices  
obtained  over  the  past  year.


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The   Group   considers   produce   that   grows   on   mature  
plantations   (oil   in   the   palm   fruits   and   produce   of  
rubber)  as  biological  assets,  in  accordance  with  IAS  41  
principles.  This  produce  is  measured  at  fair  value  less  
costs  to  sell  until  the  point  of  harvest.  Any  resultant  
gains  or  losses  arising  from  changes  in  fair  value  are  
recognised   in   the   income   statement.   After   harvest,  
these  produce  are  measured  in  accordance  with  IAS  2  
Inventories  and  the  fair  value  less  costs  to  sell  is  the  
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   control  the   use   of   an  
identified  asset  for  a  period  of  time  in  exchange  for  
consideration.
The   Group   applies   a   single   recognition   and  
measurement  approach  for  all  leases,  except  for  short-
term   leases   and   leases   of   low-value   assets   (mainly  
IT   equipment),   for   which   payments   associated   are  
recognised   as   an   expense   in   the   income   statement.  
The  Group  recognises  lease  liabilities   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  
terms  ranging  from  1  to  99  years,  as  well  as  vehicles  
and  equipment  for  terms  ranging  from  1  month  to  5  
years.
The   Group’s   lease   contracts   are   standard   contracts  
that  do  not  include  additional  non-leasing  components,  
except  for  some  vehicle  lease  contracts  that  include  
a   maintenance   service.   The   Group   has   used   the  
practical  expedient  that  allows  the  non-segregation  of  
the  lease  component  from  the  non-lease  component  
for these contracts.
Assets   and   liabilities   related   to   lease   contracts   are  
initially   measured   at   the   present   value   of   the   fixed  
payments,  including  in-substance  fixed  payments  less  
any   lease   incentives   receivable.   Lease   payments   to  
be  made  under  reasonably  certain  extension  options  
are  also  included  in  the  measurement  of  the  liability.  
To  this  purpose,  the   management  considers  all  facts  
and   circumstances   that   may   create   an   incentive   to  
exercise  a  renewal  option  or  not  to  exercise  an  early  
termination  option.  The  lease  liability  is  remeasured  
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’s  contracts,  the  incremental  borrowing  rate  was  
used  to  discount  the  lease  payments.  The  incremental  
borrowing  rate  is  the  rate  that  the  lessee  would  have  
to  pay  to  borrow,  for  a  similar  term  and  with  a  similar  
guarantee,   the   funds   necessary   to   acquire   an   asset  
whose  value  is  similar  to  the  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  
rate  which  was  adjusted  for  credit  risk  for  leases  for  
entities  with  no  recent  external  financing;
- makes   lease   specific   adjustments   (such   as   term,  
country,  currency  and  collateral).
The  discount  rates  used  by  the  Group  range  between  
1.75%  and  19.9%.
Lease  payments  are  allocated  between  the  repayment  
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  depreciated  on  a  
straight-line  basis  over  the  shorter  of  useful  life  and  
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
Goodwill  is  not  amortised,  but  is  tested  for  impairment  
at   least   once   a   year,   and   whenever   there   is   an  
indication  of  impairment.
In  addition,  at  each  reporting  date,  the  Group  reviews  
the   carrying   amounts   of   its   intangible   and   tangible  
assets,  including  its  organic  producing  assets,  in  order  
to  assess  whether  there  is  any  indication  that  its  assets  
may   have   lost   value.   If   there   is   such   an   indication,  
the  recoverable  amount  of  the  asset  is  estimated  to  
determine,   if   applicable,   the   amount   of   the   loss   or  


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impairment.  The  recoverable  amount  is  the  higher  of  
the  fair  value  less  the  costs  to  sell  the  asset  and  the  
value  in  use.
The  value  in  use  of  property,  plant  and  equipment  and  
intangible   assets   is   the   present   value   of   estimated  
future  cash  flows  expected  from  the  use  of  an  asset  
or   cash-generating   unit.   When   it   is   not   possible   to  
estimate  the  recoverable  amount  of  an  isolated  asset,  
the  Group  determines  the  recoverable  amount  of  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.
When  an  impairment  loss  which  was  recognised   in  a  
prior  period  no  longer  exists   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  its  recoverable  amount.  However,  
this   increased   carrying   amount   may   not   exceed   the  
carrying  amount  that  would  have  been  determined  if  
no  impairment  loss  had  been  recognised  for  the  asset  
(cash-generating   unit)   in   prior   years.   The   reversal  
of   an   impairment   loss   is   recognised   immediately   in  
income in the income statement.
It  is  not  possible  to  subsequently  reverse  an  impairment  
loss  recorded  on  goodwill.
1.14. Inventories
Inventories  are  recorded  at  the  lower  of  cost  and  net  
realisable   value.   Cost   includes   direct   material   costs  
and,   if   applicable,   direct   labour   costs   and   directly  
attributable  overhead  costs.
Where  specific  identification  is  not  possible,  the  cost  
is   determined   based   on   the   weighted   average   cost  
method.  Net  realisable  value  is  the  estimated  selling  
price  in  the  ordinary  course  of  business  less  estimated  
costs  of  completion  and  the  estimated  costs  necessary  
to  complete  the  sale  (primarily  selling  expenses).
Impairment  or  loss  on  inventory  to  net  realisable  value  
is  recognised  as  an  expense  in  the  period  in  which  the  
impairment  or  loss  occurred.
As  explained  in  Note  1.11.,  agricultural  production  is  
measured  at  fair  value  less  estimated  costs  necessary  
to  make  the  sale.
1.15. Trade receivables
Trade  receivables  are  valued  at  their  nominal  value  and  
do  not  bear  interest.  The   Group  applies  a  simplified  
approach  and  records  a  provision  for  expected  losses  
over   the   life   of   the   receivables.   This   provision   for  
losses  is  an  amount  that  the  Group  considers  a  reliable  
estimate  of  the  inability  of  its  customers  to  make  the  
required  payments  (refer  to  Note  33).
1.16. Cash and cash equivalents
Cash   and   cash   equivalents   include   cash,   demand  
deposits,  short-term  deposits  of  less  than  3   months,  
as  well  as  investments  that  are  subject  to  a  negligible  
risk  of  change  in  value  and  are  easily  convertible  into  
a  known  amount  of  cash,  having  a  maturity  of  three  
months  or  less.
For  the  purpose  of  the  consolidated  statement  of  cash  
flows,  cash  and  cash  equivalents  are  presented  net  of  
outstanding  bank   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  
when  the  Group  becomes  a  party  to  the  contractual  
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  
financial  assets  in  order  to  generate  cash  flows.  The  
business   model   determines   whether   cash   flows   will  
result  from  the  collection  of  contractual  cash  flows,  
from  the  disposal  of  financial  assets,  or  both.  Financial  
assets  classified  and  measured  at  amortised  cost  are  
held  in  a  business  model  with  the  aim  to  hold  financial  
assets  and  collect  contractual  cash  flows.  Long-term  
advances  and  other  receivables  are  held  for  the  sole  
purpose  of  collecting  principal  and  interest.  As  such,  




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they   comply   with   the   “Solely   Payments   of   Principal  
and   Interest”   (SPPI)   model.   They   are   accounted  for  
using  the  amortised  cost  method.
Financial  assets  are  initially  measured  at  fair  value,  
net  of  transaction  costs.  Financial  income  is  added  to  
the  carrying  amount  of  the  instrument  to  the  extent  
that  it  is  not  received  in  the  period  in  which  it  occurs.  
Interest  is  calculated  using  the  effective  interest  rate  
method.
The  Group  applies  the  low  credit  risk  simplification:  at  
every  reporting  date,  the  Group  evaluates  whether  the  
debt  instrument  is  considered  to  have  low  credit  risk  
using  all  reasonable  and  supportable  information  that  
is  available   without   undue   cost   or   effort.   In  making  
that   evaluation,   the   Group   reassesses   the   internal  
credit   rating   of   the   debt   instrument.   In   addition,  
the  Group  considers  that  there  has  been  a  significant  
increase  in  credit  risk  when  contractual  payments  are  
more  than  30  days  past  due.
Financial   liabilities   are   initially   measured   at   fair  
value,  net  of  transaction  costs.  Financial  expenses  are  
recognised  in  income  statement  and  are  added  to  the  
carrying  amount  of  the  instrument  to  the  extent  that  
they  are  unpaid  in  the  year  in  which  they  occur.
The  carrying  amount  is  a  reasonable  approximation  of  
fair  value  in  the  case  of  financial  instruments  such  as  
borrowings  and  debts  with  short-term  maturity.
The  fair  value  measurement  of  borrowings  and  debts  
with   financial   institutions,   other   than   in   the   short  
term,  depends  both  on  the  specifics  of  the  loans  and  
on   current   market   conditions.   The   fair   value   was  
calculated   by   discounting   the   expected   future   cash  
flows  at  the  re-estimated  interest  rates  prevailing  at  
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  
specific  risk  inherent  in  each  financial  instrument,  as  
a  reasonable  benchmark  for  estimating  the  fair  value  
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  
Financial  Instruments:  Presentation  and  are  not  held  
for   trading.   The   classification   is   determined   on   an  
instrument-by-instrument basis.
Gains   and   losses   on   these   financial   assets   are   never  
recycled  into  profit  or  loss.  Dividends  are  recognised  
as   other   income   in   the   statement   of   profit   or   loss  
when   the   right   of   payment   has   been   established,  
except  when  the  Group  benefits  from  such  proceeds  
as  a  recovery  of  part  of  the  cost  of  the  financial  asset,  
in  which  case,  such  gains  are  recorded  in  OCI.  Equity  
instruments  designated  at  fair  value  through  OCI  are  
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,...)  and  liabilities  (trade  payables,  other  
payables,...)  are  recorded  at  their  transaction  price.  
The  fair  value  of  other  financial  assets  and  liabilities  
is  estimated  to  be  close  to  the  carrying  amount  due  to  
their short-term nature.
The  receivables  are  valued  at  their  transaction  price  
less   any   write-downs   covering   amounts   considered  
as  non-recoverable   if  the  Group   deems  it  necessary.  
Impairment   of   assets   is   recognised   in   the   income  
statement  under  “Other  operating  income/expenses”.  
The  Group  has  established  a  provision  matrix,  based  
on   its   historical   credit   loss   experience   (average  
losses  on  trade  receivables  over  several  years),  which  
was   adjusted   for   prospective   factors   specific   to   the  
debtors  and  the  economic  environment.  The  carrying  
amount   of   the   asset   is   reduced   using   a   provision  
account,   and   the   amount   of   the   loss   is   recognised  
in  the  consolidated  income  statement.  The  Board  of  
Directors  of  each  subsidiary  evaluates  the  receivables  
individually.   Value   adjustments   are   determined   by  
considering  the  local  economic  reality  of  each  country.  
They  are  reviewed  at  the  reception  of  new  events  and  
at  least  annually.




1.18. Provisions
Provisions occur when the Group has a present
obligation  (legal  or  constructive)  as  a  result  of  a  past  


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event.  This  present  obligation  will  probably  lead  to  an  
outflow  of  economic  benefits,  insofar  as  they  can  be  
reasonably  estimated.  
Restructuring   provisions   occur   when   the   Group   has  
come   up   with   a   formal   and   detailed   plan   for   the  
restructuring,  which  has  been  notified  to  the  affected  
parties.
1.19. Pension obligations
Defined contribution plans
The   defined   contribution   plans   designate   the   post-
employment  benefit  plans  under  which  the  Group  pays  
defined  contributions  to  external  insurance  companies  
for  certain  categories  of  employees.  Payments  made  
under   these   pension   plans   are   recognised   in   the  
income  statement  in  the  year  when  they  are  due.
As  these   plans   do  not  generate  future  commitments  
for  the  Group,  they  do  not  give  rise  to  provisions.
Defined benefit plans
The   defined   benefit   plans   refer   to   post-employment  
benefit  plans  that  provide  additional  income  to  certain  
categories  of  employees  for  services  rendered  during  
the  year  and  prior  years.
This   guarantee   of   additional   resources   is   a   future  
expenditure   for   the   Group   for   which   a   commitment  
is  calculated  by  independent  actuaries  at  the  end  of  
each  financial  year.
The   actuarial   assumptions   used   to   determine   the  
liabilities   vary   according   to   the   prevailing   economic  
conditions  in  the  country  in  which  the  plan  is  located.
The   discount   rates   applicable   to   post-employment  
benefit  obligations  should  be  determined  by  reference  
to  the  market  yields  on  high  quality  corporate  bonds  
that  are  appropriate/relevant  to  the  estimated  timing  
of  benefit  payments  at  the  balance  sheet  date.
The  Group  decided  to  calculate  discount  rates  using  
an   economic   approach   for   high-quality   corporate  
bonds   whose   duration   corresponds   to   the   terms   of  
employee  benefits  in  the  countries  concerned.  In  the  
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.  The  currency  and  duration  of  these  corporate  
or  government  bonds  must  correspond  to  the  currency  
and   estimated   duration   of   the   post-employment  
benefit  obligations.
The  cost  of  corresponding  commitments  is  determined  
by   using   the   projected   unit   credit   method,   with   a  
discounted  value  calculation  at  the  balance  sheet  date  
in  accordance  with  the  principles  of  IAS  19  “Employee  
Benefits”.
All  changes  in  the  amount  of  defined  benefit  pension  
obligations  are  recognised  as  soon  as  they  occur.
Remeasurements   of   defined   benefit   pension  
obligations,  including  actuarial  gains  and  losses,  should  
be  recognised  immediately  in  “Other  comprehensive  
income”.
The  costs  of  services  rendered  during  the  period,  past  
service  costs  (plan  amendment)  and  net  interest  are  
recognised  as  an  expense  immediately.
The  amount  recognised  in  the  statement  of  financial  
position  consists  of  the  present  value  of  the  defined  
benefit  plans’  pension  obligations.  This  value  has  been  
adjusted  for  actuarial  gains  and  losses,  minus  the  fair  
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  transfer  of  
deed  is  based  on  the  incoterms;
(b)   for   local   sales,   depending   on   the   delivery  
conditions,  either  when  the  goods  leave  the  premises  
or  when  the  customer  takes  possession  of  the  goods.
This  is  the  moment  when   the   Group   has   fulfilled   its  
performance  obligations.


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Revenues  are   valued   at   the   transaction   price  of   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  
depending  on  the  movements  between  the  reference  
price  and  the  final  price,  as  recognised.
The   Group   considers   itself   to   be   the   principal   in   its  
revenue  arrangements,  because  it  controls  the  goods  
sold  before  transferring  them  to  the  customers.
As   at   31   December   2024,   revenue   from   the   major  
Group   customer   accounted   for   approximately  
EUR  257.2  million  (2023:   EUR  197.8   million)  of  total  
Group revenue.

1.21. Taxes
Current  tax  is  the  amount  of  tax  payable  or  recoverable  
on  the  profit  or  loss  of  a  financial  year.
Temporary   differences   between   the   book   values   of  
assets  and  liabilities  and  their  tax  bases  give  rise  to  
the  recognition  of  a  deferred  tax  using  the  tax  rates.  
The   application   of   the   latter   is   provided   for   when  
reversing   the   temporary   differences,   as   adopted   on  
the  closing  date.
Deferred  tax  is  recognised  for  all  taxable  temporary  
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),  and  does   not   give   rise   to  equal  taxable  and  
deductible  temporary  differences  at  the  time  of  the  
transaction.
A   deferred   tax   liability   is   recognised   for   all   taxable  
temporary   differences   related   to   investments   in  
subsidiaries  and  associates,  unless  the  date  on  which  
the   temporary   difference   will   be   reversed   can   be  
controlled  and  will  most  likely  not  be  reversed  in  the  
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  
losses  and  tax  credits  can  be   charged,  will  likely  be  
available.
Deferred   tax   is   recognised   in   the   income   statement  
unless   it   relates   to   items   that   have   been   directly  
recognised,  either  in  equity  or  in  other  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  
assess  performance   and  make  resource  decisions   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  
these  assumptions  or  different  economic  conditions,  
the   amount   that   will   appear   in   the   Group’s   future  
consolidated   financial   statements   may   differ   from  
current   estimates.   Material   accounting   policies,   for  
which  the  Group  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  
(Note  5),  IAS  36  -  Impairment  of  Assets  (Notes  5,  6  and  
8),  IFRS  9  -  Financial  Instruments  (Note  24)  and  IFRS  
16  –  Leases  (Note  3).


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In   the   absence   of   observable   data   within   the   scope  
of   IFRS   13   –   Fair   Value   Measurement,   the   Group  
makes  use  of  a   model   that   was   developed   to   assess  
the  fair  value   of   agricultural   production,   using   local  
production  costs  and  conditions,  and  local  sales  (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  
had  a  significant  impact  on  the  financial  markets,  with  
many   investors   concerned   about   the   risk   of   further  
escalation  and  the  ensuing  impact  on  global  trade  and  
economic  growth.
Although   the   aforementioned   aspects   have   not  
significantly   impacted   the   company’s   operations   nor  
performance   and   going   concern   during   2024,   the  
Board  of  Directors  continues  to  monitor  the  evolving  
situation   and   its   impact   on   the   company’s   financial  
position  and  results.

1.24. Non-Current Assets held for sale
Non-current  assets  (or  disposal  groups)  are  classified  
as   assets   that   are   held   for   sale   when   their   carrying  
amount  is  to  be  recovered  principally  through  a  sale  
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  assets  are  stated  at  the  
lowest  of  the  carrying  amount  and  fair  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  
balance  sheet   are   not   restated,  as   they   are   already  
expressed   in   the   measuring   unit   current   at   the  
end   of   the   reporting   period,   unlike   non-monetary  
items,  which  are  restated  in  terms  of  the  measuring  
unit   current   at   the   end   of   the   reporting   period.  
In   accordance   with   IAS   21   –   Foreign   exchange,   as  
comparative  amounts  are  translated  into  the  currency  
of  a  non-hyperinflationary  economy,  they  do  not  need  
to  be  restated.
Sierra Leone
Since   October   2023,   Sierra   Leone   is   considered  
hyperinflationary.  IAS  29  is  applicable  to  entities  whose  
functional  currency  is  the  Leone  of  Sierra  Leone  (SLL).  
The  functional   currency   of   the   subsidiary   located  in  
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.  IAS  29  is  applicable  to  entities  whose  
functional  currency  is  the  Ghanaian  Cedi  (GHS).  The  
functional  currency  of  the  subsidiary  located  in  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  
the  end  of  the   reporting  period  (refer  to  Notes   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  Group  considered  the  potential  impact  of  climate  
change,   which   may   affect   positively   or   negatively  
the   Group’s  biological   assets,   and   thus   the   financial  
performance   of   the   Group.   Among   climate   factors,  
the  distribution  of  rainfall  and  sunshine  are  the  most  
important ones.
The  Group  considered  climatic  events  such  as  severe  
wind  or  fires  in  the  valuation  of  the  biological  assets.  
However,   given   current   knowledge,   distinguishing  
the  impact   of   natural   climate   changes   from  climate  
impact  caused  by  anthropic  activity  remains  difficult.
The   Management   Board   considered   various  
documentation  in  its  assessment  of  the  impact,  such  
as  the  last  Intergovernmental  Panel  on  Climate  Change  
(IPCC)   reports   but   also   the   data   coming   from   the  
agronomic   departments   which   reflect   the   potential  
effect  of  climate  change  over  the  past  years.  Budgets  
are  adjusted  to  integrate  the  operational  needs  that  
may  result  of  the  impact  of  those  changes  and  the  value  
in  use  of  the  biological  assets  is  aligned  consequently  

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(Note  1.13  and  Note  8).  From  a  social  stand  point,  the  
effect  of  climate  change  are  integrated  through  the  
regular  updates  of  the  data  used  for  the  calculation  of  
the  employee  benefit  provision  (Note  21).
The  Management  Board  will  continue  to  consider  the  
potential  impact  of  climate  change  in  its  assessments,  
and  will  integrate  any  new  potential  impact  that  could  
lead   to   a   material   change   in   the   Group’s   financial  
statements.
1.27. Environmental, Social and Governance
The  Group  has  described  its  ambitions  and  objectives  
in   terms   of   environment,   social   responsibilities   and  
governance   in   a   separate   Sustainability   Report   that  
can  be  accessed  on  Socfinaf  website.
Management  has  performed  a  preliminary  assessment  
to  measure  the  financial  impacts  of  those  objectives  
on   the   consolidated   financial   statements.   Based   on  
this   assessment,   Management   was   able   to   conclude  
that   most   of   the   commitments   described   in   the  
Sustainability  Report  have  already  been  incorporated  
in   the   budgets   of   the   subsidiaries   of   Group.   Those  
budgets   are   mainly   used   for   the   determination   of  
internal  indicators  of  impairment  but  also  as  a  basis  for  
the  determination  of  the  expected  growth  rates  of  the  
companies.  A  further  description  for  the  assessment  of  
impairment  indicators  is  provided  in  Notes  1.13  and  8.


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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:  Not  Consolidated




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List of subsidiaries and associated companies
*   AGRIPALMA  LDA  is  a  company  located  on  the  island  of  São  Tomé  
and  Principe  specialised  in  the  production  of  palm  oil.
*   BEREBY-FINANCES   “BEFIN”   S.A.   is   a   holding   company   under  
Ivorian  law  that  owns  the  Ivorian  companies  SOGB  S.A.  and  SCC.
*   BRABANTA  S.A.  is  a  company  under  Congolese  law  specialised  in  
the  production  of  palm  oil.
*   CAMSEEDS  S.A.  is  a  company  under  Cameroonian  law  specialised  
in  research,  development  and  production  of  seeds  (palm).
*   CENTRAGES   S.A.   is   a   company   under   Belgian   law   providing  
administrative  and  accounting  services  and  owning  three  floors  
of  office  space  in  Brussels.
*   IMMOBILIERE   DE   LA   PEPINIERE   “PEPINIERE”   S.A.   is   a   company  
under  Belgian  law  owning  three  floors  of  office  space  in  Brussels.
*   INDUSERVICES   S.A.   is   a   company   under   Luxembourg   law  
whose   purpose   is   to   provide   all   administrative   services   to   all  
companies  and  organisations,  including  all  services  relating  to  
documentation,  bookkeeping  and  register  services,  as  well  as  
all  representation,  study,  consultation  activities  and  assistance.
*   INDUSERVICES   FR   S.A.   is   a   company   under   Swiss   law   whose  
purpose  is  to  provide  all  administrative  services  to  all  companies,  
organisations  and  companies,  including  all  services  relating  to  
documentation,  bookkeeping  and  register  services,  as  well  as  
all  representation,  study,  consultation  activities  and  assistance.  
In  addition,  it  provides  all  Group  companies  with  access  to  the  
common  IT  platform.
*   LIBERIAN  AGRICULTURAL   COMPANY   “LAC”   is   a   company   under  
Liberian  law  that  specialises  in  the  production  of  rubber.
*   OKOMU  OIL  PALM  COMPANY  “OKOMU”  PLC  is  a  company  under  
Nigerian  law  specialised  in  the  production  of  palm  and  rubber  
products.
*   PLANTATIONS  SOCFINAF  GHANA  “PSG”  LTD  is  a  company  under  
Ghanaian  law  specialised  in  the  production  of  palm  and  rubber  
products.
*   SOCIETE   AFRICAINE   FORESTIERE   ET   AGRICOLE   DU   CAMEROUN  
“SAFACAM”  S.A.  is  a  company  under  Cameroonian  law  active  in  
the  production  of  palm  oil  and  the  cultivation  of  rubber  trees.
*   SOCIETE   CAMEROUNAISE   DE   PALMERAIES   “SOCAPALM   S.A.”   is  
active   in   Cameroon   in  the   production   of  palm   oil   and   rubber  
cultivation.
*   SOCFIN   AGRICULTURAL   COMPANY   “SAC”   LTD   is   a   company  
located  in  Sierra   Leone   specialised   in   the  production  of  palm  
oil.
*   SOCFIN  CONSULTANT  SERVICES  “SOCFINCO”   S.A.   is   a   company  
established  in  Belgium  providing  technical  assistance,  agronomic  
and  financial  services.
*   SOCFINCO  FR  S.A.  is  a  Swiss  company  providing  services,  studies  
and  management  of  agro-industrial  plantations.
*   SOCIETE  ANONYME  FORESTIERE  AGRICOLE  “SAFA”  is  a  company  
under  French  law  that  holds  a  stake  in  a  plantation  in  Cameroon,  
Safacam S.A.
*   SOCFINDE  S.A.  is  a  finance  holding  company  under  Luxembourg  
law.
*   SOCIETE   DES   PALMERAIES   DE   LA   FERME   SUISSE   “SPFS”   S.A.   is  
active  in  Cameroon  in  the  production,  processing  and  marketing  
of  palm  oil.
*   SODIMEX  FR  S.A.  is  a  company  under  Swiss  law  active  in  the  field  
of  purchase  and  sale  of  planting  material.
*   SOCIETE  DES  CAOUTCHOUCS  DE  GRAND-BEREBY  “SOGB”  S.A.  is  
a  company   under   Ivorian  law  specialised  in   the   production  of  
palm  and  rubber  products.
*   SOGESCOL   FR   S.A.   is   a   Swiss   company   active   in   the   tropical  
products  trade.
*    STP  INVEST  S.A.  is  a  company  under  Belgian  law  with  a  stake  in  
Agripalma  LDA.
*   SUD  COMOE  CAOUTCHOUC  “SCC”  S.A.  is  a  company  under  Ivorian  
law  whose  activity  focuses  on  the  processing  and  marketing  of  
rubber.
*   TERRASIA   S.A.   is   a   company   under   Luxembourg   law   owning  
office  spaces.
Scope exits during the period
*   SALALA  RUBBER  CORPORATION  “SRC”   has   been   removed  from  
the  consolidation  scope  in  2024,  as  the  company  was  sold  during  
the  period.




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Note 3. Leases
The  amounts  recognised  in  the  balance  sheet  related  to  leases  are  as  follows:
* Right-of-use assets
Furniture, Land and
concessionG 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
HyperinflationG 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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* 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
The  Group  does  not  own  all  of  the  land  on  which  its  biological  assets  are  planted.  In  general,  these  lands  are  
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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Note 4. Intangible assets
ConcessionsG 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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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
HyperinflationG 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  at  31  December  2024,  the  Group  has  no  technical  installations  and  professional  equipment  pledged  as  guarantees  for  borrowings  of  
the  Group  (2023:  EUR  4.9  million).

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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
HyperinflationG 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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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
Impairment  tests  on  goodwill  are  performed  at  least  
once  a  year  to  assess  whether  the  carrying  amount  is  
still  appropriate.
Intangible and tangible assets and right-of-use
assets
At   each   reporting   date,   the   Group   reviews   the  
carrying  amount  of  its  intangible  and  tangible  assets  
and   right-of-use   assets   in   order   to   assess   whether  
there  is  any  indication  of  impairment.  If  there  is  such  
an  indication,  the  recoverable  amount  of  the  asset  is  
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.
For  this  purpose,  the  Group  assesses  several  indicators:
The  significant  and  sustained  decreasing  trend  in  the  
prices  of  natural  rubber  (TSR20
G
1
st
position on SGX
G
)  
and  crude  palm  oil   (CIF  Rotterdam
G
)  was  considered  
as  an  observable   sign   that   the   biological  assets  may  
have   been   impaired.   A   decrease   in   these   prices   at  
reporting   date   greater   than   15%   compared   to   an  
average  of  5-year  value  has  been  set  by  the  Group  as  
an  impairment  indicator.
The  Group  also  considers  average  prices,  over  the  six  
months  before  reporting  date  and  over  the  last  twelve  
months,  instead  of  only  closing  prices.  This  is  done  in  
order  to  avoid   seasonal   fluctuations   in   the  prices  of  
supply  materials.
Moreover,  the  Group  also  reviews  the  prices  observed  
on   local   market   and   considers   a   decrease   in   these  
prices  at  the  closing  date  of  more  than  15%  compared  
to  an  average  of  values  over  5  years,  as  an  impairment  
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;
- Significant  changes  in  plantations  that  could  have  a  
material  impact  on  their  future  cash  flows.
If  an  indication  of  impairment  or  impairment  reversal  
is   identified,   the   recoverable   amount   of   the   bearer  
biological  assets  is  determined.
Impairment  tests  must  be  performed  on  the  smallest  
identifiable  group  of  assets  which  generates  cash  flows  
independently  of  other  assets  or  groups  of  assets,  and  




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for  which  the  Group  prepares  financial  information  for  
the  Board  of  Directors.
The   identification   of   Cash   Generating   Units   (CGUs)  
depends,  in  particular,  on:
- how  the  Group  manages  the  activities  of  the  entity;
- the  way  in  which  decisions  are  made  with  regards  
to  the  pursuit  or  the  disposal  of  its  activities  and;
- the  existence  of  an  active  market  for  all  or  part  of  
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  
is  determined  through  the  calculation  of  value  in  use  
by  using  the  most  recent  information  approved  by  the  
local   management.   Those   information   comprise   the  
measures  taken  that  will  help  to  prevent  the  effects  
of   the   climate   change   (maintenance   program,   land  
and  field  preparation  against  the  fire  and  /  or  flooding  
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  the  discounted  value  of  expected  net  cash  
flows,  which  are  discounted  at  a  pre-tax  rate.  On  the  
reporting  date,   the  financial  projection  incorporates  
the  full  exploitation  of  the  younger  bearer  biological  
assets.  The  operational  life
G
  ranges  from  25  to  30  years  
for  both  crops.  This  period  can  be  adapted  according  
to  the  particular  circumstances  for  each  entity.
The  value   in  use  calculation   has  been  very   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,  the  Group  determines  separately  the  expected  
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  
as  through  the  actual  crop  yield  recorded  during  the  
financial  year.  The  latter  depends  on  the  maturity  of  
the  bearer  biological  asset.  Production  is  then  valued  
on  an  average  basis   of  five-year  of  the  margins  that  
were  achieved  by  the  entity  in  relation  to  agricultural  
activities.   The   value   in   use   of   the   bearer   biological  
asset   is   then   obtained   by   discounting   these   cash  
flows.  Average  margins  are  considered  constant  over  
the  duration  of  the  financial  projection.  An  indexing  
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  
loss  for  EUR   0.3  million  and  impairment  reversal  for  
EUR  0.1  million).
Bearer biological assets – indicators of impairment
As  at   31   December   2024   the  closing   prices,   average  
prices  over  the  last  6  months  and  average  prices  over  
the  last  12  months,  did  not  altogether  exceed  15%  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  
for  Agripalma   and   EUR   4.6   million   for   SAC.   For   the  
rubber  segment,  the  accumulated  impairment  losses  
are  EUR  0.9  million  for  PSG   and   EUR   1.4   million   for  
Safacam  (Note  7).  No  impairment  reversal  indicators  
have  been  identified  during  the  year.




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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


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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
The  nature  and  evolution  of  the  risks  associated  with  the  interests  held  by  the  Group  in  the  subsidiaries  remained  
stable  over  the  financial  period  compared  to  the  previous  year.

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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




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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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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.



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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
As  at  31  December  2024,  the  financial  assets  at  fair  value  through  other  comprehensive  income  mainly  correspond  
to  Management  Associates  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  relating  to  hyperinflation
G
  (reevaluation  of  property,  plant  and  equipment,  biological  assets  and  
right  of  use  assets).
The  above  deferred  taxes  are  presented  per  category  
of   deferred   taxes   resulting   from   consolidated  
adjustments.   They   are   calculated   company   per  
company  and  the  net  position  between  deferred  tax  
liabilities  and  deferred  tax  assets  is  presented.


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Based   on   the   assessment   performed,   the   Group   has  
not  identified  any  material  potential  exposure  to  Pillar  
Two  income  taxes  in  respect  of  profits  earned  during  
the  year  (2023:  not  applicable).
* Contingent tax assets and liabilities
Some  of  the  subsidiaries  have  accumulated  tax  losses  
that   are   or   are   not   limited   over   time   or   capital  
allowances  limited  or  not  over  time.
Brabanta   and  Agripalma   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).
Due  to  the  instability  which  may  exist  in  these  countries  
with  regards  to  the  evolution  of  tax  legislation  or  its  
application,  no  deferred  tax  assets  have  been  booked  
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.

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* 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




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* 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







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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 materialsG Production-in- Finished goodsG
progressG
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 materialsG Production-in- Finished goodsG
progressG
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


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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.
The  Group  performed  ECL  analysis  on  trade  receivables  during  the  year.  Following  this  analysis,  the  Group  did  
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  
(EUR  15.9  million  in  2023)  relating  to  the  cash  pooling  at  the  level  of  Socfinaf  and  its  subsidiaries  with  related  parties  
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.

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Note 19. Share capital and share premium
Issued  and  fully  paid  capital  amounted  to  EUR  35.7  million  as  at  31  December  2024  (stable  compared  to  2023).  
There  is  a  share  premium  of  EUR  87.5  million  added  to  the  subscribed  capital.
As  at  31  December  2024,  the  share  capital  is  represented  by  17,836,650  shares  with  no  designation  of  par  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%  of  its  net  profit  for  each  financial  year  to  a  legal  
reserve.   This   requirement   ceases   to   be   necessary  
once  the  balance  on  the  legal  reserve  reaches  10%  of  
the  subscribed  share  capital.  The  legal  reserve  is  not  
available  for  distribution  to  the  shareholders.


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Note 21. Pension obligations
* Defined benefit pension plan and post-employment benefits
Besides  the  legislation  on  social  security  applicable  locally,  most  
of  the  employees  of  the  Group  in  Africa  benefit  from  a  defined  
benefit  pension  plan.  The  subsidiaries  pay  benefits  in  the  event  of  
retirement  and  depending  on  countries  in  case  of  dismissal.  The  
benefits   paid   are   calculated   as   a   percentage   of   salary   and   are  
based  on  the  number  of  years  of  service.  The  plans  are  governed  
by   the   local   collective   agreements   in   force   in   each   country.  
The  benefits  payable  to  the  staff  of  the  Cameroonian  subsidiary  
Socapalm  are  financed  by  assets  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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* 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
The  sensitivity   analysis   is  based  on   the   same  actuarial  method  used   to  measure  the  obligations  of   the  defined  benefit  plans.  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
(*)   This  balance  includes  an  amount  of  EUR  70.0  million  payable  to  Socfin  and  shareholders  by  Socfinaf  (2023:  EUR  120.0  million).  
See note 30.
(**)  See  also  Note  18.
Most  of  the  consolidated  borrowings  are  denominated  in  Euros  or  CFA  francs  (whose  parity  is  linked  to  the  Euro).  
The  fixed  interest  rates  from  financial  institutions  and  which  are  pegged  to  the  Euro  vary  between  5.70%  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,  Socfinaf  should  avoid  to  be  subject  to  bankruptcy,  liquidation,  
or  any  Luxembourg-based  and  foreign  law  proceedings,  affecting  the  rights  of  creditors  generally.  Socfinaf  also  
engages  to  pay  all  amounts  towards  Socfin  on  due  date.  In  case  of  default,  the  overall  outstanding  amount  (EUR  
30,000,000  as  at  31  December  2024)  would  be  immediately  due  and  payable.


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* 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
The  short-term  debts  are  mainly  composed  of  the  shareholder  advances  with  Bolloré  and  Mopoli.  The  detail  of  the  interest  rates,  
currency  and  maturity  are  disclosed  in  Note  30.


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* 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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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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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
The  Group  estimated  the  fair  value  of  the  financial  instruments  by  comparing  their  interest  rates  to  the  actual  interest  rate  as  at  year-
end,  provided  by  the  European  Central  Bank.  In  case  of  material  differences  between  the  interest  rates,  the  estimated  fair  value  of  
the  financial  instruments  is  disclosed  in  this  note.



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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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Note 28. Net earnings per share
The   undiluted   net   earnings   per   share   (basic)   is   the  
profit  for  the  year  attributable  to  ordinary  shareholders  
divided   by   the   average   number   of   ordinary   shares  
outstanding  during  the  year.  As  there  are  no  potential  
dilutive  ordinary  shares,  the  diluted  net  earnings  per  
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  Board  will  propose  to  the  Annual  General  Meeting  of  4  June  2025  the  payment  of  a  dividend  of  EUR  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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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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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).
Mopoli  is  a  Dutch  company  which  is  mainly  owned  by  
Mr  Hubert  Fabri  through  Financière  Privée,  which  also  
owns  Socfin.
Bolloré  Participations  is  a  shareholder  and  director  of  
Socfinaf.
In   2014,   Socfinaf   obtained   a   cash   advance   of  
EUR   35   million   from   Mopoli.   This   advance   bears   an  
annual  interest  (net  of  tax)  of  6%  (2023:  6%).  Interest  
is   payable   in   arrears   at   the   end   of   each   calendar  
quarter.   The   amount   of   interest   recognised   for   the  
year  2024  is  EUR  1.2  million.  As  at  31  December  2024,  
the  outstanding  balance  amounts  to  EUR  20.3  million  
and   is   repayable   on   demand   with   final   maturity   on  
July  2026.
In   2016,   Socfinaf   obtained   a   loan   of   EUR  20   million  
from   Bolloré   Participations.  The   loan   has   an   annual  
interest  rate  of  6%  (2023:  6%).  The  amount  of  interest  
recognised  for  the  year  2024  is  EUR  1.2  million.  As  at  
31  December  2024,  the  outstanding  balance  amounts  
to  EUR  20.3  million  and  is  repayable  on  demand  with  
final  maturity  on  June  2025.
Socfinaf  did  not  pay  any  dividend  in  2024  to  its  parent  
company  Socfin  (2023:  nil).  Socfinaf  owes  an  amount  of  
EUR  30.0  million  from  Socfin  (2023:  EUR  80.0  million),  
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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Note 31. Off balance sheet commitments
In   2019,   a   subsidiary   of   Socfinaf,   Okomu   Oil   Palm  
Company   obtained   a   loan   of   Naira   10   billion.   The  
contract  stipulates  that  Okomu  will  use  as  mortgage  
guarantee,   up   to   the   loan   granted,   the   11,416   ha  
plantation.  As  at  31  December  2024,  the  balance  of  the  
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  
contract  stipulates  that  Okomu  will  use  as  mortgage  
guarantee,   up   to   the   loan   granted,   the   11,416   ha  
plantation.  As  at  31  December  2024,  the  balance  of  the  
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.  
Since  most  of  the  plantations  have  been  certified  RSPO,  
the   Group   is   committed   into   several   reforestation  
projects  in  Africa,  representing  an  overall  budget  of  
USD   19.6   million   (EUR   18.9   million,   undiscounted),  
that  should  be  expensed  between  2025  and  2047.


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Note 32. Segment information
In   accordance   with   IFRS   8,   the   information   analysed   by  
management  is  based  on  the  geographical  distribution  of  political  
and  economic  risks.  As  a  result,  the  sectors  presented  are  Europe,  
Sierra  Leone,  Liberia,  Côte  d’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,   São  Tomé   and   Principe  
and  Congo  (DRC)  come  solely  from  the  palm  oil  sales.  Those  in  
the  European  segment  come  from  the  provision  of  administrative  
services,   of   assistance   in   managing   the   areas   under   plantation  
and  the  marketing  of  products  outside  of  the  Group.  The  segment  
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,  they  are   not   directly   comparable   to   the   amount  
reported  in  the  consolidated  statement  of  the  financial  position  
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
(*)   Other  expenses  include  correspond  mainly  to  external  services  invoiced  to  plantations  and  related  directly  to  the  operational  activity  (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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* 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


(*)   Other  expenses  include  correspond  mainly  to  external  services  invoiced  to  plantations  and  related  directly  to  the  operational  activity  (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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* 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












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* 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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* 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


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* 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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* 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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Note 33. Risk management
Capital management
The  Group  manages  its  capital  and  adapts  according  
to   changes   in   economic   conditions   and   investment  
opportunities.   To   maintain   or   adjust   the   capital  
structure, the Group may issue new shares, repay part
of  the  capital  or  adjust  the  payment  of  dividends  to  
shareholders.
The   Group   also   manages   its   capital   by   closely  
monitoring  the  ratio  of  debt  over  equity.

Financial risk
The  financial  risk  for  the  companies  within  the  Group  
originates  mainly  from  changes  in  the  selling  price  of  
agricultural  commodities,  foreign  exchange  and,  to  a  
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  
correspond  to  a  hyperinflationary  economy  or  suffer  
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
The  Group  regularly  reviews  its  sources  of  financing  as  
well  as  currency  movements.  Moreover,  its  decisions  
are   based   on   a   variety   of   risks   and   opportunities,  
which  themselves  depend  on  several  factors,  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
The  main  policy  of  the  Group’s  companies  has  always  
been   to   control   its   production   costs.   It   aims   to  
generate  margins  for  the  viability  of  structures  in  the  
event  of  a  significant  drop  in  the  selling  prices  of  raw  
materials
G
  and,  conversely,  to  generate  profit  margins  
during  the  market  downturns.
In   parallel   with   this   main   policy,   secondary   policies  
have  also  been  implemented  to  improve  or  consolidate  
profit  margins,  such  as:
- the  production  of  agricultural  products  of  superior  
quality  and  branded,  in  particular  for  rubber  and;
- the  use  of  the  Group’s  expertise  in  the  commercial  
sector.
The   Group   reduces   its   exposure   to   price   risk   by  
investing   into   different   geographical   markets   and  
products.
* Foreign currency risk
Potential  risk
The  Group  carries  out  transactions  in  local  currencies,  
the   main   ones   being   US   dollar   and   Nigerian   naira.  
In   addition,   financial   instruments   hedging   against  
fluctuations  in  exchange  rate  may  not  be  available  for  
certain  currencies.  This  creates  exposure  to  exchange  
rate  fluctuations,   which   may  have  an  impact   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)  and  OTC   remains  strong  as  at  2024   year-
end.  For  consolidation  purposes,  the   Group  uses  the  
Central  Bank  of  Nigeria  (CBN)  rates.  These  rates  are  
disclosed   in   Note   1.8   to   the   financial   statements.  
The  impact  of  the  Group’s  Nigerian  operations  on  the  
consolidated  result   is  disclosed  in  Note   32  (Segment  
information)  to  the  financial  statements.
Risk  management  and  opportunities
Apart  from  the  current  currency  hedging  instruments  
for  operational  transactions,  which  remain  relatively  
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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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  
change  in  cash  flows  relating  to  short-term  borrowings,  
often   on   a   variable   rate,   as   well   as   a   relatively  
high   level   of   base   interest   rates   on   cash   and   cash  
equivalents.  The  second  risk,  is  linked  to  developing  
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  on  the  one  hand  and,  when  necessary,  short-
term   debt   consolidation   in   the   long   term   on   the  
other.  Another  systematic  policy  keeps  an  eye  on  the  
second  risk,  by  putting  local  and  international  banks  
in   competition   with   international   lenders   who   can  
offer  real  investment  and  development  opportunities  
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  sales  in  cash  or  the  guarantee  of  the  
receivables  by  obtaining  approved  bills  of  exchange.  
The   export   sales   of   the   plantations   are   centralised  
in   the   Group’s   sales   structure,   which   applies   either  
a  cash  payment  policy  or  a  commercial  credit  policy  
whose   limits   are   defined   by   its   Board   of   Directors.  
The   Group   chooses,   whenever   possible,   to   maintain  
financial  liabilities  and  cash  position  with  low  credit  
risk institutions.
Details  on  impairment  of  financial  assets  and  liabilities,  
including  measurement  of  expected  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.  This  risk  mainly  affects  plantations,  which  are  
both  the  main  source  of  cash  and  financing  needs.
Risk  management  and  opportunities
Given   the   specific   economic   and   technological  
environment  of  each  plantation,  the  Group  manages  
the  liquidity  risk  in  a  decentralised  manner.  However,  
both  the  available  cash  and  the  implementation  of  the  
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’s  profitability  and  its  ability  to  do  business  and  
generate  revenue.
The  political  system  in  some  of  the  Group’s  markets  is  
relatively  fragile  and  can  be  potentially  threatened  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  
currencies  in  which  the  Group  generates  its  revenues  


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and   cash   flows,   it   reduces   its   exposure   to   emerging  
market risk.
It  is  aware  of  its  environmental  and  social  responsibility  
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
political  regimes   that  may  call   into  question  foreign  
commercial   interests   by   limiting   their   activities   and  
may  attempt  to  exert  control  over  the  Group’s  assets.  
This  is  known  as  the  risk  of  expropriation.
Risk  management  and  opportunities
The   diversified   geographical   distribution   of   the  
countries  in  which  the  Group  generates  its  revenues  
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
The  Group  has  published  its  responsible  management  
policy   in   2017,   which   was   updated   in   2022.   This  
complements  the  Group’s  sutainability  commitments  
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  
from  fluctuations  in  exchange  rates  generated  by  its  
operating   activities.   However,   as   local   turnover   was  
made  in  the  local  currency,  and  export  sales  are  made  
in  US  dollar,  the  Group’s  exposure  is  mainly  limited  to  
fluctuations  in  dollar  against  the  euro.  The  impact  on  
the   result   of   a   10%   increase   or   decrease   (EUR/USD)  
in  foreign  currency  financial  instruments  amounts  to  
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  a  strong  currency,  the  conversion  is  ensured  at  the  
time  of  the  conclusion  of  the  contract.  The  local  sales  
concluded   in   the   local   currency   in   2024   (including  
US   dollars)   amounted   to   EUR   351.4   million.   The  
global  sales  (mainly  concluded  in  US  dollars)  in  2024  
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  the  variable  loan  rate  arrangement  
by  Socfinaf  in  2024,  the  Group’s  exposure  to  interest  
rate   risk   decreased   in   2024.   The   management  
maintains   its   policy   to   closely   monitor   the   interests  
rate  evolution.
* Credit risk
As  at  31  December  2024,  the  trade  receivables  from  
global   customers   and   local   customers   amount   to  
EUR   26.6   million   and   EUR   5.7   million   respectively.  
Accounts  receivable  from  global  customers  are  mainly  
receivables  related  to  the  sale  of  rubber.  Palm  oil  is  
sold  locally  to  local  players  which  entails  a  wide  range  
of   customers.   The   marketing   of   rubber   is  entrusted  
to  Sogescol  FR  (equity  accounted  company).  It  trades  
either   on   the   physical   markets   or   directly   with   end  
customers.


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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
Société  des  Caoutchoucs  du  Grand  Bereby  (“SOGB”),  a  
public  limited  company  incorporated  under  Ivorian  law  
and  subsidiary  of  the  Group,  is  involved  in  a  dispute  
with   the   Caisse   Nationale   de   Prévoyance   Sociale  
(“CNPS”)  of  the  Côte  d’Ivoire.  This  dispute  concerns  
the  tax  audit  of  the  benefits  in  kind  that  SOGB  should  
have  paid  to  CNPS  for  having  provided  housing  to  its  
employees.
Following   an   initial   analysis   for   the   period   from   1  
January  2010  to  31  December  2013,  CNPS  estimated  
the   due   amount   at   CFA   182   million,   equivalent   to  
EUR  277,000.  Based  on  SOGB’s  calculations,  however,  
the  amount  owed  is  of  CFA  32  million,  equivalent  to  
EUR  48,000.
Following   a   contestation,   the   case   was   brought  
before  the  Court  of  Sassandra.  The  latter  invited  the  
two  parties  to  reach  an  amicable  settlement  for  the  
dispute  between  them  and  to  submit  a  transactional  
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.
The  CNPS  carried  out  a  second  analysis  covering  the  
years   2014   through   2018.   The   CNPS   added   to   the  
previous  amount  a  sum  of  CFA  1,650  million,  equivalent  
to  EUR  2.5  million.  The  SOGB  has  recorded  a  provision  
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  
is  a  general  issue  and  concerns  most  agricultural  and  
forestry  companies,  particularly  those  in  the  rubber,  
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.
The  CNPS  had  always  shown  leniency  for  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  
working  group  that  comprises  members  of  CGECI  and  
UNEMAF.   Working   group   meetings   were   scheduled  
to  take  place  in  the  course  of  2020,  but  these  were  
postponed  due   to   the   health   situation  and   have   not  
been  resumed  to  date.
At   the   date   of   the   closing   of   the   accounts,   the  
amicable  procedure   is  therefore  still   in  progress.  Its  
outcome   will   determine   whether   or   not   the   case   is  
referred  to  the  Sassandra  Court,  which  has  the  power  
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  
provision  should  be  recorded  because  the  probability  
of  a  claim  is  very  low.


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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  at  31  December  2023,  the  carrying  amounts  of  the  
assets  classified  as  held  for  sale  and  related  liabilities  
were  attributable  to  SRC.  In  the  last  quarter  of  2023,  
the  management  of  Socfinaf  conducted  negociations  on  
the  disposal  of  SRC.  Accordingly,  SRC  was  reclassified  
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  
EUR  2.4  million,  is  presented  within  income  statement  
on  line  “gain  on  disposals”.

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Note 37. Auditor’s fees
2024 2023
EUR
Audit  (VAT  included) 815,053   732,412  
The  audit  fees  include  all  fees  paid  to  the  independent  
statutory  auditor  of  the   Group  namely  EY  as  well  as  
those   paid   to   member   firms   within   EY   network   for  
the  relevant  years.   This  firm   performed   no  material  
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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Company’s management report
Presented by the Board of Directors
at the Annual General Meeting of 4 June 2025
Ladies  and  gentlemen,
We  are  pleased  to  present  our  annual  report  and  to  submit  for  your  approval  the  annual  accounts  of  our  Company  
as  at  31  December  2024.
Activities
Socfinaf  holds  financial  interests  in  portfolio  companies  which  operate  directly  or  indirectly  in  tropical  Africa  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)   As  at  31  December  2024,  the  Board  of  Directors  decided  to  reduce  the  value  of  its  advance  to  Salala  Rubber  by  EUR  1,809,955  
and  to  Agripalma  by  EUR  4,099,947.

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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
Interest  on  receivables  amounted  to  EUR  1.6  million  
and  foreign  exchange  gains  to  EUR  1.0  million.  
The  profit  for  the  year  amounted  to  EUR  31.2  million  
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’s  indebtedness  fell  from  EUR   125  million  on  
1  January  to  EUR  72  million  on  31  December  2024.
Portfolio
Movements
During   the   year,   Socfinaf   has   participated   in   the  
capital  increase  of  Induservices  FR  for  an  amount  of  
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  
EUR  477.9  million  compared  to  their  acquisition  costs,  
potentially  adjusted.  
As  a  reminder,  the  market  share  price  was  EUR  12.10  
at  the  end  of  2024  against  EUR  10.80  a  year  earlier.

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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   Rubber  and   Crude   Palm  Oil.   Rubber   production   and   sales   are  
presented  after  elimination  of  intercompany  transactions.  Consolidated  figures  may  however  differ.

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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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Mentions required by Art. 11 (1) points a) to k) of the law of 19 May 2006
concerning Public Takeover Bids
a)  b)  f)  The  subscribed  capital  of  the  Company  is  set  
at  EUR  35,673,300  represented  by  17,836,650  
shares  without  par  value,  fully  paid  up.  Each  
share  entitles  the  holder  to  one  vote  without  
limitation  or  restriction.
c)   On   1
st
   February   2017,   Socfin   declared   that   it  
holds  a  58.85%  direct  stake  in  Socfinaf.
On 3
rd
  September  2014,  Compagnie  du  Cambodge  
declared  that  it  holds  a  direct  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.  of  the  statutes:  “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  
particular  that:  “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  
restrictions  on  the  transfer  of  securities  or  voting  
rights;
• the   agreements   to   which   the   Company   is   party,  
and  which  take  effect  are  modified  or  terminated  
in  the  event  of  a  change  of  control  of  the  Company  
following  a  takeover  bid;
• the   indemnities   provided   in   the   event   of   the  
resignation  or  dismissal  of  members  of  the  Board  
of  Directors  or  staff  following  a  takeover  bid.

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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
key  initiatives  aimed  at  improving  long-term  economic  
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  this  area  are  detailed  in  a  regularly  updated  
dashboard   as   well   as   in   a   separate   annual   report  
(“Sustainability  Report”).
The   responsible   management   policy,   the   dashboard  
and  the  annual  Sustainability  Report  are  available  on  
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
It  must  be  emphasised  that  the  Group’s  investments  in  
Africa  may  be  subject  to  political  and  economic  risks.  
On-site   executives   and   managers   follow   the   day-to-
day  evolution  of  the  situation.
In  addition,  the  Company  may  be  exposed  to  foreign  
exchange  risks  on  long-term  advances  to  subsidiaries.  
The  assessment  of  this  risk  is  described  in  the  notes  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
The  term  served  as  director  by  Mr.  Frédéric  Lemaire  
expire  this  year.  It  will  be  proposed  at  the  next  Annual  
General  Meeting  to  renew  this  mandate  for  six  years  
until  the  Annual  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
We  have  audited  the  financial  statements  of  Socfinaf  
S.A.   (the   “Company”),   which   comprise   the   balance  
sheet   as   at   31   December   2024,   and   the   profit   and  
loss  account  for  the  year  then  ended,  and  the  notes  
to   the   financial   statements,   including   a   summary   of  
significant  accounting  policies.  
In  our  opinion,  the  accompanying  financial  statements  
give  a  true  and  fair  view  of  the  financial  position  of  the  
Company  as  at  31  December  2024,  and  of  the  results  of  
its  operations  for  the  year  then  ended  in  accordance  
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  
on  the  audit  profession  (“Law  of  23  July  2016”)  and  
with   International   Standards   on   Auditing   (“ISAs”)  
as   adopted   for   Luxembourg   by   the   “Commission   de  
Surveillance   du   Secteur   Financier”   (“CSSF”).   Our  
responsibilities  under  the  EU  Regulation  Nº  537/2014,  
the   Law   of   23   July   2016   and   ISAs   as   adopted   for  
Luxembourg  by  the  CSSF  are  further  described  in  the  
“Responsibilities  of  the  “réviseur  d’entreprises  agréé”  
for  the  audit  of  the  financial  statements”  section  of  
our  report.  We  are  also  independent  of  the  Company  
in   accordance   with   the   International  Code   of   Ethics  
for   Professional  Accountants,   including   International  
Independence  Standards,  issued  by   the  International  
Ethics  Standards  Board  for  Accountants  (“IESBA  Code”)  
as  adopted  for  Luxembourg  by  the  CSSF  together  with  
the   ethical   requirements   that   are   relevant   to   our  
audit   of   the   financial   statements,   and   have   fulfilled  
our  other  ethical  responsibilities  under  those  ethical  
requirements.  We  believe  that  the  audit  evidence  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  
our  audit   of   the   financial   statements   of  the   current  
period.  These  matters  were  addressed  in  the  context  
of  the   audit   of  the  financial  statements   as   a  whole,  
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.  Shares  in  affiliated  undertakings  are  valued  at  
historical  acquisition  cost,  respectively  their  nominal  
value,  which  includes  incidental  expenses.  In  the  case  
of   durable   depreciation   in   value   according   to   the  
opinion  of  the  Board  of  Directors,  value  adjustments  
are  made  in  respect  of  financial  fixed  assets,  so  that  
they  are  valued  at  the  lower  figure  to  be  attributed  
to   them   at   the   balance   sheet   date.   These   value  
adjustments   are   not   continued   if   the   reasons   for  
which  the  value  adjustments  were  made  have  ceased  
to  apply.  In  the  event  of  an  impairment  that,  in  the  
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.
The  assessment  of  the  durable  depreciation  in  value  
of  these  shares  in  affiliated  undertakings  requires  the  
exercise  of  the  Board   of   Directors’  judgement   in   its  
choice   of   the   elements   to   be   considered   according  
to   the   shares   in   affiliated   undertakings,   whether  
market  elements  (shares  price  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
Due  to  the  size  of  the  balance  and  judgement  included,  
we  considered  this  area  to  be  a  key  audit  matter.
Our answer
Our   audit   procedures   over   the   impairment   of   the  
shares  in  affiliated  undertakings  and  of  the   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  
value  adjustments  to  be  recorded  on  shares  in  the  
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  
December  2024  used  for  the  valuation  of  shares  
in   affiliated   undertakings   to   the   official   stock  
markets  quotations;
- when  the  Board  of  Directors  relied   on  historical  
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  assessed  the  appropriateness  of  
evidence  supporting  the  adjustments  made  to  the  
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
information  included  in   the   management   report   and  
the   corporate   governance   statement   but   does   not  
include   the   financial   statements   and   our   report   of  
“réviseur  d’entreprises  agréé”  thereon.
Our  opinion  on  the  financial  statements  does  not  cover  
the  other  information  and  we  do  not  express  any  form  
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  
the  financial   statements   or   our  knowledge  obtained  
in   the   audit   or   otherwise   appears   to   be   materially  
misstated.  If,  based  on  the  work  we  have  performed,  
we  conclude  that  there  is  a  material  misstatement  of  
this  other  information,  we  are  required  to  report  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  
statements  in  accordance  with  Luxembourg  legal  and  
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.
The  Board  of  Directors  is  also  responsible  for  presenting  
and  marking  up  the  consolidated  financial  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  
ability  to  continue  as  a  going  concern,  disclosing,  as  
applicable,  matters  related  to  going  concern  and  using  
the  going  concern  basis  of  accounting  unless  the  Board  
of  Directors  either  intends  to  liquidate  the  Company  
or  to  cease  operations,  or  has  no  realistic  alternative  
but  to  do  so.  
Responsibilities of the “réviseur d’entreprises
agréé” for the audit of the financial statements
The  objectives  of  our  audit  are  to  obtain  reasonable  
assurance   about   whether   the   financial   statements  
as   a   whole   are   free   from   material   misstatement,  
whether  due  to  fraud  or  error,  and  to  issue  a  report  
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,  the  Law  of  23  July  2016  and  with  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   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
influence  the  economic  decisions  of  users  taken  on  the  
basis  of  these  financial  statements.
As  part  of  an  audit  in  accordance  with  EU  Regulation  
N°  537/2014,  the  Law  of  23  July  2016  and  with  ISAs  
as  adopted  for  Luxembourg  by  the  CSSF,  we  exercise  
professional   judgment   and   maintain   professional  
skepticism  throughout  the  audit.  We  also:  
•   Identify   and   assess   the   risks   of   material  
misstatement  of  the  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  
to  provide  a  basis  for  our  opinion.  The  risk  of  not  
detecting   a   material   misstatement   resulting   from  
fraud   is   higher   than   for   one   resulting   from   error,  
as  fraud  may  involve  collusion,  forgery,  intentional  
omissions,   misrepresentations,   or   the   override   of  
internal  control.  
•   Obtain  an  understanding  of  internal  control  relevant  
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  
policies  used  and  the  reasonableness  of  accounting  
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   conclude  that  
a   material   uncertainty   exists,   we   are   required  
to   draw   attention   in   our   report   of   the   “réviseur  
d’entreprises   agréé”   to   the   related   disclosures   in  
the  financial  statements  or,  if  such  disclosures  are  
inadequate,  to  modify  our  opinion.  Our  conclusions  
are  based  on  the  audit  evidence  obtained  up  to  the  
date   of   our   report   of   the   “réviseur   d’entreprises  
agréé”.  However,  future   events   or   conditions   may  
cause  the  Company  to  cease  to  continue  as  a  going  
concern.
•   Evaluate   the   overall   presentation,   structure   and  
content  of   the   financial   statements,  including   the  
disclosures,   and   whether   the   financial   statements  
represent  the  underlying  transactions  and  events  in  
a manner that achieves fair presentation.
•   Assess  whether  the  financial  statements  have  been  
prepared,   in   all   material   respects,   in   compliance  
with   the   requirements   laid   down   in   the   ESEF  
Regulation.
We  communicate  with  those  charged  with  governance  
regarding,   among   other   matters,   the   planned   scope  
and  timing  of  the  audit  and  significant  audit  findings,  
including   any   significant   deficiencies   in   internal  
control  that  we  identify  during  our  audit.  
We  also  provide  those  charged  with  governance  with  
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.  
From  the  matters  communicated  with  those  charged  
with   governance,   we   determine   those   matters   that  
were  of  most  significance  in  the  audit  of  the  financial  
statements   of   the   current   period   and   are   therefore  
the  key  audit  matters.  We  describe  these  matters  in  
our  report  unless  law   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  the  General  Meeting  of  the  Shareholders  on  
26   May   2020   and   the   duration   of   our   uninterrupted  
engagement,   including   previous   renewals   and  
reappointments, is 5 years.
The  management  report  is  consistent  with  the  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   of  the   Board  
of   Directors.   The   information   required   by   article  
68ter   paragraph   (1)   letters   c)   and   d)   of   the   law   of  
19  December  2002  on  the  commercial  and  companies  
register   and   on   the   accounting   records   and   annual  
accounts  of  undertakings,  as  amended,   is   consistent  
with  the  financial  statements  and  has  been  prepared  
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  
statements  of  the  Company  as  at  31  December  2024  
with   relevant   statutory   requirements   set  out   in   the  
ESEF   Regulation   that   are   applicable   to   the   financial  
statements.  For  the  Company,  it  relates  to:
•   Financial   statements   prepared   in   valid   xHTML  
format;  
In  our  opinion,  the  financial  statements  of  the  Company  
as  at  31  December  2024,  identified  as  Socfinaf  2024  
Annual  Report.zip,  have  been  prepared,  in  all  material  
respects,   in   compliance   with   the   requirements   laid  
down  in  the  ESEF  Regulation.
We  confirm  that  the  audit  opinion  is  consistent  with  
the   additional   report   to   the   audit   committee   or  
equivalent.
We   confirm   that   the   prohibited   non-audit   services  
referred   to   in   EU   Regulation  No   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’)  was  incorporated  on  
20  November   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   Register  of   Commerce  
and  Companies  under  number  B6225,  and  is  listed  on  
the   Luxembourg   Stock   Exchange   under   ISIN   number  
LU0056569402.
The   object   of   the   Company   is   (i)   the   acquisition,  
holding  and  disposal,  in  any  form  whatsoever  and  by  
any   means,   directly   or   indirectly,   of   participations,  
rights  and  interests,  as  well  as  bonds  of  Luxembourg-
based   or   foreign   companies,   (ii)   the   acquisition   by  
contribution, purchase, subscription or otherwise,
as  well  as  the  disposal  by  sale,  transfer,  exchange  or  
otherwise,   of   shares,   interests,   bonds,   debts,   notes  
and  other  securities  or  financial  instruments  of  any  kind  
(in  particular  bonds   or   shares   issued   by   Luxembourg  
or   foreign   collective   investment   funds   or   any   other  
similar  body),  loans  or  any  other  credit  line,  as  well  
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  
patents  and  other  rights  relating  to  or  supplementing  
those patents.
The Company may borrow in any form whatsoever. It
may  enter  into  any  kind  of  loan  agreement  and  may  
issue   debt   securities,   bonds,   certificates,   shares,  
profit  shares,  warrants  and  all  kinds  of  debt  and  equity  
securities,  including  by  virtue  of  one  or  several  issue  
programmes.  The  Company  may  lend  funds,  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  
largest  entity  in  which  the  Company  is  consolidated,  
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)  or  on  the  Internet  site:  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  
19  December  2002,  determined  and  implemented  by  
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  in  assumptions  may  
have  a  significant  impact  on  the  financial  statements  
for  the  period  in  which  the  assumptions  are  changed.  
The   Board   of   Directors   believes   that   the   underlying  
assumptions   are   appropriate   and   that   the   financial  
statements  give  a  true  and  fair  view  of  the  financial  
position  and  results  of  the  Company.
Currency conversion
The  Company  keeps  its  accounts  in  euros  (EUR);  the  
annual  accounts  are  expressed  in  this  currency.
Transactions   in   a   currency   other   than   the   balance  
sheet  currency  are  converted  into  the  balance  sheet  
currency  at  the  exchange  rate  prevailing  on  the  date  
of the transaction.

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Company financial statements
At  the  balance  sheet  date:
- the   acquisition   price   of   the   financial   assets,  
expressed  in  a  currency  other  than  the  currency  of  
the  balance  sheet,  remain  converted  at  the  historical  
exchange  rate,  the  current  portion  of  receivables  is  
one  exception  to  this,  as  it  is  valued  individually  at  
the  lowest  of  their  historical  exchange  rate  value  or  
their  value  determined  on  the  basis  of  the  exchange  
rate  prevailing  at  the  balance  sheet  date;
- bank   accounts   expressed  in  a  currency  other   than  
the  currency  of  the  balance  sheet  are  valued  on  the  
basis  of  the  exchange  rate  prevailing  on  the  balance  
sheet  date.  Foreign  exchange  gains  and  losses  are  
recognised  in  the  current  period;
- all   other   assets,   expressed   in   a   currency   other  
than  the  currency  of  the  balance  sheet,  are  valued  
individually   at   the   lower   of   their   value   at   the  
historical  exchange  rate  or  their  value  determined  
on  the  basis  of  the  exchange  rate  prevailing  at  the  
balance  sheet  date;
- all   liability   items,   expressed   in   a   currency   other  
than  the  currency  of  the  balance  sheet,  are  valued  
individually  at  the  highest  of  their  value.  For  this,  
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  
unrealised  losses  are  recognised  in  the  profit  and  loss  
account.   Unrealised   foreign   exchange   gains   are   not  
recognised.
If  there  is  an  economic  link  between  two  transactions,  
unrealised  exchange  differences  are  recognised  at  the  
corresponding  unrealised  exchange  loss.
Valuation of financial assets
Shares   in   affiliated   undertakings   are   valued   at  
acquisition  cost,  which  includes  incidental  expenses.  
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  
financial  fixed  assets  are  subject  to  value  adjustments.  
The  aim  of  te  latter  is  to  give  them  the  lowest  value  
that   should   be   attributed   to   them   on   the   balance  
sheet  date,  as  determined  by  the  Board  of  Directors.
In  order  to  determine  the  value  adjustments  that  are  
permanent   at   the   balance   sheet   date,   the   Board   of  
Directors  carries  out  the  following  analyses  for  each  
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  shares  in  the  market  based  on  
the  stock  market  price  at  the  closing  date.  When  the  
market  value  is  greater  than  or  equal  to  the  net  book  
value,  the  Board  of  Directors  considers  that  no  value  
adjustment  needs  to  be  recorded  at  the  closing  date.  
However,  when  the  market  value  is  lower  than  the  net  
book  value,  the  Board  of  Directors  tests  the  net  book  
value  against  the  share  in  the  revalued  net  assets  of  
the investment.
2/  If  the  net  book  value  exceeds  the  market  value  or  
the  equity  value  for  unlisted  investments,  the  Board  
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.
If  either  the  market  or  the  equity  value  is  greater  than  
or  equal  to  the  net  book  value  of  the  investment,  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  
smaller  difference   between   the  net  book  value   of  
the  investment  and  the  share  held  in  the  revalued  
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  
take  into  account  the  foreseeable  development  of  
the  business  of  the  investments  under  test.
However,   the   Board   of   Directors   may   take   other  
factors  into  consideration.  Particularly,  in  view  of  the  

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very  long  period  of  immaturity  of  young  plantation,  it  
considers  that  the  value  adjustment  is  not  permanent  
for  a  plantation  where  more  than  half  of  the  planted  
area  is  not  being  used.
Loans  to  affiliated  companies   are  subject  to  a  value  
adjustment  in  the  event  that  the  net  book  value  test  
by  discounting  future  cash  flows  to  shareholders  does  
not  support  the  full  repayment  of  the  receivable.
These  value  adjustments  are  not  maintained  when  the  
reasons  for  which  they  were  established  have  ceased  
to  exist.
Receivables
Receivables   are   recorded   at   their   nominal   value.  
They   are   subject   to   value   adjustments   when   their  
recovery   is   compromised.   These   value   adjustments  
are  not  continued   if  the  reason   for   which  the   value  
adjustments  were  made  are  no  longer  applicable.
Securities
Securities  are  valued  at  the  lower  of  cost,  including  
incidental  costs  or  market  value.  A  value  adjustment  
is  recorded  when  the  market  price  is  lower  than  the  
purchase  price.  Value  adjustments  are  not  maintained  
if   the   reasons   for   their   negotiations   have   ceased   to  
exist.
Liabilities
Debts   are   recorded   at   their   reimbursement   value.  
When  the  amount  to  be  repaid  on  the  debts  exceeds  
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  
amounting  to  €41,230,667.12  exceed  current  assets  of  
€19,528,785.84.  However,  management  has  obtained  
a  letter  from  one  of  the  company’s  principal  creditors,  
confirming   that   repayment   of   its   liabilities   will   only  
be   required   if   the   company   has   sufficient   available  
funds  to  do  so.  The  Board  of  Directors  has  prepared  a  
forecast  of  future  cash  flows  and  concluded  that  the  
Company  will  meet  its  working  capital  requirements  
for  a   period  of  at  least  12  months  from   the  date   of  
approval  of  these  financial  statements  by  the  General  
Assembly.
Geopolitical uncertainties
The  Company  holds  interests  in  subsidiaries  operating  
in Africa.
Given  the  economic  and  political  instability  of  some  of  
these  countries  (Sierra  Leone,  Liberia,  Côte  d’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  
had  a  significant  impact  on  the  financial  markets,  with  
many   investors   concerned   about   the   risk   of   further  
escalation  and  the  ensuing  impact  on  global  trade  and  
economic  growth.
Although   the   aforementioned   aspects   have   not  
significantly  impacted  the   Company’s   operations  nor  
performance   and   going   concern   during   2024,   the  
Board  of  Directors  continues  to  monitor  the  evolving  
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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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
Socfin  Agricultural  Company Sierra Leone 93.00 20 445 954 31.12.2024 USD 47  054  079 1 324 610
Liberian  Agricultural  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   unaudited  financial  statements  as   at   31  December  2024.  Amounts  represent   100%  of  Equity  and  net   income  before  allocation  of  %   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  August  2024,  the  Company  sold  SRC.  The  loss  on  this  sale,  amounting  to  EUR  1  359  641  is  presented  within  
income  statement  on  line  “Value  adjustments  in  respect  of  financial  assets  and  of  investments  held  as  current  
assets”
As  at  31  December  2024,  an  impairment  was  recognised  on  the  loan  granted  to  Agripalma  for  EUR  4  099  947.  This  
impairment  is  presented  within  income  statement  on  line  “Value  adjustments  in  respect  of  financial  assets  and  
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
Socfin  Agricultural  Company USD 67  619  256 55 442 140 9  645  218
Liberian  Agricultural  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  accordance  with  Luxembourg  legal  and  regulatory  provisions  and  generally  accepted  accounting  practices,  receivables  
from  affiliated  undertakings  are  translated  at  the  historical  exchange  rate  and  the  unrealised  foreign  exchange  gain  or  loss  
is  not  recognised  in  the  profit  and  loss  account,  with  the  exception  of  the  current  portion  of  receivables,  which  is  valued  
individually  at  the  lower  of  their  historical  exchange  rate  value  or  their  value  determined  on  the  basis  of  the  exchange  rate  
prevailing  at  the  balance  sheet  date.
During  the  year,  the  Company  has  received  a  reimbursement  of  EUR  849  860  from  Plantations  Socfinaf  Ghana,  
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  the  opinion  that  these  loans  are  recoverable  as  such,  no  
other  impairment  loss  has  been  accounted  for.

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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  by  17  836  650  shares  
without  nominal  value.
Share premium
As  at  31  December  2024  and  2023,  the  share  premium  amounted  
to  EUR  87  453  866.
Legal reserve
The  annual  profit  is   subject   to   a   levy   of   5%   to   be  allocated  to  
a   legal   reserve.   This   allocation   ceases   to   be   mandatory   when  
the  reserve  reaches  10%  of  the  share  capital.  The  legal  reserve  
cannot  be  distributed.

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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  
EUR  30  000  000  (2023:  EUR  80  000  000)  which  bear  
a  fixed  interest  rate  of  6.25%.  The  accrued  interest  
amounted   EUR   642   361   (2023:   EUR   1   250   000).  
This   debt   is   repayable   early   or   at   the   latest   on  
10
th
  November  2026.  During  the  year,  the  Company  
has   reimbursed   an   amount   of   EUR   50   000   000   to  
Socfin.   The   Board   Meeting   of   September   2024  
approved  a   repayment   of  EUR   30   000  000   in  2025  
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  
amount  of  EUR  20  000  000  (2023:  EUR  20  000  000),  
plus  accrued  interest  in  the  amount  of  EUR  286  667  
(2023:   EUR   403   288).   This   debt   bears   interest   at  
a  fixed   rate  of  6%  per  annum   and  is   repayable  on  
demand  with  final  maturity  on  30  June  2025.
- a   payable   to   Palmboomen   Cultuur   Maatschappij  
“MOPOLI”  for  a  nominal  amount  of  EUR  20  000  000  
(2023:  EUR  20  000  000),  plus  accrued  interest  in  the  
amount  of  EUR  301  639  (2023:  EUR  302  466).  This  
debt  bears  interest  at  a  fixed  rate  of  6%  per  annum  
and  is  repayable  on  demand  with  final  maturity  on  
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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Note 9. Taxation
The   Company   is   subject   to   all   taxes   to   which  
Luxembourg-based   commercial   companies   are  
subject.  
The  Company  has  EUR  214  118  336  of  carried  forward  
tax   losses   available   as   at   31   December   2023   and  
estimates  approximately  EUR  4  840  417  of  additional  
tax  losses  for  the  current  period  (FY  2024).  Based  on  
a  deferred  tax  rate  of  23.87%  these  tax  losses  would  
correspond  to  a  deferred  tax  asset  of  EUR  52  265  454  
(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  the  seventeen  years  following  the  
tax  year  in  which  the  losses  arose.
Note 10. Remuneration of the Board of Directors
During  2024,  the  members   of  the   Board  of  Directors  
received  EUR  9  688  (2023:  EUR  7  500)  as  attendance  
fees  and  EUR  230  063  (2023:  EUR  230  000)  as  Directors’  
fees.
During  2024,  no  advances  or  loans  were  granted  to  the  
Board  members.
Note 11. Political and economic environment
Most  of  the  investments  are  held  directly  or  indirectly  
in  companies  operating   in  Africa,  particularly  in  the  
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  
countries  and  their  economic  fragility  (dependence  on  
international  aid,  inflation  in  some  cases,  civil  wars,  
etc),   the   investments   held   by   the   Company   present  
a  risk  in  terms  of  exposure  to  political  and  economic  
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  -  Cost  Insurance  &  Freight  Rotterdam,  
corresponds  to:
- Cost  of  the  good/oil;
- Insurance  cost  for  the  whole  consignment  right  from  
port  of  loading  until  arrived  and  delivered;
- Freight:  carrying  cost  from  load  port  all  the  way  up  
to  Rotterdam.
In   other   words,   the   seller   pays   for   the   goods,  
transportation  to  the  port  of  destination,  and  marine  
insurance.
CONCESSION  -  Contract,  signed  with  local  authorities,  
giving  specific  rights  to  control  an  area  of  land  and  for  
the  conduct  of  specific  activities  in  that  area,  during  
a  defined  period.
CPO  -  Crude  Palm  Oil  is  edible  oil  which  is  extracted  
from  the  pulp  of  fruit  of  oil  palm  trees.
CPKO  -  Crude   Palm   Kernel  Oil  is   the  light  crude   oil,  
extracted   from   the   Oil   Palm   kernels,   containing  
mainly  lauric  acid.
DAP  –  Delivered  At  Place  is  an  international  commercial  
term  (Incoterm),  meaning  that  the  seller  takes  on  all  
the  risks  and  costs  of  delivering  goods  to  an  agreed-
upon  location.
DRY RUBBER   -   This   is   weight   of   natural   rubber  
produced,  determined  at   the  end  of  the  milling  and  
drying  process.  After  tapping,  liquid  latex  is  dripping  
from  the  rubber  trees  in  the  field,  mostly  harvested  
after   in-field   coagulation.   However,   the   “wet  
rubber”  still   contains  water  and   many  other   natural  
components  apart  from  the  rubber  particles.  Natural  
rubber  is  marketed  as  “dry  rubber”  –  after  processing  –  
to  be  used  in  numerous  industrial  value  chains  among  
which  manufacturing  of  tyres  is  the  most  important.
EBIT  -  This  abbreviation  is  defined  as  earnings  before  
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  
markets  must  prepare  their  annual  financial  reports  to  
facilitate  accessibility,   analysis  and   comparability   of  
annual  financial  reports.
EXW  -  Ex  works  is  an  Incoterm,  in  which  a  seller  makes  
a  product  directly  available  from  the  factory  or  place  
of  manufacture.  The  buyer  of  the  product  must  cover  
the transport costs.
FINISHED GOODS   -   Goods   that   have   completed   the  
manufacturing  process  but  have  not  yet  been  sold  or  
distributed  to  the  end  user  (for  example  dry  rubber,  
crude   palm   oil,   seeds,   palm   kernel   oil,   palm   kernel  
cake).
FOB  -  Free  On  Board  is  an  Incoterm,  which  means  the  
seller  is  responsible  for  loading  the  purchased  goods  
onto  the  ship,  and  all  costs  associated.  The  point  the  
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.  GPSNR  is  an   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  
situation  where  the  price  of  everything,  in  a  national  
economy,  goes  out  of  control  and  increases  very  quickly.  
There   is   no   absolute   rate   at   which   hyperinflation   is  
deemed  to  arise,  but  practically,  a  cumulative  inflation  
rate  over  three  years  approaching  or  exceeding  100%  
is  a  strong  indicator  of  hyperinflation.
IRSG   -   International   Rubber   Study   Group.   It   is   an  
inter-governmental  organisation  composed  of  rubber  
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  
the  number  of  shares.  Allows  readers  of  the  financial  
statements   to   compare   easily   the   share   price   at  
closing   period   with   its   value   within   the   financial  
statements.  As  an  example,  value  as  at  31  December  
2024  is  obtained  by  dividing  EUR  421,751,282   (value  
of  Equity  attributable  to  the  owners  of  the  Parent)  by  
17,836,650  (number  of  shares).

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NET DEBT BEFORE IFRS ADJUSTMENTS – Corresponds  
to  net  debt  as  presented  Note  22  (EUR  -87.4  million),  
excluding  lease  liabilities  (EUR  +29.4  million),  including  
cash  pooling  at  the  level  of  Socfinaf  and  subsidiaries  
(See  Note  17,  EUR  +8.5  million)  and  Okomu  grant  part  
of  the  loan  (See  Note  23,  EUR  -0.9  million).
OPERATIONAL LIFE  –   Length   of   time   during   which  a  
tangible  or  intangible  asset  can  be  used  economically  
before  breakdown.  Operational  life  does  not  include  
post-closure   activities.   As   an   example,   rubber   and  
palm  trees  have  an  estimated  operational  life  between  
20  and  33  years.
OWN PRODUCTION   -   Quantities   of   raw   materials  
(Fresh  Fruit  Bunches,  wet  rubber,  …)  milled  that  have  
been   harvested   on   own   plantations   managed   by   the  
Group.
PRODUCTION-IN-PROGRESS  -  Inventory  that  has  begun  
the  manufacturing  process  and  is  no  longer  included  in  
raw  materials  inventory,   but   is   not   yet  a  completed  
product.   In   the   financial   statements,   production   in  
progress  is  classified  within  current  assets,  with  other  
items of inventory.
RAW MATERIALS  -  Raw  materials  are  the  input  goods  
or   inventory   that   a   company   needs   to   manufacture  
its   products   (for   example   Fresh   Fruit   Bunches,   wet  
rubber,  …).
RSS3  -  Ribbed  Smoked  Sheet  is  rubber  coagulated  from  
high  quality  natural  rubber.  Rubber  is  then  processed  
into  sheet,  dried,  smoked,  and  visually  graded.  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-East  Asia.
SMOKED SHEET  -  It  is  a  type  of  crude  natural  rubber  
in  the  form  of  brown  sheets  obtained  by  coagulating  
latex  with  an  acid,   rolling  it  into  sheets,  and   drying  
over   open   wood   fires.   It   is   the   main   raw   material  
for  natural   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  worker  trained  and  qualified  to  
“tap”  a  tree  with  a  special  knife.  Trees  are  tapped  at  
regular   interval   (4-7   days),   releasing  the   latex   from  
the  latex  vessels  situated  in  the  soft  outer  bark  of  the  
tree.
THIRD PARTY PURCHASES  -  Business  deal  that  involves  
a person or entity other than a Group company.
Typically,  third-party  purchases  are  made  with  small  
local  growers.
TRADING ACTIVITIES  –  The  activity  of  selling,  buying  
or  exchanging  goods  and  services  in  order  to  generate  
profit.  This  commercial  activity  is  mainly  centralised  
within  Sogescol  FR.
TSR20   -   Technically   Specified   Rubber   graded  
corresponds  to  block  rubber  made  by  crashing,  cleaning  
and   drying   solid   rubber.   Major   producing   countries  
have  their  own  TSR  standard  (STR  in  Thailand,  SIR  in  
Indonesia,  …).  TSR  are  graded  according  to  a  variety  
of   factors,   including   volatile   matter,   ash   content,  
color,  viscosity,  …

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