222100I5M4DM5G5NES09 2021-01-01 2021-12-31 222100I5M4DM5G5NES09 2020-01-01 2020-12-31 222100I5M4DM5G5NES09 2021-12-31 222100I5M4DM5G5NES09 2020-12-31 222100I5M4DM5G5NES09 2019-12-31 222100I5M4DM5G5NES09 2019-12-31 ifrs-full:IssuedCapitalMember 222100I5M4DM5G5NES09 2020-12-31 ifrs-full:IssuedCapitalMember 222100I5M4DM5G5NES09 2021-12-31 ifrs-full:IssuedCapitalMember 222100I5M4DM5G5NES09 2019-12-31 ifrs-full:StatutoryReserveMember 222100I5M4DM5G5NES09 2020-12-31 ifrs-full:StatutoryReserveMember 222100I5M4DM5G5NES09 2021-12-31 ifrs-full:StatutoryReserveMember 222100I5M4DM5G5NES09 2019-12-31 ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember 222100I5M4DM5G5NES09 2020-01-01 2020-12-31 ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember 222100I5M4DM5G5NES09 2020-12-31 ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember 222100I5M4DM5G5NES09 2021-01-01 2021-12-31 ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember 222100I5M4DM5G5NES09 2021-12-31 ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember 222100I5M4DM5G5NES09 2019-12-31 scfns:ConsolidatedReservesMember 222100I5M4DM5G5NES09 2020-01-01 2020-12-31 scfns:ConsolidatedReservesMember 222100I5M4DM5G5NES09 2020-12-31 scfns:ConsolidatedReservesMember 222100I5M4DM5G5NES09 2021-01-01 2021-12-31 scfns:ConsolidatedReservesMember 222100I5M4DM5G5NES09 2021-12-31 scfns:ConsolidatedReservesMember 222100I5M4DM5G5NES09 2019-12-31 ifrs-full:EquityAttributableToOwnersOfParentMember 222100I5M4DM5G5NES09 2020-01-01 2020-12-31 ifrs-full:EquityAttributableToOwnersOfParentMember 222100I5M4DM5G5NES09 2020-12-31 ifrs-full:EquityAttributableToOwnersOfParentMember 222100I5M4DM5G5NES09 2021-01-01 2021-12-31 ifrs-full:EquityAttributableToOwnersOfParentMember 222100I5M4DM5G5NES09 2021-12-31 ifrs-full:EquityAttributableToOwnersOfParentMember 222100I5M4DM5G5NES09 2019-12-31 ifrs-full:NoncontrollingInterestsMember 222100I5M4DM5G5NES09 2020-01-01 2020-12-31 ifrs-full:NoncontrollingInterestsMember 222100I5M4DM5G5NES09 2020-12-31 ifrs-full:NoncontrollingInterestsMember 222100I5M4DM5G5NES09 2021-01-01 2021-12-31 ifrs-full:NoncontrollingInterestsMember 222100I5M4DM5G5NES09 2021-12-31 ifrs-full:NoncontrollingInterestsMember xbrli:shares iso4217:EUR iso4217:EUR xbrli:shares
Graphics
2021
ANNUAL REPORT
Socfinasia S.A.

Graphics
2
|
ANNUAL REPORT 2021
|
Socnasia
Group prole 4
1. Overview of the Group 4
2. History 4
3. Group structure 5
4. Information on Socnasia's holdings 6
International market for rubber and palm oil 17
1. Rubber 17
Palm oil 20
Environment and social responsibility 23
Key gures 24
1. Activity indicators 24
2. Key gures from the consolidated income statement and consolidated statement of cash ows 25
3. Key gures in the consolidated statement of nancial position 25
Stock market data 26
Financial highlights of the year 27
Corporate governance chart 28
1. Introduction 28
2. Corporate governance chart 28
3. Board of Directors 28
4. Committees of the Board of Directors 32
4.1. Audit Comittee 32
4.2. Appointment and Remuneration Committe 32
5. Remuneration 32
6. Shareholding status 33
7. Financial calendar 33
8. External audit 33
9. Corporate, social and environmental responsibility 34
10. Other information 34
Statement of compliance 35
Consolidated management report 36
Auditor’s report on the consolidated nancial statements 40
Consolidated nancial statements 45
1. Consolidated statement of nancial position 45
2. Consolidated income statement 47
3. Consolidated statement of comprehansive income 48
4. Consolidated statement of cash ows 49
5. Consolidated statement of changes in equity 50
6. Notes to the consolidated nancial statements 51
Note 1. Overview and accounting policies 51
Note 2. Subsidiaries and associates 63
Note 3. Leases 65
Note 4. Intangible assets 67
Note 5. Property, plant and equipment 68
Note 6. Biological assets 69
Note 7. Depreciation and impairment expense 70
Note 8. Impairment of assets 70
Note 9. Non-wholly owned subsidiaries in which non-controlling interests are signicant 72
Note 10. Investments in associates 73
Note 11. Financial assets at fair value through other comprehensive income 77
Note 12. Long term advance payments 77
Note 13. Deferred taxes 78
Note 14. Current tax assets and liabilities 79
TABLE OF CONTENTS

Graphics
Socnasia
|
ANNUAL REPORT 2021
|
3
TABLE OF CONTENTS
Note 15. Income tax expense 79
Note 16. Inventories 81
Note 17. Trade receivables (current assets) 82
Note 18. Other receivables (current assets) 82
Note 19. Cash and cash equivalents 82
Note 20. Share capital 83
Note 21. Reserve 83
Note 22. Pension obligations 84
Note 23. Financial debts 86
Note 24. Other payables 89
Note 25. Financial instruments 90
Note 26. Staff costs and average number of staff 92
Note 27. Other nancial income 92
Note 28. Financial expenses 93
Note 29. Net earnings per share 93
Note 30. Dividends and directors’ fees 93
Note 31. Information on related party 94
Note 32. Off balance sheet commitments 96
Note 33. Segment information 96
Note 34. Risk management 101
Note 35. Prot before interest, taxes, depreciation and amortisation 104
Note 36. Contingent liabilities 105
Note 37. Political and economic environment 106
Note 38. Events after the closing date 107
Note 39. Auditor’s fees 107
Company’s management report 108
Audit report on the Company’s nancial statements 114
Company nancial statements 118
1. Balance sheet at 31 December 2021 118
2. Income statement for the year ended 31 December 2021 120
3. Notes to the nancial statements for the year 2021 122

Graphics
4
|
ANNUAL REPORT 2021
|
Socnasia
Portrait du GroupeGroup prole
1. Overview of the Group
Socfinasia S.A. is a Luxembourg holding company
and its registered address is 4 Avenue Guillaume,
L-1650 Luxembourg. It was incorporated on 20th
November 1972 and is listed on the Stock Exchange
of Luxembourg.
The principal activity of Socfinasia is to manage a
portfolio of shares focused on the operation of more
than 52,000 hectares of tropical palm oil and rubber
plantations in Southeast Asia. Socfinasia employs
10,168 people and has achieved a consolidated
turnover of EUR 168.2 million in 2021.
2. History
• 20/11/1972 Incorporation of Socnasia as a Luxembourg holding company through contribution of shares in PT
Socndo.
• 30/06/1973 Since its incorporation, Socfinasia has invested, amongst others, in Fininter (Belgium) and Socnal
(Luxembourg).
• 23/01/1974 The shares of Socnasia have been listed on the Stock Exchange of Luxembourg.
• 30/06/1975 The portfolio includes new investments: Socn (Belgium), Plantations Nord Sumatra (Belgium) and
Selangor Plantations Cy (Malaysia).
• 30/06/1977 Socnasia invests in Sennah Rubber Cy, New African Plantations Cy, la Banque d’Investissements
Privés and Soccom. It disposes of its stakes in Socn (Belgium) and Socnal.
• 04/12/1979 PT Socndo increases its share capital through capitalisation of reserves. Free allotment of 1,166
shares in PT Atmindo.
• 31/12/1980 Acquisition of shares in Selangor Holding, a Luxembourg company listed on the Stock Exchange of
Luxembourg.
• 24/04/1989 PT Socndo increases its share capital through the capitalisation of the revaluation reserve of its
xed tangible assets.
• 31/03/1996 Acquisition of shares in Intercultures, a Luxembourg company listed on the Stock Exchange of
Luxembourg.
• 31/03/1997 Initially, Socfinasia increases its stake in its Indonesian subsidiaries: PT Socndo and PT Atmindo.
Thereafter, Socnasia incorporates Plantations Nord Sumatra Limited, to which it transferred its
Indonesian subsidiaries.
• 31/03/1999 Increase in the subscribed capital of Intercultures.
• 05/02/2000 Takeover bid/public exchange offer by Selangor Holding for Sennah Rubber Cy which will be
liquidated in August 2000.
• 01/04/2000 Increase in subscribed capital to EUR 25,062,500 and the accounting par to 1,002,500 shares.
• 26/06/2000 Takeover bid by Socnasia on the shares of Selangor Holding which will be liquidated in May 2001.
• 17/10/2000 Change in nancial year-end to 31
st
December.
• 31/12/2001 PNS Ltd has acquired 30% of PT Socndo from the Indonesian state.
• 31/12/2006 Restructuring of the subsidiaries within the Socnal Group, including the distribution of shares of
Intercultures by Socnasia (spin-off) and repositioning of the operational companies within the
Group.
• 31/12/2007 Incorporation of Socn-KCD (Cambodia).
• 17/03/2010 Disposal of Socnaf Cy (Kenya).
• 10/01/2011 Extraordinary General Meeting which approves to abandon the holding 29 status.
• 01/07/2011 Share split by 20.
• 13/08/2013 Socnasia has acquired, through its subsidiary PNS Ltd, 90% of Coviphama, a company incorporated
under the Cambodian Law, benetting from a new grant of 5,300 hectares.
• 30/07/2015 Acquisition of shares in Socn-KCD to increase the percentage holding to 100%.

Graphics
Group prole
Socnasia
|
ANNUAL REPORT 2021
|
5
3. Group structure
Holding companiesHolding companies
SOCFIN
Luxembourg
SOCFIN
Luxembourg
SOCFINDE
Luxembourg
SOCFINDE
Luxembourg
58%
SOCFINASIA
Luxembourg
SOCFINASIA
Luxembourg
PNS LTD
Luxembourg
PNS LTD
Luxembourg
100%100%
100%
100%
100%90%
80%
48%
35%
20%
50%
50%
50%
50%
50%
35%
19%
15%
50%
50%
50%
20%
15%

Graphics
Group prole
6
|
ANNUAL REPORT 2021
|
Socnasia
4. Information on Socnasia's holdings
Portfolio Number of shares Direct %
Cambodia
Socn-KCD Co
2,000 100.00%
Luxembourg
PNS Ltd 27,780,000
100.00%
Socnde 199,790 79.92%
Management Associates 2,000 20.00%
Terrasia 4,781 47.81%
Induservices 3,500 35.00%
Belgium
Centrages 7,500 50.00%
Immobilière de la Pépinière 3,333 50.00%
Socnco 8,750 50.00%
Sodimex 70,000 50.00%
Switzerland
Sogescol FR 2,650 50.00%
Socnco FR 650 50.00%
Sodimex FR 675 50.00%
Induservices 700 50.00%
The following pages contain a summary of the activity
and comments on the nancial information for the
past two nancial years in which Socnasia holds a
direct or indirect participation.
Unless indicated otherwise, equity includes capital,
reserves and the results brought forward before
allocation of current year results.
Corporate data refers to consolidated data.
The balance sheet gures are presented in the
functional currency of the respective entities.

Graphics
Group prole
Socnasia
|
ANNUAL REPORT 2021
|
7
PT SOCFIN INDONESIA “SOCFINDO”
PT Socndo is an Indonesian company which operates hectares of oil palm and rubber plantations in North
Sumatra, Indonesia.
Key data
Area (hectares)
Planted area
At 31
st
December 2021 Mature Immature Total
Rubber
5,907 928 6,835
Palm
34,712 4,376 39,088
40,619 5,304 45,923
Concessions: 47,643 ha
Permanent staff at 31
st
December 2021: 9,222
Production and turnover Actual Actual
At 31
st
December 2021 2020
Production (tons)
Rubber
8,550 9,802
Palm oil
180,584 182,577
Seeds (thousands)
9,366 8,042
Turnover (EUR 000) 160,251 121,354
Result (EUR 000) 64,841 36,586
Average selling price (EUR/kg)
Rubber 1.49 1.31
Palm oil 0.78 0.57
Seeds (EUR/1,000) 567 490
Average rate EUR/IDR
16,938 16,725
Closing rate EUR/IDR
16,161 17,308
Key gures (IDR millions)
At 31
st
December 2021 2020
Non-current assets 1,473,092 1,486,341
Current assets 783,085 495,666
Shareholder’s equity (*) 1,045,550 878,722
Debt, provisions and third parties (*) 1,210,627 1,103,285
Result for the year 1,098,297 611,893
Dividend per share (USD) (**) 500
Interim dividend per share (USD) 800 450
PNS Ltd’s stake (%) 89.98 89.98
(*) After interim dividend, before prot allocation.
(**) Not known to-date.

Graphics
Group prole
8
|
ANNUAL REPORT 2021
|
Socnasia
PT SOCFIN INDONESIA “SOCFINDO”
STATEMENT OF FINANCIAL POSITION
As at 31
st
December 2021 and 2020
(Expressed in IDR 000, unless otherwise stated)
Exchange rate: EUR 1 = IDR 16,161 17,308
ASSETS 2021 2020
CURRENT ASSETS
Cash and cash equivalents 332,219,716 221,171,710
Receivables
Trade receivables
Amount from related parties 17,186,198 17,177,523
Amount due from customers 11,945,572 6,404,928
Other receivables 15,938,930 5,418,798
Inventories 225,683,668 182,841,918
Advance payment on order 8,096,179 7,702,478
Prepayments and other current assets 0 398,963
Biological assets 172,015,227 108,111,951
TOTAL CURRENT ASSETS 783,085,490 549,228,269
NON-CURRENT ASSETS
Fixed assets 1,464,467,746 1,428,193,000
Rights-of-use of assets 4,412,547 5,883,396
Current tax assets 0 1,789,708
Deferred tax assets 4,200,294 29,564,927
Advances and down payments on the purchase of non-current assets 0 8,510,147
Deferred charges 0 7,107,994
Other 11,100 11,100
TOTAL NON-CURRENT ASSETS 1,473,091,687 1,481,060,271
TOTAL ASSETS 2,256,177,176 2,030,288,540

Graphics
Group prole
Socnasia
|
ANNUAL REPORT 2021
|
9
LIABILITIES AND EQUITY 2021 2020
LIABILITIES
CURRENT LIABILITIES
Amount payable to suppliers 25,976,433 28,190,404
Other payables
Amount due to third parties 12,954,770 9,664,450
Amount due to related parties 3,467,106 8,668,998
Accruals 303,800,224 244,139,682
Advances and payments on work in progress 30,555,928 42,591,769
Deferred revenue
0
657,368
Employee benet obligations 5,006,977 89,182,790
Current tax liabilities 232,322,738 161,594,708
TOTAL CURRENT LIABILITIES
614,084,175 584,690,168
NON-CURRENT LIABILITIES
Employee benet obligations 596,542,873 518,594,902
TOTAL LIABILITIES
1,210,627,048 1,103,285,070
Equity
Share capital
Type A 2,385 2,385
Type B 265 265
Type C 7,947,350 7,947,350
Type D 34,300,000 34,300,000
Total Equity
42,250,000 42,250,000
Share premium 3,670,500 3,670,500
Retained earnings
Allocated to the general reserve -50,385,700 241,883,991
Retained earnings not allocated 1,050,015,328 639,198,979
TOTAL EQUITY
1,045,550,128 927,003,470
TOTAL LIABILITIES AND EQUITY 2,256,177,176 2,030,288,540

Graphics
Group prole
10
|
ANNUAL REPORT 2021
|
Socnasia
STATEMENT OF OPERATIONS AND OTHER COMPREHENSIVE INCOME
As at 31
st
December 2021 and 2020
(Expressed in IDR 000, unless otherwise stated)
2021 2020
REVENUE 2,694,322,407 2,028,406,941
COST OF SALES -897,162,856 -879,869,066
GROSS PROFIT 1,797,159,551 1,148,537,875
Selling expenses -47,001,057 -45,699,393
General and administrative overheads (*) -476,184,530 -389,699,233
Other income 33,839,381 108,402,886
Other expenses -23,462,872 -19,072,221
Foreign exchange gains/(losses) 63,903,276 21,297,164
OPERATING PROFIT 1,348,253,749 823,767,078
Finance Income 8,987,330 8,988,503
PROFIT BEFORE TAX 1,357,241,079 832,755,581
Income tax expense -296,641,780 -213,817,952
RESULT FOR THE YEAR 1,060,599,299 618,937,629
Comprehensive income
Revaluation of post-employment benets
-10,583,972
41,237,060
TOTAL COMPREHENSIVE INCOME 1,050,015,327 660,174,689
(*) These amounts include emoluments paid to the directors of PT Socndo who are members of the Board of Directors of
Socnasia (2021 = IDR 61,066,588,216 and 2020 = IDR 43,424,440,254).

Graphics
Group prole
Socnasia
|
ANNUAL REPORT 2021
|
11
SOCFIN-KCD Co Ltd
Share capital: KHR 160,000,000,000.
Socn-KCD is a Cambodian company involved in the production of rubber.
Key data
Area (hectares) Planted area
At 31
st
December 2021 Mature Immature Total
Rubber
3,529 267 3,796
Concessions: 6,659 ha (including subsidiaries)
Permanent staff at 31
st
December 2021: 773
Production and turnover Actual Actual
At 31
st
December 2021 2020
Production (tons)
Rubber
6,107 5,466
Turnover (EUR 000)
7,935 5,166
Result (EUR 000)
915 -787
Average selling price (EUR/kg)
Rubber
1.30 0.95
Average rate EUR/USD (2020: EUR/KHR)
1.18 4,672
Closing rate EUR/USD (2020: EUR/KHR)
1.13 4,964
Key gures (USD 000) (2020: KHR millions)
At 31
st
December 2021 2020
Fixed assets
53,468 227,492
Current assets
4,940 13,607
Equity (*)
33,418 130,847
Borrowing, provisions and third-parties (*)
24,991 110,253
Result for the year
1,081 -3,679
Socnasia's holding (%)
100.00 100.00
(*) Before prot allocation.

Graphics
Group prole
12
|
ANNUAL REPORT 2021
|
Socnasia
COVIPHAMA Co Ltd
Share capital: KHR 8,640,000,000.
Coviphama is a Cambodian company involved in the production of rubber.
Key data
Area (hectares) Planted area
At 31
st
December Mature Immature Total
Rubber
1,361 1,894 3,255
Concessions: 5,345 hectares
Permanent staff at 31
st
December 2021: 173
2021 2020
Average rate EUR/USD (2020: EUR/KHR)
1.18 4,672
Closing rate EUR/USD (2020: EUR/KHR) 1.13 4,964
Key gures (USD 000) (2020: KHR millions)
At 31
st
December 2021 2020
Fixed assets 23,002 92,203
Current assets 1,052 4,342
Equity -447 -2,125
Borrowing, provisions and third-parties 24,500 98,670
Result for the year 79 -497
Socnasia's holding (%) 100.00 100.00

Graphics
Group prole
Socnasia
|
ANNUAL REPORT 2021
|
13
PLANTATION NORD-SUMATRA “PNS” Ltd S.A.
Share capital: USD 260,084,774.
PNS Ltd is a holding company whose principal assets are its controlling interest of 89.98% in PT Socndo, a 100%
investment in Coviphama Co Ltd as well as a receivable from the latter.
2021 2020
Average rate EUR/USD
1.18 1.15
Closing rate EUR/USD
1.13 1.23
Key gures (USD 000)
At 31
st
December 2021 2020
Fixed assets
391,271 306,521
Current assets
19,786 1,498
Equity (*)
310,358 307,993
Borrowing, provisions and third-parties (*)
100,700 26
Prot for the year
49,591 33,360
Dividend paid
47,226 33,808
Socnasia's holding (%)
100.00 99.99
(*) Before prot allocation.

Graphics
Group prole
14
|
ANNUAL REPORT 2021
|
Socnasia
SOCFINDE S.A.
Share capital: EUR 1,250,000
Socnde S.A. is a Luxembourg holding company.
Prot for the year ended 31
st
December 2021 is EUR 9,970. The Board of Directors will not propose any dividend
distribution at the Annual General Meeting.
Key gures (EUR 000)
At 31
st
December 2021 2020
Fixed assets
9,932 10,512
Current assets
28,728 43,559
Equity
5,883 5,873
Borrowing, provisions and third-parties
32,776 48,197
Result for the year
10 -68
Socnasia's S.A.’s holding (%)
79.92 79.92

Graphics
Group prole
Socnasia
|
ANNUAL REPORT 2021
|
15
SOGESCOL FR S.A.
Share capital: CHF 5,300,000
Sogescol FR is a Swiss company which trades in rubber and palm oil.
Prot for the year ended 31
st
December 2021 amounted to USD 6,056,903. The Board of Directors will propose a
dividend distribution of USD 6,000,000 at the Annual General Meeting.
2021 2020
Average rate EUR/USD
1.18 1.15
Closing rate EUR/USD
1.13 1.23
Key gures (USD 000)
At 31
st
December 2021 2020
Fixed assets
1,034 1,088
Current assets
51,544 36,307
Equity (*)
14,940 13,484
Borrowing, provisions and third-parties (*)
37,637 23,911
Result for the year
6,057 3,759
Dividend
6,000 4,600
Dividend per share (USD)
1,132 868
Socnasia's holding (%)
50.00 50.00
(*) Before prot allocation.

Graphics
Group prole
16
|
ANNUAL REPORT 2021
|
Socnasia
SOCFINCO FR S.A.
Capital: CHF 1,300,000
Socnco FR is a Swiss company which provides services, studies and management of agro-industrial plantations.
Socnco FR covers the agro-industrial sector of palm oil and rubber.
The prot of the year ended 31
st
December 2021 is EUR 6,288,105. The Board of Directors will propose a dividend
distribution of EUR 8,000,000 at the Annual General Meeting.
Key Figures (EUR 000)
At 31
st
December 2021 2020
Fixed assets
5,974 7,087
Current assets
19,609 12,579
Equity (*)
15,598 11,310
Borrowing, provisions and third parties (*)
9,985 8,356
Sales and services
25,179 19,933
Result for the year
6,288 1,535
Dividend
8,000 2,000
Dividend per share (EUR)
6,154 1,538
Socnasia's holding (%)
50.00 50.00
(*) Before prot allocation.

Graphics
Socnasia
|
ANNUAL REPORT 2021
|
17
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
2017
2018
2019
2020
2021
$ct/Kg
SGX - NATURAL RUBBER - 5 YEAR S +
R S S3
TSR20
100
120
140
160
180
200
220
240
260
280
300
100
120
140
160
180
200
220
240
260
280
300
jan 2021
feb 2021
mar 2021
apr 2021
may 2021
jun 2021
jul 2021
aug 2021
sep 2021
oct 2021
nov 2021
dec 2021
$ct/Kg
SGX - NATURAL RUBBER - 1 YEAR +
R S S3
TSR20














Graphics
International market for rubber and palm oil
18
|
ANNUAL REPORT 2021
|
Socnasia
The international market in 2021
The average natural rubber price (TSR20 1
st
position
on SGX) for 2021 is USD 1,677/ton FOB Singapore
compared to USD 1,317/ton in 2020, an increase
of USD 360/ton (+27%).
Converted into euro, the average for the year 2021 is
EUR 1,417 / ton against EUR 1,154 / ton for the year
2020, i.e. an increase of 23%.
The rise in natural rubber prices, which started at
the beginning of the second half of 2020, continued
during the rst quarter of 2021. Prices briey reached
USD 2,000/ton at the end of February before correcting
following the Chinese government’s announcement
that it would control the rise in raw materials.
In the second half of the year, prices stabilised at
between USD 1,600 and 1,800/ton, leaving this price
range only on very rare occasions.
The recovery in demand for rubber encouraged by the
economic recovery plans as well as the vaccination
campaigns allowing a resumption of mobility in
the consumer countries, had an upward impact on
the prices and this in a context of reduced supply.
However, the appearance of the Delta variant in the
spring and the Omicron variant in the autumn, which
imposed new containment measures or mobility
restrictions on the various states, limited the rise in
natural rubber prices.
The various sanitary measures also affected rubber
production by limiting tappers’ access to certain
producing countries such as Thailand and Malaysia.
The development of a rubber tree disease in Indonesia
has also limited deliveries from the world’s second
largest producer.
Logistical disruptions due to lack of space on ships
from Asia have caused disruptions in the supply of
natural rubber to tyre manufacturers’ factories in the
US and Europe. The sharp increase in freight rates out
of South East Asia has greatly beneted African natural
rubber producers in terms of demand and valorisation.
Announcements in August by car manufacturers
that they were shutting down parts of their vehicle
production lines in Europe and the US due to a
shortage of semiconductor stocks had a downward
effect on rubber prices. The highly contagious nature
of the Omicron variant has caused large waves of
quarantine, preventing tyre factories from operating
at full capacity due to a lack of workers.
In its latest forecasts dated December 2021, the IRSG
(International Rubber Study Group) now estimates
world natural rubber production in 2021 at 13.79
million tons, up 5.7% on 2020, and world consumption
at 13.88 million tons, up 9.4% on 2020. As a result, the
IRSG estimates a world production decit of 90,000
tons, for the rst time since 2016.
World natural rubber consumption in 2021 exceeded
pre-covid levels in 2019 while world production in
2021 would be almost identical to 2019.
TSR20 1
st
FOB Singapore on SGX closed 2021 at
USD 1,783/ton.
Forecasts for 2022
Natural rubber prices at the beginning of the year
remained above USD 1,700 / ton with an average over
the rst two months of the year reaching USD 1,785 /
ton against USD 1,628 / ton over the same period last
year, i.e. an increase of USD 157 / ton (+10%).
Natural rubber prices were supported at the
fundamental level in the context of a recovery
stimulated by economic recovery plans positively
impacting demand while supply would continue to
be affected by problems related to the availability of
labour in plantations and rubber diseases in Indonesia.
However, the shortage of semiconductors due to the
freight crisis continues to impact the production lines
of car manufacturers and consequently slows down
the demand for rubber for original equipment tyres.
Historically high freight rates out of South East Asia are
expected to persist throughout 2022 due to the lack
of available vessel capacity with a return to normalcy
expected, at best, during 2023. In this context, since
the beginning of the year, African rubber continues to
maintain a clear competitive advantage over its Asian
competitors and, with the approach of the wintering

Graphics
International market for rubber and palm oil
Socnasia
|
ANNUAL REPORT 2021
|
19
period, benets from substantial premiums over the
Singapore reference market on approved grades.
At the end of February, rubber prices crossed the
USD 1,800/ton, the upper level of the price range
(USD 1,600 - 1,800/ton) in which they had oscillated
for a year, to reach USD 1,835/ton. The Russian
invasion of Ukraine pushing oil above USD 100/barrel
and fears of disrupting supplies of synthetic rubber
from Russia supported natural rubber prices.
As in 2021, China could intervene in the markets to
avoid too large increases in commodity prices and a
negative impact on its economic growth.
The geopolitical context linked to the Russian-
Ukrainian conict will inuence commodity prices,
including natural rubber. In the event of a prolonged
conict impacting the global economic recovery, the
risk of "stagation" combining high ination with low
economic growth is real and could weight on rubber
prices. Tyre factories may reduce production due to a
lack of raw materials for tyre production.
Uncertainty related to the evolution of the pandemic
will continue to inuence the evolution of rubber
prices in relation to the effectiveness of vaccination
policies in the world, the emergence of new variants
and a possible deterioration of the health situation
that may affect mobility.
According to IRSG forecasts, global consumption and
production would be almost in balance in 2022. World
supply of natural rubber would amount to 14.27 million
tons (+3.5% compared to 2021) and global demand to
14.29 million tons (+3% compared to 2021). The IRSG
forecasts a production decit of 21,000 tons in 2022
compared with 90,000 tons in 2021.
The TSR20 1
st
position FOB Singapore on SGX is quoted
on 9
th
March 2022 at USD 1,803 / ton.

Graphics
International market for rubber and palm oil
20
|
ANNUAL REPORT 2021
|
Socnasia
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
200
400
600
800
1.000
1.200
1.400
1.600
1.800
2.000
2.200
2.400
201 7
201 8
201 9
202 0
202 1
$/Mton
CIF ROTTERDAM - PALM OILS - 5 YEARS +
CPO
CP KO
600
800
1.000
1.200
1.400
1.600
1.800
2.000
2.200
2.400
600
800
1.000
1.200
1.400
1.600
1.800
2.000
2.200
2.400
jan 2021
feb 2021
mrt 2021
apr 2021
mei 2021
jun 2021
jul 2021
aug 2021
sep 2021
okt 2021
nov 2021
dec 2021
$/Mton
CIF ROTTERDAM - PALM OILS - 1 YEAR +
CPO
CP KO
200
400
600
800
1.000
1.200
1.400
201 7
201 8
201 9
202 0
202 1
$/Mton
CPO CIF ROTTERDAM - PALM OILS - 5 YEARS +
900
1.000
1.100
1.200
1.300
1.400
1.500
jan 2021
feb 2021
mrt 2021
apr 2021
mei 2021
jun 2021
jul 2021
aug 2021
sep 2021
okt 2021
nov 2021
dec 2021
$/Mton
CPO CIF ROTTERDAM - PALM OILS - 1 YEAR +
300
500
700
900
1.100
1.300
1.500
201 2
201 3
201 4
201 5
201 6
201 7
201 8
201 9
202 0
202 1
$/Mton
CPO CIF ROTTERDAM - PALM OILS - 10 YEARS +
200
400
600
800
1.000
1.200
1.400
1.600
1.800
2.000
2.200
2.400
200
400
600
800
1.000
1.200
1.400
1.600
1.800
2.000
2.200
2.400
201 7
201 8
201 9
202 0
202 1
$/Mton
CIF ROTTERDAM - PALM OILS - 5 YEARS +
CPO
CP KO
600
800
1.000
1.200
1.400
1.600
1.800
2.000
2.200
2.400
600
800
1.000
1.200
1.400
1.600
1.800
2.000
2.200
2.400
jan 2021
feb 2021
mar 2021
apr 2021
may 2021
jun 2021
jul 2021
aug 2021
sep 2021
oct 2021
nov 2021
dec 2021
$/Mton
CIF ROTTERDAM - PALM OILS - 1 YEAR +
CPO
CP KO
200
400
600
800
1.000
1.200
1.400
1.600
1.800
2.000
2.200
2.400
200
400
600
800
1.000
1.200
1.400
1.600
1.800
2.000
2.200
2.400
201 2
201 3
201 4
201 5
201 6
201 7
201 8
201 9
202 0
202 1
$/Mton
CIF ROTTERDAM - PALM OILS - 10 YEARS +
CPO
P KO
200
400
600
800
1.000
1.200
1.400
201 7
201 8
201 9
202 0
202 1
$/Mton
CPO CIF ROTTERDAM - PALM OILS - 5 YEAR S +
900
1.000
1.100
1.200
1.300
1.400
1.500
jan 2021
feb 2021
mrt 2021
apr 2021
mei 2021
jun 2021
jul 2021
aug 2021
sep 2021
okt 2021
nov 2021
dec 2021
$/Mton
CPO CIF ROTTERDAM - PALM OILS - 1 YEAR +
300
500
700
900
1.100
1.300
1.500
201 2
201 3
201 4
201 5
201 6
201 7
201 8
201 9
202 0
202 1
$/Mton
CPO CIF ROTTERDAM - PALM OILS - 10 YEARS +













Graphics
International market for rubber and palm oil
Socnasia
|
ANNUAL REPORT 2021
|
21
World palm oil production in millions of tons
(source: Oil World)
2022 (*) 2021 (*) 2020 2019 2018 2017 2015 2005 1995
Indonesia
47.1 45.2 42.8 44.2 41.6 36.8 33.4 14.1 4.2
Malaysia
19.1 18.2 19.1 19.9 19.5 19.9 20.0 15.0 7.8
Other
13.7 13.0 12.2 12.4 11.9 11.2 9.1 4.8 3.2
TOTAL
79.9 76.4 74.1 76.5 73.0 67.9 62.5 33.9 15.2
(*) Estimate.
Production of main types of oils in millions of tons
(source: Oil World)
Oct 2021 to Sep 2022 (*) 2021 (*) 2020 2019 2018 2017 2015 2005 1995
Palm 79.9 76.4 74.1 76.5 73.0 67.9 62.5 33.9 15.2
Soya 61.6 59.4 58.6 56.8 56.8 53.9 48.8 33.6 20.2
Rape 25.3 27.1 25.3 24.9 25.6 25.4 26.3 16.2 10.8
Sunower 21.9 18.9 21.3 20.7 19.0 19.0 15.1 9.7 8.7
Palm kernel 8.3 7.9 7.8 8.1 7.7 7.2 6.8 4.0 2.0
Cotton 4.5 4.4 4.6 4.6 4.7 4.2 4.7 5.0 3.9
Peanut 4.5 4.2 4.2 3.7 4.0 4.2 3.7 4.5 4.3
Coconut 3.0 2.7 2.6 2.9 2.9 2.4 2.9 3.2 3.3
TOTAL
209.0 201.0 198.5 198.2 193.7 184.2 170.8 110.1 68.4
(*) Estimate.
The international market 2021
The average CIF Rotterdam crude palm oil price for
2021 is USD 1,195/ton compared to USD 715/ton
in 2020.
2020 was marked by the Covid-19 pandemic, which
severely disrupted the commodity market. With
lockdowns and shutdown of entire sectors of the
economy, palm oil demand had slowed sharply and
prices collapsed, falling below the USD 500/ton
threshold in May 2020.
From the second half of 2020 onwards, palm oil prices
experienced a spectacular rebound which continued
throughout 2021.
Indeed, the pandemic and lockdown measures have
also impacted the global supply of palm oil. Trafc
restrictions have led to labour shortages in some parts
of Southeast Asia hampering the harvesting process.
As a result, foreign workers, who account for nearly
70% of the labour force in plantations in Malaysia,
were unable to travel to the country, which severely
disrupted harvest operations.
In addition, there is a drop in yields caused by a
reduction in the use of fertilisers and by the possible
ageing of certain orchards, a direct consequence of
the low price levels of recent years.
This contraction in supply, combined with a massive
return in demand following lockdowns, has led to a
very signicant rise in palm oil prices. The price of CIF
Rotterdam palm oil has risen from USD 500/ton in May
2020 to over USD 1,300/ton in May 2021, an increase
of 160% in one year.
During this period, palm oil also beneted from the
rise in soybean prices, driven by very strong demand
from China for American soybeans. At the same
time, palm oil exports to India, China and Pakistan
intensied, increasing pressure on producer countries’
stocks.
Graphics
International market for rubber and palm oil
22
|
ANNUAL REPORT 2021
|
Socnasia
However, prospects for higher production, slower
exports and lower soybean prices caused palm oil
prices to fall in June. The CIF Rotterdam CPO was
close to USD 1,000/ton.
Concerns about labour shortages in Malaysia and the
release of lower than expected production forecasts
for the second half of the year caused prices to rise
again in July.
On 31
st
December 2021, the CIF Rotterdam CPO was
trading at around USD 1,350/ton and on 15
th
March
2022 at around USD 1,775/ton.
Forecasts 2022
After an unprecedented decline in 2020, palm oil
production increased in 2021 to around 76.4 million
tons. The increase should continue in 2022 with
production expected to be close to 80 million tons,
according to analysts.
Indeed, the increased use of fertilizers (favoured by
the more remunerative prices of recent months),
and the lifting of trafc restrictions allowing a return
of labour to the elds, should improve yields and
increase production.
However, there are several uncertainties about
the recovery of palm oil production. The Malaysian
authorities have been working on a plan to speed
up the return of foreign workers to the plantations,
but questions remain about its implementation. In
addition, soaring fertiliser prices and longer delivery
times could limit the expected increase in yields.
Indonesia, the world’s largest producer and exporter,
is concerned about its domestic market and therefore
decided at the end of January to restrict its palm oil
exports, while global demand is rising. Tight supply
contributed to an acceleration of the price increase
in February.
At the end of February, the Russian-Ukrainian conict
put the vegetable oil market on edge. Ukraine alone
supplies more than 50% of the world’s sunower
oil production for food and biofuels. The conict is
therefore causing great uncertainty about the supply
of sunower oil, leading buyers to turn to alternative
vegetable oils: soya, rapeseed, palm, whose prices
have soared.
At the beginning of March, the CPO CIF Rotterdam
broke through the historic threshold of USD 2,000 / ton
an increase of nearly 50% since the beginning of the
year.
The global supply of vegetable oils on the markets
should therefore play a decisive role in the evolution
of palm oil prices in 2022. Soaring oil prices, with a
barrel passing the USD 100 mark in early March, also
make palm oil more attractive as a raw material for
biodiesel.
Finally, the fears linked to the pandemic have not
been fully addressed. The emergence of new variants
or the introduction of new restrictions cannot be ruled
out and could once again upset the fundamentals,
impacting supply as well as demand.
The price of CIF Rotterdam crude palm oil on 9
th
March
2022 was around USD 2,000/ton.
Graphics
Socnasia
|
ANNUAL REPORT 2021
|
23
Environment and social responsibility
On 30
th
March 2022, the Group approved the update
of its responsible management policy renewed
and reinforced in 2021 in order to comply with the
GPSNR (Global Platform for Sustainable Natural
Rubber) policy. This responsible management policy
is based on the Group’s three pillars of commitment,
alongside its specic commitment to transparency:
rural development, workers and local communities,
and the 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
dened and implemented throughout 2021.
The efforts and actions undertaken by the Socn
Group in this area are detailed in a regularly updated
dashboard as well as in a separate annual report
(“Sustainable Development Report”).
The responsible management policy, the dashboard
and the annual sustainable development report are
available on the Group’s website.
The annual sustainability report is also available from
the Company’s head ofce upon request.
Graphics
24
|
ANNUAL REPORT 2021
|
Socnasia
Key gures
1. Activity indicators
Area (hectares) Rubber Palm
At 31
st
December 2021
Immatures (by year of planting)
2021 120 1,285
2020 189 1,219
2019 155 1,872
2018 215 0
2017 80 0
2016 169 0
2015 753 0
2014 940 0
2013 183 0
2012 9 0
2011 243 0
2010 33 0
Total immatures
3,090 4,376
Young (from 6 to 11 years)
4,721 (from 3 to 7 years) 6,536
Matured (from 12 to 22 years)
5,854 (from 8 to 18 years) 12,615
Old (above 22 years)
222 (above 18 years) 15,562
Total in production
10,797 34,712
TOTAL
13,886 39,089
Area (hectares) 2021 2020 2019 2018 2017
Palm
39,089 38,727 38,447 39,476 39,194
Rubber
13,886 14,414 14,829 15,655 15,994
TOTAL
52,975 53,141 53,276 55,131 55,188
Production 2021 2020 2019 2018 2017
Palm Oil (tons)
Own production
180,584 182,577 189,462 194,705 196,814
Rubber (tons)
Own production
15,430 15,110 15,123 15,142 14,702
Seeds (thousands)
Own production
11,668 8,042 6,308 14,875 14,149
Graphics
Key gures
Socnasia
|
ANNUAL REPORT 2021
|
25
Turnover (EUR million) 2021 2020 2019 2018 2017
Palm
141 105 99 98 128
Rubber
21 18 19 17 25
Other agricultural products
5 4 4 10 9
Other
1 0 0 0 0
TOTAL
168 127 122 125 162
Staff 2021 2020 2019 2018 2017
Average workforce
10,168 10,363 10,567 10,885 11,033
2. Key gures from the consolidated income statement and
consolidated statement of cash ows
(EUR million) 2021 2020 2019 2018 2017
Turnover
168 127 122 125 162
Operating income
73 34 21 36 40
Result of the year attributable to the Group
57 16 14 23 25
Operating cash ow
69 36 25 8 13
Free cash ow (*)
60 25 12 -12 -9
(*) Free Cash Flow = Cash ow from operating activities + cash ow from investing activities.
3. Key gures in the consolidated statement of nancial position
(EUR million) 2021 2020 2019 2018 2017
Bearer biological assets
115 107 117 110 104
Other non-current assets
256 154 87 85 86
Current assets
115 75 143 148 165
Total equity
296 247 255 253 244
Non-current liabilities
121 37 45 38 36
Current liabilities
70 52 47 51 75
Graphics
26
|
ANNUAL REPORT 2021
|
Socnasia
Stock market data
(EUR) 2021 2020 2019 2018 2017
Number of shares
19,594,260 19,594,260 19,594,260 19,594,260 19,594,260
Equity attributable to the owners of the
Company
289,258,777 241,466,670 247,709,358 246,510,612 237,074,123
Undiluted net prot per share
2.93 0.84 0.73 1.44 1.26
Dividend per share
1.40 0.80 0.80 0.90 1.00
Share price
Minimum
13.10 11.10 11.70 12.60 19.00
Maximum
17.80 17.80 16.40 20.40 24.39
Closing
14.30 14.50 16.30 12.60 20.00
Market capitalisation (*)
280,197,918 284,116,770 319,386,438 246,887,676 391,885,200
Dividend paid / net prot attributable to the
owners of the Company
47.78% 95.36% 109.27% 62.50% 79.17%
Dividends / market capitalisation
9.79% 5.52% 4.91% 7.14% 5.00%
Market price / undiluted net prot per share
4.88 17.28 22.26 8.75 15.83
(*) Market capitalisation is the product of the number of shares multiplied by the closing market price.
Graphics
Socnasia
|
ANNUAL REPORT 2021
|
27
Liquidation of Gaummes, Socn Green Energy and Socn Research.
Financial highlights of the year
Graphics
28
|
ANNUAL REPORT 2021
|
Socnasia
1. Introduction
Socnasia pays close attention to the evolution of
the ten principles of corporate governance of the
Luxembourg Stock Exchange. It commits to provide
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 conicts of interests.
2. Corporate governance chart
The Board of Directors adopted the corporate
governance chart on 21
st
November 2018. It has been
updated on 30
th
March 2022 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 Ofce
Mr. Hubert Fabri Belgian 1952 Chairman
(a)
AGO 1980 AGO 2027
Mr. Vincent Bolloré French 1952 Director
(a)
AGE 1990 AGO 2024
Mr. Cyrille Bolloré French 1985 Director
(a)
AGO 2019 AGO 2025
Administration and Finance Corporation
“AFICO” represented by Régis Helsmoortel
Belgian 1961 Director
(b)
AGO 1997 AGO 2023
Mr. François Fabri Belgian 1984 Director
(b)
AGO 2014 AGO 2026
Mr. Philippe Fabri Belgian 1988
Director
(b)
AGO 2018 AGO 2024
Mrs. Valérie Hortefeux French 1967 Director
(c)
AGO 2019 AGO 2025
(a)
Non-Executive non-independent Director
(b)
Executive non-independent Director
(c)
Independent Director
Administration and Finance Corporation “AFICO”,
outgoing director, is eligible for re-election. The Board
will propose to the next General Meeting the renewal
of this term of ofce for a period of six years. It will
be represented by Mr. Régis Helsmoortel.
The Board of Directors takes note of the resignation
of Mr. Philippe de Traux and Mr. Luc Boedt from their
directorships. It will not be proposed to the General
Meeting to provide for their replacement.
Corporate governance statement
Graphics
Corporate governance statement
Socnasia
|
ANNUAL REPORT 2021
|
29
Other mandates held by the directors in listed companies
Hubert Fabri
Chairman
Positions and ofces held in Luxembourg companies
• Chairman and director of the Board of Directors of Société Financière des Caoutchoucs “Socn”, Socnaf
and Socnasia.
Positions and ofces 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, Okomu Oil Palm Company, S.A.F.A. Cameroon
“Safacam”, Société Industrielle et Financière de l’Artois and La Forestière Equatoriale;
• Permanent representative of Administration and Finance Corporation “AFICO” at the Board of Société
Camerounaise de Palmeraies “Socapalm”.
Vincent Bolloré
Director
Positions and ofces held in Luxembourg companies
• Director of Société Financière des Caoutchoucs “Socn”, Socnaf and Socnasia.
Positions and ofces held in foreign companies
• Chairman and chief Executive ofcer 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”.
Cyrille Bolloré
Director
Positions and ofces held in Luxembourg companies
• Director of Socnasia.
• Permanent representative of Bolloré Participations SE on the Board of Directors of Socnaf.
Positions and ofces held in foreign companies
• Chairman and Chief Executive Ofcer of the Board of Directors of Bolloré SE;
• Member of the Supervisory Board of Compagnie du Cambodge;
• Vice-Chairman of Compagnie de l’Odet;
• Director of Bolloré SE, Compagnie de l’Odet and Société Industrielle et Financière de l’Artois;
• Permanent representative of Compagnie du Cambodge on the Board of Financière Moncey;
• Member of the Supervisory Board of Vivendi SE.
Graphics
Corporate governance statement
30
|
ANNUAL REPORT 2021
|
Socnasia
Administration and Finance Corporation “AFICO”
Director
Positions and ofces held in Luxembourg companies
• Director of Société Financière des Caoutchoucs “Socn” and Socnasia.
Positions and ofces held in foreign companies
• Director of Société des Caoutchoucs du Grand Bereby “SOGB”, Société Industrielle et Financière de l’Artois
and Société Camerounaise de Palmeraies “Socapalm”.
François Fabri
Director
Positions and ofces held in Luxembourg companies
• Director of Société Financière des Caoutchoucs “Socn”, Socnaf and Socnasia;
• Executive Director of Socnaf.
Positions and ofces 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”.
Philippe Fabri
Director
Positions and ofces held in Luxembourg companies
• Director of Société Financière des Caoutchoucs “Socn”, Socnaf and Socnasia;
• Executive Director of Société Financière des Caoutchoucs “Socn”.
Positions and ofces held in foreign companies
• Member of the Supervisory Board of Palmeraies de Mopoli;
• Permanent representative of Société Anonyme Forestière et Agricole “SAFA” on the board of S.A.F.A.
Cameroon “Safacam”.
Valérie Hortefeux
Director
Positions and ofces held in Luxembourg companies
• Director of Socnasia.
Positions and ofces held in foreign companies
• Director of Mediobanca and Compagnie de l’Odet.
Graphics
Corporate governance statement
Socnasia
|
ANNUAL REPORT 2021
|
31
Appointments of Directors
The Board of Directors proposes the appointment
of the Directors at the Annual General Meeting of
shareholders.
In the event of a vacancy due to death 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 of shareholders at its next
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 nancial and
human resources are available and ensures that all
the necessary structures are in place to achieve its
objectives and ensure long-term value creation.
The Articles of Association empower the Board of
Directors to perform all actions necessary to achieve
the corporate purpose.
Activity report of the Board of Directors
Number of meetings
At least two for the year-end and mid-year evaluations.
During the 2021 nancial year, the Board of Directors
met 5 times.
Topics generally discussed
Periodic accounting situations;
Portfolio movements;
Inventory and valuation of the portfolio;
Evolution of signicant holdings;
Management report;
Investment projects;
Corporate, social and environmental responsibility.
Average attendance rate of Directors
- 2021: 98%
- 2020: 100%
- 2019: 91%
- 2018: 96%
- 2017: 91%
Graphics
Corporate governance statement
32
|
ANNUAL REPORT 2021
|
Socnasia
4. Committees of the Board of Directors
4.1 Audit Committee
The Committee is composed of three members, of which 2 are independents and one of them 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
st
January 2022 and has been in charge of the supervision of the preparation of the
nancial information for the year 2021.
The Board of Directors has proposed that it will be constituted as follows:
• Mrs. Valérie Hortefeux (Independent Member) - Chairperson
• Mr. Frédéric Lemaire (Independent Member)
• Mr. Philippe Fabri (Director)
The appointment of the non-executive members will be conrmed at the General Meeting of Shareholders on
31
st
May 2022.
The Audit Committee will assist the Board of Directors in its supervisory function and is responsible of the
monitoring of the nancial reporting, the audit process, the analysis and control of nancial risks.
The Audit Committee shall meet three times a year.
4.2 Appointment and Remuneration Committee
The remuneration of the operational management of Socnasia is set by the principal shareholders. 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. Remuneration
The remuneration allocated to the members of the Board of Directors of Socnasia for nancial year 2021
amounts to EUR 5,849,500 compared to EUR 4,625,964 in 2020.
The Directors of Socnasia did not receive any other payment in shares (stock options).
Graphics
Corporate governance statement
Socnasia
|
ANNUAL REPORT 2021
|
33
6. Shareholding status
Shareholder
Number of shares held =
Number of voting rights
Percentage
holding
Date of
notication
Socn
L-1650 Luxembourg
11,324,179 57.79 01/02/2017
Bolloré Participations
F-29500 Ergué Gaberic
200 0.001 22/10/2018
Bolloré
F-29500 Ergué Gaberic
3,358,100 17.138 22/10/2018
Compagnie du Cambodge
F-92800 Puteaux
1,002,500 5.116 22/10/2018
Total Bolloré interests (direct and indirect)
4,360,800 22.255
7. Financial calendar
31
st
May 2022 Annual General Meeting at 11.00 am
9
th
June 2022 Payment of the balance of dividend for 2021 (coupon number 82)
End of September 2022 Half year stand alone and consolidated results as at 30
th
June 2022
Mid-November 2022 Interim Management statement for 3
rd
quarter of 2022
End of March 2023 Annual stand alone results as at 31
st
December 2022
Mid-April 2023 Consolidated annual results as at 31
st
December 2022
Mid-May 2023 Interim Management statement for the 1
st
quarter of 2023
30
th
May 2023 Annual General Meeting at 11.00 am
The Company’s results are communicated on the Luxembourg Stock Exchange website www.bourse.lu and on the
Company’s website www.socn.com.
8. External audit
Independent statutory auditor (Réviseur d’entreprises agréé)
Ernst & Young “EY”
35E Avenue John F. Kennedy
L-1855 Luxembourg.
In 2021, the audit fees amounted to EUR 343,389 VAT included.
The audit fees include all fees paid to the independent statutory auditor of the Group, as well as those paid
to member rms within their network for the year. No consulting work or other non-audit services have been
performed by those companies in 2021.
Graphics
Corporate governance statement
34
|
ANNUAL REPORT 2021
|
Socnasia
9. Corporate, social and environmental responsibility
On March 30
th
, 2022, the Group approved the update of its responsible management policy renewed and reinforced
in 2021 in order to respond to comply with the GPSNR (Global Platform for Sustainable Natural Rubber) policy.
This responsible management policy is based on the Group’s three pillars of commitment, alongside its specic
commitment to transparency: rural development, workers and local communities, and the 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 dened and implemented throughout 2021.
The efforts and actions undertaken by the Socn Group in this area are detailed in a regularly updated dashboard
as well as in a separate annual report (“Sustainable Development Report”).
The responsible management policy, the dashboard and the annual sustainable development report are available
on the Group’s website.
10. Other information
Pursuant to the Regulation 2016/347 of the European Commission of 10
th
March 2016 specifying the modalities
for updating insider lists, a list of insiders has been drawn up and is kept continuously up to date. The persons
concerned have been informed of their inclusion on this list.
Graphics
Socnasia
|
ANNUAL REPORT 2021
|
35
Portrait du GroupeStatement of compliance
Mr. Philippe Fabri, Director and Mr. Daniel Haas, Chief Financial Ofcer, indicate that, to their knowledge:
(a) the consolidated nancial statements prepared for the year ended as at 31
st
December 2021, in accordance
with the International Financial Reporting Standards as adopted by the European Union, give a true and
fair view of the assets and liabilities, the nancial position and the prot or loss of Socnasia and of all the
entities included in consolidation, and
(b) the management report fairly presents the evolution and results of the Company, the nancial position of the
Group and all the entities included in the consolidation and a description of the main risks and uncertainties
they face.
Graphics
36
|
ANNUAL REPORT 2021
|
Socnasia
Consolidated management report
Directors’ report on the consolidated nancial statements
presented by the Board of Directors to the
Annual General Meeting of the Shareholders of 31
st
May 2022
Ladies and Gentlemen,
CONSOLIDATED FINANCIAL STATEMENTS
The consolidated nancial statements as at
31
st
December 2021 include the nancial statements
of Socnasia, all subsidiaries and direct and indirect
associate companies, the details of which are given
in Note 2 of the notes to the consolidated nancial
statements.
As stated in Note 1 of the notes to the consolidated
nancial statements, the consolidated nancial
statements have been prepared in accordance with
International Financial Reporting Standards or IFRS
as adopted by the European Union. Socnasia (the
Group) adopted IFRS standards for the rst time in 2005
and all the standards applicable to the Group as at
31
st
December 2021 have been implemented.
Consolidated results
For the 2021 nancial year, the result attributable to the
Group amounted to EUR 57.4 million compared to EUR
16.4 million in 2020. This results in earnings per share
attributable to the Group of EUR 2.93 compared to EUR
0.84 in 2020.
Consolidated revenue amounted to EUR 168.2 million in
2021 compared to EUR 126.5 million in 2020 (an increase
of EUR 41.7 million). This increase in revenue was mainly
due to rise in the price (EUR +44.2 million), a reduction
in the quantities sold (EUR -1.4 million), and a foreign
exchange loss on the Euro against the Indonesian Rupiah
(EUR -2.3 million).
Likewise, operating prot increased to EUR 73.4 million
compared to EUR 34.4 million in 2020.
Other nancial income increased to EUR 8.1 million
compared to EUR 4.9 million in 2020 and consisted
mainly of EUR 3.0 million of interest on long term
advances to Socnaf and tranferred to Socn after
nance restructuring. The higher amount is mainly due
to realised exchange gain for EUR 2.6 millions.
Financial expenses amounted to EUR 2.1 million
compared to EUR 6.9 million in 2020 and consisted mainly
of foreign exchange losses of EUR 1.0 million.
The tax expense increased. Income taxes amounted to
EUR 21.7 million compared to EUR 14.3 million in 2020.
Prot for the year from associates attributable to
the Group increased to EUR 7.1 million compared to
EUR 1.8 million in 2020.
Consolidated statement of nancial position
The assets of Socnasia consist of:
- non-current assets of EUR 371.7 million compared to
EUR 261.4 million in 2020; an increase of EUR 110.3
million mainly due to EUR 95.6 million of long-term
advances to Socnaf and to EUR 8.0 million increase
on biological assets;
- current assets of EUR 115.1 million compared to EUR
74.7 million in 2020. This increase is mainly due to
the increase of the cash and cash equivalents for EUR
53.6 million and the increase of inventory for EUR 4.3
million.
Shareholders’ equity attributable to the Group amounted
to EUR 289.3 million compared to EUR 241.5 million in
2020. The increase in shareholders’ equity of EUR 47.8
million is mainly due to the prot for the period (EUR
+57.4 million), the allocation of the net results (EUR
-17.6 million, nal dividend 2020 and interim dividend
2021 included), and the change in translation reserve
(EUR 9.0 million).
On the basis of the consolidated shareholders’ equity,
the net value per share attributable to the Group (before
distribution of the balance of the dividend) was EUR
14.76 compared to EUR 12.32 a year earlier. As at 31
st
December 2021, the share price stood at EUR 14.30.
Current and non-current liabilities increased to
EUR 190.9 million compared to EUR 88.9 million a year
earlier. The tax liabilities increased from EUR 10.0 million
to EUR 16.0 million.
Graphics
Consolidated management report
Socnasia
|
ANNUAL REPORT 2021
|
37
Consolidated cash ow
As at 31
st
December 2021, cash and equivalents
amounted to EUR 73.4 million, an increase of EUR 53.6
million for the year compared to an increase of EUR
7.2 million in the previous nancial year.
Net cash ow from operating activities amounted to
EUR 69.2 million in 2021 (EUR 35.9 million in 2020)
and cash ow from operations to EUR 92.3 million
compared to EUR 58.1 million in the previous nancial
year.
Cash ow from investing activities amounted to
EUR 9.5 million (EUR 11.1 million in 2020) and cash
ow from nancing activities amounted to EUR 8.0
million (EUR 16.6 million in 2020) of which EUR 23.1
million of dividends (EUR 19.4 million in 2020).
FINANCIAL INSTRUMENTS
Financial risk management policies are described in the notes to the consolidated nancial statements of the
Company (see notes 23 and 34).
OUTLOOK 2022
The results for the next nancial year will depend, to a large extent, on factors which are external to the
management of the Group, namely the political and economic conditions in the countries where the subsidiaries
are established, the changes in the price of rubber and palm oil, and the evolution of the Indonesian Rupiah and
the US dollar against the Euro. The Group, for its part, pursues its policy of keeping cost prices as low as possible
and improving its production capacity.
POLITICAL AND ECONOMIC ENVIRONMENT
The Company holds interests in subsidiaries operating in South-East Asia.
Given the economic and political instability in some of these countries, these investments present a risk in terms
of exposure to political and economic changes.
EVENTS AFTER THE CLOSING DATE
Russian – Ukrain conict
In February 2022, a number of countries (including
the US, UK and EU) imposed sanctions against certain
entities and individuals in Russia as a result of the
ofcial recognition of the Donetsk People Republic and
Lugansk People Republic by the Russian Federation.
Announcements of potential additional sanctions have
been made following military operations initiated by
Russia against the Ukraine on 24
th
February 2022.
Due to the growing geopolitical tensions, since
February 2022, there has been a signicant increase
in volatility on the securities and currency markets, as
well as a signicant depreciation of the ruble against
the US dollar and the euro. It is expected that these
events may affect the activities of Russian enterprises
in various sectors of the economy.
The Group regards these events as non-adjusting
events after the reporting period.
Although neither the company’s performance and
going concern nor operations, at the date of this
report, have been signicantly impacted by the
above, the Board of Directors continues to monitor
the evolving situation and its impact on the nancial
position and results of the company.
Graphics
Consolidated management report
38
|
ANNUAL REPORT 2021
|
Socnasia
Early partial repayment of loan
As of 25
th
February 2022, Socn prepaid an amount of USD 25,000,000 i.e. EUR 22,409,466 of its debt to PNS Ltd.
PNS Ltd itself repaid early an amount of USD 25,000,000 of its bank loan.
IMPACT OF THE COVID-19 CRISIS
In addition to the sanitary measures taken and
described in the sustainable development report,
the Group limited the tapping of rubber trees of the
most productive plots at the beginning of the Covid-19
crisis. In 2021, the tapping of rubber trees on these
sites was restarted.
This health crisis had no impact on the palm oil
business.
The nancial forecasts of the Company and its direct
and indirect subsidiaries for the years 2022 and 2023,
and the sustained levels of market prices in this
rst tranche of the year, indicate that the activity
will generate sufcient cash to meet the Group’s
obligations and ensure the going concern of the
operations.
CORPORATE GOVERNANCE
The Board of Directors implements the corporate
governance rules applicable in the Grand Duchy of
Luxembourg in the Group’s nancial structure and
reports.
Further information on how the rules are implemented
is available in the corporate governance statement in
the annual report and in the management report on
the Company’s stand alone nancial statements.
GENERAL INTERNAL CONTROL SYSTEM ADAPTED TO THE GROUP’S
SPECIFIC ACTIVITIES
Segregation of functions
The segregation of operational, commercial and
nancial functions implemented at each level of
the Group reinforces the independence of internal
control.
These different functions ensure the completeness
and reliability of the information which is within their
areas of responsibility. They provide regular updates
of the completeness of information to local managers
and to the Group’s headquarters (agricultural and
industrial production, trade, human resources,
nance, etc.
Autonomy and accountability of subsidiaries
The operational entities have a large degree of
autonomy in their management due to geographical
distances. They are, in particular, responsible for
the implementation of an internal control system
adapted to the nature and extent of their activity,
the optimisation of their operations and nancial
performances, the protection of their assets and
management of their risks.
This autonomy makes it possible for the entities to
be more accountable and to ensure the adequacy
between their practices and the legal framework of
their host country.
Centralised control
The Human Resources Management policy of the
top management of the entities within the Group is
centralised at the Group’s headquarters. It contributes
to the smooth running of an effective internal control
system through the independence of recruitment, the
Graphics
Consolidated management report
Socnasia
|
ANNUAL REPORT 2021
|
39
harmonisation of the segregated functions, annual
evaluations and training programs.
The operational, commercial and nancial functions
centrally dene a set of standard reports which ensure
the homogeneity of the presentation of information
originating from the subsidiaries.
Treasury reporting process
The treasury department organises, supervises and
controls the reporting of daily information and weekly
indicators of the subsidiaries and, in particular, the
cash ow position, the evolution of net debt and the
expenses related to the investments.
Financial reporting process
The nancial department organises, supervises
and controls the reporting of monthly accounting,
budgetary and nancial information and 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 nancial decisions
taken by the Board of Directors of the subsidiaries.
Preparation of consolidated accounts
The consolidated nancial statements are prepared
on a half-yearly basis. They are audited annually by
the external auditors as part of a nancial audit of
subsidiaries, which covers both the statutory accounts
of the entities in the scope of consolidation and the
consolidated nancial 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 the secure processing
of information feedback from subsidiaries, the
transparency and relevance of automatic consolidation
processes and the consistency of presentation of
accounting aggregates in the annual report. Lastly,
due to the complexity of the accounting standards
in force and the many specicities related to their
implementation, the consolidation service centralises
the adjustments specic to the valuation rules
applicable to the consolidated nancial statements.
ENVIRONMENT AND SOCIAL RESPONSIBILITY
On March 30
th
, 2022, the Group approved the update
of its responsible management policy renewed and
reinforced in 2021 in order to respond to comply with
the GPSNR (Global Platform for Sustainable Natural
Rubber) policy. This responsible management policy
is based on the Group’s three pillars of commitment,
alongside its specic commitment to transparency:
rural development, workers and local communities,
and the 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
dened and implemented throughout 2021.
The efforts and actions undertaken by the Socn
Group in this area are detailed in a regularly updated
dashboard as well as in a separate annual report
(“Sustainable Development Report”).
The responsible management policy, the dashboard
and the annual sustainable development report are
available on the Group’s website.
The Board of Directors
Graphics
40

|
ANNUAL REPORT
2021

|

Socnasia
Auditor’s report on the consolidated nancial statements
To the Shareholders
SOCFINASIA S.A.
4, Avenue Guillaume
L-1650 Luxembourg
REPORT ON THE AUDIT OF THE CONSOLIDATED FINANCIAL STATEMENTS
Opinion
We have audited the consolidated nancial
statements of Socnasia S.A. and its subsidiaries
(the “Group”), which comprise the consolidated
statement of nancial position as at 31 December
2021, and the consolidated statement of
comprehensive income, the consolidated statement
of changes in equity and the consolidated statement
of cash ows for the year then ended, and the notes
to the consolidated nancial statements, including
a summary of signicant accounting policies.
In our opinion, the accompanying consolidated
nancial statements give a true and fair view of the
consolidated nancial position of the Group as at
31 December 2021, and of its consolidated nancial
performance and consolidated cash ows for the
year then ended in accordance with International
Financial Reporting Standards (“IFRS”) as adopted
by the European Union.
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 (the “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 are
further described in the “Responsibilities of the
“réviseur d’entreprises agréé” for the audit of
the consolidated nancial statements” section
of our report. We are also independent of the
Group in accordance with the International Ethics
Standards Board for Accountants’ Code of Ethics for
Professional Accountants (“IESBA Code”) as adopted
for Luxembourg by the CSSF together with the
ethical requirements that are relevant to our audit

management

determines

the

recoverable

amount
sheet date. When an indicator is identied, Group

any indicator of impairment reversal at the balance

whether

there

is

any

indicator

of

impairment

or

methodology used by Group management to assess

consolidated

nancial

statements

describes

the

The

note

8

"Impairment

of

assets"

of

the

impairment losses.
at

cost

less

accumulated

depreciation

and any
Plant

and

Equipment".

These

assets

are

recognised

with

the

principles

dened

in

IAS

16

"Property,

and

rubber

plantations,

are

valued

in

accordance

biological assets, which consist mainly

of

oil

palm

The

Group

owns

biological

assets

in

Asia. These
of total assets of EUR 487 million.
biological

assets

amounted

to

EUR

115

million

out

As

at

31

December

2021,

the

value

of

the

Group's

Risk identied
Valuation of biological assets
opinion on these matters.
opinion thereon, and we do not provide a separate

nancial statements as a whole, and in forming our

in

the

context

of

the

audit

of

the

consolidated

the

current

period. These

matters

were

addressed

our audit of the consolidated nancial statements of

professional judgment, were of most signicance in

Key

audit

matters

are

those

matters

that,

in

our

Key audit matters
appropriate to provide a basis for our opinion.
audit

evidence

we

have

obtained

is

sufcient

and

those

ethical

requirements.

We

believe

that

the

fullled

our

other

ethical

responsibilities

under

of the consolidated nancial statements, and have


believe

that

the

fullled

our

other

ethical

responsibilities

under

of the consolidated nancial statements, and have


Graphics
Socnasia
|
ANNUAL REPORT 2021
|
41
Auditor’s report on the consolidated nancial statements
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 1st position on SGX) and the
listed price of crude palm oil (CIF Rotterdam) at
the balance sheet date higher than 15% compared
to a ve-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 ve-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 ve-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 ve-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:
- Specicities of the local market (evolution of
supply and demand, ...);
- Physical indications of impairment;
- Signicant changes in the plantations that could
have a material impact on future cash ows.
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 dened in terms
of discounted future net cash ows and involves
signicant judgements and estimations by Group
Management, including nancial forecasts and the
utilization of appropriate discount rates.
We considered the valuation of biological assets to
be a key audit issue because of :
- their signicance 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 signicant 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 identication 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 ow
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

Graphics
Auditor’s report on the consolidated nancial statements
42
|
ANNUAL REPORT 2021
|
Socnasia
o 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
nancial 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
nancial statements and our report of “réviseur
d’entreprises agréé” thereon.
Our opinion on the consolidated nancial 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
nancial statements, our responsibility is to read
the other information and, in doing so, consider
whether the other information is materially
inconsistent with the consolidated nancial
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
consolidated nancial statements
The Board of Directors is responsible for
the preparation and fair presentation of the
consolidated nancial statements in accordance
with IFRS 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 nancial statements that are free
from material misstatement, whether due to fraud
or error.
The Board of Directors is also responsible for
presenting the consolidated nancial 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 nancial 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 Group or to cease
operations, or has no realistic alternative but to do
so.
Those charged with governance are responsible
for overseeing the Company’s / Bank’s [Group’s]
nancial reporting process.
Responsibilities of the “réviseur d’entreprises
agréé” for the audit of the consolidated nancial
statements
The objectives of our audit are to obtain reasonable
assurance about whether the consolidated nancial
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 inuence the economic decisions
of users taken on the basis of these consolidated
nancial 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 nancial
statements, whether due to fraud or error,
design and perform audit procedures responsive
to those risks, and obtain audit evidence that is

Graphics
Auditor’s report on the consolidated nancial statements
Socnasia
|
ANNUAL REPORT 2021
|
43
sufcient 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 signicant 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 nancial 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 nancial statements,
including the disclosures, and whether the
consolidated nancial statements represent the
underlying transactions and events in a manner
that achieves fair presentation.
• Assess whether the consolidated nancial
statements have been prepared, in all material
respects, in compliance with the requirements
laid down in the ESEF Regulation.
• Obtain sufcient appropriate audit evidence
regarding the nancial information of the entities
and business activities within the Group to
express an opinion on the consolidated nancial
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 signicant
audit ndings, including any signicant deciencies
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 signicance in the audit of the
consolidated nancial 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 2 years.
The consolidated management report is consistent
with the consolidated nancial statements and has
been prepared in accordance with applicable legal
requirements.
The accompanying corporate governance statement
on pages 28 to 34 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 undertakings6, as amended, is consistent
with the consolidated nancial statements and has
been prepared in accordance with applicable legal
requirements.

Graphics
Auditor’s report on the consolidated nancial statements
44
|
ANNUAL REPORT 2021
|
Socnasia
We have checked the compliance of the consolidated
nancial statements of the Group as at 31 December
2021 with relevant statutory requirements set out
in the ESEF Regulation that are applicable to the
nancial statements. For the Group, it relates to :
• Financial statements prepared in valid xHTML
format;
• The XBRL markup of the consolidated nancial
statements using the core taxonomy and the
common rules on markups specied in the ESEF
Regulation.
In our opinion, the consolidated nancial statements
of the Group as at 31 December 2021, identied as
[Socnasia 2021 Annual report], have been prepared,
in all material respects, in compliance with the
requirements laid down in the ESEF Regulation.
We conrm that the audit opinion is consistent with
the additional report to the audit committee or
equivalent.
We conrm 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
Yves Even
Luxembourg, 29
th
April 2022

Graphics
Socnasia
|
ANNUAL REPORT 2021
|
45
Consolidated nancial statements
1. Consolidated statement of nancial position
31/12/2021 31/12/2020
ASSETS Note EUR EUR
Non-Current Assets
Right-of-use assets
3
910,065 958,149
Intangible assets
4
828,613 208,262
Property, plant and equipment
5
41,308,451 40,157,598
Biological assets
6
115,405,596 107,369,830
Investments in associates
10
21,934,906 20,600,069
Financial assets at fair value through other comprehensive
income
11
501,082 584,990
Long-term advances
12
175,971,270 80,387,666
Deferred tax assets
13
7,870,916 3,557,425
Other non-current assets
31
7,000,000 7,600,000
371,730,899 261,423,989
Current Assets
Inventories
16
16,115,866 11,766,833
Current biological assets
6
1,135,194 0
Trade receivables
17
2,304,055 1,994,383
Other receivables
18
20,904,232 40,157,782
Current tax assets
14
1,228,967 980,690
Cash and cash equivalents
19
73,404,709 19,832,116
115,093,023 74,731,804
TOTAL ASSETS 486,823,921 336,155,793
The accompanying notes are an integral part of these consolidated nancial statements.

Graphics
Consolidated nancial statements
46
|
ANNUAL REPORT 2021
|
Socnasia
31/12/2021 31/12/2020
EQUITY AND LIABILITIES Note EUR EUR
Equity attributable to the owners of the Parent
Share capital
20 24,492,825 24,492,825
Legal reserve
21 2,449,283 2,449,283
Consolidated reserves
321,053,764 323,270,534
Translation reserves
-116,151,273 -125,183,537
Prot for the period
57,414,177 16,437,566
289,258,776 241,466,671
Non-controlling interests
9 6,662,431 5,748,692
Total Equity
295,921,207 247,215,363
Non-Current Liabilities
Deferred tax liabilities
13 5,579,195 1,806,032
Employee Benets Obligations
22 36,912,326 35,114,910
Long term debt, net of current portion
23 78,136,408 0
Long term lease liabilities
3 401,008 394,600
121,028,937 37,315,542
Current Liabilities
Short-term debt and current portion of long term debt
23 8,853,829 0
Short-term lease liabilities
3 26,341 24,036
Trade payables
4,003,740 4,418,226
Current tax liabilities
14 16,005,952 10,048,388
Provisions
0 72,545
Other payables
24 40,983,915 37,061,693
69,873,777 51,624,888
TOTAL EQUITY AND LIABILITIES 486,823,921 336,155,793
The accompanying notes are an integral part of these consolidated nancial statements.

Graphics
Consolidated nancial statements
Socnasia
|
ANNUAL REPORT 2021
|
47
2. Consolidated income statement
2021 2020
Note EUR
Restated (*)
EUR
Revenue
33 168,186,805 126,520,057
Work performed by entity and capitalised
1,105,836 1,239,801
Change in inventories of nished products and work in progress
3,452,902 -4,324,601
Other operational income
1,305,827 5,264,861
Raw materials and consumables used
33 -11,421,404 -12,013,109
Other expenses
33 -13,038,627 -11,375,578
Staff costs
26 -60,755,553 -50,861,528
Depreciation and impairment expense
7 -10,948,422 -12,412,405
Other operating expenses
33, 15
-4,648,823 -7,607,690
Operating prot
73,238,541 34,429,808
Other nancial income
27 8,059,609 4,860,689
Gain on disposals
696,738 52,272
Loss on disposals
-2,236,973 -446,572
Financial expenses
28 -2,062,103 -6,912,388
Prot before taxes
77,695,812 31,983,809
Income tax expense
15 -21,664,691 -14,340,159
Deferred tax (expense) / income
15 357,786 -347,544
Share of the Group in the result from associates
10 7,147,777 1,765,112
Prot for the period
63,536,684 19,061,218
Prot attributable to non-controlling interests
6,122,501 2,623,655
Prot attributable to the owners of the Parent
57,414,177 16,437,566
Basic earnings per share undiluted
29 2.93 0.84
Number of Socnasia shares
19,594,260 19,594,260
Basic earnings per share
2.93 0.84
Diluted earnings per share
2.93 0.84
(*) For further details, refer to Notes 1.5 and 15.
The accompanying notes are an integral part of these consolidated nancial statements.

Graphics
Consolidated nancial statements
48
|
ANNUAL REPORT 2021
|
Socnasia
3. Consolidated statement of comprehensive income
2021 2020
Note EUR EUR
Prot for the period
63,536,684 19,061,218
Other comprehensive income
Actuarial losses and gains
22 -801,102 3,161,078
Deferred tax on actuarial losses and gains
-25,588 -695,437
Fair value changes of securities measured at fair value through other
comprehensive income, before taxes
11 -36,378 -48,997
Deferred tax on fair value changes of securities measured at fair value
through other comprehensive income
9,073 12,220
Subtotal of items that cannot be reclassied to prot or loss
-853,995 2,428,863
Gains (losses) on exchange differences on translation of subsidiaries
8,936,823 -9,224,454
Share of other comprehensive income related to associates
10 317,468 -237,695
Subtotal of items eligible for reclassication to prot or loss
9,254,291 -9,462,149
Total Other Comprehensive Income
8,400,296 -7,033,286
Comprehensive income
71,936,980 12,027,932
Comprehensive income attributable to non-controlling interests
6,411,481 2,594,994
Comprehensive income attributable to the owners of the Parent
65,525,493 9,404,265
The accompanying notes are an integral part of these consolidated nancial statements.

Graphics
Consolidated nancial statements
Socnasia
|
ANNUAL REPORT 2021
|
49
4. Consolidated statement of cash ows
2021 2020
Note EUR
Restated (*)
EUR
Operating activities
Prot attributable to the owners of the Parent
57,414,177 16,437,566
Prot attributable to non-controlling shareholders
6,122,505 2,623,652
Income from associates
10 -7,147,776 -1,765,112
Dividends received from associates
10 3,383,509 3,302,248
Fair value of agricultural production
1,380,915 4,806,752
Other adjustments having no impact on cash position
-1,526,193 2,941,766
Provisions and allowances
9,839,642 14,677,105
Net loss on disposals of assets
1,540,235 394,299
Income tax expense
15 21,306,905 14,687,702
Cash ows from operating activities
92,313,919 58,105,978
Interest paid / (received)
27, 28 -3,521,702 -3,288,408
Income tax paid
14 -21,664,691 -14,340,158
Change in inventory
-6,112,598 151,135
Change in trade and other receivables
1,105,895 -11,555,857
Change in trade and other payables
3,694,583 7,056,036
Accruals and prepayments
3,352,891 -267,488
Change in working capital requirement
2,040,771 -4,616,174
Net cash ows from operating activities
69,168,297 35,861,238
Investing activities
Acquisitions / disposals of intangible assets
-647,322 -17,885
Acquisitions of property, plant and equipment and biological assets
5, 6 -10,468,242 -12,685,358
Disposals of property, plant and equipment
977,739 1,074,313
Acquisitions / disposals of nancial xed assets
621,710 564,241
-9,516,115 -11,064,689
Financing activities
Dividends paid to the owners of the Parent
30 -17,634,834 -15,675,408
Dividends paid to non-controlling shareholders
9 -5,497,754 -3,756,823
Proceeds from borrowings
23 12,082,392 0
Repayment of borrowings
23 -483,046 1,974
Repayment of lease liabilities
-25,145 -504,552
Interest received
3,521,702 3,288,408
Net cash ows from nancing activities
-8,036,684 -16,646,401
Effect of exchange rate uctuations
1,957,095 -910,690
Net cash ow
53,572,593 7,239,458
Cash and cash equivalents at 1
st
January
19 19,832,116 12,592,654
Cash and cash equivalents at 31
st
December
19 73,404,709 19,832,116
Net increase / (decrease) in cash and cash equivalents
53,572,593 7,239,462
(*) For further details, refer to Notes 1.5 and 15.
The accompanying notes are an integral part of these consolidated nancial statements.

Graphics
Consolidated nancial statements
50
|
ANNUAL REPORT 2021
|
Socnasia
5. Consolidated statement of changes in equity
EUR Share capital Legal reserve
Translation
reserves
Consolidated
reserves
Equity
attributable
to the
owners of
the Parent
Non-
controlling
interests
TOTAL
EQUITY
Balance at 1
st
January 2020
24,492,825 2,449,283 -116,455,441 337,222,691 247,709,358 6,972,073 254,681,431
Prot/(loss) for the period
16,437,566 16,437,566 2,623,652 19,061,218
Actuarial losses and gains
28,672 1,990,553 2,019,225 446,415 2,465,640
Change in fair value of securities at fair
value through other comprehensive income
-29,391 -29,391 -7,386 -36,777
Foreign currency translation adjustments
-8,756,768 -8,756,768 -467,686 -9,224,454
Change in other comprehensive income
from associates
-237,695 -237,695 -237,695
Other comprehensive income
-8,728,096 18,161,033 9,432,937 2,594,995 12,027,932
Dividends (Note 30)
-9,797,130 -9,797,130 -1,912,579 -11,709,709
Interim dividends (Note 30)
-5,878,278 -5,878,278 -1,905,798 -7,784,076
Other movements
-216 -216 -216
Transactions with shareholders
-15,675,624 -15,675,624 -3,818,377 -19,494,001
Balance at 31
st
December 2020
24,492,825 2,449,283 -125,183,537 339,708,101 241,466,671 5,748,691 247,215,362
Balance at 1
st
January 2021
24,492,825 2,449,283 -125,183,537 339,708,101 241,466,671 5,748,691 247,215,362
Prot/(loss) for the period
57,414,177 57,414,177 6,122,501 63,536,678
Actuarial losses and gains -744,021
-744,021
-82,669
-826,690
Change in fair value of securities at fair
value through other comprehensive income
-21,821 -21,821 -5,484 -27,305
Foreign currency translation adjustments
8,559,690 8,559,690 377,133 8,936,823
Transfer between reserves
472,575 -472,575
Change in other comprehensive income
from associates
317,468 317,468 317,468
Other comprehensive income
9,032,265 56,493,228 65,525,493 6,411,481 71,936,974
Dividends (Note 30)
-9,797,130 -9,797,130 -5,497,753 -15,294,883
Interim dividends (Note 30)
-7,837,704 -7,837,704 -2 -7,837,706
Other movements
-98,554 -98,554 13 -98,541
Transactions with shareholders
-17,733,388 -17,733,388 -5,497,742 -23,231,130
Balance at 31
st
December 2021
24,492,825 2,449,283 -116,151,272 378,467,941 289,258,775 6,662,431 295,921,206
The accompanying notes are an integral part of these consolidated nancial statements.

Graphics
Consolidated nancial statements
Socnasia
|
ANNUAL REPORT 2021
|
51
6. Notes to the consolidated nancial statements
Note 1. Overview and accounting policies
1.1. Overview
Socfinasia (the “Company”) was incorporated on 20
th
November 1972. Its corporate purpose qualies it as
a sopar since the Annual General Meeting of 10
th
January 2011. The registered ofce 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 interests mainly focused on the exploitation of
tropical oil palm and rubber plantations mainly in
South-East of Asia.
Socfinasia is controlled by Société Financière des
Caoutchoucs, abbreviated as “Socfin” which is the
largest entity that consolidates. The registered ofce
of the latter company is also located in Luxembourg.
The Company is listed on the Luxembourg Stock
Exchange and is registered in the commercial
register under the number B10534 and is listed on
the Luxembourg Stock Exchange under ISIN code:
LU0092047413.
1.2. Statement of compliance
The consolidated nancial statements have been
prepared on a going concern basis and in accordance
with International Financial Reporting Standards
(IFRS) as adopted by the European Union and the
consolidated nancial statements are presented in
euros and rounded to the nearest whole number,
the euro being the functional currency of the parent
company Socnasia and of the Group’s presentation.
On 29
th
April 2022, the Board of Directors approved
the consolidated nancial statements.
In conformity with the current legislation existing
in the Grand Duchy of Luxembourg, the nancial
statements will be approved by the shareholders
during the Annual General Meeting.
New standards and amendments applicable on
1
st
January 2022:
- Amendment to IFRS 3 Business Combinations:
reference to the Conceptual Framework: the
amendments updated the reference to the
Conceptual Framework for Financial Reporting,
added a reference to IAS 37 or IFRIC 21 when a
company identies the liabilities assumed in a
business combination, and stated that an acquirer
should not recognise contingent assets acquired in a
business combination.
- Amendment IAS 16 Property, Plant and Equipment:
the amendments prohibit a company from deducting
from the cost of property, plant and equipment
amounts received from selling items produced while
the company is preparing the asset for its intended
use. Instead, a company should recognise such sales
proceeds and related cost in prot or loss.
- Amendments to IAS 37 Provisions, Contingent
Liabilities and Contingent Assets: Onerous Contracts
— Cost of Fullling a Contract: these amendments
specify which costs a company includes when
assessing whether a contract will be loss-making.
- Annual Improvements to IFRS Standards 2018–2020:
these amendments concern IFRS 1, IFRS 9, IFRS 16
and IAS 41
• IFRS 1 (1
st
time adopter): allows a subsidiary
to measure translation differences using the
amounts reported by its parent, based on the
parent’s date of transition to IFRS
• IFRS 16: removal from the illustrative examples of
the illustration of the reimbursement of leasehold
improvements by the lessor
• IFRS 9: the amendment claries which fees an
entity includes when it applies the “10 per cent”
test in paragraph B3.3.6 of IFRS 9 in assessing
whether to derecognise a nancial liability
• IAS 41: the amendment removes the requirement
in IAS 41.22 for entities to exclude taxation cash
ows when measuring the fair value of a biological
asset using a present value technique.

Graphics
Consolidated nancial statements
52
|
ANNUAL REPORT 2021
|
Socnasia
New standards and amendments applicable after
1
st
January 2022:
On 18
th
May 2017, the IASB issued IFRS 17 “Insurance
Contracts”, which establishes principles for the
recognition, measurement and presentation of
contracts. Under IFRS 17, insurance performance
should be measured at its current execution value
and provide a more consistent measurement and
presentation method for all insurance contracts.
IFRS 17 replaces IFRS 4 “Insurance contracts” and its
interpretations. It is effective as of 1
st
January 2023
and early adoption is permitted if IFRS 15 “Revenue
from Contracts with Customers” and IFRS 9 “Financial
Instruments” have been applied. On 9
th
December
2021, the IASB issued amendments to IFRS 17, aimed
at helping entities to avoid temporary accounting
mismatches between nancial assets and insurance
contract liabilities. The Group does not expect that
the adoption of this new standard will have a material
impact on its consolidated nancial statements.
On 12
th
February 2021, the IASB issued amendments to
IAS 1, IFRS 2 Practice Statement “Making Judgments
about Materiality” and IAS 8. The amendments
are intended to assist preparers in determining the
accounting policies to be presented in their nancial
statements, to further enhance the importance
in determining the accounting policies, and to
distinguish changes in accounting estimates from
changes in accounting policies. They are effective
for nancial years beginning on or after 1
st
January
2023 and are to be applied prospectively, with early
adoption permitted. The Group is currently assessing
the impact of these amendments.
The Group does not expect the adoption of these
amendments to have a material impact on its
consolidated nancial statements, nor anticipate early
adoption of new accounting standards, amendments
and interpretations.
New IFRS standards, amendments and
interpretations not yet endorsed by the European
Union:
On 23
rd
January 2020, the IASB published amendments
to IAS 1 “Presentation of Financial Statements” on the
classication of liabilities as current and non-current
in order to establish a more general approach to the
classication of liabilities under IAS 1, based on an
analysis of contracts existing at the balance sheet
date. The amendments include clarication of the
requirements for classifying liabilities that a company
could settle by converting them into equity. On 15
th
July 2020, the IASB deferred the effective date of the
amendments, that are effective for nancial periods
beginning on or after 1
st
January 2023 and must be
applied retroactively with early adoption permitted.
The Group is currently assessing the impact of these
amendments.
On 7
th
May 2021, the IASB published amendments to
IAS 12 “Deferred Tax related to Assets and Liabilities
arising from a Single Transaction”. The amendments
narrowed the scope of the recognition exemption in
paragraphs 15 and 24 of IAS 12 (recognition exemption)
so that it no longer applies to transactions that, on
initial recognition, give rise to equal taxable and
deductible temporary differences. They are effective
for nancial years beginning on or after 1
st
January
2023 and are to be applied retrospectively, with early
adoption permitted. The Group is currently assessing
the impact of these amendments.
1.3. Presentation of the consolidated nancial
statements
The consolidated nancial statements are presented
in euros (EUR or €).
They are prepared on the basis of historical cost with
the exception of the following assets:
- Biological assets (current) (IAS 2, IAS 41), derivative
instruments and securities measured at fair value
through other comprehensive income are recognised
at fair value;
- Property, plant and equipment acquired as part of a
business combination (IFRS 3) are measured initially
at their fair value at the date of acquisition.
The accounting principles and rules are applied in a
consistent and permanent way within the Group. The
consolidated nancial statements are prepared for
the accounting year ending 31
st
December 2021 and
are presented before the Annual General Meeting of
shareholdes approving the allocation of the parent
company’s income.
As of 1st January 2021, the Group adopted the
following amendments without any material impact
on the Group’s consolidated nancial statements:

Graphics
Consolidated nancial statements
Socnasia
|
ANNUAL REPORT 2021
|
53
o Amendments to IFRS 9, IAS 39, IFRS 7, IFRS 4 and
IFRS 16 Interest Rate Benchmark Reform – Phase
2 of the “IBOR” interest rate benchmark reform.
The amendments complement those issued in 2019
described above and focus on the effects on the
nancial statements when a company replaces the
old interest rate benchmark with another interest
rate benchmark as a result of the reform.
The changes in this nal phase relate to changes
in contractual cash ows: a company will not have
to derecognise or adjust the carrying amount of
nancial instruments to reect the changes required
by the reform, but instead will update the effective
interest rate to reect the change in the alternative
interest rate benchmark.
o Amendment to IFRS 16 Leases: COVID-19-Related
Rent Concessions beyond 30
th
June 2021 (applicable
for annual periods beginning on or after 1
st
April
2021): this amendment extends, by one year, the
May 2020 amendment that provides lessees with
an exemption from assessing whether a COVID-19-
related rent concession is a lease modication.
o Amendment to IFRS 4 “Insurance contract”: on
25
th
June 2020, the IASB issued amendments to
IFRS 4 that provide for an extension of the temporary
exemption from IFRS 9 “Financial Instruments” until
1
st
January 2023 to align with the effective date of
IFRS 17 “Insurance Contracts”.
1.4. Consolidation principles
The consolidated nancial statements include the
nancial statements of the parent company Socnasia
as well as those of the companies controlled by the
parent (“subsidiaries”) and those of the companies
in which Socnasia exercises signicant inuence
(“associates”), all of which constitute the “Group”.
All companies included in the scope of consolidation
as at 31
st
December 2021 close their accounts on
31
st
December.
a) Subsidiaries
In accordance with IFRS 10, an investor has control
when three conditions are fullled:
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.
Prot or loss and each component 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 decit balance.
Where appropriate, restatements are made to the
nancial statements of the subsidiaries to align
the accounting principles used with those of other
companies in the scope of consolidation.
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, while any residual gain or loss
is recognised in prot or loss. Any investment retained
is recognised at fair value.
b) Investments in associates
An associate is a company over which the Group
exercises signicant inuence through its participation
in the nancial and operational decisions of this
company, but over which it has no control. Signicant
inuence is presumed when the Group holds, directly
or indirectly through its subsidiaries, between 20%
and 50% of the voting rights. Associates are accounted
for using the equity method. Under this method, the
Group’s interest in the associate is initially recognised
at cost in the statement of nancial position and
subsequently adjusted to recognise the Group’s
share of movements in prot and loss and other
comprehensive income.
The statement of prot or loss reects the Group’s
share of the results of operations of the associate or
joint venture. 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

Graphics
Consolidated nancial statements
54
|
ANNUAL REPORT 2021
|
Socnasia
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 are included in the
consolidated nancial statements using the equity
method from the date on which signicant inuence
begins until the date when this inuence ceases.
The carrying amount of positive goodwill that results
from the acquisition of associates 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 identied. Impairment is recognised, if necessary,
in the income statement under the heading “Share in
the net income of companies accounted for using the
equity method”.
The list of subsidiaries and associated companies 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
interpretation or permits more reliable and relevant
information. Changes in accounting policies are
accounted for retrospectively, except in the case
of transitional provisions specic to the standard
or interpretation. An error, when discovered, is
also adjusted retrospectively. During the year, the
company performed a prior year restatement on the
income tax (Note 15). This restatement does not have
a material impact on the nancial statements.
Uncertainties inherent in the activity require the use
of estimates when preparing nancial statements.
The estimates are based on judgments intended to
give a reasonable assessment of the latest reliable
information available. An estimate is revised to reect
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.
This standard makes it possible, at each grouping,
to opt for the recognition of a positive goodwill
(corresponding to majority and minority interests) or
a partial positive goodwill (based on the percentage
of vested interests).
The accounting treatment of this difference is
described in points 1.7 and 1.8.
Changes in interest in a subsidiary that do not
result in loss of control are accounted for as equity
transactions.
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 minority
interests, the fair value of previous equity investments
and the fair value of identiable assets and liabilities
and contingent liabilities of the acquiree.
When disposing of a subsidiary or an associate, the
residual amount of goodwill attributable to the
subsidiary is included in the calculation of the result
of disposal.
1.8. Negative goodwill
Negative goodwill represents the excess of the
Group’s interest in the fair value of identiable
assets and liabilities and the contingent liabilities of
a subsidiary or associate on the cost of acquisition on
the acquisition date.
To the extent that negative goodwill remains
after considering and reassessing the fair value of
identiable assets and liabilities and contingent
liabilities of a subsidiary or associate, it is recognised
directly as an income in the income statement.
1.9. Foreign currency conversion
In the nancial statements of Socnasia and of
each subsidiary, transactions in foreign currency are
recorded, upon initial recognition, in the functional
currency of the company concerned by applying the
exchange rate in force on the transaction date. At
closing, monetary assets and liabilities denominated in
foreign currencies are converted on the last day of the

Graphics
Consolidated nancial statements
Socnasia
|
ANNUAL REPORT 2021
|
55
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.
To hedge its exposure to certain foreign exchange
risks, the Group uses forward exchange contracts.
These nancial instruments do not qualify for hedge
accounting. They are classied in other instruments
(see Note 1.18).
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 classied 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 took place.
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 annual accounts:
Closing rate Average Rate
1 euro equals to: 2021 2020 2021 2020
Euro
1.000 1.000 1.000 1.000
Cambodian riel
4,614 4,964 4,804 4,672
Indonesian rupiah
16,161 17,308 16,938 16,725
American dollar
1.1326 1.2271 1.1809 1.1451
While Cambodian subsidiaries’ revenues from goods
and services are billed in Cambodian riel (KHR), price
setting and collection are made in US dollar (USD).
Signicant operating expenses, personnel costs and
other income (expenses) are likewise purchased and
paid in USD. Based on the economic substance of the
underlying circumstances relevant to the Cambodian
subsidiaries, USD is the currency in which these
companies substantially both generate and expend
cash in the country in which they operate.
Considering these factors, Cambodian subsidiaries
have changed their functional currency in 2021 from
KHR to USD, this change in functional currency being
effective on 1st January 2021. In line with IAS 21,
this change was accounted propectively. As per IAS 21,
this change should have occured as soon as signicant
transactions were performed in USD. Management
assessed that the correction of prior year balances
would not have any material impact on the nancial
statements.
As of 31
st
December 2021, the Group no longer has
subsidiaries using Cambodian riel
1.10. Intangible assets
Intangible assets are stated at their acquisition cost
less accumulated depreciation 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
reect this loss in value.
The estimated useful lives are as follows:
Patents 3 to 5 years old
Other intangible assets 3 to 5 years old
Software 3 to 5 years old
Concessions Length of the concessions
Amortisation starts from the date of bringing the asset
into use.
Gains or losses arising on derecognition of assets
(difference between the disposal proceeds and the
carrying amount of the asset) are included in the
income statement when assets are derecognised.

Graphics
Consolidated nancial statements
56
|
ANNUAL REPORT 2021
|
Socnasia
1.11. Property, plant and equipment
Tangible xed assets are recorded at their acquisition
cost less accumulated amortisation and any
impairment losses.
Property, plant and equipment in progress is carried at
cost less any identied impairment.
Depreciation is applied on a straight-line basis based
on an estimate of the useful life for each signicant
component of the asset in question. When the
recoverable value of an asset is lower than its book
value, the latter is reduced to reect 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
brought into use.
Land is not subject to depreciation.
Gains or losses arising on derecognition of assets
(difference between the disposal proceeds and the
carrying amount of the asset) are included in the
income statement when assets are derecognised.
1.12. Bearer biological assets
The Group has biological assets in Africa and Asia.
These biological assets, mainly consisting of palm oil
and rubber plantations, are valued according to the
principles dened in IAS 16 “Tangible xed assets”.
Biological assets at the time of harvest, in particular
for palm bunches, palm oil and rubber, are evaluated
according to the principles dened by IAS 41
“Agriculture”.
Bearer biological assets
Producer biological assets are recorded at acquisition
cost, less accumulated amortisation 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
reect that impairment.
The estimated useful lives are as follows:
Bearer plants – Palm 20 to 25 years
Bearer plants - Rubber 20 to 25 years
Depreciation starting date is the date of transfer of
biological assets in production (asset being mature).
This transfer takes place in the third year after palm
oil tree planting in Asia, in the fourth year after palm
oil tree planting in Africa 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 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 (nished
product). These forecasts are based on the RSS3 grade
(smoked sheet) 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 sufciently representative of
the economic reality in which the various entities of
the Group intervene. This price cannot 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.
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
until the point of harvest. Any resultant gains or losses
arising from changes in fair value are recognised in
the income statement.
1.13. 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

Graphics
Consolidated nancial statements
Socnasia
|
ANNUAL REPORT 2021
|
57
identied 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 ofces 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 not separating 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 xed
payments including in-substance xed 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, management takes into account 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 not known 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 of
similar value 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 nancing
received by the lessee as a starting point, adjusted
to reect the change in nancing conditions since
the nancing was received;
- uses a build-up approach starting with a risk-free
rate adjusted for credit risk for leases for entities
with no recent external nancing;
- makes lease specic adjustments (such as term,
country, currency and collateral).
The discount rates used by the Group range between
2.4% 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 the useful life
and the 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.
1.14. 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
impairment. The recoverable amount is the higher of
the fair value less costs to sell the asset and the value
in use.
The fair value of property, plant and equipment and
intangible assets is the present value of estimated
future cash ows 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.

Graphics
Consolidated nancial statements
58
|
ANNUAL REPORT 2021
|
Socnasia
When an impairment loss 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.
An impairment loss recorded on goodwill cannot be
subsequently reversed.
1.15. 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 specic identication is not possible, the cost is
determined on the basis of 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 1.12. Bearer biological assets,
agricultural production is measured at fair value less
estimated costs necessary to make the sale.
1.16. Trade receivables
Trade receivables are valued at their nominal value and
do not bear interest. The Group applies a simplied
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 34).
1.17. Cash and cash equivalents
This item includes cash, demand deposits, short-term
deposits of less than 3 months, as well as investments
easily convertible into a known amount of cash,
having a maturity of three months or less, and which
are subject to a negligible risk of change in value.
1.18. Financial instruments
Financial assets and liabilities are recognised in the
consolidated statement of nancial position when the
Group becomes a party to the contractual provisions
of the instrument.
Financial instruments derivatives
Financial instruments derivatives are measured at fair
value at each reporting date.
The accounting treatment depends on the qualication
of the instrument concerned:
- Hedging instruments:
The Group refers to certain hedging instruments,
including foreign exchange risk and interest rate risk
derivatives, as cash ow hedges. Foreign currency
hedges related to rm commitments are accounted
for as cash ow hedges.
At the inception of the hedging relationship, the entity
prepares documentation describing the relationship
between the hedging instrument and the hedged
item as well as its risk management objectives and
strategy for performing various hedging transactions.
In addition, when the hedge is created and regularly
thereafter, the Group indicates whether the hedging
instrument is highly effective in offsetting changes
in the fair value or cash ows of the hedged item
attributable to the hedged risk.
The effective portion of changes in the fair value of
derivatives that are designated as cash ow hedges
and qualify for such designation is recognised in
other comprehensive income and accumulated in the
hedging reserve, cash ow. The gain or loss related to
the ineffective portion is recognised immediately in
prot or loss, in other gains and losses.
Amounts previously recognised in other comprehensive
income and accumulated in equity are reclassied
to net income in the periods in which the hedged
item affects net income, to the same account as
the recognised hedged item. However, if a hedged
forecast transaction results in the recognition of a
non-nancial asset or liability, the gains and losses that
were previously recognised in other comprehensive
income and accumulated in equity are taken out of

Graphics
Consolidated nancial statements
Socnasia
|
ANNUAL REPORT 2021
|
59
equity to be recognised in the initial measurement of
the cost of the non-nancial asset or liability.
For the periods under review, the hedging instruments
were used by the Group up to January 2019.
- Other instruments:
Changes in the fair value of derivative nancial
instruments that do not qualify for hedge accounting
are recognised in the income statement when they
occur.
For the periods under review, forward exchange
contracts were used by the Group.
Loans
Loans bearing interest are recorded for the amounts
given, net of direct costs of issue. 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’s business model for nancial assets
management refers to the way it manages its nancial
assets in order to generate cash ows. The business
model determines whether cash ows will result from
the collection of contractual cash ows, the disposal
of nancial assets or both. Financial assets classied
and measured at amortised cost are held in a business
model with the objective of holding nancial assets
to collect contractual cash ows. Long-term advances
and other receivables are held for the sole purpose of
collecting principal and interest. As such, they comply
with the “Solely Payments of Principal and Interest”
(SPPI) model. They are accounted for using the
amortised cost method. The Group applies a simplied
approach in calculating Expected Credit Losses for
loans, based on historical credit loss experience.
Interest-bearing borrowings and overdrafts are
recorded for amounts received, net of direct issue
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 nancial instruments such as
borrowings and debts with short-term maturity.
The fair value measurement of borrowings and debts
with nancial institutions, other than in the short
term, depends both on the specics of the loans and
on current market conditions. The fair value was
calculated by discounting the expected future cash
ows at the re-estimated interest rates prevailing at
the balance sheet date over the remaining term of
repayment of the loans (Refer to Note 25).
The Group relied on the evolution of the interest
rate of the European Central Bank adjusted for the
specic risk inherent in each nancial instrument, as
a reasonable benchmark for estimating the fair value
of such borrowings.
Equity instruments
Equity instruments are recognised for the amounts
received, net of direct costs incurred by the issue.
Securities available for sale
This item includes shares held by the Group in
companies in which it does not exercise control or
signicant inuence or in unconsolidated companies.
Upon initial recognition, these assets are recognised
at fair value, which is generally at their acquisition
cost.
Securities that are available for sale are recognised as
nancial assets at fair value through comprehensive
income, as these investments are held as strategic
investments in long term that should not be sold in
the short term. This recognition at fair value through
comprehensive income is irrevocable.
For equities of listed companies, the fair value is
the market value at the closing date (Level 1). For
unlisted securities, the fair value is determined on the
basis of revalued net assets (Level 3).
At each reporting date, the Group reviews the carrying
amounts of its securities in order to assess whether
there is any indication that they may have lost
value. No prot or loss related to these instruments
can be reclassied to income even at the time of
derecognition.
Other nancial assets and liabilities
Other nancial assets and liabilities are recorded at
their acquisition cost. The fair value of other nancial
assets and liabilities is estimated to be close to the
carrying amount.

Graphics
Consolidated nancial statements
60
|
ANNUAL REPORT 2021
|
Socnasia
The receivables are valued at their nominal value
(at cost) 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 default over several years), adjusted for
prospective factors specic to the debtors and the
economic environment. The carrying amount of
the asset is reduced through the use of 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 taking
into account the local economic reality of each
country. They are reviewed at the reception of new
events and at least annually.
1.19. Provisions
Provisions are recognised when the Group has a
present obligation (legal or constructive) resulting
from a past event which will probably lead to an
outow of economic benets that can be reasonably
estimated.
Restructuring provisions are recognised when
the Group has a formal and detailed plan for the
restructuring that has been notied to the affected
parties.
1.20. Pension obligations
Dened contribution plans
These plans designate the post-employment benet
plans under which the Group pays dened 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 in which they are due.
As these plans do not generate future commitments
for the Group, they do not give rise to provisions.
Dened benet plans
These plans refer to post-employment benet 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 nancial year.
The actuarial assumptions used to determine the
liabilities vary according to the economic conditions
prevailing in the country in which the plan is located.
The discount rates applicable to discount post-
employment benet obligations should be determined
by reference to the market yields on high quality
corporate bonds that are appropriate to the estimated
timing of benet payments at the balance sheet date.
The Group decided to calculate discount rates using an
economic approach for high-quality corporate bonds
corresponding to the terms of the employee benets
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 benet obligations.
The cost of corresponding commitments is determined
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
Benets”.
All changes in the amount of dened benet pension
obligations are recognised as they occur.
Remeasurements of dened benet 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 nancial
position is the present value of the pension obligations
of the dened benet plans adjusted for actuarial
gains and losses and less the fair value of plan assets.

Graphics
Consolidated nancial statements
Socnasia
|
ANNUAL REPORT 2021
|
61
1.21. Revenue recognition
The Group’s revenues derive from the performance
obligation of transferring control of products under
arrangements. According to these arrangements,
the transfer of control and the fullment of the
performance obligation occur at the same time.
The point of control of the asset by the customer
depends on when the goods are made available to
the carrier or when the buyer takes possession of the
goods, depending 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 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 fullled its
performance obligations.
Revenues are valued at the transaction price of the
consideration received or receivable, which the
Company expects to be entitled to.
The selling price is determined at the market price
and in a few cases the selling price is contractually
determined on a provisional basis, based on a reliable
estimate of the selling price. In the latter case, price
adjustments can then take place depending on the
movements between the reference price and the nal
price, as recognised.
The Group considers being the principal in its revenue
arrangements, because it controls the goods sold
before transferring them to the customers.
As at 31
st
December 2021, revenue from the
major customer within the Group accounted for
approximately EUR 4.5 million (2020: EUR 4.9 million)
of total Group revenue.
1.22. Taxes
Current tax is the amount of tax payable or recoverable
on the prot or loss of a nancial 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
whose application is provided for when reversing the
temporary differences, as adopted on the closing date.
Deferred taxes are recognised for all temporary
differences unless the deferred tax is generated by
goodwill or by the initial recognition of an asset or
a liability that is not acquired through a business
combination and does not affect the accounting prot
or the taxable prot on the transaction date.
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
checked and it is likely that it will not reverse in the
foreseeable future.
A deferred tax asset is recognised to carry forward
unused tax losses and tax credits to the extent that it
is probable that future taxable prots will be available
on which these unused tax losses and tax credits can
be charged.
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.
1.23. Segment information
IFRS 8 “Operating Segments” requires operating
segments to be identied based on the internal
reporting analysed by the entity’s chief operating
decision-maker to assess performance and make
resource decisions for the segments.
The identication of these operational sectors follows
from the information analysed by the management
which is based on the geographic distribution of
political and economic risks and on the analysis of
individual social accounts at historical cost.
1.24. Use of estimates
For the preparation of consolidated nancial
statements in accordance with IFRS, Group
Management has had to make assumptions based on
its best estimates that affect 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

Graphics
Consolidated nancial statements
62
|
ANNUAL REPORT 2021
|
Socnasia
assumptions or different economic conditions,
the amounts that will appear in the Group’s future
consolidated nancial statements may differ from
current estimates. Signicant accounting policies, for
which the Group has made estimates, mainly concern
the application of IAS 19 (Note 22), IAS 41 / IAS 2
(Notes 6 and 16), IAS 16 (Note 5), IAS 36 (Notes 6 and
8), IFRS 9 (Note 25 and 34) and IFRS 16 (Note 3).
In the absence of observable data within the scope of
IFRS 13, the Group makes use of a model developed to
assess the fair value of agricultural production based
on local production costs and conditions and local
sales (Refer to Note 1.12).
This method is inherently more volatile than
assessment at historical cost.
1.25. Impact of the COVID-19 pandemic
During 2021, though the impact of the COVID-19
pandemic on the activities of the company and its
subsidiaries was limited, the management has adapted
to the new constraints and is permanently monitoring
the risks related to this health crisis. The spread of
the virus is still active and unpredictable, which brings
uncertainty to economic development on one side and
to the course of business affairs on the other side.

Graphics
Consolidated nancial statements
Socnasia
|
ANNUAL REPORT 2021
|
63
Note 2. Subsidiaries and associates
% Group
Interest
% Group
Control
Consolidation
Method (*)
% Group
Interest
% Group
Control
Consolidation
Method (*)
2021 2021 2021 2020 2020 2020
ASIA
Rubber and palm
PT SOCFIN INDONESIA “SOCFINDO”
90.00 90.00 FI 90.00 90.00 FI
Rubber
SETHIKULA CO LTD
100.00 100.00 FI 100.00 100.00 FI
SOCFIN-KCD CO LTD
100.00 100.00 FI 100.00 100.00 FI
VARANASI CO LTD
100.00 100.00 FI 100.00 100.00 FI
COVIPHAMA CO LTD
100.00 100.00 FI 100.00 100.00 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.
35.00 35.00 EM 35.00 35.00 EM
INDUSERVICES FR S.A.
50.00 50.00 EM 50.00 50.00 EM
MANAGEMENT ASSOCIATES S.A.
20.00 20.00 EM 20.00 20.00 EM
PLANTATION NORD-SUMATRA LTD “ PNS Ltd “ S.A.
100.00 100.00 FI 100.00 100.00 FI
SOCFIN RESEARCH S.A.
- - NC 50.00 50.00 EM
SOCFIN GREEN ENERGY S.A.
- - NC 50.00 50.00 EM
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.
79.92 79.92 FI 79.92 79.92 FI
SODIMEX S.A.
50.00 50.00 EM 50.00 50.00 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
TERRASIA S.A.
47.81 47.81 EM 47.81 47.81 EM
(*) Consolidation method: FI: Full Integration, EM: Equity Method, NC: Not Consolidated

Graphics
Consolidated nancial statements
64
|
ANNUAL REPORT 2021
|
Socnasia
List of subsidiaries and associated companies
* CENTRAGES S.A. is a company under Belgian law
providing administrative and accounting services
and which own three oors of ofce space in
Brussels.
* COVIPHAMA CO LTD is a company under Cambodian
law active in the production of rubber.
* IMMOBILIERE DE LA PEPINIERE S.A. is a company
under Belgian law which owns three oors of ofce
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 and 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 and organisations,
including all services relating to documentation,
bookkeeping and register services, as well as all
representation, study and consultation activities.
and assistance. In addition, it provides all Group
companies with access to the common IT platform.
* MANAGEMENT ASSOCIATES S.A. is a company under
Luxembourg law active in the transport sector.
* PLANTATION NORD-SUMATRA LTD “PNS Ltd” S.A. is
a holding company under Luxembourg law which
holds stakes in PT Socndo and Coviphama Co Ltd.
* PT SOCFIN INDONESIA “SOCFINDO” is a company
under Indonesian law active in the production of
palm oil and rubber.
* SETHIKULA CO LTD is a company under Cambodian
law holding concessions of agricultural land.
* SOCFIN CONSULTANT SERVICES “SOCFINCO ” S.A. is a
company established in Belgium providing technical
assistance, agronomic and nancial services.
* SOCFIN-KCD CO LTD is a company under Cambodian
law active in the production of rubber products.
* SOCFINCO FR S.A. is a Swiss company providing
services, studies and management of agro-industrial
plantations.
* SOCFINDE S.A. is a nance holding company under
Luxembourg law.
* SODIMEX S.A. is a Belgian procurement company.
* SODIMEX FR S.A. is a Swiss company active in the
purchase and sale of equipment for plantations.
* SOGESCOL FR S.A. is a Swiss company active in the
tropical products trade.
* TERRASIA S.A is a company under Luxembourg law
owning ofce space.
* VARANASI CO LTD is a company under Cambodian
law holding concession of agricultural land.
* SOCFIN GREEEN ENERGY S.A. and SOCFIN RESEARCH
S.A. have been removed from the consolidation
scope in 2021, as they were subsequently liquidated.

Graphics
Consolidated nancial statements
Socnasia
|
ANNUAL REPORT 2021
|
65
Note 3. Leases
The amounts recognised in the balance sheet, related to leases under IFRS 16 are as follows:
Right-of-use assets:
EUR Buildings
Land and
concession of
agricultural area TOTAL
Gross value at 1
st
January 2020
332,537 1,499,689 1,832,226
Additions of the year
0 479,135 479,135
Disposals of the year
-29,903 -806,257 -836,160
Reclassication to other categories
0 136,505 136,505
Foreign exchange differences
-25,476 -134,855 -160,331
Gross value at 31
st
December 2020
277,158 1,174,217 1,451,375
Accumulated depreciation at 1
st
January 2020
-110,275 -514,326 -624,601
Depreciation of the year
-25,618 -99,209 -124,827
Depreciation reversals
29,903 169,615 199,518
Foreign exchange differences
9,711 46,974 56,685
Accumulated depreciation at 31
st
December 2020
-96,279 -396,946 -493,225
Net book value at 31
st
December 2020
180,879 777,271 958,150
Gross value at 1
st
January 2021 277,158 1,174,217 1,451,375
Foreign exchange differences 23,125 86,441 109,566
Gross value at 31
st
December 2021 300,283 1,260,658 1,560,941
Accumulated depreciation at 1
st
January 2021 -96,279 -396,946 -493,225
Depreciation of the year -25,224 -90,185 -115,409
Foreign exchange differences -9,108 -33,133 -42,241
Accumulated depreciation at 31
st
December 2021 -130,611 -520,264 -650,875
Net book value at 31
st
December 2021 169,672 740,394 910,066
Lease liabilities
31/12/2021 31/12/2020
EUR EUR
Long-term lease liabilities
401,008 394,600
Short-term lease liabilities
26,341 24,036
TOTAL
427,349 418,636

Graphics
Consolidated nancial statements
66
|
ANNUAL REPORT 2021
|
Socnasia
Long-term lease liabilities are payable as follows:
2020
EUR 2022 2023 2024 2025
2026
and above
TOTAL
Lease liabilities
24,151 24,266 24,382 24,499 297,302 394,600
2021
EUR 2023 2024 2025 2026
2027
and above
TOTAL
Lease liabilities
26,467 26,594 26,721 26,850 294,376 401,008
The amounts recognised in the income statement in relation with the lease contracts are detailed as follows:
2021 2020
EUR EUR
Depreciation of right-of-use assets
115,409 124,827
Expenses related to short term leases and leases of low-value assets
30,560 4,388
Interest expense (included in the nancial expenses)
37,808 38,521
Total
183,777 167,736
Agricultural land and concessions
The Group does not own all of the land on which its bio-based assets are planted. In general, these lands are
subject to very long-term concessions from the local public authority. These concessions are renewable.
Company
Date of initial lease
or renewal extension
Duration of the
initial lease
Area conceded
SETHIKULA CO LTD 2010 99 years 4,273 ha
VARANASI CO LTD 2009 70 years 2,386 ha
COVIPHAMA CO LTD 2008 70 years 5,345 ha
PT SOCFINDO 1995/2015/2019 25 to 35 years 47,643 ha

Graphics
Consolidated nancial statements
Socnasia
|
ANNUAL REPORT 2021
|
67
Note 4. Intangible assets
EUR
Concessions and
patents Softwares TOTAL
Cost at 1
st
January 2020
52,659 1,632,649 1,685,308
Additions
0 17,885 17,885
Disposals
-8,182 0 -8,182
Foreign exchange differences
-3,611 -160,303 -163,914
Cost at 31
st
December 2020
40,866 1,490,231 1,531,097
Accumulated depreciation at 1
st
January 2020
-52,659 -1,348,555 -1,401,214
Depreciation
0 -67,605 -67,605
Depreciation reversals
8,182 0 8,182
Foreign exchange differences
3,611 134,191 137,802
Accumulated depreciation at 31
st
December 2020
-40,866 -1,281,969 -1,322,835
Net book value at 31
st
December 2020
0 208,262 208,262
Cost at 1
st
January 2021
40,866 1,490,231 1,531,097
Additions
545,053 113,512 658,565
Disposals
-421 -24,514 -24,935
Foreign exchange differences
29,598 110,062 139,660
Cost at 31
st
December 2021
615,096 1,689,291 2,304,387
Accumulated depreciation at 1
st
January 2021
-40,866 -1,281,969 -1,322,835
Depreciation
-13,944 -55,593 -69,537
Depreciation reversals
397 13,295 13,692
Foreign exchange differences
-4,061 -93,033 -97,094
Accumulated depreciation at 31
st
December 2021
-58,474 -1,417,300 -1,475,774
Net book value at 31
st
December 2021
556,622 271,991 828,613

Graphics
Consolidated nancial statements
68
|
ANNUAL REPORT 2021
|
Socnasia
Note 5. Property, plant and equipment
EUR
Land and
nurseries Buildings
Technical
installations
Furniture,
vehicles and
others
Work in
progress
Advances
and pre-
payments TOTAL
Cost at 1
st
January 2020
4,133,477 71,465,462 66,944,934 1,716,953 448,626 732,458 145,441,910
Additions (*)
1,100,533 842,426 1,698,877 1,049,988 170,723 41,847 4,904,394
Disposals
-13,025 -226,182 -1,939,703 -972,388 0 -341,935 -3,493,233
Reclassications to other asset classes
-652,079 267,048 134,819 -3,676 -534,696 0 -788,584
Foreign exchange differences
-350,287 -6,738,459 -6,452,320 -153,726 -22,230 -61,527 -13,778,549
Cost at 31
st
December 2020
4,218,619 65,610,295 60,386,607 1,637,151 62,423 370,843 132,285,938
Accumulated depreciation at 1
st
January 2020
-21,244 -46,668,021 -51,077,496 -1,676,051 0 0 -99,442,812
Depreciation
0 -1,976,845 -2,191,866 -1,178,792 0 0 -5,347,503
Depreciation reversals
0 162,632 1,824,339 961,802 0 0 2,948,773
Reclassications to other asset classes
0 0 -6,604 6,604 0 0 0
Foreign exchange differences
1,651 4,574,930 4,981,020 155,600 0 0 9,713,201
Accumulated depreciation at
31
st
December 2020
-19,593 -43,907,304 -46,470,607 -1,730,837 0 0 -92,128,341
Net book value at 31
st
December 2020
4,199,026 21,702,991 13,916,000 -93,686 62,423 370,843 40,157,597
Cost at 1
st
January 2021
4,218,619 65,610,295 60,386,607 1,637,151 62,423 370,843 132,285,938
Additions (*)
1,116,667 754,850 1,807,369 1,109,080 221,178 -314,840 4,694,304
Disposals
0 -207,419 -623,604 -687,077 0 0 -1,518,100
Reclassications to other asset classes
-1,045,343 210,233 64,200 0 -255,722 -60,031 -1,086,663
Foreign exchange differences
341,787 4,859,745 4,400,557 147,943 3,469 8,277 9,761,778
Cost at 31
st
December 2021
4,631,730 71,227,704 66,035,129 2,207,097 31,348 4,249 144,137,257
Accumulated depreciation at 1
st
January 2021
-19,593 -43,907,304 -46,470,607 -1,730,837 0 0 -92,128,341
Depreciation
0 -1,957,512 -2,139,255 -1,157,181 0 0 -5,253,948
Depreciation reversals
0 81,020 591,549 680,485 0 0 1,353,054
Foreign exchange differences
-1,635 -3,249,198 -3,395,099 -153,640 0 0 -6,799,572
Accumulated depreciation at
31
st
December 2021
-21,228 -49,032,994 -51,413,412 -2,361,173 0 0 -102,828,807
Net book value at 31
st
December 2021
4,610,502 22,194,710 14,621,717 -154,076 31,348 4,249 41,308,450
(*) Additions for the period include capitalised costs (see note 33 for details on additions for the period).
The accounting policies applicable to property, plant and equipment are detailed in notes 1 and 8.

Graphics
Consolidated nancial statements
Socnasia
|
ANNUAL REPORT 2021
|
69
Note 6. Biological assets
Palm Rubber TOTAL
EUR Mature Immature Mature Immature
Cost at 1
st
January 2020
56,126,972 15,104,225 57,209,676 30,096,145 158,537,018
Additions (*)
0 5,813,866 0 1,967,097 7,780,963
Disposals
-633,035 -11,322 -805,999 -558,531 -2,008,887
Reclassications to other asset classes
6,068,508 -5,505,035 5,554,385 -5,465,778 652,080
Foreign exchange differences
-5,673,334 -1,487,454 -5,161,522 -2,157,493 -14,479,803
Cost at 31
st
December 2020
55,889,111 13,914,280 56,796,540 23,881,440 150,481,371
Accumulated depreciation at 1
st
January 2020
-25,053,157 0 -11,168,899 0 -36,222,056
Depreciation
-2,738,043 0 -2,479,193 0 -5,217,236
Depreciation reversals
447,283 0 568,876 0 1,016,159
Foreign exchange differences
2,527,815 0 1,130,540 0 3,658,355
Accumulated depreciation at 31
st
December 2020
-24,816,102 0 -11,948,676 0 -36,764,778
Accumulated impairment at 1
st
January 2020
0 0 -378,688 -4,813,660 -5,192,348
Impairment
0 0 0 -1,655,234 -1,655,234
Foreign exchange differences
0 0 162,406 338,413 500,819
Accumulated impairment at 31
st
December 2020
0 0 -216,282 -6,130,481 -6,346,763
Net book value at 31
st
December 2020
31,073,009 13,914,280 44,631,582 17,750,959 107,369,830
Cost at 1
st
January 2021
55,889,111 13,914,280 56,796,540 23,881,440 150,481,371
Additions (*)
0 4,245,559 0 1,528,379 5,773,938
Disposals
-630,350 -10,740 -1,344,475 -781,103 -2,766,668
Reclassications to other asset classes
6,695,221 -5,653,783 5,195,825 -5,150,601 1,086,662
Foreign exchange differences
4,258,855 919,460 4,665,299 1,758,297 11,601,911
Cost at 31
st
December 2021
66,212,837 13,414,776 65,313,189 21,236,412 166,177,214
Accumulated depreciation at 1
st
January 2021
-24,816,102 0 -11,948,675 0 -36,764,777
Depreciation
-2,973,072 0 -2,477,994 0 -5,451,066
Depreciation reversals
489,107 0 750,394 0 1,239,501
Foreign exchange differences
-1,880,985 0 -977,024 0 -2,858,009
Accumulated depreciation at 31
st
December 2021
-29,181,052 0 -14,653,299 0 -43,834,351
Accumulated impairment at 1
st
January 2021
0 0 -216,282 -6,130,481 -6,346,763
Impairment
0 0 -201,978 0 -201,978
Impairment reversals
0 0 0 143,516 143,516
Reclassications to other asset classes
0 0 -4,058,669 4,058,669 0
Foreign exchange differences
0 0 -234,155 -297,887 -532,042
Accumulated impairment at 31
st
December 2021
0 0 -4,711,084 -2,226,183 -6,937,267
Net book value at 31
st
December 2021
37,031,785 13,414,776 45,948,806 19,010,229 115,405,596
(*) Additions for the period include capitalised costs (see note 33 for details on additions for the period).
Accounting policy regarding current biological assets is disclosed in note 1.12.

Graphics
Consolidated nancial statements
70
|
ANNUAL REPORT 2021
|
Socnasia
Note 7. Depreciation and impairment
2021 2020
EUR EUR
Depreciation
Of right-of-use assets 115,409 124,827
Of intangible assets (Note 4) 69,537 67,605
Of property, plant and equipment excluding biological assets (Note 5) 5,253,948 5,347,503
Of biological assets (Note 6) 5,451,066 5,217,236
Impairment
Of biological assets (Note 6) 58,462 1,655,234
Total at 31
st
December 10,948,422 12,412,405
Note 8. Impairment of assets
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 such indication exists,
the recoverable amount of the asset is estimated, to
determine the amount of the impairment loss.
As at 31
st
December 2021, no impairment was
recognised on above mentioned assets.
Bearer biological assets
At each reporting date, the Group assesses if there
is any indication that its biological assets may be
impaired.
For this purpose, the Group assesses several indicators:
The signicant and sustained decreasing trend in the
prices of natural rubber (TSR20 1
st
position on SGX)
and crude palm oil (CIF Rotterdam) was considered
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 to be an
impairment indicator.
At 31
st
December 2021, the closing prices did not
exceed 15% of the average price over the past 5 years
for the Rubber and Palm segments.
The Group considers, as well, average prices over the
six months before reporting date and average prices
over the last twelve months instead of only closing
prices to avoid seasonal uctuations in the prices of
supply materials.
The Group reviews also the prices of palm oil 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.
Based on the above criteria, the review of global and
local prices led to the conclusion that there are no
external indicators of impairment.
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;
- Signicant changes in plantations that could have a
material impact on their future cash ows.
If an indication of impairment is identied, the
recoverable amount of the producing biological assets
is determined.

Graphics
Consolidated nancial statements
Socnasia
|
ANNUAL REPORT 2021
|
71
Impairment tests must be performed on the smallest
identiable group of assets which generates cash ows
independently of other assets or groups of assets and
for which the Group prepares nancial information for
the Board of Directors.
The identication 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 specic
risk factors while reviewing business evolution.
Therefore, companies are grouped within the CGU
country.
The recoverable amount of bearer biological assets is
determined from the calculation of value in use using
the most recent information approved by the local
management. The Group uses the discounted value
of expected net cash ows which are discounted
at a pre-tax rate. At reporting date, the nancial
projection incorporates the full exploitation of the
younger bearer biological assets. The operational life
ranges between 25 and 30 years for both crops. This
period can be adapted according to the particular
circumstances for each entity.
This rate reects market interest rates, the company’s
capital structure considering the operating segment
and the specic risk prole of the business.
The value-in-use calculation has been very sensitive
to:
- changes in the margins achieved by the entity and
- changes related to discount rates.
Changes in realised margins
Initially, the Group determines separately the
expected production of each category of biological
assets within the entity over their remaining life.
This expected production is estimated on the basis
of the surface areas planted at reporting date as
well as the actual crops yield recorded during the
nancial year which depends on the maturity of the
bearer biological asset. Production is then valued on
average basis of ve-year of the margins achieved by
the entity in relation to agricultural activities. The
value-in-use of the biological asset is then obtained
by discounting these cash ows. Average margins are
considered constant over the duration of the nancial
projection. An indexing factor is not considered.
Based on the existence of internal
indications of impairment,
EUR 0.2 million of impairment loss for Coviphama and
EUR 0.1 million of impairment reversal for Socn KCD
were recognised in 2021 (Note 6).
At 31st December 2021, accumulated impairment
losses amounted to EUR 5.8 million for Coviphama and
EUR 1.1 million for Socn KCD (Note 6).

Graphics
Consolidated nancial statements
72
|
ANNUAL REPORT 2021
|
Socnasia
Note 9. Non-wholly owned subsidiaries in which non-controlling interests
are signicant
Interests of non-controlling interests in the activities of the Group
Subsidiary Main location
Percentage of equity shares
of non-controlling interest
Percentage of voting rights of
non-controlling interests
2021 2020 2021 2020
Production of palm oil and rubber
PT SOCFINDO Indonesia 10% 10% 10% 10%
Subsidiary
Net income attributed to
non-controlling interests in
the subsidiary during the
nancial period
Accumulated non-controlling
interests in the subsidiary
2021 2020 2021 2020
EUR EUR EUR EUR
PT SOCFINDO 6,001,300 3,127,291 5,847,731 5,049,714
Subsidiaries that hold non-controlling interests that are not signicant individually
814,700 698,978
Non-controlling interests 6,662,431 5,748,692
Summary nancial information concerning subsidiaries whose interests of non-controlling interests are
signicant for the Group excluding intragroup eliminations
Subsidiary Current assets
Non-current
assets
Current
liabilities
Non-Current
Liabilities
EUR EUR EUR EUR
PT SOCFINDO
2020 28,637,540 85,874,710 28,628,385 35,114,903
2021 48,455,059 91,150,642 37,997,748 36,912,343
Subsidiary
Revenue from
ordinary
activities
Net income for
the year
Comprehensive
income for the
year
Dividends paid to
non-controlling
interests
EUR EUR EUR EUR
PT SOCFINDO
2020 121,354,132 36,586,206 36,586,206 3,714,377
2021 160,251,333 64,841,457 64,841,457 5,499,223

Graphics
Consolidated nancial statements
Socnasia
|
ANNUAL REPORT 2021
|
73
Subsidiary Net cash inows (outows)
Net cash inows
(outows)
Operating
activities
Investing
activities
Financing
activities
EUR EUR EUR EUR
PT SOCFINDO
2020 56,649,530 -11,101,593 -37,143,768 8,404,169
2021 71,121,523 -9,573,215 -54,992,234 6,556,074
The nature and evolution of the risks associated with the interests held by the Group in the subsidiaries remained
stable over the nancial period compared to the previous year.
Note 10. Investments in associates
2021 2020
EUR EUR
Value at 1
st
January
20,600,069 22,557,385
Income from associates
7,147,776 1,765,112
Dividends
-3,383,509 -3,302,248
Fair value change for nancial assets measured at fair value through other
comprehensive income (loss)
317,467 -237,696
Disposal of associates
-2,274,586 0
Other movements
-472,311 -182,485
Value at 31
st
December
21,934,906 20,600,069
Value of investment
in associates
Income from
associates
Value of investment
in associates
Income from
associates
2021 2021 2020 2020
EUR EUR EUR EUR
Centrages S.A.
3,432,710 241,051 3,191,658 111,847
Immobilière de la Pépinière S.A.
1,864,426 -46,822 1,911,464 -10,063
Induservices S.A.
83,833 1,188 82,645 1,378
Induservices FR S.A.
0 164,940 0 0
Management Associates S.A.
245,799 531,279 0 -283,098
Socn Green Energy S.A.
0 -641,650 690,431 -62,402
Socn Research S.A.
0 1,140,424 1,688,498 -86,437
Socnco S.A.
775,183 20,607 879,575 106,997
Socnco FR S.A.
7,364,276 3,386,981 3,979,742 485,330
Sodimex S.A.
153,374 1,557 151,817 -15,630
Sodimex FR S.A.
1,890,380 227,628 2,034,941 -148,878
Sogescol FR S.A.
5,845,483 2,106,457 5,723,989 1,652,820
Terrasia S.A.
279,441 14,136 265,309 13,248
TOTAL
21,934,906 7,147,776 20,600,069 1,765,112

Graphics
Consolidated nancial statements
74
|
ANNUAL REPORT 2021
|
Socnasia
Total assets Revenue Total assets Revenue
2021 2021 2020 2020
EUR EUR EUR EUR
Centrages S.A.
4,052,720 4,128,202 3,561,650 2,800,921
Immobilière de la Pépinière S.A.
3,983,909 510,366 4,146,061 475,678
Induservices S.A.
1,853,192 3,128,650 2,673,288 3,925,673
Induservices FR S.A.
6,611,187 2,779,036 6,168,015 2,032,070
Management Associates S.A.
12,567,871 3,438,858 12,615,725 2,632,406
Socn Green Energy S.A.
0 0 1,440,953 80,031
Socn Research S.A.
0 0 3,712,948 8,820
Socnco S.A.
2,456,705 20,569 1,905,106 1,625,471
Socnco FR S.A.
25,583,207 25,179,023 19,665,969 19,932,749
Sodimex S.A.
306,953 0 390,466 0
Sodimex FR S.A.
8,634,788 14,238,890 13,585,753 19,828,809
Sogescol FR S.A.
46,421,846 371,317,721 30,474,004 253,824,637
Terrasia S.A.
593,179 0 555,055 0
TOTAL
113,065,557 424,741,315 100,894,993 307,167,265
Main data of signicant associates accounted for using the equity method
Associate company Main location Main activity
Dividend
received
Dividend
received
2021 2020
EUR EUR
Socnco S.A. Belgium Rendering of services
125,000 100,000
Socnco FR S.A. Switzerland Rendering of services
1,000,000 0
Sodimex FR S.A. Switzerland Procurement
250,000 0
Sogescol FR S.A. Switzerland Trade of tropical products
1,885,091 3,142,960

Graphics
Consolidated nancial statements
Socnasia
|
ANNUAL REPORT 2021
|
75
Summary nancial information of interests held in associates - Statement of nancial position
Associate company Current assets
Non-current
assets Current liabilities
Non-current
liabilities
2020 EUR EUR EUR EUR
Management Associates S.A. 615,220 12,000,505 2,578,637 7,600,000
Socnco FR S.A. 12,579,220 7,086,748 3,264,021 5,091,650
Sodimex FR S.A. 13,571,469 14,284 9,450,637 0
Sogescol FR S.A. 29,587,310 886,694 19,485,837 0
TOTAL
56,353,219 19,988,231 34,779,132 12,691,650
2021 EUR EUR EUR EUR
Management Associates S.A. 1,424,905 11,142,966 2,868,219 7,000,000
Socnco FR S.A. 19,608,845 5,974,362 4,970,769 5,014,035
Sodimex FR S.A. 8,585,658 49,131 4,585,941 0
Sogescol FR S.A. 45,509,154 912,692 33,230,531 0
TOTAL
75,128,562 18,079,151 45,655,460 12,014,035
Summary nancial information of interests held in associates - Income statement
Associate company Prot from operations Net income for the year
Comprehensive income
for the year
2020 EUR EUR EUR
Management Associates S.A. -167,918 -167,918 -167,918
Socnco FR S.A. 1,535,347 1,535,347 1,535,347
Sodimex FR S.A. 405,746 405,746 405,746
Sogescol FR S.A. 3,282,437 3,282,437 3,282,437
TOTAL
5,055,612 5,055,612 5,055,612
2021 EUR EUR EUR
Management Associates S.A. 262,563 262,563 262,563
Socnco FR S.A. 6,288,105 6,288,105 6,288,105
Sodimex FR S.A. 413,732 413,732 413,732
Sogescol FR S.A. 5,129,175 5,129,175 5,129,175
TOTAL
12,093,575 12,093,575 12,093,575

Graphics
Consolidated nancial statements
76
|
ANNUAL REPORT 2021
|
Socnasia
Reconciliation of the nancial information summarised above to the carrying amount of the investments
in the consolidated nancial statements
Associate company
Net assets
of the associate
% stake held by
the Group
Other IFRS
adjustments
Value of stake
held by the Group
2020 EUR EUR EUR
Management Associates S.A. 2,437,088 20% -487,418 0
Socnco FR S.A. 11,310,297 50% -1,675,407 3,979,742
Sodimex FR S.A. 4,135,116 50% -32,617 2,034,941
Sogescol FR S.A. 10,988,167 50% 229,906 5,723,989
TOTAL
28,870,668 -1,965,536 11,738,672
2021 EUR EUR EUR
Management Associates S.A. 2,699,652 20% -294,131 245,799
Socnco FR S.A. 15,598,403 50% -434,926 7,364,276
Sodimex FR S.A. 4,048,848 50% -134,044 1,890,380
Sogescol FR S.A. 13,191,315 50% -750,175 5,845,483
TOTAL
35,538,218 -1,613,275 15,345,938
There is no goodwill attributed to the above associates.
Aggregated information relating to associates that are not signicant individually
2021 2020
EUR EUR
Share of prot from continued operations attributable to the Group
895,431 58,938
Share of other comprehensive income attributable to the Group
895,431 58,938
Total book value of investments in associates held by the Group
6,588,968 8,861,397
Prot after tax from discontinued operations for 2021 and 2020 are nil for all associate companies of the Group.
The nature, extent and nancial impact of the interests held in associates by the Group, including the nature
of relationships with other investors, remained stable over the nancial period compared to the previous year.

Graphics
Consolidated nancial statements
Socnasia
|
ANNUAL REPORT 2021
|
77
Note 11. Financial assets at fair value through other comprehensive income
2021 2020
EUR EUR
Fair value at 1
st
January
584,990 633,987
Change in fair value (*)
-36,378 -48,997
Disposals
-47,530 0
Fair value at 31
st
December
501,082 584,990
(*) The variation in the fair value of the nancial assets is accounted under the Other Comprehensive Income.
EUR Cost (historical) Fair value
2021 2020 2021 2020
Financial assets at fair value through other
comprehensive income
471,587 519,117 501,082 584,990
Note 12. Long term advance payments
As at 31
st
December 2021, the long-term advance payments consist mainly of 2 receivables from Socn for a
nominal amount of respectively EUR 100,592,500 and EUR 75,293,177 (2020: EUR 80,000,000). These receivables
bear interest at rates of respectively 4% per annum and 3-month USD Libor rate +6.7%. They are repayable within
5 years.

Graphics
Consolidated nancial statements
78
|
ANNUAL REPORT 2021
|
Socnasia
Note 13. Deferred taxes
* Components of deferred tax assets and liabilities
2021 2020
EUR EUR
IAS 2 / IAS 41: Agricultural production
-1,255,209 -558,289
IAS 16: Property, plant and equipment
-4,249,920 -3,243,007
IAS 19: Pension obligations
8,093,894 7,126,034
IAS 12: Tax credits
5,210,941 224,527
IFRS 16: Leases
9,555 8,160
IFRS 9: Financial assets measured at fair value through other
comprehensive income
-9,815 -18,888
Others
71,470 0
Balance at 31
st
December
2,291,721 1,751,393
Of which deferred tax assets
7,870,915 3,557,425
Of which deferred tax liabilities
-5,579,195 -1,806,032
The above deferred taxes are presented per category of deferred taxes resulting from consolidation adjustments.
They are calculated company per company and the net position between deferred tax liabilities and deferred
tax assets is presented.
* Contingent tax assets and liabilities
PNS Ltd, Socn KCD and Coviphama have unused tax losses for respectively EUR 14.1 million, EUR 7.9 million and
EUR 1.0 million. No deferred tax assets have been booked in respect of these tax credits.

Graphics
Consolidated nancial statements
Socnasia
|
ANNUAL REPORT 2021
|
79
Note 14. Current tax assets and liabilities
* Components of current tax assets
2021 2020
EUR EUR
Current tax assets at 1
st
January 980,690 883,837
Tax income 31,318 68,486
Other taxes 0 0
Taxes paid or recovered 562,949 117,184
Tax adjustments -376,776 -22,063
Foreign exchange differences 30,786 -66,754
Current tax assets at 31
st
December 1,228,967 980,690
* Components of current tax liabilities
2021 2020
EUR EUR
Current tax liabilities at 1
st
January 10,048,388 1,948,383
Tax expense 30,644,770 19,264,394
Other taxes 8,096 0
Taxes paid or recovered -25,361,738 -10,975,668
Tax adjustments 63 -63
Foreign exchange differences 666,373 -188,658
Current tax liabilities at 31
st
December 16,005,952 10,048,388
Note 15. Income tax expense
* Components of the tax expense
2021
2020
Restated
EUR EUR
Current income tax expense (*)
21,664,692 14,340,159
Deferred tax expense / (income)
-357,787 347,544
Tax expense at 31
st
December
21,306,905 14,687,703
(*) Withholding tax on dividends is presented within income tax expense. In 2020, a withholding tax amounting EUR 3.3 million
was misclassied within the caption "Other operating expenses". For better comparison with prior year, a correction has
been applied on the 2020 nancial year comparative gures.

Graphics
Consolidated nancial statements
80
|
ANNUAL REPORT 2021
|
Socnasia
* Components of the deferred tax expense / (income)
2021
2020
Restated
EUR EUR
IAS 12: Tax credits
-448,261 87,972
IAS 19: Pension obligations
-466,416 1,861,615
IAS 2 / IAS 41: Fair value of agricultural produce
-118,326 -1,275,984
IAS 16: Tangible assets
744,451 -342,482
IFRS 16: Leases
-686 16,423
Others
-68,548 0
Deferred tax expense / (income) at 31
st
December
-357,786 347,544
* Reconciliation of income tax expense
2021
2020
Restated
EUR Restated
Prot before tax from continuing operations
77,695,812 31,983,809
Nominal tax rate of the parent company
24.94% 24.94%
Nominal tax rate of subsidiaries
from 20 % to 24.94 % from 20 % to 24.94 %
Income tax at nominal tax rates of subsidiaries
17,079,179 6,859,178
Unfunded taxes
37,693 608,536
Denitively taxed income
-32,224 0
Use of capital allowances
269,892 -625,630
Specic tax regimes in foreign countries
9,621,193 3,442,778
Non-taxable income
-1,314,690 -454,199
Non-deductible expenses
1,125,255 4,027,296
Use of accumulated tax losses
-6,178,320 0
Losses carried forward
578,034 746,942
Impact of change in tax rate
122,896 81,372
Other adjustments
-2,003 1,430
Tax expense at 31
st
December
21,306,905 14,687,703

Graphics
Consolidated nancial statements
Socnasia
|
ANNUAL REPORT 2021
|
81
Note 16. Inventories
* Carrying value of inventories by category
2021 2020
EUR EUR
Raw materials 1,044,685 232,224
Consumables 3,024,646 3,185,038
Spare parts 1,767,983 1,331,979
Production in progress 1,218,562 2,209,579
Finished products 9,650,351 5,064,268
Gross amount before impairment at 31
st
December
16,706,227 12,023,088
Inventory write-downs -590,361 -256,255
Net amount at 31
st
December 16,115,866 11,766,833
* Reconciliation of inventories
2021 2020
EUR EUR
Situation at 1
st
January 12,023,088 18,603,485
Change in inventory 6,144,248 -165,912
Fair value of agricultural products -2,464,157 -4,806,752
Foreign exchange differences 1,003,048 -1,607,733
Gross amount (before impairment) at 31
st
December 16,706,227 12,023,088
Inventory write-downs -590,361 -256,255
Net amount at 31
st
December 16,115,866 11,766,833
* Quantity of inventory by category
2020 Raw Materials Production-in-progress Finished goods
Palm oil (tons) 0 0 4,148
Rubber (tons) 317 0 2,677
Others (units) 0 11,004,801 469,267
2021 Raw Materials Production-in-progress Finished goods
Palm oil (tons) 0 0 5,576
Rubber (tons) 1,076 0 3,935
Others (units) 0 4,737,950 24,926

Graphics
Consolidated nancial statements
82
|
ANNUAL REPORT 2021
|
Socnasia
Note 17. Trade receivables (current assets)
2021 2020
EUR EUR
Trade receivables
1,802,589 1,310,365
Advances and prepayments
501,466 684,018
Total at 31
st
December
2,304,055 1,994,383
Note 18. Other receivables (current assets)
2021 2020
EUR EUR
Social security
8,708 7,481
Other receivables (*)
20,864,847 40,142,615
Accrued charge
30,677 7,686
At 31
st
December
20,904,232 40,157,782
(*) The “Other receivables” consist mainly of cash pooling receivables at Socnde for EUR 18.5 million (EUR 38.4 million euros
in 2020), and include receivables linked to non-operational activities
The accounting policy and risk management applicable to receivables are detailed in notes 1 and 34.
Note 19. Cash and cash equivalents
* Reconciliation with the amounts in the statement of nancial position
2021 2020
EUR EUR
Current account
73,404,709 19,832,116
Balance at 31
st
December
73,404,709 19,832,116
* Reconciliation with the cash ow statement
2021 2020
EUR EUR
Current account
73,404,709 19,832,116
Balance at 31
st
December
73,404,709 19,832,116

Graphics
Consolidated nancial statements
Socnasia
|
ANNUAL REPORT 2021
|
83
Note 20. Share capital
Issued and fully paid capital amounted to EUR 24.5
million as at 31
st
December 2021 (No change compared
to 2020).
At 31
st
December 2021, the share capital is
represented by 19,594,260 shares without nominal
value.
In accordance with the law of 28
th
July 2014 on the
cancellation of bearer shares, 455,740 shares have
been cancelled,as the holders of these shares have
not been registered with a depositary as required
by the law. The proceedings with the “Caisse de
Consignation” are still in progress till date.
Ordinary shares
2021 2020
Number of Shares at 31
st
December
19,594,260 19,594,260
Number of fully paid shares issued without designation of par value
19,594,260 19,594,260
Note 21. Reserve
Legal reserve
In accordance with Luxembourg commercial law, the
company is required to allocate a minimum of 5% of
its net prot for each nancial year to a legal reserve.
This requirement ceases to be necessary once the
balance on the legal reserve reaches 10% of the issued
share capital. The legal reserve is not available for
distribution to the shareholders.
Statutory reserve
In accordance with Article 33 of the company's
coordinated bylaws, this reserve is not available for
distribution to shareholders.

Graphics
Consolidated nancial statements
84
|
ANNUAL REPORT 2021
|
Socnasia
Note 22. Pension obligations
Dened benet pension plan and post-employment sickness
The Group provides a dened benet pension plan
to its employees in its Indonesian subsidiary. The
latter pay benets which are payable in the event of
retirement or voluntary resignation. The benets paid
are calculated as a percentage of salary and are based
on the number of years of service.
The plan is based on the employment contract for
the employees and on the collective agreements for
the labourers. The benets payable to the employees
are not nanced by any specic asset against the
provisions.
2021 2020
EUR EUR
Assets and liabilities recognised in the statement of
nancial position
Present value of obligations
36,912,326 35,114,910
Net amount recognised in the statement of nancial position
for dened benet plans
36,912,326 35,114,910
Components of net charge
Current service costs
2,080,954 1,985,895
Financial costs
1,889,375 2,799,522
Past service costs
-555,090 0
Dened benet plan costs
3,415,239 4,785,417
Movements in liabilities / net assets recognised in the statement of
nancial position
At 1
st
January
35,114,910 42,474,505
Costs as per income statement
3,415,239 4,785,417
Contributions
-4,879,625 -4,941,109
Actuarial gains and losses of the year recognised in other comprehensive
income
801,101 -3,161,076
Foreign exchange differences
2,460,701 -4,042,827
At 31
st
December
36,912,326 35,114,910
Provisions are based on actuarial valuation reports prepared in January 2022.

Graphics
Consolidated nancial statements
Socnasia
|
ANNUAL REPORT 2021
|
85
Actuarial gains and losses recognised in other comprehensive income
2021 2020
EUR EUR
Adjustments of liabilities related to experience
-2,759,574 7,026,934
Changes in nancial assumptions related to recognised liabilities
1,958,473 -3,865,858
Actuarial gains and losses recognised during the period in other
comprehensive income
-801,101 3,161,076
Actuarial valuation assumptions
2021 2020
ASIA
Average discount rate
from 3.40% to 7.60% 6.53%
Expected long-term returns of plan assets
N/A N/A
Future salary increases
6.50% 6.50%
Average remaining active life of employees (in years)
12.96 13.33
Sensitivity analysis of the present value of dened benet obligations
2021 2020
EUR EUR
Actuarial value of the obligation
- Pension plan
35,065,614 33,536,326
- Other long term benets
1,846,712 1,578,583
Total as of 31
st
December
36,912,326 35,114,910
Actuarial rate (on pension plan)
Increase of 0.5%
35,702,753 32,295,702
Decrease of 0.5%
38,247,974 35,038,385
Expected future salary increases (on pension plan)
Increase of 0.5%
38,104,204 34,912,355
Decrease of 0.5%
35,777,001 32,401,453
The sensitivity analysis are based on the same actuarial method used to measure the obligations of the dened
benet plans.
Impact of the dened benet pension plan on future cash ows
2022 2021
Estimated contributions for the next nancial year (in euros)
4,227,108 4,245,592
2021 2020
Weighted average duration of dened benet plan obligations (in years)
12.8 14.0

Graphics
Consolidated nancial statements
86
|
ANNUAL REPORT 2021
|
Socnasia
Note 23. Financial debts
2020
EUR < 1 year > 1 year TOTAL
Lease liabilities 24,036 394,600 418,636
TOTAL 24,036 394,600 418,636
2021
EUR < 1 year > 1 year TOTAL
Loans held by nancial institutions (*) 8,842,663 78,136,408 86,979,071
Other loans 11,166 0 11,166
Lease liabilities 26,341 401,008 427,349
TOTAL 8,880,170 78,537,416 87,417,586
(*) In November 2021, PNS Ltd obtained a loan of USD 100 million. This loan has been agreed at a oating rate of 3-month
LIBOR + 5%, and should be fully reimbursed at the latest before end of November 2026 (see also note 32). The LIBOR, when
not applicable anymore, will be replaced by Secured Overnight Financing Rate (SOFR).
The company is in compliance with covenants related to the amounts owed to credit instutions.
* Analysis of long-term debt by interest rate
2021
EUR Fixed Rate Rate Floating rate Rate TOTAL
Loans held by nancial
institutions
Luxembourg 0 0 78,136,408 LIBOR 3-month +5%(*) 78,136,408
0 78,136,408 78,136,408
(*) The LIBOR should be replaced by SOFR rate prior to cessation on 3-month USD LIBOR.

Graphics
Consolidated nancial statements
Socnasia
|
ANNUAL REPORT 2021
|
87
* Long-term debts analysis by currency
2020 KHR TOTAL EUR
Lease liabilities 394,600 394,600
TOTAL 394,600 394,600
2021 USD TOTAL EUR
Loans held by nancial institutions 78,136,408 78,136,408
Lease liabilities 401,007 401,007
TOTAL 78,537,415 78,537,415
* Long-term debt analysis by maturity
2020
EUR 2022 2023 2024 2025
2026
and above
TOTAL
Lease liabilities 24,151 24,266 24,382 24,499 297,302 394,600
TOTAL 24,151 24,266 24,382 24,499 297,302 394,600
2021
EUR 2023 2024 2025 2026
2027
and above
TOTAL
Loans held by nancial
institutions
16,952,946 61,183,462(*) 0 0 0 78,136,408
Lease liabilities 26,467 26,594 26,721 26,850 294,376 401,008
TOTAL 16,979,413 61,210,056 26,721 26,850 294,376 78,537,416
(*) The reimbursement can be extended to end of November 2026.

Graphics
Consolidated nancial statements
88
|
ANNUAL REPORT 2021
|
Socnasia
* Net debt
2021 2020
EUR EUR
Cash and cash equivalents 73,404,709 19,832,116
Long term debt net of current portion -78,136,408 0
Short term debt and current portion of long-term debt -8,853,829 0
Lease liabilities -427,349 -418,636
Net debt -14,012,877 19,413,480
Cash and cash equivalents 73,404,709 19,832,116
Loan bearing interest at a variable rate -86,990,237 0
Lease liabilities -427,349 -418,636
Net debt -14,012,877 19,413,480
* Reconciliation of net debt
Cash and cash
equivalents
Long term debt,
net of current
portion
Short term debt
and current
portion of long
term debt
Debt related to
leases Total
At 1
st
January 2020 12,592,655 0 0 -1,321,632 11,271,023
Cash Flows 8,150,154 0 0 504,551 8,654,705
Foreign exchange
differences
-910,692 0 0 91,633 -819,059
Other movements with no
impact on cash ows
0 0 0 306,810 306,810
At 31
st
December 2020 19,832,117 0 0 -418,637 19,413,480
Cash Flows 51,615,483 -12,001,941 402,595 25,143 40,041,280
Foreign exchange
differences
1,957,109 -3,195,394 -361,616 -33,860 -1,633,761
Transfers 0 -62,939,073 -8,894,808 0 -71,833,881
At 31
st
December 2021 73,404,710 -78,136,408 -8,853,829 -427,354 -14,012,881

Graphics
Consolidated nancial statements
Socnasia
|
ANNUAL REPORT 2021
|
89
Note 24. Other payables
2021 2020
EUR EUR
Staff cost liabilities
841,332 771,783
Other payables (*)
21,344,312 22,042,164
Accruals
18,798,271 14,247,746
Balance at 31
st
December
40,983,915 37,061,693
Current liabilities
40,983,915 37,061,693
(*) Other payables consist mainly of debts of EUR 16.8 million
(EUR 17.8 million in 2020) relating to the cash pooling at
Socnde.

Graphics
Consolidated nancial statements
90
|
ANNUAL REPORT 2021
|
Socnasia
Note 25. Financial instruments
2020
Loans and
borrowings
Financial assets
at fair value
through other
comprehensive
income
Other
nancial
assets and
liabilities TOTAL
Loans and
borrowings (*)
Other
nancial
assets and
liabilities (*)
EUR at cost at fair value at cost at fair value at fair value
Assets
Financial assets at fair value through other
comprehensive income
0 584,990 0 584,990 0 0
Long-term advances
80,307,020 0 80,645 80,387,665 80,307,020 80,645
Other non-current assets
7,600,000 0 0 7,600,000 7,600,000 0
Trade receivables
0 0 1,994,383 1,994,383 0 1,994,383
Other receivables
0 0 40,157,781 40,157,781 0 40,157,781
Cash and cash equivalents
0 0 19,832,116 19,832,116 0 19,832,116
Total Assets
87,907,020 584,990 62,064,925 150,556,935 87,907,020 62,064,925
Liabilities
Long term lease liabilities
394,600 0 0 394,600 394,600 0
Short term lease liabilities
24,036 0 0 24,036 24,036 0
Trade payables (current)
0 0 4,418,226 4,418,226 0 4,418,226
Other payables (current)
0 0 37,061,692 37,061,692 0 37,061,692
Total Liabilities
418,636 0 41,479,918 41,898,554 418,636 41,479,918
(*) For information purposes.
2020 Fair Value
EUR Level 1 Level 2 Level 3 TOTAL
Financial assets at fair value through other
comprehensive income
0 0 584,990 584,990

Graphics
Consolidated nancial statements
Socnasia
|
ANNUAL REPORT 2021
|
91
2021
Loans and
borrowings
Financial assets
at fair value
through other
comprehensive
income
Other
nancial
assets and
liabilities TOTAL
Loans and
borrowings (*)
Other
nancial
assets and
liabilities (*)
EUR at cost at fair value at cost at fair value at fair value
Assets
Financial assets at fair value through other
comprehensive income
0 501,082 0 501,082 0 0
Long-term advances
175,885,677 0 85,592 175,971,269 175,885,677 85,592
Other non-current assets
7,000,000 0 0 7,000,000 7,000,000 0
Trade receivables
0 0 2,304,055 2,304,055 0 2,304,055
Other receivables
0 0 20,904,231 20,904,231 0 20,904,231
Cash and cash equivalents
0 0 73,404,709 73,404,709 0 73,404,709
Total Assets
182,885,677 501,082 96,698,587 280,085,346 182,885,677 96,698,587
Liabilities
Long term debts
78,136,408 0 0 78,136,408 78,136,408 0
Long term lease liabilities
401,008 0 0 401,008 401,008 0
Short term debts
8,853,829 0 0 8,853,829 8,853,829 0
Short term lease liabilities
26,341 0 0 26,341 26,341 0
Trade payables (current)
0 0 4,003,741 4,003,741 0 4,003,741
Other payables (current)
0 0 40,983,912 40,983,912 0 40,983,912
Total Liabilities
78,563,757 0 53,841,482 132,405,239 78,563,757 53,841,482
(*) For information purposes.
2021 Fair Value
EUR Level 1 Level 2 Level 3 TOTAL
Financial assets at fair value through other
comprehensive income
0 0 501,082 501,082
The management is in the opinion that the carrying value of the loans approximate the fair value.

Graphics
Consolidated nancial statements
92
|
ANNUAL REPORT 2021
|
Socnasia
Note 26. Staff costs and average number of staff
Average number of employees during the year 2021 2020
Directors
197 190
Employees
2,396 2,453
Workers (including temporary workers)
7,575 7,720
TOTAL
10,168 10,363
2021 2020
Staff costs EUR EUR
Remuneration
56,030,593 44,135,874
Social security and pension expenses
4,724,960 6,725,654
TOTAL
60,755,553 50,861,528
Note 27. Other nancial income
2021 2020
EUR EUR
On non-current assets / liabilities
Interest on other investments
1,063,405 5,768
On current assets / liabilities
Interest from receivables and cash ows
2,940,712 3,384,263
Exchange gains
3,233,227 908,239
Others
822,265 562,419
TOTAL
8,059,609 4,860,689

Graphics
Consolidated nancial statements
Socnasia
|
ANNUAL REPORT 2021
|
93
Note 28. Financial expenses
2021 2020
EUR EUR
Impairment on non-current assets
20,000 2,440,000
Interest expense on lease liabilities
37,808 38,521
Interest and nance expense
444,607 63,102
Impairment on nancial assets
342,741 0
Exchange losses
980,270 4,189,552
Others
236,677 181,213
At 31
st
December
2,062,103 6,912,388
Note 29. Net earnings per share
Undiluted net earnings per share (basic) is the prot
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.
2021 2020
Net prot for the year (in euros)
57,414,177 16,437,566
Average number of shares
19,594,260 19,594,260
Net earnings per share undiluted (in euros)
2.93 0.84
Note 30. Dividends and directors’ fees
The Board will propose at the Annual General Meeting
of 31
st
May 2022 the payment of a total dividend of
EUR 1.40 per share, out of which an interim dividend
of EUR 0.40 per share was paid in November 2021.
If the proposed dividend is approved by the general
meeting of shareholders, a balance of EUR 1.00 per
share for a total amount of EUR 19.6 million would
therefore remain payable.
2021 2020
Dividends and interim dividends distributed during the period (in euros)
17,634,834 15,675,408
Number of shares
19,594,260 19,594,260
Dividend per share distributed in the period
0.90 0.80
In addition, in accordance with the statutory provisions, 1/9 of the distributed dividends are allocated to the
Board of Directors.

Graphics
Consolidated nancial statements
94
|
ANNUAL REPORT 2021
|
Socnasia
Note 31. Information on related party
* Directors’ remuneration
2021 2020
EUR EUR
Short term benets
5,849,500 4,625,964
* Other related party transactions
2020
EUR Parent Associates
Other related
parties TOTAL
Non-current assets
Long-term advances
0 592,500 80,000,000 80,592,500
Other non-current assets
0 7,600,000 0 7,600,000
0 8,192,500 80,000,000 88,192,500
Current assets
Trade receivables
0 963,107 0 963,107
Other receivables (Note 18)
15,539,714 6,022,150 18,148,051 39,709,915
15,539,714 6,985,257 18,148,051 40,673,022
Current liabilities
Trade payables
0 2,780 0 2,780
Other payables (Note 24)
0 10,108,585 1,664,315 11,772,900
0 10,111,365 1,664,315 11,775,680
TRANSACTIONS BETWEEN RELATED PARTIES
Services and goods delivered
0 11,873,377 158,388 12,031,765
Services and goods received
0 4,971,518 0 4,971,518
Financial income
22,141 38,356 3,314,977 3,375,475
Finance expense
0 186 2,522 2,708

Graphics
Consolidated nancial statements
Socnasia
|
ANNUAL REPORT 2021
|
95
2021
EUR Parent Associates
Other related
parties TOTAL
Non-current assets
Long-term advances
175,293,177 592,500 0 175,885,677
Other non-current assets
0 7,000,000 0 7,000,000
175,293,177 7,592,500 0 182,885,677
Current assets
Trade receivables
0 1,023,084 0 1,023,084
Other receivables (Note 18)
11,479,691 5,539,924 2,249,186 19,268,800
11,479,691 6,563,008 2,249,186 20,291,884
Current liabilities
Financial debts
0 11,044 0 11,044
Trade payables
0 97,731 0 97,731
Other payables (Note 24)
0 9,631,904 1,587,759 11,219,663
9,740,679 1,587,759 11,328,438
TRANSACTIONS BETWEEN RELATED PARTIES
Services and goods delivered
0 14,752,300 94,373 14,846,673
Services and goods received
0 5,616,532 0 5,616,532
Financial income
679,322 25,004 2,819,718 3,524,044
Related party transactions are made at arm’s length.
As at 31
st
December 2021, Socnasia has an amount
receivable of EUR 100 million from Socn. This
receivable bears interest at 4%. The amount of interest
recognised for the year 2021 is EUR 0.6 million.
As at 31
st
December 2021, PNS has an amount
receivable of EUR 75.3 million from Socn. This
receivable bears interest at 3-month LIBOR + 6.7%.
The amount of interest recognised for the year 2021
is EUR 0.5 million.
No other signicant transactions have been noted with
the parent company Socn, with the exception of the
payment of dividends by Socnasia amounting to EUR
9.1 million in 2020 and EUR 10.2 million in 2021. In
addition, Socnde has a receivable of EUR 10.9 million
with the parent company at 31
st
December 2021.
Transactions with other related parties are carried
out with Socnde, a company incorporated under
the law of Luxembourg, which is within the scope of
consolidation.
As at 31
st
December 2021, Socnde has an amount
receivable of EUR 2.2 million from Socnaf (2020 :
EUR 17.3 million).
As at 31
st
December 2021, Socnde has a USD
denominated loan equivalent to EUR 1.6 million due
to Socnaf. This loan bears an annual interest rate
of LIBOR 1-month x 85% with a minimum rate of 0%.
The amount of interest recognised for 2021 is EUR 0.0
million.

Graphics
Consolidated nancial statements
96
|
ANNUAL REPORT 2021
|
Socnasia
Note 32. Off balance sheet commitments
In 2021, PNS Ltd obtained a loan of USD 100 million
which stipulates that as long as the loan remains
outstanding, PNS Ltd’s may not provide any guarantee
or provision of any other security or arrangement to
other creditors without granting them on the same
terms to the bank. PNS Ltd also opened a reserve
account with enough funds to service principal and
interest due in the rst 12 months. In addition, 100%
of PNS Ltd shares, owned by Socnasia, have been
pledged to the bank under this loan. The contract also
stipulates that a change of control in PNS Ltd’s or in
the Company’s shareholding would result in the early
repayment of the loan.
Note 33. Segment information
In accordance with IFRS 8, the analysis of information
by management is based on the geographical
distribution of political and economic risks. As a result,
the sectors are Indonesia, Cambodia and Europe.
The products of the operating sector from Indonesia
come from sales of palm oil and rubber, those from
Cambodia come exclusively from sale of rubber,
those from Europe come from the rendering of
administrative services, assistance in managing the
areas under plantation and the marketing of products
outside the Group. The segment prot of the Group is
the prot from operations.
The stated gures originate from internal reporting.
They do not include any consolidation or IFRS
adjustments or restatements and are therefore not
directly comparable to amounts reported in the
consolidated statement of nancial position and
income statement.
* Segmental breakdown of prot / (loss) at 31
st
December 2020 (Restated)
EUR
Revenue from
ordinary business
with external
customers
Revenue from
ordinary business
between segments
Sector prot / (loss)
(*)
Europe
0 0 -3,112,071
Cambodia
5,165,870 0 -1,157,165
Indonesia
121,354,187 0 49,023,435
TOTAL
126,520,057 0 44,754,199
Elimination of revenue from intra-group activities
Fair value of agricultural production
-6,519,164
Other IFRS adjustments
-5,327,463
Consolidation adjustments (intra-group and others)
-1,816,592
Financial income
4,912,961
Financial expenses
-7,358,960
Group share of income from associates
1,765,112
Income tax expense
-11,348,876
Net prot for the period
19,061,218
(*) Prot / (loss) for the period include operating expenses.

Graphics
Consolidated nancial statements
Socnasia
|
ANNUAL REPORT 2021
|
97
* Segmental breakdown of prot / (loss) at 31
st
December 2021
EUR
Revenue from
ordinary business
with external
customers
Revenue from
ordinary business
between segments
Sector prot / (loss)
(*)
Europe
0 0 -2,924,837
Cambodia
7,935,361 0 988,373
Indonesia
160,251,445 0 82,976,211
TOTAL
168,186,805 0 81,039,747
Elimination of revenue from intra-group activities
Fair value of agricultural production
-1,439,376
Other IFRS adjustments
2,928,458
Consolidation adjustments (intra-group and others)
-9,290,288
Financial income
8,756,347
Financial expenses
-4,299,076
Group share of income from associates
7,147,777
Income tax expense
-21,306,905
Net prot for the period
63,536,684
(*) Prot / (loss) for the period include operating expenses.

Graphics
Consolidated nancial statements
98
|
ANNUAL REPORT 2021
|
Socnasia
* Total segmental assets
2021 2020
EUR
Restated
EUR
Europe
50,366,111 5,069,851
Cambodia
68,843,348 64,305,823
Indonesia
127,714,998 106,618,394
Total at 31
st
December
246,924,457 175,994,067
IFRS 3/IAS 16: Bearer plants
-395,689 -1,356,729
IAS 2/IAS 41: Agricultural production
114,882 2,521,746
Other IFRS Adjustments
-530,493 -580,312
Consolidation adjustments (intra-group and others)
4,389,329 4,750,252
Total consolidated segmental assets
250,502,486 181,329,024
Consolidated assets not included in segment assets
Right-of-use assets
910,065 958,149
Investments in associates
21,934,906 20,314,589
Financial assets at fair value through other comprehensive income
501,082 584,990
Long-term advances
175,971,270 80,673,146
Deferred tax
7,870,915 3,557,425
Other non-current assets
7,000,000 7,600,000
Consolidated non-current assets
214,188,239 113,688,298
Other debtors
20,904,231 40,157,782
Current tax assets
1,228,967 980,689
Consolidated current assets
22,133,197 41,138,470
Total of consolidated assets in the segmental assets
236,321,436 154,826,769
Total assets
486,823,922 336,155,793
Segment assets and liabilities are presented to meet
the requirements of IFRS 8. They are derived from
internal reporting and do not take into account any
consolidation or IFRS restatements.
Segment assets include only xed assets, producing
biological assets, trade receivables, inventories, cash
and cash equivalents. Segment liabilities include only
trade and other payables.

Graphics
Consolidated nancial statements
Socnasia
|
ANNUAL REPORT 2021
|
99
* Total segmental liabilities
2021 2020
EUR
Restated
EUR
Europe
29,914,750 45,286,673
Cambodia
1,154,105 890,695
Indonesia
23,690,766 19,292,109
Total at 31
st
December
54,759,620 65,469,477
Consolidation adjustments (intra-group and others)
-9,771,966 -23,989,559
Total consolidated segmental liabilities
44,987,654 41,479,918
Consolidated liabilities not included in segment liabilities
Total equity
295,921,208 247,215,363
Non-current liabilities
121,028,937 37,315,541
Current nancial debts
8,853,829 0
Current lease liabilities
26,341 24,036
Current tax liabilities
16,005,952 10,048,388
Provisions
0 72,547
Total consolidated liabilities not included in segment liabilities
441,836,268 294,675,875
Total equity and liabilities
486,823,921 336,155,793
* Costs incurred for acquisition of segmental assets during 2020 (Restated)
EUR Intangible assets Tangible assets Biological assets TOTAL
Cambodia
0 483,274 1,064,256 1,547,530
Indonesia
17,885 4,421,120 6,716,707 11,155,712
TOTAL
17,885 4,904,394 7,780,963 12,703,242
* Costs incurred for acquisition of segmental assets during 2021
EUR Intangible assets Tangible assets Biological assets TOTAL
Cambodia
0 436,270 859,167 1,295,437
Indonesia
658,565 4,258,034 4,914,771 9,831,369
TOTAL
658,565 4,694,304 5,773,938 11,126,806

Graphics
Consolidated nancial statements
100
|
ANNUAL REPORT 2021
|
Socnasia
* Information by category of revenue
2021 2020
EUR EUR
Palm
140,988,797 104,521,961
Rubber
20,706,986 18,054,353
Other agricultural activities
5,307,630 3,943,743
Others
1,183,392 0
TOTAL
168,186,805 126,520,057
* Information by geographical region
EUR
2020
Restated
Geographical
location
Origin Europe Africa Asia America Oceania TOTAL
Asia 11,873,383 157,914 114,488,760 0 0 126,520,057
EUR
2021
Geographical
location
Origin Europe Africa Asia America Oceania TOTAL
Asia 14,752,311 235,968 152,940,190 255,594 2,742 168,186,805
* Information by business segment by revenue category
EUR
2020
Restated
Category Business
Segment Palm Rubber
Other agricultural
products TOTAL
Indonesia
104,521,962 12,888,488 3,943,737 121,354,187
Cambodia
0 5,165,870 0 5,165,870
TOTAL
104,521,962 18,054,358 3,943,737 126,520,057
EUR
2021
Category Business
Segment
Palm Rubber
Other agricultural
products TOTAL
Indonesia
140,988,797 12,771,626 6,491,022 160,251,445
Cambodia
0 7,935,360 0 7,935,360
TOTAL
140,988,797 20,706,986 6,491,022 168,186,805

Graphics
Consolidated nancial statements
Socnasia
|
ANNUAL REPORT 2021
|
101
Note 34. Risk management
Capital management
The Group manages its capital and adjusts accordingly
in response 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 close monitoring
of the ratio of debt over equity.
Financial risk
The nancial risk for the companies within the Group
comes mainly from changes in the selling price of
agricultural commodities, foreign exchange and to a
lesser extent, interest rate movements.
Potential risks
None of the countries in which the Group operates
has a hyperinationary economy or suffers from an
immediate threat of price devaluation. Nevertheless,
in a minority of countries in which the Group operates,
the political system and economic stability remain
fragile and could lead to currency devaluation or
hyperination.
Risk management and opportunities
The Group regularly reviews its sources of nancing
as well as currency movements and its decisions are
based on a variety of risks and opportunities which are
themselves based on several factors including interest
rates, currency and counterparties.
Market risk
* Price risk in commodities market
Potential risk
The Group markets its nished products at prices
which may be inuenced 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 in order to
generate margins for the viability of structures in the
event of a signicant drop in the selling prices of raw
materials and conversely to generate prot margins
during the market downturns.
In parallel with this main policy, secondary policies
have also been implemented to improve or consolidate
prot margins:
- production of agricultural products of superior
quality and branded, in particular for rubber and;
- 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,
mainly being US dollar and Indonesian rupiah. In
addition, nancial instruments hedging against
exchange rate uctuations may not be available for
certain currencies. This creates exposure to exchange
rate uctuations which may have an impact on the
nancial result denominated in euro.
Risk management and opportunities
Apart from the current currency hedging instruments
for operational transactions (which is relatively
limited) the main policy of the Group to nance
its development projects in local currencies in the
region given the signicant investments made in
the plantations and wherever possible, to reduce
borrowings.
* Interest rate risk
Potential risk
This risk includes a change in cash ows relating to
short-term borrowings (often on a variable rate) and
the relatively high level of base interest rates on cash
and cash equivalents and developing markets when
borrowing in local currency.
Risk management and opportunities
The rst risk is put under control by an active policy of
monitoring the evolution of local nancial markets and
sometimes short-term debt consolidation in the long
term, if necessary. The second risk is considered by

Graphics
Consolidated nancial statements
102
|
ANNUAL REPORT 2021
|
Socnasia
a systematic policy of 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 arises from the potential inability of clients
to meet their contractual obligations.
Risk management and opportunities
To manage this 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
dened by its Board of Directors.
Details on impairment of nancial assets and liabilities,
including measurement of expected credit losses, are
disclosed in Note 1.18.
Liquidity risk
Potential risk
Liquidity risk is dened as the risk that the Group
cannot meet its obligations on time or at a reasonable
price. This risk is mainly impacting plantations which
are both the main source of cash and nancing needs.
Risk management and opportunities
Given the specic economic and technological
environment of each plantation, the Group manages
this risk in a decentralised manner. However, both
the cash available and the implementation of the
nancing are supervised by the Group management.
The Group chooses, whenever possible, to maintain
nancial liabilities and cash position (as mentioned
respectively in Notes 23 and 19) with low credit risk
institutions.
Emerging market risks
Potential risk
Current or future political instability in certain
countries in which the Group operates may affect the
ability to do business, generate revenue and impact
the Group’s protability.
The political system in some of the Group’s markets
remains relatively fragile and remains potentially
threatened by cross-border conicts or wars between
rival groups.
Risk management and opportunities
The Group’s activities contribute to improve the
quality of life in the countries in which the Group
operates while improving the stability of its markets
may lead to an appreciation of the value of the
Group’s companies located locally.
Diversifying the geographic mix of countries,
economies and currencies in which the Group
generates its revenues and cash ows reduces its
exposure to emerging market risk.
The Group is aware of the environmental and social
responsibility it has towards the local population and
is 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 impose control over the Group’s
assets.
Risk management and opportunities
The diversication of the geographical distribution
of the countries in which the Group generates its
revenues and its cash ows reduces its exposure to
this risk.
Credibility risk
Potential risk
The Group is exposed to the risk of loss of condence
of the nancial markets in relation to its ability to
maintain a sound nancial health considering:
- its environmental impact,
- its social responsibility and
- the economic and geopolitical risks that certain
Group entities may face.

Graphics
Consolidated nancial statements
Socnasia
|
ANNUAL REPORT 2021
|
103
Risk management and opportunities
The Group has published its responsible management
policy in 2017, updated in 2022. This complements
the Group’s sustainable development commitments,
formalised in 2012.
The Group’s initiatives to take this risk into account
are detailed in the information provided in the annual
sustainable development report available on request
at Group headquarters.
Risk sensitivity
* Exchange rate risk
The Group is exposed to changes in value arising
from uctuations in exchange rates generated by
its operating activities. However, as local turnover
were made in the local currency and export sales are
made in US dollar, the Group’s exposure is limited to
uctuations in dollar against the euro. The impact on
the result of a 5% increase or decrease (EUR/USD) in
foreign currency nancial instruments amounts to EUR
1.3 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 2021 amounted to
EUR 112.1 million.
PT Socndo has a cash position of USD 1.1 million.
* Interest rate risk
The breakdown of xed rate loans and variable rate
loans is described in Note 23. Following the variable
rate loan arrangement entered into by PNS Ltd in
November 2021, the Group is exposed to interest rate
risk. To control this risk, the management closely
monitors the interests rate evolution.
* Credit risk
As at 31
st
December 2021, the trade receivables
from global customers amounted to EUR 1.0 million
and to EUR 1.3 million for local customers. Accounts
receivable from global customers are mainly
receivables related to the sale of rubber. Palm oil is
sold locally to local players (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.

Graphics
Consolidated nancial statements
104
|
ANNUAL REPORT 2021
|
Socnasia
The outstanding trade receivables are not signicant.
2021 2020
EUR EUR
Trade receivables
2,304,055 1,994,383
Other receivables
20,904,232 40,157,782
Long term advances
175,971,270 80,387,666
Total net receivables
199,179,557 122,539,831
Amount not due
199,179,557 122,539,830
Total net receivables
199,179,557 122,539,830
Note 35. Prot before interest, taxes, depreciation and amortisation
EBITDA
2021 2020
EUR EUR
Prot after tax (Group’s share)
57,414,177 16,437,566
Prot share of non-controlling interests
6,122,505 2,623,656
Income from associates
-7,147,776 -1,765,112
Dividends received from associates
3,383,509 3,302,248
Fair value of biological assets
1,380,915 4,806,752
Depreciation, amortisation and provisions
11,304,028 13,264,627
Gains and losses on disposals of assets
1,540,235 394,299
Tax charge
21,306,905 14,687,702
Other nancial income
-8,059,609 -4,860,688
Other nancial income included in depreciation write-backs
233,171 3
Financial expenses
2,062,103 6,912,387
Financial expenses included in amortisation and provisions
-362,741 -2,440,000
Impact of lease restatement on EBITDA
-153,217 -163,348
TOTAL
89,024,205 53,200,092

Graphics
Consolidated nancial statements
Socnasia
|
ANNUAL REPORT 2021
|
105
Note 36. Contingent liabilities
1 Litigation against the Belgian Federal Public Service
Finance (Corporate Tax)
The company SOCFICOM S.A. (“Soccom”), a public
limited company incorporated under Liechtenstein
law and a subsidiary of the Group, was the subject of
criminal proceedings initiated by the Belgian Public
Prosecutor’s Ofce.
The main accusation against Soccom was that the
Belgian Public Prosecutor’s Ofce considered that
Soccom was a “Belgian resident company”, subject
to Belgian corporate income tax.
Soccom was acquitted, following a ruling by the 11
th
Chamber of the Brussels Court of Appeal, sitting in
correctional matters, dated 23
rd
October 2018. The
Court ruled that “it is clear from all these elements
that the real seat of the defendant Soccom is indeed
established in Liechtenstein and that nothing allows
it to be located in Brussels”. The Public Prosecutor’s
Ofce did not appeal against this judgement and this
decision is therefore nal.
However, the Federal Public Service Finance, relying
itself exclusively on the investigation le submitted
by the Belgian Public Prosecutor’s Ofce in criminal
matters, maintains that Soccom meets the conditions
for it to be liable to corporate income tax in Belgium
(the Federal Public Service Finance considers that
Soccom is effectively managed from Belgium and
that all its activities were carried out there).
Soccom was therefore automatically assessed with
corporate income tax, on 4
th
January 2012, for the tax
years 2004 to 2009 for an amount of EUR 77,343,783
excluding late payment interest at an annual rate of
7% reduced to 4% as from 1
st
January 2018.
On 5
th
April 2013, Soccom led a tax claim against
these 6 ex ofcio tax assessments. These 6 claims
were declared admissible, but were rejected.
Soccom led an action before the “Tribunal de
première instance francophone” of Brussels.
The “Tribunal de première instance francophone” of
Brussels, by judgement dated 26
th
April 2019, declared
the claim admissible and partially founded insofar as
it ordered the partial relief of the disputed taxes.
Soccom considers that this decision, although partly
favourable to the argument it defended before the
Court, is not satisfactory, given the acquittal decision
referred to above.
The tax authorities want to tax Soccom exclusively
on the basis of the elements of the criminal le, as
the tax le does not contain any “new claims” in
relation to the criminal proceedings. The facts judged
in the tax proceedings have already been decided by
the Court of Appeal (correctional chamber) which
acquitted Soccom and the other defendants.
The Court could therefore not agree with the tax ofce
on the basis of documents, observations or ndings,
without taking into considerations the judgement of
the Court of Appeal of 23
rd
October 2018. The Brussels
Tax Court has “re-heard” the criminal case ignoring
the acquittal of the 11
th
Chamber of the Brussels Court
of Appeal.
Soccom has therefore decided to appeal against the
tax judgement in order to request that the Court grants
the request initially formulated by the company, i.e.
to order the complete cancellation of the relief of the
disputed taxes.
Tax judgements that are appealed against are not
enforceable until the Court has ruled on them.
The amounts initially claimed by the tax authorities
from Soccom amounted to EUR 77,343,783, excluding
interest (see above), from which it must be deducted
the relief granted by the Court amounting to EUR
50,000,000.
The company’s counsel and Group management are
of the opinion that the Court of Appeal should fully
cancel these taxes, based on the acquittal decision
of the Court of Appeal, Correctional Chamber, dated
23
rd
October 2018 which conrms: “that the real seat
of the defendant Soccom is indeed established in
Liechtenstein and that there is no reason to locate it in
Brussels”. Based on these elements, the management
is of the opinion that no provision should be recorded
as the probability of an outow of nancial resources
by the Group is low. The ndings of the Court of Appeal
are not expected before 2024.

Graphics
Consolidated nancial statements
106
|
ANNUAL REPORT 2021
|
Socnasia
2. Litigation against the Belgian Federal Public Service
Finance (VAT)
As described above, the Federal Public Service
Finance maintains that Soccom is a Belgian resident
company. The tax authorities are claiming VAT of EUR
3,054,160.15 for the years 2006, 2007, 2008 and 2009,
adding to this tax nes and interest at a rate of 0.8%
per month as from 20
th
January 2010.
The amounts claimed amount to EUR 10,310,844.61,
split as follows:
- EUR 3,054,160 for VAT
- EUR 1,148,364 in interest
- EUR 6,108,320 in nes
- plus interest for late payment to be calculated on
the VAT due from 21
st
December 2013.
Soccom contested this tax before the Brussels Court
of First Instance.
The Court declared the claim admissible and
partially founded insofar as it cancelled the nes
of EUR 6,108,320 and the interest charged on this
amount.
Soccom considers that this decision, although
partially favorable to the case it defended before
the Court, is not satisfactory since it was granted the
acquittal following the judgement rendered by the
11
th
Chamber of the Brussels Court of Appeal dated
23
rd
October 2018.
In order to claim the disputed VAT from Soccom, the
tax authorities based themselves exclusively on the
criminal le. However, the Brussels Court could not
ignore the acquittal decision and condemn Soccom
without taking into account the nal and res judicata
judgement of the Brussels Court of Appeal.
In the absence of new elements brought by the tax
authorities and having an impact on the outcome of
the trial, the decision of the Court of Appeal of 23
rd
October 2018 could not be challenged and is binding
on the Court.
Soccom therefore decided to appeal the tax ruling in
order to request that the Court to grant the request
initially made by the company, i.e. to order the
complete cancellation of the relief of the disputed
taxes.
The Company’s counsel and the Group’s management
are of the opinion that the Court of Appeal should fully
cancel these taxes, based on the acquittal decision
of the Court of Appeal, Correctional Chamber, dated
23
rd
October 2018, which conrms: “that the real seat
of the defendant Soccom is indeed established in
Liechtenstein and that there is no reason to locate it
in Brussels”. Based on these elements, management is
of the opinion that no provision should be recorded as
the probability of an outow of nancial resources by
the Group is low. The ndings of the Court of Appeal
are not expected before 2024.
Note 37. Political and economic environment
The Company holds interests in subsidiaries operating in South-East Asia.
Given the economic and political instability in some of these countries, these investments represent a risk in
terms of exposure to political and economic changes.

Graphics
Consolidated nancial statements
Socnasia
|
ANNUAL REPORT 2021
|
107
Note 38. Events after the closing date
Russia – Ukrain conict
In February 2022, a number of countries (including the US, UK and EU) imposed sanctions against certain entities
and individuals in Russia as a result of the ofcial recognition of the Donetsk People Republic and Lugansk People
Republic by the Russian Federation. Announcements of potential additional sanctions have been made following
military operations initiated by Russia against the Ukraine on 24
th
February 2022.
Due to the growing geopolitical tensions, since February 2022, there has been a signicant increase in volatility
on the securities and currency markets, as well as a signicant depreciation of the ruble against the US dollar
and the euro. It is expected that these events may affect the activities of Russian enterprises in various sectors
of the economy.
The company regards these events as non-adjusting events after the reporting period.
Although neither the company’s performance and going concern nor operations, at the date of this report, have
been signicantly impacted by the above, the Board of Directors continues to monitor the evolving situation and
its impact on the nancial position and results of the company.
Early partial repayment of loan
As of 25
th
February 2022, Socn prepaid an amount of USD 25,000,000 i.e. EUR 22,409,466 of its debt to PNS Ltd
PNS Ltd itself repaid early an amount of USD 25,000,000 of its bank loan.
Note 39. Auditor’s fees
2021 2020
EUR EUR
Audit (VAT included)
343,389 194,761
The audit fees include all fees paid to the independent statutory auditor of the Group namely EY for 2021 and
2020, as well as those paid to member rms within EY network for the relevant years. No consulting work or
other non-audit services have been performed by those rms in 2021 or in 2020.

Graphics
108
|
ANNUAL REPORT 2021
|
Socnasia
Company's management report
Presented by the Board of Directors
at the Annual General Meeting of 31
st
May 2022
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
st
December 2021.
Activities
Socnasia holds nancial interests in portfolio companies which operate directly or indirectly in South-East Asia
in the rubber and palm oil sectors.
The result of the year
The prot and loss account for the year, compared to that of the previous year, is as follows:
(EUR million) 2021 2020
INCOME
Value adjustments in respect of nancial assets
1.2 0.0
Income from participating interests
From afliated undertakings
44.9 32.5
Other interest receivable and similar income
3.2 3.2
Total income
49.3 35.7
EXPENSES
Other external expenses
2.2 2.2
Value adjustments in respect of nancial assets
0.0 0.3
Interest payable and similar expenses
1.5 0.6
Income tax
0.6 0.5
Total expenses
4.3 3.6
PROFIT FOR THE FINANCIAL YEAR
45.0 32.1
At 31
st
December 2021, the income from nancial xed assets amounted to EUR 44.9 million compared to
EUR 32.5 million in 2020. The increase is mainly due to increased of the revenues from Indonesia. In addition,
following the liquidation of Gaummes and Socn Research, reversals of value adjustments of EUR 1.2 million
were recorded.
The prot of the year, after structural charges and costs, stood at EUR 45 million compared to EUR 32.1 million
as of 31
st
December 2020.

Graphics
Company's management report
Socnasia
|
ANNUAL REPORT 2021
|
109
Balance sheet
As at 31
st
December 2021, Socnasia's total assets amounted to EUR 451.9 million compared to EUR 425.5 million
in 2020.
Socnasia's assets mainly consist of nancial xed assets of EUR 410.5 million, receivables and cash at Bank of
EUR 41.4 million.
Shareholders’ equity, before distribution, amounts to EUR 446.8 million.
Portfolio
Movements
During the year, the liquidations of Gaummes, Socn Green Energy and Socn Research were completed. On the
other hand, Socnasia purchased 1 share Plantation Nord-Sumatra Ltd from Socn.
Valuation
During the 2021 nancial year, Socnasia recognised write-down reversals on Gaummes for EUR 0.2 million and
on Socn Research for EUR 1 million.
Unrealised capital gains on the portfolio of participating interests are estimated at EUR 88.3 million as at 31
st
December 2021 compared with EUR 53.8 million at the end of the previous year.
Investments
The main investments have evolved as follows during the period:
PT Socndo (Indonesia)
90% subsidiary of PNS Ltd which itself is 100% owned by Socnasia
Area (ha) as at 31/12/2021 Area planted
Mature Immature Total
Rubber
5,907 928 6,835
Palm
34,713 4,376 39,089
Total
40,260 5,304 45,924
Key gures Realised 2021 Realised 2020 Difference (%)
Production (tons)
Rubber
8,547 9,798 -12.8
Palm oil
180,584 182,577 -1.1
Turnover (EUR 000)
Rubber
12,763 12,857 -0.7
Palm tree
140,898 104,268 +35.1
Seeds
5,304 3,862 -37.3
Total
158,965 120,987 +31.4
Result (EUR 000)
61,951 38,093 +62.6

Graphics
Company's management report
110
|
ANNUAL REPORT 2021
|
Socnasia
Socn-KCD (Cambodia) – 100% owned subsidiary of
Socnasia and Coviphama (Cambodia) - 100% owned
subsidiary of PNS Ltd, which itself is 100% owned by
Socnasia.
The production of rubber processed by Socn KCD
during the year 2021 is up by 12% due to the additional
surface areas and the increase in agricultural yields
of this still young plantation. The turnover shows
a signicant increase given a higher volume sold
combined with a more favorable sales price than in
2020. Production costs are down 17% (volume effect).
The result improved from EUR -786,000 to EUR 915,000
at the end of 2021.
At Coviphama, production of raw rubber is on the rise,
harvests from the rst mature plots are sold to Socn-
KCD, as Coviphama does not have an industrial unit.
Revenue is up due to higher sales volume at a better
price than in the prior year. Production costs are down
(volume effect). The result amounts to EUR 67,000
against a loss of EUR 106,000 in 2020.
Allocation of prot
The prot for the year of EUR 45,000,179.91 increased by retained earnings of EUR 220,321,607.44, give a total
earnings of EUR 265,321,787.35 which it is proposed to allocate as follows:
Earnings allocation EUR
Retained earnings
234,841,827.35
From the balance:
10% to the Board of Directors
3,047,996.00
90% to 19,594,260 shares
27,431,964.00
representing EUR 1.40 per share
of which EUR 0.40 already paid at the end of 2021
265,321,787.35
As a reminder, the dividend relating to previous year was EUR 0.80.
After this allocation of earnings, total reserves amount to EUR 400,509,299.74 and is detailed as follows:
Reserves EUR
Legal reserve
2,449,282.50
Statutory reserve
125,993,370.46
Other reserves
30,070,909.83
Other available reserves
7,153,909.60
Retained earnings
234,841,827.35
400,509,299.74
If this distribution is approved, Coupon Nr. 82 of EUR 1.00 will be declared on 7
th
June 2022 and will be payable
as from 9
th
June 2022.

Graphics
Company's management report
Socnasia
|
ANNUAL REPORT 2021
|
111
Own shares
During the year 2021, the Company did not buy back any of its shares.
Research and development
During the year 2021, Socnasia did not incur any expenses relating to research and development.
Financial instruments
Socnasia's treasury holds USD 30 million in its position as at 31
st
December 2021. The purpose of holding this
currency is to cover dollar related investments and expenses.
Financial risk management policies are described in the notes to the Company’s consolidated nancial statements.
Branch
The Company has a permanent establishment in Fribourg (CH).
Mentions required by Art. 11 (1) points a) to k) of the law of 19
th
May 2006
concerning Public Takeover Bids
a) b) and f) The issued share capital of the Company
is set at EUR 24,492,825 represented by
19,594,260 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, Socn declared that it
holds 57.79% direct stake in Socnasia.
On 22
nd
October 2018, Bolloré Participations
declared that it holds a direct and indirect stake
of 22.255% in the Socnasia, of which 17.138% via
Bolloré and 5.116% via Compagnie du Cambodge.
h) Art. 13. of the Articles: “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. 22. of the Articles: “In the event of vacancy
of one or more director’s seat, it may be
provisionally replaced by complying with the
formalities provided for by law.”
Art. 31. of the Articles: “The present Articles of
association can be modied by decision of the
General Meeting specially convened for this
purpose, in the forms and conditions prescribed
by articles 450-1 and 450-8 of the law of 10
August 1915 on the commercial companies, as
amended.”
i) The powers of the members of the Board of
Directors are dened in Art. 17 et seq. of the

Graphics
Company's management report
112
|
ANNUAL REPORT 2021
|
Socnasia
Articles 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
or the law fall within the competence of the
Board.”
In addition, the Articles 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:
• holding of shares giving 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 modied 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.
Corporate responsibility policy
On 30
th
March 2022, the Group approved the update
of its responsible management policy renewed
and reinforced in 2021 in order to comply with the
GPSNR (Global Platform for Sustainable Natural
Rubber) policy. This responsible management policy
is based on the Group’s three pillars of commitment,
alongside its specic commitment to transparency:
rural development, workers and local communities,
and the 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
dened and implemented throughout 2021.
The efforts and actions undertaken by the Socn
Group in this area are detailed in a regularly updated
dashboard as well as in a separate annual report
(“Sustainable Development Report”).
The responsible management policy, the dashboard
and the annual sustainable development report are
available on the Group’s website.
Estimated value per share (company accounts)
The estimated value of Socnasia as at 31
st
December
2021 before allocation of the result and after the
interim dividend payment for the nancial year
amounts to EUR 535.1 million, that is EUR 27.31
per share compared to EUR 24.25 at the end of the
previous nancial year. This valuation incorporates
the unrealised capital gains of the portfolio.
As a reminder, the share price as at 31
st
December
2021 was EUR 14.30 compared to EUR 14.50 a year
earlier.

Graphics
Company's management report
Socnasia
|
ANNUAL REPORT 2021
|
113
Signicant events after the end of the year
In February 2022, a number of countries (including
the US, UK and EU) imposed sanctions against certain
entities and individuals in Russia as a result of the
ofcial recognition of the Donetsk People Republic and
Lugansk People Republic by the Russian Federation.
Announcements of potential additional sanctions have
been made following military operations initiated by
Russia against the Ukraine on 24
th
February 2022.
Due to the growing geopolitical tensions, since
February 2022, there has been a signicant increase
in volatility on the securities and currency markets, as
well as a signicant depreciation of the ruble against
the US dollar and the euro. It is expected that these
events may affect the activities of Russian enterprises
in various sectors of the economy.
The Company regards these events as non-adjusting
events after the reporting period.
Although neither the company’s performance and
going concern nor operations, at the date of this
report, have been signicantly impacted by the
above, the Board of Directors continues to monitor
the evolving situation and its impact on the nancial
position and results of the company.
Main risks and uncertainties
It must be emphasized that the Group’s investments
in South-East Asia 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 nancial statements.
Impact of the Covid-19 crisis
The nancial forecasts of the Company and its direct
and indirect subsidiaries for the years 2022 and 2023,
the sustained levels of market prices in this rst part
of the year, indicate that the business will generate
sufcient cash to meet the Group’s obligations and
ensure the going concern of the operations.
Perspectives
The result for the 2022 nancial year will depend to a large extent on the dividend distributions of the subsidiaries.
Statutory appointments
Administration and Finance Corporation “AFICO”,
outgoing director, is eligible for re-election. The Board
will propose to the next General Meeting the renewal
of this term of ofce for a period of six years. It will
be represented by Mr. Régis Helsmoortel.
The Board of Directors takes note of the resignation
of Mr. Philippe de Traux and Mr. Luc Boedt from their
directorships. It will not be proposed to the General
Meeting to provide for their replacement.
THE BOARD OF DIRECTORS

Graphics
114
|
ANNUAL REPORT 2021
|
Socnasia
Portrait du GroupeReport on the audit of the nancial statements
To the Shareholders
SOCFINASIA S.A.
4, Avenue Guillaume
L-1650 Luxembourg
REPORT ON THE AUDIT OF THE FINANCIAL STATEMENTS
Opinion
We have audited the nancial statements of Socnasia
S.A. (the “Company”), which comprise the balance
sheet as at 31 December 2021, and the prot and
loss account for the year then ended, and the notes
to the nancial statements, including a summary of
signicant accounting policies.
In our opinion, the accompanying nancial statements
give a true and fair view of the nancial position of the
Company as at 31 December 2021, 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
nancial 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 (the “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 are further described
in the “Responsibilities of the “réviseur d’entreprises
agréé” for the audit of the nancial statements”
section of our report. We are also independent of
the Company in accordance with the International
Ethics Standards Board for Accountants’ Code of
Ethics for Professional Accountants (“IESBA Code”) as
adopted for Luxembourg by the CSSF together with
the ethical requirements that are relevant to our
audit of the nancial statements, and have fullled
our other ethical responsibilities under those ethical
requirements. We believe that the audit evidence we
have obtained is sufcient 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 signicance in
our audit of the nancial statements of the current
period. These matters were addressed in the context
of the audit of the nancial 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 afliated undertakings
Risk identied
As at 31 December 2021, the shares in afliated
undertakings amounts to 290 million euros and
represents 64% of the total assets of the balance
sheet. Shares in afliated undertakings are valued at
historical acquisition cost 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 nancial
xed assets, so that they are valued at the lower
gure 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.
The assessment of the durable depreciation in value
of these shares in afliated undertakings requires the
exercise of the Board of Directors' judgement in its
choice of the elements to be considered according
to the shares in afliated undertakings, whether
market elements (shares price when applicable) and/
or historical elements (adjusted net equity) and/or
forecast elements (discounted future cash ows to
shareholders).
Due to the size of the balance and judgement included,
we considered this area to be a key audit matter.

Graphics
Report on the audit of the nancial statements
Socnasia
|
ANNUAL REPORT 2021
|
115
Our answer
Our audit procedures over the impairment of the
shares in afliated undertakings included amongst
other :
• Assessing the accounting policies determined by
the Board of Directors, as described in the note
2 of the nancial statements, to determine the
value adjustments to be recorded on shares in the
afliated 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 2021 used for the valuation of shares
in afliated undertakings to the ofcial 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 afliated
undertakings as at 31 December 2021 to the
nancial information of the related afliated
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 nancial statements.
Other information
The Board of Directors is responsible for the other
information. The other information comprises the
information included in the annual report including
the management report and the corporate governance
statement but does not include the nancial
statements and our report of “réviseur d’entreprises
agréé” thereon.
Our opinion on the nancial 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 nancial statements,
our responsibility is to read the other information and,
in doing so, consider whether the other information is
materially inconsistent with the nancial 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 those
in charge of governance for the nancial statements
The Board of Directors is responsible for the
preparation and fair presentation of the nancial
statements in accordance with Luxembourg legal and
regulatory requirements relating to the preparation
and presentation of the nancial statements, and
for such internal control as the Board of Directors
determines is necessary to enable the preparation
of nancial statements that are free from material
misstatement, whether due to fraud or error.
The Board of Directors is also responsible for
presenting the nancial 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 nancial 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 nancial statements
The objectives of our audit are to obtain reasonable
assurance about whether the nancial 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
inuence the economic decisions of users taken on the
basis of these nancial statements.

Graphics
Report on the audit of the nancial statements
116
|
ANNUAL REPORT 2021
|
Socnasia
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 nancial statements, whether
due to fraud or error, design and perform audit
procedures responsive to those risks, and obtain
audit evidence that is sufcient 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
signicant 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 nancial 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 nancial statements, including the
disclosures, and whether the nancial statements
represent the underlying transactions and events in
a manner that achieves fair presentation.
• Assess whether the nancial 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 signicant audit ndings,
including any signicant deciencies 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 signicance in the audit of the nancial
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 2 years.
The management report is consistent with the nancial
statements and has been prepared in accordance with
applicable legal requirements.
The accompanying corporate governance statement
on pages 28 to 34 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 nancial statements and has been prepared
in accordance with applicable legal requirements.
We have checked the compliance of the nancial
statements of the Company as at 31 December 2021

Graphics
Report on the audit of the nancial statements
Socnasia
|
ANNUAL REPORT 2021
|
117
with relevant statutory requirements set out in the
ESEF Regulation that are applicable to the nancial
statements. For the Company, it relates to :
• Financial statements prepared in valid xHTML
format
In our opinion, the nancial statements of the Company
as at 31 December 2021, identied as [Socnasia 2021
Annual report], have been prepared, in all material
respects, in compliance with the requirements laid
down in the ESEF Regulation.
We conrm that the audit opinion is consistent with
the additional report to the audit committee or
equivalent.
We conrm 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
Yves Even
Luxembourg, 29
th
April 2022

Graphics
118
|
ANNUAL REPORT 2021
|
Socnasia
Company nancial statements
1. Balance sheet as at 31
st
December 2021
2021 2020
ASSETS
Note EUR EUR
FIXED ASSETS
Financial assets
3
Shares in afliated undertakings
289,824,828.31 291,773,146.86
Loans to afliated undertakings
120,642,097.14 22,765,600.07
410,466,925.45 314,538,746.93
CURRENT ASSETS
Debtors
Amounts owed by afliated undertakings
becoming due and payable within one year
4 13,792,713.29 30,405,740.54
becoming due and payable after one year
0.00 80,000,000.00
Other debtors
becoming due and payable within one year
1,036,267.85 517,192.34
Shares in afliated undertakings
20.00 0.00
14,829,001.14 110,922,932.88
Cash at bank and in hand
26,595,021.45 32,296.14
41,424,022.59 110,955,229.02
TOTAL ASSETS
451,890,948.04 425,493,975.95
The accompanying notes form an integral part of the annual accounts.

Graphics
Company nancial statements
Socnasia
|
ANNUAL REPORT 2021
|
119
2021 2020
CAPITAL, RESERVES AND LIABILITIES Note EUR EUR
CAPITAL AND RESERVES 5
Issued capital
24,492,825.00 24,492,825.00
Reserves
Legal reserve
2,449,282.50 2,449,282.50
Reserves provided for by the articles of association
125,993,370.46 125,993,370.46
Other reserves, including the fair value reserve
Other available reserves
37,224,819.43 37,224,819.43
165,667,472.39 165,667,472.39
Prot brought forward
220,321,607.44 205,600,141.29
Prot for the nancial year
45,000,179.91 32,138,586.15
Interim dividends
-8,708,560.00 -6,531,420.00
446,773,524.74 421,367,604.83
CREDITORS
Amounts owed to credit institutions
becoming due and payable within one year
22.00 18.33
Trade creditors
becoming due and payable within one year
100,786.30 88,452.00
Amounts owed to afliated undertakings
becoming due and payable within one year
342,496.74 877.50
Other creditors
Tax authorities
1,199,020.00 551,020.00
Other creditors
becoming due and payable within one year
6 3,475,098.26 3,486,003.29
5,117,423.30 4,126,371.12
TOTAL CAPITAL, RESERVES AND LIABILITIES
451,890,948.04 425,493,975.95
The accompanying notes form an integral part of the annual accounts.

Graphics
Company nancial statements
120
|
ANNUAL REPORT 2021
|
Socnasia
2. Prot and loss account for the year ended 31
st
December 2021
2021 2020
Note EUR EUR
Raw materials and consumables and other external expenses
Other external expenses
-1,910,960.28 -2,042,829.24
Other operating expenses
-284,849.19 -266,635.99
Income from participating interests
derived from afliated undertakings
7 44,327,679.58 32,542,378.42
Income from other investments and loans
forming part of the xed assets
derived from afliated undertakings
8 583,333.33 0.00
Other interest receivable and other similar income
derived from afliated undertakings
9 3,139,177.65 3,208,995.98
other interests and nancial income
87,550.47 10,318.19
Value adjustments in respect of nancial assets and of
investments held as current assets
1,210,073.30 -265,751.70
Interest payable and similar expenses
concerning afliated undertakings
-1,504,833.39 0.00
other interest and similar charges
-889.78 -501,195.26
Tax on prot
1,898.22 4,325.75
Prot after taxation
45,648,179.91 32,689,606.15
Other taxes not shown above
-648,000.00 -551,020.00
Prot for the nancial year
45,000,179.91 32,138,586.15

Graphics
Company nancial statements
Socnasia
|
ANNUAL REPORT 2021
|
121
Proposed distribution of prots
2021 2020
EUR EUR
Retained earnings
234,841,827.35 220,321,607.44
From the balance:
10% to the Board of Directors
3,047,996.00 1,741,712.00
90% to 19,594,260 shares
27,431,964.00 15,675,408.00
265,321,787.35 237,738,727.44
Dividend per share
1.40 0.80
The accompanying notes form an integral part of the annual accounts.

Graphics
Company nancial statements
122
|
ANNUAL REPORT 2021
|
Socnasia
3. Notes to the nancial statements for the year 2021
Note 1. Overview
SOCFINASIA, (the “Company’’) was incorporated on
20
th
November 1972 as a public limited company and
adopted the status of “Sopar” on 10
th
January 2011.
The duration of the Company is unlimited, and its
registered ofce is established in Luxembourg. The
Company is registered in the Register of Commerce
and Companies under number B10534, and is listed
on the Luxembourg Stock Exchange under ISIN number
LU0092047413.
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 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 nancial 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, certicates, shares,
prot 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, afliates and any other
company.
Although the Company is included in the consolidated
nancial statements of Société Financière des
Caoutchoucs, abbreviated as “Socn”, which is the
largest entity in which the Company is consolidated,
the Company also prepares consolidated nancial
statements which are published in accordance with
the law and which are available at the Company’s
registered ofce (4, avenue Guillaume, L-1650
Luxembourg) or on the Internet site: www.socn.com.
The nancial year begins on 1
st
January and ends on
31
st
December.
Note 2. Accounting principles, rules and methods
General principles
The annual nancial 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
th
December 2002, determined and implemented by the
Board of Directors.
The preparation of the annual nancial 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 signicant impact on the annual accounts for
the period in which the assumptions are changed.
The Board of Directors believes that the underlying
assumptions are appropriate and that the nancial
statements give a true and fair view of the nancial
position and results of the Company.
Currency conversion
The Company keeps its accounts in euros (EUR); the
annual accounts are expressed in the same 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.

Graphics
Company nancial statements
Socnasia
|
ANNUAL REPORT 2021
|
123
At the balance sheet date:
- the acquisition price of the nancial assets, expressed in a
currency other than the currency of the balance sheet, remain
converted at the historical exchange rate, 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;
- 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 at the historical exchange rate or 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 prot 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 nancial assets
Shares in afliated undertakings are valued at acquisition cost,
which includes incidental expenses. Receivables from afliated
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 nancial xed 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. 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 one of these values 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 bring the
carrying value at the enterprise value calculated on the basis of
the discounted future cash ows available to the shareholders,
which 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 and, in particular, in view of the 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 afliated companies are subject to a value adjustment
in the event that the net book value test by discounting future
cash ows 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.

Graphics
Company nancial statements
124
|
ANNUAL REPORT 2021
|
Socnasia
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 have ceased to apply.
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 prot and loss account.
Impact of the Covid-19 outbreak
During 2021, following the impact of the COVID-19 pandemic on
the activities of the Company’s direct and indirect subsidiaries,
Management has adapted to the new restrictions and is constantly
monitoring the evolution of the risk related to this health crisis.
The spread of the virus is still active and unpredictable, leaving
economic development in an uncertain future.
Taking into account the impact of the COVID-19 outbreak,
based on the information available to date, the Company has
prepared a cash ow plan assessing its liquidity position based
on Management’s best estimates. This cash ow plan shows
sufcient liquidity to meet its obligations and conrms the going
concern assumption for at least the twelve months following the
date of approval of its 2021 nancial statements.
Note 3. Financial xed assets
Shares in
afliated undertakings
Loans to
afliated undertakings Total
2021 2020 2021 2020 2021 2020
EUR EUR EUR EUR EUR EUR
Acquisition cost/nominal value
at the beginning of the year
294,576,661.97 294,576,661.97 22,765,600.07 22,765,600.07 317,342,262.04 317,342,262.04
Increases
11.55 0.00 100,000,000.00 0.00 100,000,011.55 0.00
Decreases
-3,158,403.40 0.00
-2,123,502.93
0.00
-5,281,906.33
0.00
Acquisition cost/nominal value
at the end of the year
291,418,270.12 294,576,661.97 120,642,097.14 22,765,600.07 412,060,367.26 317,342,262.04
Value adjustments
at the beginning of the year
-2,803,515.11 -2,537,763.41 0.00 0.00 -2,803,515.11 -2,537,763.41
Impairment
0.00 -265,751.70 0.00 0.00 0.00 -265,751.70
Reversal
1,210,073.30 0.00 0.00 0.00 1,210,073.30 0.00
Value adjustments
at the end of the year
-1,593,441.81 -2,803,515.11 0.00 0.00 -1,593,441.81 -2,803,515.11
Net book value
at the end of the year
289,824,828.31 291,773,146.86 120,642,097.14 22,765,600.07 410,466,925.45 314,538,746.93

Graphics
Company nancial statements
Socnasia
|
ANNUAL REPORT 2021
|
125
Information on companies in which the Company holds at least 20% of the capital
Name Country % held
NET BOOK
VALUE EUR Year end
Currencies
of the
annual
accounts
Net equity as at
31/12/2021 in
foreign currency
(including net
income) (*)
Net result as
at 31/12/2021
in foreign
currencies (*)
Induservices Luxembourg 35.00 35,000 31.12.2021 EUR 239,523 3,393
Management Associates Luxembourg 20.00 400,000 31.12.2021 EUR 2,699,652 262,563
Plantation Nord-Sumatra Ltd Luxembourg 99.99 244,783,196 31.12.2021 USD 310,358,040 49,590,656
Socnde Luxembourg 79.92 1,072,391 31.12.2021 EUR 5,883,254 9,970
Terrasia Luxembourg 47.81 118,518 31.12.2021 EUR 584,487 29,567
Induservices FR Switzerland 50.00 642,202 31.12.2021 EUR 993,334 -299,758
Socnco FR Switzerland 50.00 486,891 31.12.2021 EUR 15,598,403 6,288,105
Sogescol FR Switzerland 50.00 1,985,019 31.12.2021 USD 16,035,029 7,151,449
Socn Green Energy Switzerland
Socn Research Switzerland
Sodimex FR Switzerland 50.00 621,424 31.12.2021 EUR 4,047,180 413,732
Centrages Belgium 50.00 4,074,315 31.12.2021 EUR 3,554,850 440,347
Immobilière de la Pépinière Belgium 50.00 3,015,798 31.12.2021 EUR 3,645,669 -125,576
Socnco Belgium 50.00 750,365 31.12.2021 EUR 2,450,365 941,214
Sodimex Belgium 50.00 102,200 31.12.2021 EUR 306,748 133,827
Socn-KCD Cambodia 100.00 31,685,450 31.12.2021 USD 33,418,287 1,080,966
281,772,782
(*) Based on unaudited nancial statements as of 31
st
December 2021.
Information on movements during the year
During the year, the Company bought:
- 1 share of PNS Ltd
Valuation of shares in afliated undertakings
As at 31
st
December 2021, the Board of Directors is of the opinion that there is no permanent value decrease for the shares in afliated
undertakings.

Graphics
Company nancial statements
126
|
ANNUAL REPORT 2021
|
Socnasia
Valuation of loans to afliated undertakings
As at 31
st
December 2021, loans to afliated undertakings are as follows:
Related parties Currency Balance Balance
Unrealised exchange
gains / (losses) *
in currency in EUR EUR
Induservices
EUR 132,500 132,500 0
Socn
EUR 100,000,000 100,000,000 0
Socn-KCD
USD 23,603,890 20,049,597 790,850
Management Associates
EUR 460,000 460,000 0
TOTAL
120,642,097 790,850
* In accordance with Luxembourg legal and regulatory provisions and generally accepted accounting practices, loans to
afliated undertakings are translated at the historical exchange rate and the unrealised foreign exchange gain or loss is
not recognised in the prot 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.
As at 31
st
December 2021, the Board of Directors is of the opinion that these receivables do not show any
permanent impairment losses and consequently no impairment has been recorded.
Note 4. Amounts owed by afliated undertakings
As at 31
st
December 2021, this item consists mainly of:
- receivables from the subsidiary Socnde corresponding to the cash pooling balance of EUR 4,349,049.36 (2020:
EUR 20,210,766.20) and to a cash advance of EUR 8,350,000.00 (2020: EUR 8,950,000.00).
As of 31
st
December 2021, the Board of Directors is of the opinion that the amounts are fully recoverable and as
such, no impairment has been accounted for.

Graphics
Company nancial statements
Socnasia
|
ANNUAL REPORT 2021
|
127
Note 5. Equity
Share
capital
EUR
Legal
reserves
EUR
Other
reserves
EUR
Retained
earnings
EUR
Prot for
the year
EUR
Interim
dividend paid
EUR
Balance as at 1
st
January 2020
24,492,825.00 2,449,282.50 163,218,189.89 205,581,392.84 17,435,868.45 -6,531,420.00
Allocation of the result for the 2019 nancial
year following decision of the General Meeting
held on 26
th
May 2020
• Retained earnings
18,748.45 -18,748.45
• Dividends
-9,797,130.00
• Directors’ fees
-1,088,570.00
• 2019 interim dividend
-6,531,420.00 6,531,420.00
Interim dividend as per decision of the Board of
Directors held on 27
th
October 2020
-6,531,420.00
Results for the nancial year
31,992,823.02
Balance as at 31
st
December 2020
24,492,825.00 2,449,282.50 163,218,189.89 205,600,141.29 31,992,823.02 -6,531,420.00
Allocation of the result for the 2020 nancial
year following decision of the General Meeting
held on 25
th
May 2021
• Retained earnings
14,721,466.15 -14,721,466.15
• Dividends
-9,143,988.00
• Directors’ fees
-1,741,712.00
• 2020 interim dividend
-6,531,420.00 6,531,420,00
Interim dividend as per decision of the Board of
Directors held on 26
th
October 2021
-8,708,560,00
Results for the nancial year
45,000,179.91
Balance as at 31
st
December 2021
24,492,825.00 2,449,282.50 163,218,189.89 220,321,607.44 45,000,179.91 -8,708,560.00
Issued capital
As at 31
st
December 2021 and 2020, the issued and fully paid share capital is EUR 24,492,825 represented by 19,594,260 shares without
nominal value.
Legal reserve
According to the legislation in force, it must be done annually on the net prots of the Company after absorption of any losses carried
forward, an allocation to a legal reserve of 5%. This allocation to the legal reserve ceases to be mandatory when the reserve reaches
10% of the share capital. The legal reserve cannot be distributed.
Statutory reserves
The statutory reserve includes an unavailable reserve of EUR 125,993,370.46 (2020: EUR 129,993,370.46), relating to the prot earned
at the time of the formation of Plantation Nord-Sumatra Ltd. in 1997. Persuant Article 33 of the Company’s coordinated Articles of
Association, this reserve is not available for distribution to shareholders.

Graphics
Company nancial statements
128
|
ANNUAL REPORT 2021
|
Socnasia
Note 6. Other payables
As at 31
st
December 2021, this item includes interest payable for EUR 3,475,098.26 (2020: EUR 3,486,003.29).
Note 7. Income from participating interests
2021 2020
EUR EUR
Dividends received (*)
43,657,036.17 32,542,378.42
Capital gain on disposal of nancial xed assets
670,643.41 0.00
44,327,679.58 32,542,378.42
(*) This amount corresponds to the dividend received from the afliated undertakings (Note 3).
Note 8. Income from other investments and loans forming part of the
xed assets
2021 2020
EUR EUR
Interest on related companies’ receivables
583,333.33 0.00
Note 9. Other interest and similar income
As at 31
st
December 2021, this item mainly includes interest received on the loan granted to Socnaf
(reimbursed in 2021) for a total amount of EUR 2,744,109.59 (2020: EUR 3,208,767.12).
Note 10. Taxation
The Company is subject to all taxes to which Luxembourg commercial companies are subject.
Note 11. Remuneration of the Board of Directors
During 2021, the members of the Board of Directors received EUR 12,188 (2020: EUR 11,562) in attendance fees
and EUR 2,209,426 (2020: EUR 1,991,712) in directors’ fees.
During 2021, no advances or loans were granted to members of the management or supervisory bodies.

Graphics
Company nancial statements
Socnasia
|
ANNUAL REPORT 2021
|
129
Note 12. Political and economic environment
The Company directly and indirectly holds interests in companies operating in Indonesia and Cambodia.
Given the political instability that exists in these countries and their economic fragility, the investments held by
the Company present a risk in terms of exposure to political and economic uctuations.
Note 13. Off-balance sheet commitments
As at 31
st
December 2021 and 2020, the Company had no signicant off-balance sheet commitments.
Note 14. Signicant events after the year end
In February 2022, a number of countries (including the US, UK and EU) imposed sanctions against certain entities
and individuals in Russia as a result of the ofcial recognition of the Donetsk People Republic and Lugansk People
Republic by the Russian Federation. Announcements of potential additional sanctions have been made following
military operations initiated by Russia against the Ukraine on 24
th
February 2022.
Due to the growing geopolitical tensions, since February 2022, there has been a signicant increase in volatility
on the securities and currency markets, as well as a signicant depreciation of the ruble against the US dollar
and the euro. It is expected that these events may affect the activities of Russian enterprises in various sectors
of the economy.
The Company regards these events as non-adjusting events after the reporting period.
Although neither the company’s performance and going concern nor operations, at the date of this report, have
been signicantly impacted by the above, the Board of Directors continues to monitor the evolving situation and
its impact on the nancial position and results of the company.