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2024
ANNUAL REPORT
Socfinasia S.A.

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Table of contents
Group profile 4
1. Overview of the Group 4
2. History 4
3. Group structure 5
4.   Information  on  Socfinasia’s  holdings   6
International market for rubber and palm oil 17
1. Rubber 17
2.   Palm  oil   20
Environment and social responsibility 23
Key figures 24
1.   Activity  indicators   24
2.   Key  figures  from  the  consolidated  income  statement  and  consolidated  statement  of  cash  flows   25
3.   Key  figures  in  the  consolidated  statement  of  financial  position   25
Stock market data 26
Financial highlights of the year 26
Corporate governance statement 27
1.   Introduction   27
2.   Corporate  governance  chart   27
3.   Board  of  Directors   27
4.   Committees  of  the  Board  of  Directors   31
4.1   Audit  Committee   31
4.2   Appointment  and  Remuneration  Committee   31
5. Remuneration 31
6.   Shareholding  status   32
7.   Financial  calendar   32
8.   External  audit   32
9.   Corporate,  social  and  environmental  responsibility   33
10. Other information 33
Statement of compliance 34
Consolidated management report 35
Auditor’s report on the consolidated financial statements 40
Consolidated financial statements 45
1.   Consolidated  statement  of  financial  position   45
2.   Consolidated  income  statement   47
3.   Consolidated  statement  of  comprehensive  income   48
4.   Consolidated  statement  of  cash  flows   49
5.   Consolidated  statement  of  changes  in  equity   50
6.   Notes  to  the  consolidated  financial  statements   51
Note  1.  Overview  and  material  accounting  policies     51
Note  2.  Subsidiaries  and  associates   62
Note  3.  Leases   64
Note  4.  Intangible  assets   66
Note  5.  Property,  plant  and  equipment   67
Note  6.  Biological  assets   68
Note  7.  Depreciation  and  impairment   69
Note  8.  Impairment  of  assets   69
Note  9.    Non-wholly  owned  subsidiaries  in  which  non-controlling  interests  are  material   71
Note 10. Investments in associates 72
Note  11.  Financial  assets  at  fair  value  through  other  comprehensive  income   75
Note  12.  Long-term  advances   75
Note  13.  Deferred  taxes   76
Note  14.  Current  tax  assets  and  liabilities   77
Note 15. Income tax expense 77

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Note  16.  Inventories   79
Note  17.  Trade  receivables  (current  assets)   80
Note  18.  Other  receivables  (current  assets)   80
Note  19.  Cash  and  cash  equivalents   80
Note  20.  Share  capital     81
Note 21. Reserve 81
Note  22.  Pension  obligations   82
Note  23.  Financial  debts   84
Note  24.  Trade  and  other  payables   84
Note  25.  Financial  instruments   85
Note  26.  Staff  costs  and  average  number  of  staff   87
Note  27.  Other  financial  income   87
Note  28.  Financial  expenses   88
Note  29.  Net  earnings  per  share   88
Note  30.  Dividends  and  directors’  fees   88
Note  31.  Information  on  related  party   89
Note  32.  Off  balance  sheet  commitments   91
Note  33.  Segment  information   91
Note  34.  Risk  management   96
Note  35.  Profit  before  interest,  taxes,  depreciation  and  amortisation   99
Note  36.  Contingent  liabilities   99
Note  37.  Events  after  the  closing  date   101
Note  38.  Auditor’s  fees   101
Company’s management report 102
Audit report on the company’s financial statements 108
Company financial statements 112
1.   Balance  sheet  as  at  31  December  2024   112
2.   Profit  and  loss  account  for  the  year  ended  31  December  2024   114
Allocation  of  profit   115
3.   Notes  to  the  financial  statements  for  the  year  2024   116
Note  1.  Overview   116
Note  2.  Accounting  principles,  rules  and  methods   116
Note  3.  Financial  fixed  assets   119
Note  3.  Financial  fixed  assets  (continued)   120
Note  3.  Financial  fixed  assets  (continued)   121
Note  4.  Amounts  owed  by  affiliated  undertakings   121
Note  5.  Equity   122
Note  6.  Other  payables   123
Note  7.  Income  from  participating  interests   123
Note  8.    Income  from  other  investments  and  loans  forming  part  of  the  fixed  assets     123
Note 9. Taxation 123
Note  10.  Remuneration  of  the  Board  of  Directors   123
Audit report on the Company’s financial statements 124
Note  11.  Political  and  economic  environment   124
Note  12.  Off-balance  sheet  commitments   124
Note  13.  Significant  events  after  the  year  end   124
Glossary 125

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Group profileGroup profile
1. Overview of the Group
Socfinasia   S.A.   is   a   Luxembourg-based   holding  
company   with   its   registered   address   at   4   Avenue  
Guillaume,  L  1650  Luxembourg.  It  was  incorporated  on  
20  November  1972  and  is  listed  on  the  Stock  Exchange  
of  Luxembourg.
Socfinasia’s  principal  activity  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  
South-East  Asia.  As  of   31   December   2024,   Socfinasia  
employs  9,731  people  and  has  achieved  a  consolidated  
turnover  of  EUR  186  million  over  that  same  year.
2. History
• 20/11/1972   Incorporation  of  Socfinasia  as  a  Luxembourg  holding  company  through  the  contribution  of  shares  
in  PT  Socfindo.
• 30/06/1973   Since   its   incorporation,   Socfinasia   has   invested,   amongst   others,   in   Fininter   (Belgium)   and  
Socfinal  (Luxembourg).
• 23/01/1974   The  shares  of  Socfinasia  have  been  listed  on  the  Stock  Exchange  of  Luxembourg.
• 30/06/1975   The  portfolio  includes  new  investments:  Socfin  (Belgium),  Plantations  Nord  Sumatra  (Belgium)  
and  Selangor  Plantations  Cy  (Malaysia).
• 30/06/1977   Socfinasia  invests  in  Sennah  Rubber  Cy,  New  African  Plantations  Cy,  la  Banque  d’Investissements  
Privés  and  Socficom.  It  disposes  of  its  stakes  in  Socfin  (Belgium)  and  Socfinal.
• 04/12/1979   PT  Socfindo  increases  its  share  capital  through  the  capitalisation  of  reserves.  Free  allotment  of  
1,166  shares  in  PT  Atmindo.
• 31/12/1980   Acquisition   of   shares   in   Selangor   Holding,   a   Luxembourg-based   company   listed   on   the   Stock  
Exchange  of  Luxembourg.
• 24/04/1989   PT  Socfindo  increases  its  share  capital  through  the  capitalisation  of  the  revaluation  reserve  of  
its  fixed  tangible  assets.
• 31/03/1996   Acquisition  of  shares  in  Intercultures,  a  Luxembourg-based  company  listed  on  the  Stock  Exchange  
of  Luxembourg.
• 31/03/1997   Initially,  Socfinasia  increases  its  stake  in  its  Indonesian  subsidiaries:  PT  Socfindo  and  PT  Atmindo.  
Thereafter,  Socfinasia  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   Socfinasia  on  the  shares   of  Selangor  Holding  which  will   be  liquidated  in  May  
2001.
• 17/10/2000   Change  in  financial  year-end  to  31  December.
• 31/12/2001   PNS  Ltd  has  acquired  30%  of  PT  Socfindo  from  the  Indonesian  state.
• 31/12/2006   Restructuring  of  the  subsidiaries  within  the  Socfinal  Group,  including  the  distribution  of  shares  
of  Intercultures  by  Socfinasia  (spin-off)  and  repositioning  of  the  operational  companies  within  
the Group.
• 31/12/2007   Incorporation  of  Socfin-KCD  (Cambodia).
• 17/03/2010   Disposal  of  Socfinaf  Cy  (Kenya).
• 10/01/2011   Extraordinary  General  Meeting  which  ratifies  abandon  of  the  holding  29  status.
• 01/07/2011   Share  is  split  by  20.
• 13/08/2013   Socfinasia  acquires,  through  its  subsidiary  PNS  Ltd,  90%  of  Coviphama  Co,  a  company  incorporated  
under  the  Cambodian  Law,  benefitting  from  a  new  grant  of  5,300  hectares.
• 30/07/2015   Acquisition  of  shares  in  Socfin-KCD  to  increase  the  percentage  holding  to  100%.

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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%
15%
50%
50%
50%
50%
50%
35%
19%
10%
50%
50%
30%
10%

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4. Information on Socfinasia’s holdings
Portfolio Number of shares Direct %
Cambodia
Socfin-KCD  Co 2,000 100.00%
Luxembourg
PNS  Ltd 27,780,000 100.00%
Socfinde 200,000 80.00%
Management  Associates   1,500 15.00%
Terrasia 4,781 47.81%
Induservices   3,500 35.00%
Belgium
Centrages 7,500 50.00%
Immobilière  de  la  Pépinière   3,333 50.00%
Socfinco   8,750 50.00%
Switzerland
Sogescol  FR 2,650 50.00%
Socfinco  FR 650 50.00%
Sodimex  FR   675 50.00%
Induservices  FR 700 50.00%
The  following  pages  contain  a  summary  of  the  activity  
and   comments   on   the   financial   information   for   the  
past   two   financial   years   in   which   Socfinasia   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   figures   are   presented   in   the  
functional  currency  of  the  respective  entities.

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PT SOCFIN INDONESIA “SOCFINDO”
PT  Socfindo  is  an  Indonesian  company  which  manages  oil  palm  and  rubber  plantations  in  North  Sumatra,  Indonesia.
Key data
Area (hectares) Planted area
As at 31 December 2024 Mature Immature Total
Rubber 5,129 1,196 6,325
Palm 34,438 5,037 39,475
TOTAL 39,567 6,233 45,800
Concessions
G
(terms  having  a  
G
  are  explained  part  “Glossary”  at  the  end  of  the  annual  report):  47,417  ha
Permanent  staff  as  at  31  December  2024:  8,437
Production and turnover
As at 31 December 2024 2023
Production (tons)
Rubber 6,170 6,397
Palm  oil 179,593 188,527
Seeds  (thousands) 8,954 9,190
Turnover  (EUR  000) 169,022 166,006
Result  (EUR  000) 64,421 52,960
Average selling price (EUR / kg)
Rubber 1.58 1.54
Palm  oil 0.86 0.8
Seeds  (EUR  /  1,000) 694 704
Average  rate  EUR  /  IDR 17,162 16,471
Closing  rate  EUR  /  IDR 16,851 17,140
Key figures (IDR million)
As at 31 December 2024 2023
Non-current assets 1,703,348 1,627,575
Current assets 682,837 597,901
Shareholder’s  Equity  (*) 1,132,254 1,189,091
Debt,  provisions  and  third  parties  (*) 1,253,931 1,036,385
Profit  /  (loss)  for  the  period 1,105,584 872,310
Dividend  per  share  (USD) (**) (**)
Interim  dividend  per  share  (USD) 800 300
PNS  Ltd’s  stake  (%) 89.98 89.98
(*)  After  interim  dividend,  before  profit  allocation.
(**)  Not  known  to-date.

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STATEMENT OF FINANCIAL POSITION
As  at  31  December  2024  and  2023
(Expressed  in  IDR  000,  unless  otherwise  stated)
Exchange rate: EUR 1 = IDR 16,851 17,140
Average rate: EUR 1 = IDR 17,162 16,471
ASSETS 31/12/2024 31/12/2023
CURRENT ASSETS
Cash  and  cash  equivalents 159,471,601 170,239,908
Receivables
   Trade  receivables
Amount  from  related  parties 14,257,465 15,425,141
Amount  due  from  customers 3,927,886 10,395,468
   Trade  receivables  -  invoices  to  send 3,725,791 9,569,212
   Tax  debtors 19,463,945 11,537,415
   Other  receivables 15,192,369 22,252,523
Inventories 281,317,478 212,841,578
Advance  payment  on  order 0 0
Deferred  and  accruals 185,480,518 145,639,562
TOTAL CURRENT ASSETS 682,837,053 597,900,806
NON-CURRENT ASSETS
Fixed  assets 1,703,337,274 1,618,686,580
Rights-of-use  of  assets 0 1,470,849
Deferred  tax  assets 0 7,406,744
Other 11,100 11,100
TOTAL NON-CURRENT ASSETS 1,703,348,374 1,627,575,273
TOTAL ASSETS 2,386,185,427 2,225,476,080

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LIABILITIES AND EQUITY 31/12/2024 31/12/2023
LIABILITIES
CURRENT LIABILITIES
Amount  payable  to  suppliers 51,141,498 48,703,174
Invoices  to  be  received 37,617,048 42,584,997
Other  payables
   Amount  due  to  third  parties 12,445,680 12,085,274
   Amount  due  to  related  parties 17,617,685 1,680,718
Accruals 364,664,450 285,793,275
Advances  and  payments  on  work  in  progress 51,744,096 24,075,765
Employee  benefit  obligations 54,157,156 4,018,788
Current  tax  liabilities 113,710,002 25,556,956
TOTAL CURRENT LIABILITIES 703,097,615 444,498,949
NON-CURRENT LIABILITIES
Employee  benefit  obligations 533,647,194 591,886,519
Deferred  tax  liabilities 17,186,357 0
TOTAL LIABILITIES 1,253,931,166 1,036,385,468
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 38,642,844 270,860,290
Retained  Earnings  not  allocated 1,047,690,917 872,309,822
TOTAL EQUITY 1,132,254,261 1,189,090,612
TOTAL LIABILITIES AND EQUITY 2,386,185,427 2,225,476,080

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STATEMENT OF OPERATIONS AND OTHER COMPREHENSIVE INCOME
As  at  31  December  2024  and  2023
(Expressed  in  IDR  000,  unless  otherwise  stated)
2024 2023
Revenue 2,900,751,569 2,734,321,376
Cost  of  sales -1,053,394,100 -1,192,582,816
GROSS PROFIT 1,847,357,469 1,541,738,560
Selling  expenses   -50,017,415 -59,591,271
General  and  administrative  overheads  (*) -484,536,654 -415,742,621
Other income 42,102,937 85,972,560
Other expenses -8,036,825 -17,563,555
Gain  /  (loss)  arising  from  change  in  fair  value  of  biological  assets 54,518,714 -14,865,352
OPERATING PROFIT 1,401,388,226 1,119,948,321
Finance Income 16,030,984 7,751,179
PROFIT BEFORE TAX 1,417,419,210 1,127,699,500
Income tax expense -311,370,258 -247,629,294
Profit / (loss) for the period 1,106,048,952 880,070,206
Comprehensive income
Revaluation  of  post-employment  benefits -465,333 -7,760,384
TOTAL COMPREHENSIVE INCOME 1,105,583,619 872,309,822
(*)   These  amounts  include  emoluments  paid  to  the  directors  of  PT  Socfindo  who  are  members  of  the  Board  of  Directors  of  
Socfinasia  (2024  =  IDR  65,468,818,607  and  2023  =  64,787,211,746).

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SOCFIN-KCD Co
Share  capital:  KHR  160,000,000,000.
Socfin-KCD  is  a  Cambodian  company  involved  in  the  production  of  rubber.
Key data
Area (hectares) Planted area
As at 31 December 2024 Mature Immature Total
Rubber 3,692 0 3,692
Concessions
G
:  6,659  ha  (including  subsidiaries)
Permanent  staff  as  at  31  December  2024:  839
Production and turnover
As at 31 December 2024 2023
Production (tons)
Rubber 10,283 8,853
Turnover  (EUR  000) 16,193 10,777
Result  (EUR  000) 3,027 576
Average selling price (EUR / kg)
Rubber 1.57 1.22
Average  rate  EUR  /  USD 1.08 1.08
Closing  rate  EUR  /  USD 1.04 1.10
Key figures (USD 000)
As at 31 December 2024 2023
Fixed  assets 45,911 47,648
Current assets 4,285 4,170
Equity  (*) 35,844 32,573
Borrowing,  provisions  and  third-parties  (*) 14,352 19,245
Profit  /  (loss)  for  the  period 3,271 624
Socfinasia’s  holding  (%) 100.00 100.00
(*)  Before  profit  allocation.
Graphics
Group profile
12
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ANNUAL REPORT 2024
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Socfinasia S.A.
COVIPHAMA Co
Share  capital:  KHR  8,640,000,000.
Coviphama  is  a  Cambodian  company  involved  in  the  production  of  rubber.
Key data
Area (hectares) Planted area
As at 31 December 2024 Mature Immature Total
Rubber 3,228 0 3,228
Concessions
G
:  5,345  hectares
Permanent  staff  as  at  31  December  2024:  455
2024 2023
Average  rate  EUR  /  USD 1.08 1.08
Closing  rate  EUR  /  USD 1.04 1.10
Key figures (USD 000)
As at 31 December 2024 2023
Fixed  assets 22,324 22,542
Current assets 1,974 1,083
Equity -284 -2,174
Borrowing,  provisions  and  third-parties 24,582 25,799
Profit  /  (loss)  for  the  period 1,890 -571
Socfinasia’s  holding  (%) 100.00 100.00
Graphics
Group profile
Socfinasia S.A.
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ANNUAL REPORT 2024
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13
PLANTATION NORD-SUMATRA “PNS” Ltd
Share  capital:  USD  260,084,774.  
PNS  Ltd’s  is  a  holding  company  whose  principal  assets  are  its  controlling  interest  of  89.98%  in  PT  Socfindo,  a  100%  
investment  in  Coviphama  Co  as  well  as  a  receivable  from  the  latter.
2024 2023
Average  rate  EUR  /  USD 1.08 1.08
Closing  rate  EUR  /  USD 1.04 1.10
Key figures (USD 000)
As at 31 December 2024 2023
Fixed  assets 306,471 307,871
Current assets 1,123 816
Equity  (*) 307,563 308,686
Borrowing,  provisions  and  third-parties  (*) 31 1
Profit  /  (loss)  for  the  period 58,048 35,921
Distribution 59,171 41,114
Socfinasia’s  holding  (%) 100.00 100.00
(*)  Before  profit  allocation.
Graphics
Group profile
14
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ANNUAL REPORT 2024
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Socfinasia S.A.
SOCFINDE
Share  capital:  EUR  1,250,000.
Socfinde  is  a  Luxembourg-based  holding  company.
Profit  for  the  year  ended   on  31  December  2024  is  EUR   539,225.  The  Board  of  Directors  will  not  propose  any  
dividend  distribution  at  the  Annual  General  Meeting.
Key figures (EUR 000)
As at 31 December 2024 2023
Fixed  assets 3,042 2,992
Current assets 139,268 107,749
Equity 5,207 6,668
Borrowing,  provisions  and  third-parties 137,103 104,073
Profit  /  (loss)  for  the  period 539 645
Distribution 0 2,000
Dividend  per  share  (EUR) 0 8
Socfinasia’s  holding  (%) 80.00 79.92
Graphics
Group profile
Socfinasia S.A.
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ANNUAL REPORT 2024
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15
SOGESCOL FR
Share  capital:  CHF  5,300,000.
Sogescol  FR  is  a  Swiss  company  that  trades  in  rubber  and  palm  oil.
Profit  for  the  year  that  ended  on  31  December  2024  amounted  to  USD  10,492,456.  The  Board  of  Directors  will  
propose  a  dividend  distribution  of  USD  10,000,000  at  the  Annual  General  Meeting.
2024 2023
Average  rate  EUR  /  USD 1.08 1.08
Closing  rate  EUR  /  USD 1.04 1.10
Key figures (USD 000)
As at 31 December 2024 2023
Fixed  assets 3,780 4,031
Current assets 78,211 49,001
Equity  (*) 20,453 16,660
Borrowing,  provisions  and  third-parties  (*) 61,538 36,372
Profit  /  (loss)  for  the  period 10,492 6,705
Distribution 10,000 6,700
Dividend  per  share  (USD) 1,887 1,264
Socfinasia’s  holding  (%) 50.00 50.00
(*)  Before  profit  allocation.
Graphics
Group profile
16
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ANNUAL REPORT 2024
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Socfinasia S.A.
SOCFINCO FR
Capital:  CHF  1,300,000.
Socfinco  FR  is  a  Swiss  company  that  provides  services,  studies  and  management  of  agro-industrial  plantations.  
Socfinco  FR  covers  the  agro-industrial  sector  of  palm  oil  and  rubber.  
The  profit  of  the  year  that  ended  on  31  December  2024  is  EUR  4,465,222.  The  Board  of  Directors  will  propose  a  
dividend  distribution  of  EUR  2,000,000  at  the  Annual  General  Meeting.
Key Figures (EUR 000)
As at 31 December 2024 2023
Fixed  assets 4,741 5,444
Current assets 18,035 19,703
Equity  (*) 19,386 14,921
Borrowing,  provisions  and  third  parties  (*) 3,390 10,225
Sales  and  services 26,198 26,709
Profit  /  (loss)  for  the  period 4,465 6,489
Distribution 2,000 0
Dividend  per  share  (EUR) 1,538 0
Socfinasia’s  holding  (%) 50.00 50.00
(*)  Before  profit  allocation.
Graphics
Socfinasia S.A.
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ANNUAL REPORT 2024
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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
2020
2021
2022
2023
2024
$ct/Kg
RSS3
TSR20
100
120
140
160
180
200
220
240
260
280
300
100
120
140
160
180
200
220
240
260
280
300
jan 2024
feb 2024
mar 2024
apr 2024
may 2024
jun 2024
jul 2024
aug 2024
sep 2024
oct 2024
nov 2024
dec 2024
$ct/Kg
RSS3
TSR20
Graphics
International market for rubber and palm oil
18
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ANNUAL REPORT 2024
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Socfinasia S.A.
The international market in 2024
The  average  natural  rubber  price  (TSR20
G
1
st
position
on SGX
G
)   is   USD   1,743/T   FOB
G
   Singapore   compared  
with  USD  1,377/T  in  2023,  an  increase  of  27%.
Converted   into   euros,   the   average   TSR20
G
price in
2024  is   EUR  1,611/T,   compared  with  EUR   1,273/T  in  
2023.
The   upward   trend   that   began   in   the   last   quarter   of  
2023  continued  during  the  first  half  of  2024,  with  prices  
fluctuating  between  USD  1,500  and  USD  1,800/T.
Indeed,   adverse   weather   conditions   disrupted  
production  in  Thailand’s  southern  provinces  at  the  end  
of  2023  and  early  2024,  followed  by  an  early  wintering  
season   in   the   main   producing   countries   due   to   the  
El   Niño   phenomenon   which   exacerbated   the   natural  
rubber  shortage  in  the  first  quarter  of  2024.
The  end  of  the  wintering  season  in  Southeast  Asia  and  
the  resumption  of  tapping  negatively  affected  rubber  
prices.   After   reaching   USD   1,837/T   in   early   June,  
prices  fell  to  around  USD  1,650/T  by  the  end  of  June.
From   August,   prices   resumed   their   upward   trend  
surpassing  USD  1,700/T  amid  declining  production  in  
the   two   largest   natural   rubber-producing   countries,  
Thailand  and  Indonesia.  At  the  same  time,  decreasing  
stocks  in  China,  indicating  a  recovery  in  consumption  
by   the   world’s   largest   consumer,   also   supported   the  
price  increase  which  rose  above  USD  1,800/T  by  the  
end  of  August.
In   an   already   tight   global   supply   context,   the  
announcement  in  early  September  of  a  major  typhoon  
affecting   China’s   Hainan   province,   Thailand,   and  
Vietnam  pushed  prices  above  USD  1,900/T.
At   the   end   of   September,   the   Chinese   government  
announced   a   massive   economic   stimulus   plan   to  
support   China’s   economy,   which   is   struggling   with  
an   unprecedented   real   estate   crisis   and   weak  
domestic   consumption,   which   pushed   prices   above  
USD  2,000/T.  This   decision  came   just   days  after   the  
U.S.  Federal  Reserve  announced  an  interest  rate  cut  
after   maintaining   them   at   their   highest  levels   in  17  
years.
The   end   of   the   year   was   marked   by   high   volatility.  
Natural   rubber   prices   hit   a   seven-year   high   of  
USD   2,136/T   in   early   October   before   contracting  
to   a   low   of   USD   1,850/T   in   mid-November.   These  
upward   market   movements   were   mainly   driven   by  
unfavourable  weather  conditions  affecting  production  
in   Southeast   Asia   and   downward   movements   due   to  
weakening   Chinese   demand   and   doubts   about   the  
effectiveness  of   the  Chinese  government’s  economic  
recovery measures.
According  to  its  latest  forecasts  published  in  December  
2024,   the   IRSG   estimates   that   global   production  
reached  14.35  million  tons  in  2024  (+1%),  while  global  
demand  rose  to  15.12   million  tons  (+2.8%),  resulting  
in   a   rubber   deficit   of   770   000   tons,   compared   to  
492 000 tons in 2023.
The TSR20 1
st
   position   FOB   Singapore   on   SGX   was  
priced  at  USD  1,974/T  on  December  31,  2024.
Graphics
International market for rubber and palm oil
Socfinasia S.A.
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ANNUAL REPORT 2024
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19
Outlook 2025
After   a   significantly   deficit   year  in  2024   in   terms   of  
production,   natural   rubber   prices   are   fluctuating   at  
the  beginning  of  the  year  between  USD  1,850  and  USD  
2,050/T   and   could   continue   to   rise   due   to   an   early  
wintering  season  in  Côte  d’Ivoire.
Natural   rubber   prices   are   expected   to   remain   high  
in   2025,   mainly   due   to   a   persistent   strain   on   global  
supply,  resulting  in  a  production  deficit  for  the  third  
consecutive year.
This  deficit   is  attributed   to  several   factors  affecting  
global  natural  rubber  supply.  In  addition  to  weather-
related   challenges   impacting   harvests,   the   global  
rubber  plantation  is  aging  due  to  a  lack  of  investment  
in   rubber   cultivation   over   the   past   decade,   driven  
by   relatively   low   international   market   prices.  
Furthermore,  farmers  are  shifting  to  more  profitable  
crops,   and   rubber   tree   diseases   are   spreading   in  
Southeast Asia.
After  a  decade  of  strong  growth,  Côte  d’Ivoire  —ranked  
as   the   world’s   third-largest   producer   in   2023   after  
Thailand   and   Indonesia—is   showing   signs   of   slowing  
growth,   with   production  reaching   1.683   million   tons  
in  2024  compared  to  1.673  million  tons  in  2023.
According  to  IRSG  forecasts,  global  production  in  2025  
is  expected  to  reach  14.76  million  tons  (+2.9%),  while  
global  demand  is  projected  to  reach  15.26  million  tons  
(+0.9%),  leading  to  a  rubber  deficit  of  500  000  tons.
The  price  trend  will  also  depend  on  the  effectiveness  
of  financial  measures  taken  by  the  Chinese  government  
to  stimulate  the  country’s  economic  recovery  and  the  
impact   of  trade   tensions   between  the   United   States  
and  China.
The   monetary   easing   initiated   in   2024   by   European  
and  American  central   banks   is  expected   to   continue  
in  2025,  positively  affecting  natural  rubber  demand.
The   implementation   of   the   European   regulation  
“EUDR”,  which  aims  to  ban  the  entry  of  certain  raw  
materials   linked   to   deforestation   into   the   European  
market,   was   initially   scheduled   for  the   end   of   2024  
but  has  been  postponed  to  December  31,  2025.  This  
extension   is   intended   to   give   industry   players   and  
regulatory   authorities   more   time   to   prepare   for   the  
new  requirements.
The  strong  demand  from  tire  manufacturers  for  “EUDR”  
compliant   natural   rubber   destined   for   the  European  
market   should   allow   producers   who   can   prove   their  
supply   chain   complies   with   legal   requirements   and  
does  not  originate  from  deforested  areas  to  be  granted  
an  “EUDR  premium”.  Non-compliant  rubber  producers  
will   be   forced   to   sell   their   production   outside   the  
European  Union  at  a  lower  valuation.
As of February 20, 2025, the TSR20 1
st
position FOB
Singapore  on  SGX  was  priced  at  USD  2,061/T.
Graphics
International market for rubber and palm oil
20
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ANNUAL REPORT 2024
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Socfinasia S.A.
2. Palm oil
CIF ROTTERDAM – PALM OILS – 5 years +
CIF ROTTERDAM – PALM OILS – 1 year +
200
400
600
800
1.000
1.200
1.400
1.600
1.800
2.000
2.200
2.400
2.600
2.800
200
400
600
800
1.000
1.200
1.400
1.600
1.800
2.000
2.200
2.400
2.600
2.800
2020
2021
2022
2023
2024
$/Mton
CPO
CPKO
700
900
1.100
1.300
1.500
1.700
1.900
2.100
700
900
1.100
1.300
1.500
1.700
1.900
2.100
jan 2024
feb 2024
mar 2024
apr 2024
may 2024
jun 2024
jul 2024
aug 2024
sep 2024
oct 2024
nov 2024
dec 2024
$/Mton
CPO
CPKO
Graphics
International market for rubber and palm oil
Socfinasia S.A.
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ANNUAL REPORT 2024
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21
World palm oil production in million tons
(source: Oil World)
2025 (*) 2024 2023 2022 2021 2020 2015 2005 1995
Indonesia 48.1 45.6 48.4 46.7 44.7 42.8 33.4 14.1 4.2
Malaysia 19.3 19.4 18.6 18.5 18.1 19.1 20.0 15.0 7.8
Other 15.3 14.4 14.4 14.0 13.1 12.2 9.1 4.8 3.2
TOTAL 82.7 79.4 81.6 79.2 75.9 74.1 62.5 33.9 15.2
(*)  Estimated  (December  2024).
Production of the main oils in million tons
(source: Oil World)
2025 (*) 2024 2023 2022 2021 2020 2015 2005 1995
Palm 82.7 79.4 81.6 79.2 75.9 74.1 62.5 33.9 15.2
Soya 66.8 64.7 59.7 60.1 60.1 58.6 48.8 33.6 20.2
Rapeseed 30.8 31.6 30.6 25.7 26.9 25.3 26.3 16.2 10.8
Sunflower 21.1 23.3 22.3 19.7 18.9 21.3 15.1 9.7 8.7
Palm  kernel 8.4 8.2 8.4 8.2 8.0 7.8 6.8 4.0 2.0
Cotton 4.5 4.5 4.4 4.4 4.4 4.6 4.7 5.0 3.9
Peanut 4.7 4.4 4.4 4.7 4.4 4.2 3.7 4.5 4.3
Copra 3.0 3.1 3.1 3.0 2.8 2.6 2.9 3.2 3.3
TOTAL 222.1 219.2 214.5 205.1 201.4 198.5 170.8 110.1 68.4
(*)  Estimated  (December  2024).
The international market in 2024
The  average  price  for  CIF  Rotterdam
G
  crude  palm  oil  in  
2024  stood  at  USD  1,084/T,  compared  with  USD  964/T  
in 2023.
Palm   oil   prices   fluctuated   between   USD   900   and  
USD  1,050/T  in  Q1  2024.  A  drop  in  crude  oil  prices  in  
April  led  to  a  decline  in  palm  oil  prices  by  nearly  USD  
100/T,  falling  from  USD  1,050  to  USD  950/T.
Prices   rebounded   in   June,   surpassing   USD   1,000/T,  
driven   by   strong   demand   from   importing   countries,  
mainly   India   and   China.   India   remains   the   largest  
importer,   with   nearly   10   million   tons   imported   in  
2023,  while   Indonesia  remains  the   largest  consumer,  
absorbing  over  21  million  tons,  46%  of  its  production.
The   biofuel   industry,   with   its   increasingly   ambitious  
programs,   also  provided   substantial   support   to  palm  
oil   prices.   An   estimated   20   million   tons   of   palm   oil  
(around   25%   of   global   production)   were   used   for  
biodiesel   production   in   2024.   In   Indonesia,   for   the  
first   time,   more   palm   oil   was   allocated   to   biodiesel  
production  than  to  the  food  industry.
Prices   rose   by   nearly   USD   150/T   in   Q3   amid  
expectations   of   supply   tightening.   By  early  October,  
CPO  CIF  Rotterdam  exceeded  USD  1,200/T,  its  highest  
level  in  over  two  years.  The  upward  trend  continued  
in   Q4,   with   CPO   CIF   Rotterdam   trading   above   USD  
1,300/T  multiple  times  in  November  and  December.
While  El  Niño  did  not  significantly  affect  global  palm  
oil  production,  lower  yields  were  observed  in  Indonesia  
and  several  Central  American  countries.  According  to  
Oil  World,  global  palm   oil  production  is   expected  to  
reach  79.4  million  tons  in  2024,  down  2.2  million  tons  
from 2023.
At  of  31  December  2024,  the  CIF  Rotterdam
G
CPO
G
was
trading  at  USD  1,275/T.
Graphics
International market for rubber and palm oil
22
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ANNUAL REPORT 2024
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Socfinasia S.A.
Outlook 2025
A   rise   in   palm   oil   production   is   expected   in   2025.  
Indonesia,  the   world’s  largest   producer,  is  projected  
to  increase  output  to  approximately  48.1  million  tons,  
while  Malaysia’s  production  is  expected  to  stabilize  at  
around   19.3  million   tons.  This   increase  is  attributed  
to   improved   yields   due   to   fertilizer   application   and  
favourable  weather  conditions  in  2025.
Over   the   past   three   decades,   global   palm   oil  
production  has  grown  six  fold  between  1990  and  2020,  
mainly  due  to  expanded  cultivation  areas  in  Indonesia  
and   Malaysia,   which   together   account   for   85%   of  
global  production.  However,  signs  indicate  a  slowdown  
in   production   growth,   as   land   availability   becomes  
more   limited   and   labor   shortages   persist.   Palm   oil  
supply  may  struggle  to  meet  the  rising  global  demand,  
driven  by  population  growth  and  higher  vegetable  oil  
consumption  in  developing  countries.
The   biofuel   industry   will   continue   to   provide   price  
support.  Indonesia’s  B40  program,  aimed  at  increasing  
the   share  of  palm   oil-based   biofuel   in  diesel  to   40%  
in   2025   (up   from   35%   currently),   is   expected   to   be  
fully   implemented   by   March   2025.   This   mandate  
could  boost  palm   oil  consumption   by   2  million   tons,  
reducing   export   availability   and   potentially   driving  
prices  higher.
However,   price   increases   could   be   limited   by  
competition  from  cheaper  alternative  vegetable  oils,  
such   as   South   American   soybean   oil.   While   palm   oil  
is   traditionally   cheaper   than   soybean   oil,   the   latter  
experienced   less   price   volatility   in   2024,   thanks   to  
abundant   soybean   harvests   in   the   U.S.   and   Brazil.  
This   unprecedented   price   inversion   could   influence  
importers’   and   food   manufacturers’   preferences.  
Trade   tensions,   particularly   between   the   U.S.   and  
China,   could   also   impact   soybean   exports   and,  
consequently,  soybean  oil  prices.
In   2025,   palm   oil   prices   will   be   influenced   by   a  
combination   of   factors,   including   global   supply   and  
demand   trends,   weather   conditions,   government  
policies,  competition   from   other  vegetable   oils,  and  
rising  biofuel  demand.
As  of  20  February  2025,  the  CIF  Rotterdam
G
CPO
G
was
quoted  at  around  USD  1,275/T.
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Environment and social responsibility
Along   with  its   specific   commitment   to   transparency,  
the  Group  has  built  a  responsible  management  policy  
around  its  three  pillars  of  commitment,  namely:  rural  
development,   workers   and   local   communities,   and  
environment. These commitments form the basis of
key  initiatives  that  are  aimed  at  improving  long-term  
economic   performance,   social   well-being,   health,  
safety  and  natural  resource  management.
An   implementation   plan   for   this   policy   was   defined  
and  implemented  since  2022.
A  regularly  updated  dashboard,  as  well  as  a  separate  
annual   report   (“Sustainability   Report”),   details   the  
efforts   and   actions   undertaken   by   the   Socfin   Group  
in this area.
The   responsible   management   policy,   the   dashboard  
and  the  annual  Sustainability  Report  are  available  on  
the  Group’s  website.
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Key figures
1. Activity indicators
Area (hectares) Rubber Palm
As at 31 December 2024
Immatures  (by  year  of  planting)
2024 174 1,338
2023 246 1,975
2022 167 1,724
2021 120 0
2020 189 0
2019 155 0
2018 144 0
Total immatures 1,196 5,037
Young (from  6  to  11  years) 2,987 (from  3  to  7  years) 7,837
Prime (from  12  to  22  years) 8,707 (from  8  to  18  years) 11,518
Old (above  22  years) 354 (above  18  years) 15,082
Total in production 12,049 34,438
TOTAL 13,245 39,474
Area (hectares) 2024 2023 2022 2021 2020
Palm 39,474 39,499 39,279 39,089 38,727
Rubber 13,245 13,243 13,523 13,886 14,414
TOTAL 52,719 52,742 52,802 52,975 53,141
Production 2024 2023 2022 2021 2020
Palm Oil (tons)
Own  production
G
179,593 188,527 179,516 180,584 182,577
Rubber (tons)
Own  production
G
16,454 15,250 12,914 15,430 15,110
Seeds (thousands)
Own  production
G
8,954 9,190 13,189 11,668 8,042
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Turnover (EUR million) 2024 2023 2022 2021 2020
Palm 154 151 171 141 105
Rubber 26 21 22 21 18
Other  agricultural  products 6 7 7 5 4
Other 0 1 1 1 0
TOTAL 186 179 202 168 127
Staff 2024 2023 2022 2021 2020
Average  workforce 9,731 9,686 9,595 10,168 10,363
2. Key figures from the consolidated income statement and consolidated
statement of cash flows
(EUR million) 2024 2023 2022 2021 2020
Turnover 186 179 202 168 127
Operating  income 76 62 56 73 34
Profit  /  (loss)  for  the  period  attributable  to  the  
owners of the Parent
61 46 48 57 16
Net  cash  flows  from  operating  activities 81 63 91 69 36
Free  cash  flows 121 122 152 60 25
3. Key figures in the consolidated statement of financial position
(EUR million) 2024 2023 2022 2021 2020
Bearer  biological  assets 100 92 90 115 107
Other non-current assets 84 126 183 256 154
Current assets 177 146 145 115 75
Total  equity 242 256 280 296 247
Non-current  liabilities 39 39 40 121 37
Current  liabilities 80 69 99 70 52
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Stock market data
(EUR) 2024 2023 2022 2021 2020
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  Parent 235,591,827 247,910,360 273,585,223 289,258,777 241,466,670
Undiluted  net  profit  per  share 3.11 2.35 2.45 2.93 0.84
Dividend  per  share 5.00 4.00 3.50 1.40 0.80
Share price
   Minimum 14.10 14.70 14.20 13.10 11.10
   Maximum 17.20 17.20 18.80 17.80 17.80
   Closing 15.60 15.40 16.50 14.30 14.50
Market  capitalisation 305,670,456 301,751,604 323,305,290 280,197,918 284,116,770
Dividend  paid  /  net  profit  attributable  to  the  
owners of the Parent
160.84% 170.00% 143.03% 47.78% 95.36%
Dividends  /  market  capitalisation 32.05% 25.97% 21.21% 9.79% 5.52%
Market  price  /  undiluted  net  profit  per  share 5.02 6.55 6.74 4.88 17.28
Financial highlights of the year
No  material  events  occurred  during  the  financial  period.
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Corporate governance statement
1. Introduction
Socfinasia   pays   close   attention   to   the   evolution   of  
the   ten   principles   of   corporate   governance   of   the  
Luxembourg  Stock  Exchange.  It  commits  to  providing  
the   necessary   explanations   for   a   comprehensive  
understanding  on  how  the  Company  functions.
Corporate   governance   is   a   set   of   principles   and  
rules  whose   main  objective  is  to  contribute   to  long-
term  value  creation.   It  allows  the   Board  to  promote  
the   interests   of   the   Company   and   its   shareholders  
while   putting   in   place   effective   control   systems,  
management  of  risks  and  conflicts  of  interests.
2. Corporate governance chart
The   Board   of   Directors   adopted   the   corporate  
governance   chart   on   21   November   2018.   It   was  
updated  on  3  April  2025  and  is  available  on  the  Group’s  
website.
3. Board of Directors
Composition of the Board of Directors
Name Nationality
Year of
Birth
Position
First
nomination
Term of office
Mr.  Hubert  Fabri Belgian 1952 Chairman
(a)
AGO 1980 AGO 2027
Mr.  Vincent  Bolloré French 1952 Director  
(a)
AGE 1990 AGO 2029
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 2028
Mr.  François  Fabri Belgian 1984 Director  
(b)
AGO 2014 AGO  2026
Mr.  Philippe  Fabri Belgian 1988 Director  
(b)
AGO 2018 AGO 2030
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
The   mandate   of   Mrs.   Valérie   Hortefeux,   outgoing  
director,  and  Mr  Cyrille  Bolloré,  Director,  are  eligible  
for  re-election.  The  Board  will  propose  the  renewal  of  
this  term  of  office  at  the  next  general  meeting.  This  
renewal  will  hold  for  a  period  of  six  years,  until  the  
General  Meeting  of  2031.
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Other mandates held by the directors in listed companies
Hubert Fabri
Chairman
Positions and offices held in Luxembourg-based companies
• Chairman  and  director  of  the  Board  of  Directors  of  Société  Financière  des  Caoutchoucs  “Socfin”,  Socfinaf  
and  Socfinasia.
Positions and offices held in foreign companies
• Chairman  and  Director  of  the  Board  of  Directors  of  Palmeraies  de  Mopoli;
• Vice-Chairman  of  Société  des  Caoutchoucs  du  Grand  Bereby  “SOGB”;
• Vice-Chairman  and  member  of  the  Supervisory  Board  of  Compagnie  du  Cambodge;
• Director  of  Compagnie  de  l’Odet,  Financière  Moncey,  Société  Industrielle  et  Financière  de  l’Artois  and  La  
Forestière  Equatoriale.
Vincent Bolloré
Director
Positions and offices held in Luxembourg-based companies
• Director  of  Société  Financière  des  Caoutchoucs  “Socfin”,  Socfinaf  and  Socfinasia.
Positions and offices held in foreign companies
• Chairman  and  Chief  Executive  Officer  of  Compagnie  de  l’Odet;
• Vice-Chairman  of  Société  des  Caoutchoucs  du  Grand  Bereby  “SOGB”;
• Director  of  Compagnie  de  l’Odet;
• Permanent   representative   of   Bolloré   Participations   SE   on   the   Boards   of   Directors   of   S.A.F.A.   Cameroon  
“Safacam”,   Société   des   Caoutchoucs   du  Grand  Bereby   “SOGB”   and   Société   Camerounaise   de   Palmeraies  
“Socapalm”.
Cyrille Bolloré
Director
Positions and offices held in Luxembourg-based companies
• Director  of  Société  Financière  des  Caoutchoucs  “Socfin”  and  Socfinasia;
• Permanent  representative  of  Bolloré  Participations  SE  on  the  Board  of  Directors  of  Socfinaf.
Positions and offices held in foreign companies
• Chairman  and  Chief  Executive  Officer  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;
• Non-Executive  Director  and  member  of  the  Compensation  Committee  of  UMG  N.V.
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Administration and Finance Corporation “AFICO”
Director
Positions and offices held in Luxembourg-based companies
• Director  of  Socfinasia.
Positions and offices 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 offices held in Luxembourg-based companies
• Director  of  Société  Financière  des  Caoutchoucs  “Socfin”,  Socfinaf  and  Socfinasia;
• Executive  Director  of  Socfinaf.
Positions and offices held in foreign companies
• Permanent  Representative  of  Administration  and  Finance  Corporation  “AFICO”  on  the  Board  of  Société  des  
Caoutchoucs  du  Grand  Bereby  “SOGB”  and  Société  Industrielle  et  Financière  de  l’Artois;
• Managing  Director  of  Palmeraies  de  Mopoli;
• Director  of  S.A.F.A.  Cameroon  “Safacam”  and  Société  Camerounaise  de  Palmeraies  “Socapalm”;
• Non-Executive  Director  of  Okomu  Plc.
Philippe Fabri
Director
Positions and offices held in Luxembourg-based companies
• Director  of  Société  Financière  des  Caoutchoucs  “Socfin”,  Socfinaf  and  Socfinasia;
• Executive  Director  of  Société  Financière  des  Caoutchoucs  “Socfin”.
Positions and offices held in foreign companies
• Member  of  the  Supervisory  Board  of  Palmeraies  de  Mopoli;
• Director   of   S.A.F.A.   Cameroon   “Safacam”   and   permanent   representative   of   SOCFINAF   on   the   board   of  
SOCAPALM;
• Director  of  Société  des  Caoutchoucs  du  Grand  Bereby  “  SOGB”;
• Non-Executive  Director  of  Okomu  Plc.
Valérie Hortefeux
Director
Positions and offices held in Luxembourg-based companies
• Director  of  Socfinasia.
Positions and offices held in foreign companies
• Director  of  Mediobanca  and  Compagnie  de  l’Odet.
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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   the   passing   of   or  
following   the   resignation   of   one   or   more   Directors,  
the   remaining   Directors   will   proceed   to   temporary  
co-optations.   These   co-optations   will   be   subject  
to   the   approval   of   the   Annual   General   Meeting   of  
shareholders   at   its   following   meeting.   The   Director  
appointed  to  replace  another  Director  will  complete  
the  term  of  his  predecessor.
Role and powers of the Board of Directors
The   Board   of   Directors   is   the   body   responsible   for  
the  management  of  the  Company  and   the  control  of  
day-to-day  management.  It  acts  in  the  interest  of  the  
Company.
The   Board   of   Directors   ensures   that   all   financial  
and   human   resources   are   available   and   that   all   the  
necessary   structures   are   in   place   to   achieve   its  
objectives  and  secure  long-term  value  creation.
The   Articles   of   Association   empower   the   Board   of  
Directors  to  perform  all  actions  necessary  to  achieve  
the corporate purpose.
Activity report of the Board of Directors
Number of meetings
There  are  at  least  two  meetings  for  the  year-end  and  
mid-year  evaluations.  During  the  2024  financial  year,  
the  Board  of  Directors  met  4  times.
Topics generally discussed
Periodic  accounting  situations;
Portfolio  movements;
Inventory  and  valuation  of  the  portfolio;
Evolution  of  significant  holdings;
Management  report;
Investment  projects;
Corporate,  social  and  environmental  responsibility.
Average attendance rate of Directors
-  2024:  92%
-  2023:  96%
-  2022:  95%
-  2021:  98%
-  2020:  100%
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4. Committees of the Board of Directors
4.1 Audit Committee
The Committee consists of three members, of which
two  are  independent  and  one  is  assigned  as  President  
of  the  Audit  Committee.
The  Members   of  the  Audit   Committee  are  appointed  
for   one   year   and   are   eligible   for   re-election.   This  
Audit  Committee  is  effective  as  of  1  January  2024  and  
has  been  in  charge  of  supervising  the  preparation  of  
the  financial  information  for  the  year  2024.
The   Board   of   Directors   has   proposed   that   its  
constitution  will  be  as  follows:
• Mrs.   Valérie   Hortefeux   (Independent   Member)   -  
Chairperson
• Mr.  Frédéric  Lemaire  (Independent  Member)
• Mr.  Philippe  Fabri  (Director)
The  appointment  of  the  non-executive  members  will  
be  confirmed  at  the  General  Meeting  of  Shareholders  
on  4  June  2025.
The  Audit   Committee   assists   the   Board   of   Directors  
in   its   supervisory   function   and   is   responsible   of   the  
monitoring   of   the   financial   reporting,   the   audit  
process,  the  analysis  and  the  control  of  financial  risks.
The  Audit  Committee  shall  meet  three  times  a  year.
4.2 Appointment and Remuneration Committee
The   principal   shareholders   set   the   remuneration   of  
the  operational  management  of  Socfinasia.  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   Socfinasia   for   the   financial  
year   2024   amounts   to   EUR   12,691,356   compared   to  
EUR  11,674,417  in  2023.
The  Directors  of  Socfinasia  did  not  receive  any  other  
payment  in  shares  (stock  options).
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6. Shareholding status
Shareholder
Number of shares held =
Number of voting rights
Percentage holding
Date of
notification
Socfin
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  Participations
(direct  et  indirect)
4,360,800 22.255
7. Financial calendar
4  June  2025   Annual  General  Meeting  at  11.00  am
14  June  2025   Payment  of  the  balance  of  dividend  for  2024  (coupon  number  85)
End  of  September  2025   Half  year  stand  alone  and  consolidated  results  at  30  June  2025
Mid-November  2025   Interim  Management  statement  for  3
rd
  quarter  of  2025
End  of  March  2026   Annual  stand  alone  results  at  31  December  2025
Mid-April  2026   Consolidated  annual  results  at  31  December  2025
Mid-May  2026   Interim  Management  statement  for  the  1
st
  quarter  of  2026
27  May  2026   Annual  General  Meeting  at  11.00  am
The  Company’s  results   are  published  on   the  Luxembourg   Stock  Exchange   website  www.bourse.lu   and  on   the  
Company’s  website  www.socfin.com.
8. External audit
Independent  statutory  auditor  (Réviseur  d’entreprises  
agréé)
Ernst  &  Young  “EY”
35E  Avenue  John  F.  Kennedy
L-1855  Luxembourg.
In  2024,  the  audit  fees  amounted  to  EUR  453,178  VAT  
included.
The  audit  fees  include  all  fees  paid  to  the  independent  
statutory  auditor  of  the  Group,  as  well  as  those  paid  
to   member   firms   within   their   network   for   the   year.  
This   firm   performed   no   material   consulting   work   or  
other  non-audit  services  in  2024  nor  in  2023.
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9. Corporate, social and environmental responsibility
Along  with  its  specific  commitment  to  transparency,  the  
responsible  management  policy  embodies  the  Group’s  
three   pillars   of   commitment:   rural   development,  
workers   and   local   communities,   and   environment.  
These commitments form the basis of key initiatives
aimed  at  improving  long-term  economic  performance,  
social  well-being,  health,  safety  and  natural  resource  
management.
An   implementation   plan   for   this   policy   has   been  
defined  and  implemented  since  2022.
The   efforts   and   actions   undertaken   by   the   Socfin  
Group  in  this  area  are  detailed  in  a  regularly  updated  
dashboard   as   well   as   in   a   separate   annual   report  
(“Sustainability  Report”).
The   responsible   management   policy,   the   dashboard  
and  the  annual  Sustainability  Report  are  available  on  
the  Group’s  website.
10. Other information
Following   the   Regulation   2016/347   of   the   European  
Commission   of   10   March   2016,   which   specifies   the  
modalities  for  updating  insider  lists,  a  list  of  insiders  
has   been   drawn   up   and   is   kept   continuously   up   to  
date.  The  persons  concerned  were  informed  of  their  
inclusion  on  this  list.
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Statement of compliance
Mr.  Philippe  Fabri,  Director  and  Mr.  Daniel  Haas,  Chief  
Financial  Officer,  indicate  that,  to  their  knowledge:
(a)  in   accordance   with   the   International   Financial  
Reporting   Standards   adopted   by   the   European  
Union,   the   consolidated   financial   statements  
prepared  for  the  year  that  ended  on  31  December  
2024,  give  a  true  and  fair  view  of  the  assets  and  
liabilities,  the  financial  position  and  the  profit  or  
loss  of  Socfinasia  and  of  all  the  entities  included  in  
consolidation,
(b)  in  accordance  with  the  local  accounting  standards,  
the   individual   financial   statements   prepared   for  
the   year   ended   on   31   December   2024,   provide  
a  true  and  fair  view  of  the  assets  and  liabilities,  
the   financial   position   and   the   profits   or   losses  
attributable  to  Socfinasia,
(c)   the   management   report   presents   the   following  
information  in  a  fairly  manner:  the  evolution  and  
results   of   the  Company,  the  financial   position   of  
the  Group  and  all  the  entities  that  are  included  in  
the  consolidation,  as  well  as  a  description  of  the  
main  risks  and  uncertainties  they  face.
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Consolidated management report
Directors’ report on the consolidated financial statements
presented by the Board of Directors to the
Annual General Meeting of the Shareholders of 4 June 2025
Ladies  and  Gentlemen,
1. Consolidated financial statements
The   consolidated   financial   statements   as   at   31  
December   2024   include   the   financial   statements  
of   Socfinasia,   and   of   all   subsidiaries   and   direct   and  
indirect   associate   companies.   The   details   are   given  
in   Note  2   of   the   Notes  to   the   consolidated   financial  
statements.
As   stated   in   Note   1   to   the   consolidated   financial  
statements,   the   consolidated   financial   statements  
have  been  prepared  in  accordance  with  International  
Financial  Reporting  Standards  or  IFRS  as  adopted  by  the  
European  Union.  Socfinasia  (the  Group)  adopted  IFRS  
standards  for  the  first  time  in  2005,  and  implemented  
all   the   standards   applicable   to   the   Group   as   at   31  
December  2024  have  been  implemented.
Consolidated results
For  the  2024  financial  year,  the  result  attributable  to  
the  Group  amounted  to  EUR  60.9  million  compared  to  
EUR  46.1  million  in  2023.  This  resulted  in  earnings  per  
share  attributable  to  the  Group  of  EUR  3.11  compared  
to EUR 2.35 in 2023.
The  consolidated  revenue  amounted  to  EUR  186.4  million
in  2024  compared  to  EUR  178.5  million  in  2023,  thus  an  
increase  of  EUR  7.9  million.  This  increase  in  revenue  
was  mainly  due  to  a  rise  in  the  price  (EUR  26.2  million),  
whereas  quantities  sold   during  the  period  decreased  
(EUR  -7.4  million)  and  the  variation  of  the  Indonesian  
Rupiah  versus  the  Euro  lead  to  a  decrease  in  revenues  
(EUR  -7.1  million).
The   operating   profit   increased   to   EUR   76.3   million  
compared  to  EUR  62.0  million  in  2023.  The  fixed  assets  
were  subject  to  a  reversal  of  impairment,  amounting  
to  EUR  3.9  million  in  2024.
Other  financial  income  increased  to  EUR  19.1  million  
compared  to   EUR  12.1  million   in  2023  and   consisted  
mainly   of   EUR   11.5   million   of   exchange   gains,  
compared  to  EUR  3.2  million  in  2023.
Financial   expenses   amounted   to   EUR   8.1   million  
compared   to   EUR   7.5   million   in   2023   and   consisted  
mainly  of  foreign  exchange  losses  for  EUR  7.4  million  
(EUR  5.7  million  in  2023).
Furthermore,  the  tax  expense  increased,  with  income  
taxes   amounting   to   EUR   24.5   million   compared   to  
EUR  20.1  million  in  2023.
Profit   for   the   year   from   associates   attributable   to  
the  Group  decreased  to  EUR  4.6  million  compared  to  
EUR  5.9  million  in  2023.
Consolidated statement of financial position
Socfinasia’s  assets  consist  of:
-   non-current   assets  of   EUR  184.1   million   compared  
to   EUR   217.6   million   in   2023,   a   decrease   of  
EUR  33.4  million  mainly  due  to  a  decrease  in  long-
term  advances  towards  Socfin  of  EUR  50.4  million;
-   current   assets   for   EUR   177.1   million   compared  
to   EUR   145.8   million   in   2023,   mainly   linked   to  
the   increase   in   cash   and   cash   equivalents   of  
EUR   34.5   million,   to   the   increase   in   inventory  
for   EUR   4.9   million,  and  to   the   decrease   in   other  
receivables  for  EUR  7.9  million.
The   shareholders’   equity   attributable   to   the   Group  
amounted   to   EUR   235.6   million   compared   to  
EUR   247.9   million   in   2023.   The   decrease   in   the  
shareholders’  equity  of  EUR  -12.3  million  is  mainly  due  
to  the  profit  for  the  period  (EUR  +60.9  million)  and  to  
the  allocation  of  the  net  results  (EUR  -78.4  million,  final  
dividend  2023  and  interim  dividend  2024  included).
Based   on   the   consolidated   shareholders’   equity,   the  
net  value  per  share
G
  (terms  having  a  
G
  are  explained  
part   “Glossary”   at   the   end   of   the   annual   report)  
attributable  to  the  Group,  before  the  distribution  of  
the  balance  of  the  dividend,  was  EUR  12.02  compared  
to  EUR  12.65  a  year  earlier.  As  at  31
December  2024,  
the  share  price  stood  at  EUR  15.60.
Current   and   non-current   liabilities   increased   to  
EUR  118.8   million  compared   to  EUR  107.8   million  in  
the   previous   year.   The   other   payables   increased   at  
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EUR  62.4  million  compared  to  EUR  59.7  million  in  the  
previous year.
Consolidated cash flow
As   at   31   December   2024,  cash  and   cash   equivalents  
amounted   to   EUR   149.0   million,   an   increase   of  
EUR  34.5  million  for  the  period  compared  to  an  increase  
of  EUR  19.9  million  in  the  previous  financial  year.
Net   cash   flows   from   operating   activities   amount   to  
EUR   81.1   million   in   2024   (EUR   62.8   million   in   2023)  
and   cash   flows   from   operating   activities   amount   to  
EUR  96.4  million  compared  to  EUR  85.7  million  during  
the  previous  financial  year.
Cash  flows  from  investing  activities  show  a  net  inflow,  
amounting   to   EUR   39.4   million   compared   to   a   net  
inflow   of   EUR   58.9   million   in   2023,   due   to   the   final  
reimbursement  of  the  long-term  advance  from  Socfin.  
Cash   flows   from   financing   activities   amounted   to  
EUR  86.4  million  (EUR  101.3  million  in  2023)  of  which  
EUR   85.6   million   of   dividends   (EUR   72.7   million   in  
2023).
2. Financial instruments
The  financial  risk  management  policies  are  described  
in  the  notes  to  the  consolidated  financial  statements  
of  the  Company  (see  notes  23  and  34).
3. Outlook 2025
The   results   for   the   next   financial   year   will   largely  
depend   on   factors   which   are   external   to   the  
management   of   the   Group,   such   as   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,  maintains  its  policy  of  keeping  
cost   prices   as   low   as   possible   and   of   improving   its  
production  capacity.
4. Political and economic environment
The  Company  holds  interests  in  subsidiaries  operating  
in South-East Asia.
Given  the   economic  and  political   instability  of  some  
of these countries, these investments present a risk in
terms  of  exposure  to  political  and  economic  changes.
Due   to   the   geopolitical   tensions,   since   2022,   there  
has   been   a   significant   increase   in   volatility   on   the  
securities   and   currency   markets.   The   conflicts   have  
had  a  significant  impact  on  the  financial  markets,  with  
many   investors   concerned   about   the   risk   of   further  
escalation  and  the  ensuing  impact  on  global  trade  and  
economic  growth.
Although   the   aforementioned   aspects   have   not  
significantly   impacted   the   company’s   operations   nor  
performance   and   going   concern   during   2024,   the  
Board  of  Directors  continues  to  monitor  the  evolving  
situation   and   its   impact   on   the   company’s   financial  
position  and  results.
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5. Events after the closing date
There  are  no  material  events  after  the  closing  date  to  mention.
6. Corporate governance
The   Board   of   Directors   implements   the   corporate  
governance   rules   that   are   applicable   in   the   Grand  
Duchy   of   Luxembourg   into   the   Group’s   financial  
structure  and  reports.
Further   information   on   how   these   rules   are  
implemented  is  available  in  the  corporate  governance  
statement  of  the  annual  report  and  in  the  management  
report   on   the   Company’s   stand   alone   financial  
statements.
7. General internal control system adapted to the group’s specific activities
1 Risk Assessment
Potential   risks   relevant   to   the   group’s   activities  
(including  financial,  operational,  and  compliance  risks)  
are   identified.   Once   residual   risks   are   assessed   and  
found  to  be  exceeding  the  risk  appetite,  strategies  are  
also  implemented  to  mitigate  identified  risks,  such  as  
implementing  security  measures,  creating  redundancy  
in  operations,   or   adopting  technological   solutions  to  
reduce  human  error.
2 Control Activities
Key   controls   are   in   place   to   manage   risks   within  
acceptable  boundaries  (in  line  with  the  risk  appetite).  
Most  important  key  controls  are:
Compliance with Laws and Regulations
Legal  Framework:  the  internal  control  system  assesses  
compliance   with   relevant  laws  and   regulations.   This  
comprises  but  it  is  not  limited  to  labor  laws,  financial  
regulations,  and  data  protection  laws.
Regulatory   Updates:   the   Group   stays   abreast   of   the  
impact   that   changes   to   laws   and   regulations   could  
induce  in  the  internal  control  system.
Segregation of functions
The   segregation  of   the   operational,  commercial   and  
financial  functions  implemented  at  each  level  of  the  
Group   encourages   an   autonomous   model   of   internal  
control.
In  each  of  their  area  of  responsibility,  these  different  
functions   ensure   the   completeness   and   reliability  
of   information.   They   provide   regular   updates   on  
this   aspect   to   local   managers   and   to   the   Group’s  
headquarters,   on   information  related   to   agricultural  
and   industrial   production,   trade,   human   resources,  
finance,  etc.
Authorisation   and   Approval   Processes:   clear  
procedures   are   set   for   approving   transactions   and  
decisions,   including   authorisation   limits,   to   prevent  
unauthorised  or  inappropriate  actions.
Physical   Controls   are   implemented   on   an   ongoing  
basis  to  safeguard  assets,  such  as  secure  storage  for  
inventory,   access  controls   for   sensitive  systems,   and  
regular  inventory  checks.
IT   Controls:   cybersecurity   and   IT   security   protocols  
are  established  and   continuously  reinforced,  such   as  
user   access   controls,   and   data   backup   and   recovery  
processes   to   protect   data   integrity   and   prevent  
unauthorised  access.
Preventive   and   Detective   Controls:   include   both  
preventive   controls   (e.g.,   user   authentication)   and  
detective   controls   (e.g.,   periodic   audits)   to   foresee  
potential  or  emerging  risks.
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3 Cross-Functional Collaboration
Autonomy and accountability of subsidiaries
The   operational   entities   have   a   large   degree   of  
autonomy   in   their   management   due   to   geographical  
distances.   In   particular,   they   are   responsible   for  
the   implementation   of   an   internal   control   system,  
which   is   adapted  not   only   to   the   nature   and  extent  
of  their  activity,  but  also  to  the  optimisation  of  their  
operations  and  financial  performances,  the  protection  
of  their  assets  and  the  management  of  their  risks.
This   autonomy   allows   the   entities   to   be   more  
accountable   and   to   ensure   consistency   between  
their  practices  and  the  legal  framework  of  their  host  
country.
Despite   this   autonomy,   policies   and   procedures  
are   transversal   to   operational   entities   (if   and   when  
possible),  aiming  to  streamline  controls  and  leverage  
synergies.
Centralised control
The   top   management   of   the   entities   within   the  
Group   carry   out/adhere   to   a   Human   Resources  
Management   policy,   which   is   centralised   at   the  
Group’s  headquarters.  
This  policy  contributes  to  the  smooth  running  of  the  
internal  control  system  and  ensures  its  effectiveness  
through   different   practices   such   as   independent/
autonomous  recruiting  processes,  the  harmonisation  of  
all  segregated  functions,  as  well  as  annual  evaluations  
and  training  programs.
The   operational,   commercial   and   financial   functions  
centrally  define  a  set  of  standard  reports  which  ensure  
that   information   originating   from   the   subsidiaries   is  
presented  homogenously.
4 Information and Communication (including
reporting system)
Treasury reporting process
The   treasury   department   organises,   supervises   and  
controls   the   reporting   of   the   subsidiaries’   daily  
information   and   weekly   indicators.   In   particular,   it  
monitors  the  position  of  the  cash  flow,  the  evolution  of  
net  debt  and  the  expenses  related  to  the  investments.
Financial reporting process
The   financial   department   organises,   supervises  
and   controls   the   reporting   of   monthly   accounting,  
budgetary   and   financial   information.   It   distributes  
condensed  reports  for  use  by  the  Group’s  operational  
management.
Twice  per  year,  it  includes  this  information  in  the  long-
term   development   plan   of   the   subsidiaries.   It   also  
ensures  the  implementation  of  the  financial  decisions  
taken  by  the  subsidiaries’  Board  of  Directors.
Preparation of consolidated accounts
The  consolidated  financial  statements  are  prepared  on  
a  half-yearly  basis.  On  a  yearly  basis,  they  are  audited  
annually  by  the  external  auditors  as  part  of  a  financial  
audit  of  subsidiaries,  which  covers  both  the  statutory  
accounts  of  the  entities  in  the  scope  of  consolidation  
and  the  consolidated  financial  statements.
Once   approved   by   the   Board   of   Directors,   they   are  
published.
The   consolidation   department   of   the   Group  
guarantees   homogeneity   and   treatment   monitoring  
for  all  companies  within  the  scope  of  consolidation.  It  
strictly  adheres  to  the  accounting  standards  in  force  
relating  to  consolidation  operations.  It  uses  a  standard  
consolidation  tool  to  ensure  a  number  of  procedures,  
such   as   the   secure   processing   of   information  
feedback   from   subsidiaries,   the   transparency   and  
relevance   of   automatic   consolidation   processes  
and   the   consistency   of   the   accounting   aggregates’  
presentation  in  the  annual  report.  Lastly,  due  to  the  
complexity  of  the   accounting  standards  in   force  and  
the   many   specificities   around   their   implementation,  
the  consolidation  service  centralises  the  adjustments  
specific   to   the   valuation   rules   applicable   to   the  
consolidated  financial  statements.
5 Monitoring
Ongoing   Monitoring:   Controls   performance   is  
monitored  throughout   automated  systems   or  manual  
checks,   including   compliance   with   policies   and  
procedures  or  evaluating  financial  reports.
Internal  Audits:  internal  audits  are  conducted  regularly  
to  assess  the  effectiveness  of  controls,  identify  areas  
for   further   improvement,   ensure   compliance   and  
follow-up  on  corrective  actions  status.
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8. Environment and social responsibility
Along  with  its  specific  commitment  to  transparency,  the  
responsible  management  policy  embodies  the  Group’s  
three   pillars   of   commitment:   rural   development,  
workers   and   local   communities,   and   environment.  
These commitments form the basis of key initiatives
aimed  at  improving  long-term  economic  performance,  
social  well-being,  health,  safety  and  natural  resource  
management.
An   implementation   plan   for   this   policy   was   defined  
and  implemented  since  2022.
A   regularly-updated  dashboard  as  well  as  a  separate  
annual   report   (“Sustainability   Report”)   detail   the  
efforts  and  actions  undertaken  by  the  Socfin  Group  in  
relation  to  this  policy.
The   responsible   management   policy,   the   dashboard  
and  the  annual  Sustainability  Report  are  available  on  
the  Group’s  website.
The Board of Directors
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Auditor’s report on the consolidated financial statements
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   financial  
statements   of   Socfinasia   S.A.   (the   “Company”)   and  
its   subsidiaries   (the   “Group”),   which   comprise   the  
consolidated   statement   of   financial   position   as   at  
31  December  2024,  and  the  consolidated  statement  of  
comprehensive   income,   the   consolidated   statement  
of  changes  in  equity  and  the  consolidated  statement  
of  cash  flows  for  the  year  then  ended,  and  the  notes  
to   the   consolidated   financial   statements,   including  
material  accounting  policy  information.  
In   our   opinion,   the   accompanying   consolidated  
financial  statements  give  a  true  and  fair  view  of  the  
consolidated  financial  position  of  the  Company  as  at  
31   December  2024,  and   of   its   consolidated   financial  
performance   and   consolidated   cash   flows   for   the  
year   then   ended      in   accordance   with   International  
Financial  Reporting  Standards  (“IFRS”)  as  adopted  by  
the European Union.
Basis for opinion
We   conducted   our   audit   in   accordance   with   EU  
Regulation  N°  537/2014,  the  Law  of  23  July  2016  on  
the  audit  profession  (“Law  of  23  July  2016”)  and  with  
International  Standards  on  Auditing  (“ISAs”)  as  adopted  
for  Luxembourg  by   the  “Commission   de   Surveillance  
du   Secteur   Financier”   (“CSSF”).   Our   responsibilities  
under  the  EU  Regulation  Nº  537/2014,  the  Law  of  23  
July  2016  and  ISAs  as  adopted  for  Luxembourg  by  the  
CSSF   are   further   described   in   the   “Responsibilities  
of   the   “réviseur   d’entreprises   agréé”   for   the   audit  
of   the   consolidated   financial   statements”   section   of  
our   report.   We   are   also   independent   of   the   Group  
in   accordance   with   the   International   Code   of   Ethics  
for   Professional  Accountants,   including   International  
Independence  Standards,   issued  by  the   International  
Ethics  Standards  Board  for  Accountants  (“IESBA  Code”)  
as   adopted   for   Luxembourg   by   the   CSSF   together  
with   the   ethical   requirements   that   are   relevant   to  
our   audit   of   the   consolidated   financial   statements,  
and   have   fulfilled   our   other   ethical   responsibilities  
under   those   ethical   requirements.   We   believe   that  
the  audit  evidence  we  have  obtained  is  sufficient  and  
appropriate  to  provide  a  basis  for  our  opinion.
Key audit matters
Key   audit   matters   are   those   matters   that,   in   our  
professional   judgment,   were   of   most   significance   in  
our  audit  of  the  consolidated  financial  statements  of  
the  current  period.  These  matters  were  addressed  in  
the  context  of  the  audit  of  the  consolidated  financial  
statements   as   a   whole,   and   in   forming   our   opinion  
thereon,  and  we  do  not  provide  a  separate  opinion  on  
these matters.
Valuation of biological assets
Risk identified
As   at   31   December   2024,   the   value   of   the   Group’s  
biological  assets  amounted  to  EUR  100.3  million  out  of  
total  assets  of  EUR  361.2  million.
The   Group   owns   biological   assets   in   Asia.   These  
biological  assets,  which  consist  mainly  of  oil  palm  and  
rubber   plantations,   are   valued   in   accordance   with  
the  principles  defined  in   IAS  16  “Property,  Plant  and  
Equipment”.  These  assets  are  recognised  at  cost  less  
accumulated  depreciation  and  any  impairment  losses.
The  note  8  “Impairment  of  assets”  of  the  consolidated  
financial  statements  describes  the  methodology  used  
by  Group  management  to  assess  whether  there  is  any  
indicator  of  impairment  or  any  indicator  of  impairment  
reversal  at  the  balance  sheet  date.  When  an  indicator  
is   identified,   Group   management   determines   the  
recoverable  amount  of  the  biological  assets  and  thus  
determines   the   impairment   loss   or   the   reversal   of  
impairment  to  be  recognised,  if  any.
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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  five-year  average  of  the  prices  observed  on  
those markets
•   a   decrease   or   an   increase   of   the   six-month  
average  of  the  prices  observed  of  those  markets  
higher  than  15%  compared  to  a  five-year  average  
of  the  prices  observed  on  those  markets
•   a   decrease   or   an   increase   of   the   twelve-month  
average  of  the  prices  observed  of  those  markets  
of  more  than  15%  compared  to  a  five-year  average  
of  the  prices  observed  on  those  markets
For  palm   oil,  which   is  mainly   sold  on   local  markets,  
Group   Management   also   analyses   local   sales   prices,  
considering   that   a   decrease   or   an   increase   in   these  
prices   at   the   balance   sheet   date   higher   than   15%  
compared   to   a   five-year   average   value   of   the   local  
prices   constitutes   an   indicator   of   impairment   or   an  
indicator  of  impairment  reversal  respectively.
In   addition   to   these   external   factors,   the   Group  
analyses   the   following   internal   performance  
indicators:
-  Specificities  of  the  local  market  (evolution  of    
supply  and  demand,  ...);
-  Physical  indications  of  impairment;
-   Significant  changes   in   the  plantations   that   could  
have  a  material  impact  on  future  cash  flows.
The  recoverable  amount  is  determined  as  the  higher  
of   the   value   in   use   and   the   fair   value   less   costs   of  
disposal.   The   value   in   use   is   defined   in   terms   of  
discounted   future   net   cash   flows   and   involves  
significant   judgements   and   estimations   by   Group  
Management,   including   financial   forecasts   and   the  
utilization  of  appropriate  discount  rates.
We  considered  the  valuation  of  biological  assets  to  be  
a  key  audit  issue  because  of  :
-  their  significance  in  relation  to  the  Group’s  total  
assets
-  the  assessment  of  whether  there  is  any  indicator  
of   impairment   or   any   indicator   of   impairment  
reversal;  and
-   the   determination   of   their   recoverable   amount  
which   involves   significant   judgements   and  
estimates.
Audit response
In  order  to  assess  the  reasonableness  of  an  indicator  
of  impairment  or  an  indicator  of  impairment  reversal  
and,  where  appropriate,  to  determine  the  recoverable  
amount   of   biological   assets,   we   performed   the  
following  audit  procedures  :
•   Assess  the   compliance   of  Group’s  management’s  
methodology   with   the   provisions   of   IAS   36  
“Impairment  of  Assets”;
•   Analyze  the   methodology   used   with  a   particular  
focus  on   the  indicators  of  impairment  or   on  the  
indicators  of  impairment  reversal;
•   Analyze   the   completeness   of   indicators   of  
impairment  or  indicators  of  impairment  reversal:
-   Evaluating   the   assessment   performed   by  
Group  management  to  identify  the  existence  
of   indicators   of   impairment   or   indicators  
of   impairment   reversal   by   comparing   the  
underlying  data  of  the  analysis  with  the  source  
of  the  data  used;
-   Comparing  the  evolution  of  yields  per  hectare;  
and
-   Overseeing  the  audit  work  of  the  components  
auditors   of   material   subsidiaries   to   identify  
any  indicators  of  impairment  or  any  indicators  
of   impairment   reversal,   including   that   site  
visits   of   the   plantations   have   been   carried  
out;
•   In   case   of   identification   of   an   indicator   of  
impairment   or   an   indicator   of   impairment  
reversal,  we:
-   Assess  the  appropriateness  of  the  methodology  
applied   by   Group   Management   to   determine  
the  recoverable  value  of  the  biological  assets  
and   the   accuracy   of   any   impairment   loss   or  
any  impairment  reversal  recorded;
-   Analyze   the   reasonableness   of   the   cash   flow  
forecasts   used   by   Group   Management   to  
determine   the   value   in   use   of  the   biological  
assets;
-   Assess  the  reasonableness  of  the  assumptions  
and  inputs  used  by  Group  management;  and
-   Reconcile   the   key   inputs   used   in   the   model  
with  information  audited   by  the   components  
auditors  of  material  subsidiaries.
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•   Assess  whether  the  disclosures  required  by  IAS  36  
“Impairment   of  Assets”   for   biological   assets   are  
properly  disclosed  in  the  notes  of  the  consolidated  
financial  statements.
Other information
The   Board   of   Directors   is   responsible   for   the   other  
information. The other information comprises the
information  included  in  the  consolidated  management  
report   and   the   corporate   governance   statement   but  
does  not  include  the  consolidated  financial  statements  
and   our   report   of   “réviseur   d’entreprises   agréé”  
thereon.
Our  opinion  on  the  consolidated  financial  statements  
does  not  cover  the  other  information  and  we  do  not  
express  any  form  of  assurance  conclusion  thereon.
In   connection   with   our   audit   of   the   consolidated  
financial  statements,  our  responsibility  is  to  read  the  
other  information  and,  in  doing  so,  consider  whether  
the   other   information   is   materially   inconsistent  
with   the   consolidated   financial   statements   or   our  
knowledge  obtained  in  the  audit  or  otherwise  appears  
to  be  materially  misstated.  If,  based  on  the  work  we  
have  performed,  we  conclude  that  there  is  a  material  
misstatement of this other information, we are
required  to  report  this  fact.  We  have  nothing  to  report  
in  this  regard.
Responsibilities of the Board of Directors and
of those charged with governance for the
consolidated financial statements
The   Board   of   Directors   is   responsible   for   the  
preparation  and  fair  presentation  of  the  consolidated  
financial   statements   in   accordance   with   IFRS   as  
adopted   by   the   European   Union   or   IFRS   Accounting  
Standards   as   adopted   by   the   European   Union,   and  
for   such   internal   control   as   the   Board   of   Directors  
determines  is  necessary  to  enable  the  preparation  of  
consolidated  financial  statements  that  are  free  from  
material  misstatement,  whether  due  to  fraud  or  error.
The  Board  of  Directors  is  also  responsible  for  presenting  
and  marking  up  the  consolidated  financial  statements  
in   compliance   with   the   requirements   set   out   in   the  
Delegated   Regulation   2019/815   on   European   Single  
Electronic  Format,  as  amended  (“ESEF  Regulation”).
In   preparing   the   consolidated   financial   statements,  
the   Board   of   Directors   is   responsible   for   assessing  
the   Group’s   ability   to   continue   as   a   going   concern,  
disclosing,   as   applicable,   matters   related   to   going  
concern   and   using   the   going   concern   basis   of  
accounting  unless  the  Board  of  Directors  either  intends  
to  liquidate   the  Company  or  to  cease  operations,  or  
has  no  realistic  alternative  but  to  do  so.  
Those   charged   with   governance   are   responsible   for  
overseeing  the  Group’s  financial  reporting  process.
Responsibilities of the “réviseur d’entreprises
agréé” for the audit of the consolidated financial
statements
The  objectives  of  our  audit  are  to  obtain  reasonable  
assurance   about   whether   the   consolidated   financial  
statements   as   a   whole   are   free   from   material  
misstatement,  whether  due  to  fraud  or  error,  and  to  
issue   a   report   of   the   “réviseur   d’entreprises   agréé”  
that  includes   our  opinion.  Reasonable  assurance  is  a  
high   level  of   assurance,   but   is  not   a   guarantee   that  
an  audit  conducted  in  accordance  with  EU  Regulation  
N°  537/2014,   the   Law  of   23  July   2016   and  with   the  
ISAs   as   adopted   for   Luxembourg   by   the   CSSF   will  
always   detect   a   material   misstatement   when   it  
exists.   Misstatements   can   arise   from   fraud   or   error  
and  are  considered  material  if,  individually  or  in  the  
aggregate,   they   could   reasonably   be   expected   to  
influence   the   economic   decisions   of   users   taken   on  
the  basis  of  these  consolidated  financial  statements.
As  part  of  an  audit  in  accordance  with  EU  Regulation  
N°  537/2014,  the  Law  of  23  July  2016  and  with  ISAs  
as  adopted  for  Luxembourg  by  the  CSSF,  we  exercise  
professional   judgment   and   maintain   professional  
skepticism  throughout  the  audit.  We  also:  
•    Identify   and   assess   the   risks   of   material  
misstatement   of   the   consolidated   financial  
statements,   whether   due   to   fraud   or   error,  
design   and   perform   audit   procedures   responsive  
to  those  risks,  and  obtain  audit  evidence  that  is  
sufficient  and   appropriate  to  provide   a  basis  for  
our  opinion.  The  risk  of  not  detecting  a  material  
misstatement   resulting   from   fraud   is   higher  
than   for   one   resulting   from   error,   as   fraud   may  
involve   collusion,  forgery,   intentional   omissions,  
misrepresentations,   or   the   override   of   internal  
control.  
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•    Obtain   an   understanding   of   internal   control  
relevant   to   the   audit   in   order   to   design  
audit   procedures   that   are   appropriate   in   the  
circumstances, but not for the purpose of
expressing  an  opinion  on  the  effectiveness  of  the  
Group’s  internal  control.  
•    Evaluate   the   appropriateness   of   accounting  
policies  used  and  the  reasonableness  of  accounting  
estimates   and   related   disclosures   made   by   the  
Board  of  Directors.  
•    Conclude   on   the   appropriateness   of   Board   of  
Directors’   use   of   the   going   concern   basis   of  
accounting   and,   based   on   the   audit   evidence  
obtained,   whether   a   material   uncertainty  
exists   related   to   events   or   conditions   that   may  
cast   significant   doubt   on   the   Group’s   ability   to  
continue  as  a  going  concern.  If  we  conclude  that  
a   material   uncertainty   exists,   we   are   required  
to  draw  attention  in  our  report   of  the  “réviseur  
d’entreprises   agréé”   to   the   related   disclosures  
in   the   consolidated   financial   statements   or,   if  
such   disclosures   are   inadequate,   to   modify   our  
opinion.  Our   conclusions   are  based   on  the   audit  
evidence   obtained   up   to   the   date   of   our   report  
of   the   “réviseur   d’entreprises   agréé”.   However,  
future  events  or  conditions  may  cause  the  Group  
to  cease  to  continue  as  a  going  concern.  
•    Evaluate  the  overall   presentation,  structure  and  
content  of  the  consolidated  financial  statements,  
including   the   disclosures,   and   whether   the  
consolidated   financial   statements   represent   the  
underlying   transactions   and   events   in   a   manner  
that achieves fair presentation.
•   Assess   whether   the   consolidated   financial  
statements   have   been   prepared,   in   all   material  
respects,   in   compliance   with   the   requirements  
laid  down  in  the  ESEF  Regulation.
•    Obtain   sufficient   appropriate   audit   evidence  
regarding  the  financial  information  of  the  entities  
and   business   activities   within   the   Group   to  
express  an   opinion  on   the  consolidated  financial  
statements.  We  are  responsible  for  the  direction,  
supervision  and  performance  of  the  Group  audit.  
We   remain   solely   responsible   for   our   audit  
opinion.
We  communicate  with  those  charged  with  governance  
regarding,   among   other   matters,   the   planned   scope  
and  timing  of  the  audit  and  significant  audit  findings,  
including   any   significant   deficiencies   in   internal  
control  that  we  identify  during  our  audit.  
We  also  provide  those  charged  with  governance  with  
a   statement   that   we   have   complied   with   relevant  
ethical   requirements   regarding   independence,   and  
communicate   to   them   all   relationships   and   other  
matters   that   may   reasonably   be   thought   to   bear   on  
our   independence,   and   where   applicable,   related  
safeguards.  
From  the  matters  communicated  with  those  charged  
with   governance,   we   determine   those   matters  
that   were   of   most   significance   in   the   audit   of   the  
consolidated  financial  statements  of  the  current  period  
and  are  therefore  the  key  audit  matters.  We  describe  
these  matters   in  our   report  unless   law  or  regulation  
precludes  public  disclosure  about  the  matter.
Report on other legal and regulatory requirements
We   have   been   appointed   as   “réviseur   d’entreprises  
agréé”  by  the  General  Meeting  of  the  Shareholders  on  
26   May   2020   and   the   duration   of   our   uninterrupted  
engagement,   including   previous   renewals   and  
reappointments, is 5 years.
The   consolidated   management   report   is   consistent  
with   the   consolidated   financial   statements   and   has  
been   prepared   in   accordance   with   applicable   legal  
requirements.  
The   accompanying   corporate   governance   statement  
on   pages   27   to   33  is   the   responsibility   of   the   Board  
of   Directors.   The   information   required   by   article  
68ter   paragraph   (1)   letters   c)   and   d)   of   the   law   of  
19  December  2002  on  the  commercial  and  companies  
register   and   on   the   accounting   records   and   annual  
accounts   of  undertakings,   as  amended,  is   consistent  
with   the   consolidated   financial   statements   and   has  
been   prepared   in   accordance   with   applicable   legal  
requirements.
Graphics
Auditor’s report on the consolidated financial statements
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We  have  checked  the  compliance  of  the  consolidated  
financial  statements  of  the  Group  as  at  31  December  
2024   with   relevant   statutory   requirements   set   out  
in   the   ESEF   Regulation   that   are   applicable   to   the  
financial  statements.  For  the  Group,  it  relates  to  :
•   Financial   statements   prepared   in   valid   xHTML  
format;  
•   The   XBRL   markup   of   the   consolidated   financial  
statements   using   the   core   taxonomy   and   the  
common   rules   on   markups   specified   in   the   ESEF  
Regulation.
In  our  opinion,  the  consolidated  financial  statements  
of   the   Group   as   at   31   December   2024,   identified  
as   Socfinasia   2024   Annual   Report.zip,   have   been  
prepared,  in  all  material  respects,  in  compliance  with  
the  requirements  laid  down  in  the  ESEF  Regulation.
We  confirm  that   the  audit  opinion   is  consistent  with  
the   additional   report   to   the   audit   committee   or  
equivalent.
We   confirm   that   the   prohibited   non-audit   services  
referred   to   in   EU   Regulation   No   537/2014   were   not  
provided   and   that   we   remained   independent   of   the  
Group  in  conducting  the  audit.
Ernst  &  Young
Société anonyme
   Cabinet  de  révision  agréé
   Anthony  Cannella
Luxembourg
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Consolidated financial statements
1. Consolidated statement of financial position
31/12/2024 31/12/2023
EUR Note
Non-Current Assets
Right-of-use  assets 3 3,590,450 2,693,850
Intangible  assets 4 330,730 301,923
Property,  plant  and  equipment 5 41,785,557 39,209,888
Non-current  biological  assets 6 100,304,209 91,842,656
Investments in associates 10 27,231,426 22,687,671
Financial  assets  at  fair  value  through  other  comprehensive  
income
11 5,253,839 5,231,277
Long-term  advances   12 93,223 50,500,175
Deferred  tax  assets 13 5,540,028 5,105,504
184,129,462 217,572,944
Current Assets
Inventories 16 21,778,649 16,916,698
Current  biological  assets 1,587,423 1,386,059
Trade  receivables 17 1,451,775 2,259,161
Other  receivables   18 2,065,148 9,924,598
Current tax assets 14 1,197,628 743,616
Cash  and  cash  equivalents 19 149,037,854 114,574,658
177,118,477 145,804,790
TOTAL ASSETS 361,247,939 363,377,734
The  accompanying  notes  form  an  integral  part  of  these  consolidated  financial  statements.

Graphics
Consolidated financial statements
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31/12/2024 31/12/2023
EUR Note
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 267,557,317 299,889,982
Translation  reserves   -119,821,411 -125,025,089
Profit  /  (loss)  for  the  period 60,913,814 46,103,360
235,591,828 247,910,361
Non-controlling  interests 9 6,868,597 7,663,646
Total equity 242,460,425 255,574,007
Non-current liabilities
Deferred  tax  liabilities 13 3,938,754 3,626,925
Employee  benefits  obligations 22 34,881,809 34,533,436
Long-term  lease  liabilities 3 350,199 356,638
39,170,762 38,516,999
Current liabilities
Short-term  lease  liabilities 3 29,130 27,258
Trade  payables 24 9,158,991 7,345,213
Current  tax  liabilities   14 7,997,950 2,197,336
Other  payables 24 62,430,681 59,716,921
79,616,752 69,286,728
TOTAL EQUITY AND LIABILITIES 361,247,939 363,377,734
The  accompanying  notes  form  an  integral  part  of  these  consolidated  financial  statements.


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Consolidated financial statements
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2. Consolidated income statement
2024 2023
EUR Note
Revenue 33 186,432,826 178,523,977
Change  in  inventories  of  finished  products  and  work  in  progress 4,158,634 -704,274
Other  operational  income 808,194 1,545,489
Raw  materials  and  consumables  used 33 -17,456,725 -23,405,777
Other expenses 33 -18,970,705 -17,110,218
Staff costs 26 -70,599,576 -65,035,465
Depreciation  and  impairment  expense 7 -7,692,881 -10,799,732
Other  operating  expenses 31 -394,012 -1,028,843
Operating profit / (loss) 76,285,755 61,985,157
Other  financial  income 27 19,089,273 12,105,421
Gain  on  disposals 32,311 0
Loss  on  disposals -168,090 -1,023,704
Financial  expenses 28 -8,061,924 -7,542,460
Profit / (loss) before taxes 87,177,325 65,524,414
Income tax expense 15 -24,488,401 -20,108,323
Deferred  tax  (expense)  /  income 15 -87,435 412,214
Share  of  the  Group  in  the  result  from  associates 10 4,596,877 5,890,456
Profit / (loss) for the period 67,198,366 51,718,761
Profit / (loss) attributable to non-controlling interests 6,284,552 5,615,401
Profit / (loss) attributable to the owners of the Parent 60,913,814 46,103,360
Basic earnings per share undiluted 29 3.11 2.35
Number of Socfinasia’s shares 19,594,260 19,594,260
Basic  earnings  per  share 3.11 2.35
Diluted  earnings  per  share 3.11 2.35
The  accompanying  notes  form  an  integral  part  of  these  consolidated  financial  statements.


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Consolidated financial statements
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3. Consolidated statement of comprehensive income
2024 2023
EUR Note
Profit / (loss) for the period 67,198,366 51,718,761
Other comprehensive income
Actuarial  gains  /  (losses) 22 -34,762 -604,037
Deferred  tax  on  actuarial  losses  and  gains 7,648 132,888
Fair  value  changes  of  securities  measured  at  fair  value  through  other  
comprehensive income, before taxes
11 -25,984 -42,251
Deferred  tax  on  fair  value  changes  of  securities  measured  at  fair  value  
through  other  comprehensive  income
7,846 10,537
Subtotal of items that cannot be reclassified to profit or loss -45,252 -502,863
Gains  /  (losses)  on  exchange  differences  on  translation  of  subsidiaries   5,307,651 -2,610,919
Share  of  other  comprehensive  income  related  to  associates 10 0 -337,884
Subtotal of items eligible for reclassification to profit or loss 5,307,651 -2,948,803
Total other comprehensive income 5,262,399 -3,451,666
Total comprehensive income 72,460,765 48,267,095
Comprehensive income attributable to non-controlling interests 6,382,186 5,371,255
Comprehensive income attributable to the owners of the Parent 66,078,579 42,895,840
The  accompanying  notes  form  an  integral  part  of  these  consolidated  financial  statements.


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Consolidated financial statements
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4. Consolidated statement of cash flows
2024 2023
EUR Note
Operating activities
Profit  /  (loss)  attributable  to  the  owners  of  the  Parent 60,913,814 46,103,360
Profit  /  (loss)  attributable  to  non-controlling  shareholders 6,284,552 5,615,401
Income from associates 10 -4,596,877 -5,890,456
Dividends  received  from  associates 10 3,494,328 8,292,174
Fair  value  of  agricultural  production 526,341 -1,213,115
Other  adjustments  having  no  impact  on  cash  position   -2,310,364 1,281,260
Depreciation,  impairment,  provisions  and  allowances 7,340,097 10,761,550
Net  loss  on  disposals  of  assets 135,779 1,023,704
Income  tax  expense  and  deferred  tax 15 24,575,836 19,696,109
Cash flows from operating activities 96,363,506 85,669,987
Interest expense / (income) 27, 28 -6,740,541 -7,820,796
Income tax paid 15 -20,734,160 -27,880,824
Change  in  inventory   -5,109,303 765,945
Change  in  trade  and  other  receivables 13,450,580 3,575,746
Change  in  trade  and  other  payables 5,546,176 9,529,156
Change  in  accruals  and  prepayments -1,640,295 -1,081,260
Change in working capital requirement 12,247,158 12,789,587
Net cash flows from operating activities 81,135,963 62,757,954
Investing activities
Acquisitions  /  disposals  of  intangible  assets -1,065,888 -1,172,057
Acquisitions  of  property,  plant  and  equipment  and  biological  assets 5,  6 -15,245,874 -15,837,340
Disposals  of  property,  plant  and  equipment 829,904 661,527
Acquisitions  /  disposals  of  financial  assets  and  loans  with  shareholder 31 47,377,930 66,359,340
Interest  received 27 7,501,648 8,885,904
Net cash flows from investing activities 39,397,720 58,897,374
Financing activities
Acquisition  of  additional  interests  in  subsidiaries 10 -5,601 0
Dividends  paid  to  the  owners  of  the  Parent 30 -78,377,040 -68,579,910
Dividends  paid  to  non-controlling  shareholders 9 -7,179,706 -4,111,803
Proceeds  from  borrowings 23 0 3,130
Repayment  of  borrowings 23 0 -27,484,691
Repayment  of  lease  liabilities -27,879 -27,689
Interest  paid 28 -761,107 -1,065,108
Net cash flows from financing activities -86,351,333 -101,266,071
Effect  of  exchange  rate  fluctuations 280,846 -462,646
Net cash flow 34,463,196 19,926,611
Cash  and  cash  equivalents  as  at  1  January   19 114,574,658 94,648,047
Cash  and  cash  equivalents  as  at  31  December 19 149,037,854 114,574,658
Net increase / (decrease) in cash and cash equivalents 34,463,196 19,926,611
The  accompanying  notes  form  an  integral  part  of  these  consolidated  financial  statements.


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Consolidated financial statements
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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 as at 1 January 2023 24,492,825 2,449,283-122,604,832 369,247,946 273,585,222 6,404,183 279,989,405
Profit  /  (loss)  for  the  period 46,103,360 46,103,360 5,615,401 51,718,761
Actuarial  (losses)  /  gains -424,034 -424,034 -47,115 -471,149
Change  in  fair  value  of  securities  at  fair  
value  through  other  comprehensive  income
-25,345 -25,345 -6,369 -31,714
Foreign  currency  translation  adjustments -2,420,257 -2,420,257 -190,662 -2,610,919
Share in other comprehensive income
from associates
-337,884 -337,884 -337,884
Total comprehensive income -2,420,257 45,316,097 42,895,840 5,371,255 48,267,095
Dividends  (Note  30) -29,391,390 -29,391,390 -2,705,086 -32,096,476
Interim  dividends  (Note  30) -39,188,520 -39,188,520 -1,406,717 -40,595,237
Other movements 9,209 9,209 11 9,220
Transactions with shareholders -68,570,701 -68,570,701 -4,111,792 -72,682,493
Balance as at 31 December 2023 24,492,825 2,449,283-125,025,089 345,993,342 247,910,361 7,663,646 255,574,007
Balance as at 1 January 2024 24,492,825 2,449,283-125,025,089 345,993,342 247,910,361 7,663,646 255,574,007
Profit  /  (loss)  for  the  period 60,913,814 60,913,814 6,284,552 67,198,366
Actuarial  (losses)  /  gains -24,403 -24,403 -2,711 -27,114
Change  in  fair  value  of  securities  at  fair  
value  through  other  comprehensive  income
-14,510 -14,510 -3,628 -18,138
Foreign  currency  translation  adjustments 5,203,678 5,203,678 103,973 5,307,651
Total comprehensive income 5,203,678 60,874,901 66,078,579 6,382,186 72,460,765
Dividends  (Note  30) -39,188,520 -39,188,520 -3,478,179 -42,666,699
Interim  dividends  (Note  30) -39,188,520 -39,188,520 -3,696,747 -42,885,267
Other movements -20,072 -20,072 -2,309 -22,381
Transactions with shareholders -78,397,112 -78,397,112 -7,177,235 -85,574,347
Balance as at 31 December 2024 24,492,825 2,449,283-119,821,411 328,471,131 235,591,828 6,868,597 242,460,425
The  accompanying  notes  form  an  integral  part  of  these  consolidated  financial  statements.


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Consolidated financial statements
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6. Notes to the consolidated financial statements


Note 1. Overview and material accounting policies

1.1. Overview
Socfinasia   S.A.   (the   “Company”)   was   incorporated   on   20  
November   1972.   Its  corporate  purpose   qualifies   it   as   a   soparfi
G
(terms  having  a  
G
  are  explained  part  “Glossary”  at  the  end  of  the  
annual  report)   since  the  Annual  General  Meeting   of  10   January  
2011.  The  registered  office  is  established  at 
 4,  avenue  Guillaume,  
L-1650  in  Luxembourg
.
The   main   activity   of   the   Company   and   its   subsidiaries   (the  
“Group”)   is   the   management   of   a   portfolio   of   interests   that  
mainly  focuses  on  the  operation  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  office  of  the  latter  company  is  also  
located  in  Luxembourg.  
The  Company  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   financial   statements   have   been   prepared  
on   a   going   concern   basis   and   in   accordance   with   International  
Financial  Reporting  Standards  (IFRS)  as  adopted  by  the  European  
Union.
  
The   consolidated   financial   statements   are   presented   in  
euros  and  rounded  to  the  nearest  whole  number,  the  euro  being  
the  functional  currency  of  the  parent  company  Socfinasia  and  of  
the  Group’s  presentation  currency.


On  2  April  2025,  the  Board  of  Directors  approved  the  consolidated  
financial  statements.

In  conformity  with  the  current   legislation  existing  in  the  Grand  
Duchy  of  Luxembourg,  the  financial  statements  will  be  approved  
by   the   shareholders   during   the   Annual   General   Meeting.   The  
official  version  of  these  financial  statements  is  the  ESEF
G
version
available  with  the  Officially  Appointed  Mechanism  (OAM)  tool.
New standards and amendments issued but not yet effective
on 1 January 2024:
The   Group   does   not   expect   the   adoption   of   the  standards   and  
amendments  described  below   to  have   a   material  impact   on  its  
consolidated   financial   statements,   nor   does   it   anticipate   the  
early   adoption   of   new   accounting   standards,   amendments   and  
interpretations.
-   On   25   August   2023,   the   IASB   issued   amendments   to   IAS   21  
“Lack   of   Exchangeability”.   The   amendments   clarify   how   an  
entity  should  assess  whether  a  currency  is  exchangeable,  how  
it  should  determine  a  spot  exchange  rate  when  exchangeability  
is  lacking,  and  specify  information  disclosures  to  enable  users  
of  financial  statements  to  understand  the  impact  of  a  currency  
not   being   exchangeable.   The   amendments   will   be   applied  
prospectively  to  annual  reporting  periods  beginning  on  or  after  
1  January  2025,  with  early  adoption  permitted.
New IFRS standards, amendments and interpretations not yet
endorsed by the European Union:
The   Group   is   currently   assessing   the   impacts   the   amendments  
described   below   will   have   on   the   primary   financial   statements  
and  notes  to  the  financial  statements,  nor  does  it  anticipate  the  
early   adoption   of   new   accounting   standards,   amendments   and  
interpretations.
-   On  9  April  2024,  the  IASB  issued  IFRS  18,  which  replaces  IAS  1  
Presentation  of  Financial  Statements.  IFRS  18  introduces:
-   New  requirements  for  presentation  within  the  statement  of  
profit  or  loss,  including  specified  totals  and  subtotals.
-   Entities   are   required   to   classify   all   income   and   expenses  
within   the   statement   of   profit   or   loss   into   one   of   five  
categories:  operating,  investing,  financing,  income  taxes  and  
discontinued  operations,  whereof  the  first  three  are  new.
-   Disclosure  of  newly  defined  management-defined  performance  
measures,   subtotals   of  income   and   expenses,   and   includes  
new   requirements   for   aggregation   and   disaggregation   of  
financial   information   based   on   the   identified   roles   of   the  
primary  financial  statements  (PFS)  and  the  notes.  
The  standard  will  become  effective  for  reporting  periods  beginning  
on   or  after   1   January  2027,   with   retrospective   application  and  
with  early  adoption  permitted.
-   On   18   July   2024,   the   IASB   issued   the   Annual   Improvements  
Volume  11  of  the  IFRS.  These  amendments  include  clarifications,  
simplifications,   corrections   and   changes   that   improve   the  
consistency   of   several   IFRS   Accounting   Standards.   The   main  
amendments  are:
-   IFRS   1:   clarification   of   a   potential   confusion   between  
paragraph  B6  of  IFRS  1  and  hedge  accounting  requirements  
in IFRS 9,


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-   IFRS  7:  clarification  of  an  inconsistency  on  paragraph  28  of  
IFRS  7,  regarding  disclosure  of  deferred  difference  between  
fair  value  and  transaction  price,
-   IFRS   9:   potential   lack   of   clarity   regarding   lessee  
derecognition  of   lease   liabilities  addressed,   linked  to   the  
requirements  of  IFRS  9  (paragraph  2.1.(b)(ii)),
-   IFRS   10:   clarification   of   a   potential   confusion   in   the  
determination  of   a  “de   facto  agent”,   between   paragraph  
B73  and  B74  of  IFRS  10,
-   IAS  7:  potential  confusion  addressed  in  the  use  of  the  term  
“cost  method”.  Paragraph  37  of  IAS  7  has  been  amended.
The  Annual  Improvements  Volume  11  of  the  IFRS  will  be  effective  
for  annual  reporting  periods  beginning  on  or  after  1  January  2026,  
with  early  application  permitted.
The   Group   does   not   expect   the   adoption   of   the  standards   and  
amendments  described  below   to  have   a   material  impact   on  its  
consolidated   financial   statements,   nor   does   it   anticipate   the  
early  adoption   of  new   accounting     standards,  amendments   and  
interpretations.
-   On  9  May  2024,  the  IASB  issued  IFRS  19  -  Subsidiaries  without  
Public   Accountability:   Disclosures.   This   standard   permits  
eligible   subsidiaries   to   elect   to   apply   reduced   disclosure  
requirements  as  per  IFRS  19  and  comply  with  the  recognition,  
measurement  and  presentation  requirements  set  out  in  other  
IFRS  Accounting  Standards.  The  standard  will  become  effective  
for  reporting  periods  beginning  on  or  after  1  January  2027,  with  
early  permitted.  As  the  Groups  equity  instruments  are  publicly  
traded,  it  is  not  eligible  to  elect  to  apply  IFRS  19
-   On  30  May  2024,  the  IASB  issued  Amendments  to  the  Classification  
and   Measurement   of   Financial   Instruments   -  Amendments   to  
IFRS  9  and  IFRS  7  (the  Amendments).  The  Amendments  provide  
guidance  on:
-   the  classification  of  financial  assets,  including  Environment,  
social  and  Governance  (ESG)  features;
-   the   derecognition   of   liabilities   settled   through   electronic  
payment   systems.   It   also   clarifies   the   treatment   of   non-
recourse  assets  and  contractually  linked  instruments;
-   the  disclosures  related  to  investments  in  equity  instruments  
at   fair   value   through   other   comprehensive   income   and  
to   financial   assets/liabilities   with   contractual   terms   that  
reference  a  contingent  event  including  those  that  are  ESG-
linked.
The  amendments  to  IFRS  9  and  IFRS  7  will  be  effective  for  annual  
reporting  periods  beginning  on  or  after  1  January  2026,  with  early  
application  permitted.
-   On  18  December  2024,  the  IASB  issued  Contracts  Referencing  
Nature-dependent   Electricity   -   Amendments   to   IFRS   9   and  
IFRS  7.  The  Amendments  provide  guidance  on:
-   factors  to  consider  when  applying  IFRS  9:2.4  to  contracts  to  
buy  and  take  delivery  of  renewable  electricity  for  which  the  
source  of  production  of  the  electricity  is  nature-dependent,
-   hedge  accounting  requirements,  to  permit  an  entity  using  
a   contract   for   nature-dependent   renewable   electricity  
with   specified   characteristics   as   a   hedging   instrument,  
to   designate   a   variable   volume   of   forecast   electricity  
transactions  as  the  hedged  item,
-   the  amendments  introduce  disclosure  requirements  about  
contracts   for   nature-dependent   electricity   with   specified  
characteristics.
The   amendments   to   IFRS   9   and   IFRS   7   will   be   applicable  
retrospectively   and   are   effective   for   annual   reporting   periods  
beginning   on   or   after   1   January   2026.   Early   application   is  
permitted.
1.3. Presentation of the consolidated financial statements

The   consolidated   financial   statements   are   presented   in   euros  
(EUR  or  €).

They  are  prepared  based  on  historical  cost  with  the  exception  of  
biological  assets  (current)  (IAS  2,  IAS  41)  and  securities  measured  
at   fair   value   through   other   comprehensive   income,   which   are  
recognised  at  fair  value.
The  accounting   principles  and   rules  are   applied  in   a  consistent  
and  permanent  way  within  the  Group.  The  consolidated  financial  
statements   are   prepared   for   the   accounting   year   ending   on  
31  December  2024,  and  are  presented  before  the  Annual  General  
Meeting   of   shareholders   that   approves   the   allocation   of   the  
parent  company’s  income.
As  of  1  January  2024,  the  Group  adopted  the  following  amendments  
without  any  material  impact  on  the  Group’s  consolidated  financial  
statements:
-   Amendments  to  IAS  1  “Presentation  of  Financial  Statements”
In  January  2020  and  October  2022,  the  IASB  issued  amendments  
to   paragraphs   69   to   76   of   IAS   1   “Presentation   of   Financial  
Statements”  to  specify  the  requirements  for  classifying  liabilities  
as  current  or  non-current.  The  amendments  clarify:
• What  is  meant  by  a  right  to  defer  settlement  
• That  a  right  to  defer  must  exist  at  the  end  of  the  reporting  
period  
• That   classification   is   unaffected   by   the   likelihood   that   an  
entity  will  exercise  its  deferral  right  
• That  only  if  an  embedded  derivative  in  a  convertible  liability  
is  itself  an  equity  instrument  would  the  terms  of  a  liability  not  
impact  its  classification
In   addition,   a   requirement   has   been   introduced   to   require  
disclosure   when   a   liability   arising   from   a   loan   agreement   is  
classified  as  non-current  and  the  entity’s  right  to  defer  settlement  


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is  contingent  on  compliance  with  future  covenants  within  twelve  
months.
-  Amendments  to  IFRS  16  “Lease  liability  in  a  Sale  and  Leaseback”
In   September   2022,   the  IASB  issued   amendments   to   IFRS   16   to  
specify  the  requirements  that  a  seller-lessee  uses  in  measuring  
the  lease  liability  arising  in  a  sale  and  leaseback  transaction,  to  
ensure   the   seller-lessee   does   not   recognise   any   amount   of   the  
gain  or  loss  that  relates  to  the  right  of  use  it  retains.
-  Amendments  to  IAS  7  “Supplier  Finance  Arrangements”
On  25  May  2023,  the  IASB  issued  amendments  to  IAS  7  and  IFRS  
7   “Supplier   Finance   Arrangements”:   the   amendments   clarify  
the   characteristics   of   an   arrangement   for   which   an   entity   is  
required  to  provide   the  information.   They  also   require  entities  
to  disclose  information  that  allows  users  to  assess  how  supplier  
finance  arrangements  affect  an  entity’s  liabilities,  cash  flows  and  
exposure   to   liquidity  risk.  Such   information   may   consist   of   the  
terms   and   conditions   of   these   arrangements   and   the   carrying  
amount  of  the  supplier  finance  arrangement  financial  liabilities.


1.4. Consolidation principles
The   consolidated   financial   statements   include   the   financial  
statements   of   the   parent   company   Socfinasia   as   well   as   those  
of  the   companies  controlled   by  the  parent   (“subsidiaries”)  and  
those  of  the  companies  in  which  Socfinasia  exercises  significant  
influence  (“associates”),  all  of  which  constitute  the  “Group”.
All   companies   included   in   the   scope   of   consolidation   as   of   31  
December  2024  close  their  accounts  on  31  December.
a) Subsidiaries
In  accordance  with  IFRS  10,  an  investor  has  control  when  it  fulfills  
three  conditions:
1)  It  holds  power  over  the  entity;
2)  It   is   entitled   to   or   is   exposed   to   variable   returns   from   its  
involvement;
3)  It   has   the   ability   to   use   its   power   over   the   entity   to   affect  
returns.
Currently,   the   Group   holds   the  majority   of   the   voting   rights   in  
the entities.
Income   and   expenses   from  subsidiaries   acquired   or   sold   during  
the   year   are   included   in   the   consolidated   income   statement,  
respectively,  from  the  date  of  acquisition  to  the  date  of  disposal.
Profit  or  loss  and  components  of  other  comprehensive  income  are  
attributed  to  the  equity  holders  of  the  parent  of  the  Group  and  
to  the  non-controlling  interests,  even  if  this  results  in  the  non-
controlling  interests  having  a  deficit  balance.
Where   appropriate,   restatements   are   made   to   the   financial  
statements  of  the  subsidiaries  to  align  the  accounting  principles  
used  with  those  of  the  Group.
All   intra-group   balances   and   transactions   are   eliminated   upon  
consolidation.
If  the  Group  loses  control  over  a  subsidiary,  it  derecognises  the  
related   assets   (including   goodwill),   liabilities,   non-controlling  
interest  and  other  components  of  equity.  Any  residual  gain  or  loss  
is  recognised  in  profit  or  loss,   while  any  investment  retained  is  
recognised  at  fair  value.


b) Investments in associates and joint ventures
An  associate  is  a  company  over  which  the  Group  exercises  significant  
influence  through  its  participation  in  the  financial  and  operational  
decisions   of   this   company,   but   over   which   it   has   no   control.  
Significant   influence   is   presumed   when   the   Group   holds,   directly  
or  indirectly  through  its  subsidiaries,  between  20%  and  50%  of  the  
voting  rights.  A  joint  venture  is  a  joint  arrangement  whereby  the  
parties  that  have  joint   control  of  the  arrangement  have   rights  to  
the  net  assets  of  the  arrangement.  Joint  control  is  the  contractually  
agreed  sharing  of  control  of  an  arrangement  (i.e.  decisions  require  
unanimous  consent  of  the  parties  sharing  control).
Associates  and  joint  ventures  are  accounted  for  using  the  equity  
method.  Under  this  method,  the  Group’s  interest  in  the  associate  
and  joint  venture  is  initially  recognised  at  cost  in  the  statement  
of   financial   position   and   subsequently   adjusted   to   recognise  
the   Group’s   share   of   movements   in   profit   and   loss   and   other  
comprehensive income.
The   profit   or   loss   statement   reflects   the   Group’s   share   in   the  
results  of  the  associate  or  joint  venture’s  operations.  Any  change  
in  other   comprehensive  income  of   those  investees  is  presented  
as  part  of  the  Group’s  other  comprehensive  income.  Unrealised  
gains  and  losses  resulting  from  transactions  between  the  Group  
and  the  associate  or  joint  venture  are  eliminated  to  the  extent  of  
the  interest  in  the  associate  or  joint  venture.
Investments  in  associates  and  joint  ventures  are  included  in  the  
consolidated  financial  statements  using  the  equity  method  from  
the  date  on  which  significant  influence  begins  until  the  date  when  
this  influence   ceases.  The  carrying   amount  of   positive  goodwill  
that  results  from  the  acquisition  of  associates  and  joint  ventures  
is  included  in  the  carrying  amount  of  the  investment  and  is  not  
tested  for  impairment  separately.  An  impairment  test  is  performed  
if  an  objective  indication  of  impairment  is  identified.  Impairment  
is   recognised,  if   necessary,   in  the   income   statement  under   the  
heading  “Share  of  the  Group  in  the  result  from  associates”.






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The   list   of   subsidiaries   and   associated   companies  
(including   joint   ventures)   of   the   Group   is   presented  
in Note 2.



1.5. Changes in accounting policies, errors and
changes in estimates
A   change   in   accounting   policy   is   applicable   only  
if   it   meets   the   requirements   of   a   standard   or   an  
interpretation   or   allows   more   reliable   and   relevant  
information.   Changes   in   accounting   policies   are  
accounted   for   retrospectively,   except   in   the   case  
of   transitional   provisions   specific   to   the   standard   or  
interpretation.  A  material   error,  when  discovered,   is  
also  adjusted  retrospectively.
Uncertainties  inherent  to  the  activity  require  the  use  
of   estimates   when   preparing   financial   statements.  
The  estimates   are  based  on   judgements  intended  to  
give   a   reasonable   assessment   of   the   latest   reliable  
information  available.  An  estimate  is  revised  to  reflect  
changes  in  circumstances,  new  information  available  
and  the  effects  of  experience.



1.6. Business combinations
IFRS   3   “Business   Combinations”   provides   the  
accounting  basis  for  recognising  business  combinations  
and  changes  in  interests  in  subsidiaries  after  obtaining  
control.
For   each   business   combination,   the   Group   elects  
whether   to   measure   the   non-controlling   interests   in  
the   acquiree   at   fair   value   or   at   the   proportionate  
share  of  the  acquiree’s  identifiable  net  assets.
Changes   in   interest   in   a   subsidiary   that   do   not  
result   in  loss   of   control  are   accounted   for   as  equity  
transactions.

1.7. Goodwill
Goodwill  is  the  difference  on  the  date  of  acquisition  
between   the   fair   value   of   the   consideration   given  
in   exchange   for   taking   control,   the   value   of   non-
controlling   interests,   the   fair   value   of   previous  
equity  investments  and   the  fair  value  of   identifiable  
assets  and  liabilities  and  contingent  liabilities  of  the  
acquiree.
When  disposing  of  a  subsidiary,  the  residual  amount  of  
goodwill  attributable  to  the  subsidiary  is  included  in  
the  calculation  of  the  disposal’s  result.




1.8. Foreign currency conversion
In   the   financial   statements   of   Socfinasia   and   of  
each   subsidiary,  transactions   in   foreign  currency   are  
recorded,   upon   initial   recognition,   in   the   functional  
currency   of   the   company   concerned.   The   exchange  
rate   in   force   is   applied   on   the   transaction   date.  At  
closing,  monetary  assets  and  liabilities  denominated  in  
foreign  currencies  are  converted  on  the  last  day  of  the  
year.  Gains  and  losses  arising  from  the  realisation  or  
translation  of  monetary  items  denominated  in  foreign  
currencies  are  recorded  in  the  income  statement  for  
the year.
On  consolidation,  the  assets  and  liabilities  of  companies  
whose  accounts  are  held  in  a  currency  other  than  the  
euro   are  translated   into   euros   at  the   exchange   rate  
prevailing  on  the  closing  date.  Income  and  expenses  
are  converted  into  euros  at  the  average  exchange  rate  
for  the  year.  Any  exchange  differences  are  classified  as  
equity  under  “Translation   differences”.   In  the   event  
of   a  disposal,   the   translation  differences   relating   to  
the  company  concerned  are  recognised  in  the  income  
statement  for  the  year  in  which  the  sale  occurred.
Goodwill   and   fair   value   adjustments   arising   on   the  
acquisition   of   a   foreign   entity   are   treated   as   assets  
and  liabilities  of  the  foreign  entity  and  translated  at  
the  closing  rate.


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The  following  exchange  rates  have  been  used  for  the  conversion  of  the  consolidated  financial  statements:
Closing rate Average Rate
1  euro  equals  to: 31/12/2024 31/12/2023 2024 2023
Euro 1.000 1.000 1.000 1.000
Indonesian  rupiah 16,851 17,140 17,162 16,471
US  dollar 1.0389 1.1050 1.0804 1.0826







1.9. Intangible assets
Intangible  assets  are   stated  at   their  acquisition   cost  
less   accumulated   amortisation   and   any   impairment  
losses.
Amortisation   is   applied   on   a   straight-line   basis  
based  on   an   estimate  of   the  useful   life   of  the   asset  
in   question.   Intangible   assets   are   not   subject   to  
revaluation.  When  the  recoverable  value  of  an  asset  
is  lower  than  its  book  value,  the  latter  is  reduced  to  
reflect  this  loss  in  value.
The  estimated  useful  lives  are  as  follows:
Patents 3 to 5 years
Other  intangible  assets 3 to 5 years
Software 3 to 5 years
ConcessionsG Length  of  the  concessionsG
Amortisation   starts  from   the   date   when   the  asset   is  
available  to  use.
Gains   or   losses   arising   from   derecognition   of   assets  
(i.e.   the   difference   between   the   disposal   proceeds  
and  the  carrying  amount  of  the  asset)  are  included  in  
the  income  statement  when  assets  are  derecognised.

1.10. Property, plant and equipment
Tangible  fixed  assets  are  recorded  at  their  acquisition  
cost   less   accumulated   depreciation   and   any  
impairment  losses.
Property,  plant  and  equipment  in  progress  is  carried  at  
cost  less  any  identified  impairment.
Depreciation   is   applied   on   a   straight-line   basis,  
according   to  an   estimate   of   the   useful  life   for   each  
significant  component  of  the  asset  in  question.  When  
the   recoverable   value   of   an   asset   is   lower   than   its  
book  value,   the  latter  is  reduced  to   reflect  this   loss  
in  value.
The  estimated  useful  lives  are  as  follows:
Buildings 20 to 50 years
Technical  installations 3 to 20 years
Furniture,  vehicles  and  others 3 to 20 years
Depreciation  starts  from  the  date  that  the  assets  are  
available  to  use.
Land  is  not  subject  to  depreciation.
Gains  or  losses  arising  from  the  derecognition  of  assets  
(i.e.   the   difference   between   the   disposal   proceeds  
and  the  carrying  amount  of  the  asset)  are  included  in  
the  income  statement  when  assets  are  derecognised.
1.11. Bearer biological assets
The   Group   has   biological   assets   in   South-East   Asia.  
These  biological  assets,  mainly  consisting  of  palm  oil  
and   rubber  plantations,   are   valued  according  to   the  
principles  defined  in  IAS  16  “Tangible  fixed  assets”.
Biological  assets  at  the  time  of  harvest,  in  particular  
for  palm  bunches,  palm  oil  and  rubber,  are  evaluated  
according   to   the   principles   defined   by   IAS   41  
“Agriculture”.
Bearer biological assets
Producer  biological  assets  are  recorded  at  acquisition  
cost,   less   accumulated   depreciation   and   any  
impairment  losses.
Depreciation  is  applied  according  to  the  straight-line  
method  based  on  an  estimate  of  the  useful  life.  When  
the   recoverable   amount   of   an   asset   is   less   than   its  
carrying   amount,   the  carrying   amount   is   reduced   to  
reflect  that  impairment.



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The  estimated  useful  lives  are  as  follows:  
Bearer  plants  –  Palm 20 to 25 years
Bearer  plants  -  Rubber 20 to 25 years
The  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  and  in  the  seventh  year  after  rubber  
tree  planting.  For  each  entity,  the  operating  period  can  
be  adapted  according  to  the  particular  circumstances.
Agricultural production
Agricultural   production   at   harvest   is   valued   at   fair  
value  less  the  estimated  costs  necessary  to  complete  
the  sale.
There   are   no   observable   data   for   agricultural  
production   (palm   harvest,   latex).   The   World   Bank  
publishes   price   forecasts   for   dry   rubber
G
   (finished  
product).  These  forecasts  are  based  on  the  RSS3
G
  grade  
(smoked  sheet
G
)  that  is   not  produced   by   the  Group.  
Lastly,   and   even   more   so,   there   are   no   observable  
prospective  data   relating  to  the   Group’s  agricultural  
production.   The   price   of   a   standard   product   in   a  
global  market  is  not  sufficiently  representative  of  the  
economic  reality  in  which  the  various  entities  of  the  
Group  intervene.  This  price  can  hence  not  be  used  as  
a  reference  for  valuation.
As  a  result,  each  entity  determines  the  fair  value  of  
agricultural  production  based  on  actual  market  prices  
obtained  over  the  past  year.
The   Group   considers   produce   that   grows   on   mature  
plantations   (oil   in   the   palm   fruits   and   produce   of  
rubber)  as  biological  assets,  in  accordance  with  IAS  41  
principles.  This  produce  is  measured  at  fair  value  less  
costs  to  sell  until  the  point  of  harvest.  Any  resultant  
gains  or  losses  arising  from  changes  in  fair  value  are  
recognised   in   the   income   statement.   After   harvest,  
these  produce  are  measured  in  accordance  with  IAS  2  
Inventories  and  the  fair  value  less  costs  to  sell  is  the  
cost  of  the  inventories  (see  Note  1.14).

1.12. Leases
The Group assesses at contract inception whether
a   contract   is,   or   contains,   a   lease.   That   is,   if   the  
contract   conveys   the   right   to   control   the   use   of   an  
identified  asset  for  a  period   of  time  in  exchange  for  
consideration.
The   Group   applies   a   single   recognition   and  
measurement  approach  for  all  leases,  except  for  short-
term   leases   and   leases   of   low-value   assets   (mainly  
IT   equipment),   for   which   payments   associated   are  
recognised   as   an   expense   in   the   income   statement.  
The   Group  recognises   lease   liabilities   to  make   lease  
payments   and   right-of-use   assets   representing   the  
right  to  use  the  underlying  assets.
The   Group   leases   offices   and   agricultural   land   for  
terms  ranging  from  1  to  99  years,  as  well  as  vehicles  
and  equipment  for  terms  ranging  from  1  month  to  5  
years.
The   Group’s   lease   contracts   are   standard   contracts  
that  do  not  include  additional  non-leasing  components,  
except  for  some  vehicle  lease  contracts  that  include  
a   maintenance   service.   The   Group   has   used   the  
practical  expedient  that  allows  the  non-segregation  of  
the  lease   component  from  the   non-lease  component  
for these contracts.
Assets   and   liabilities   related   to   lease   contracts   are  
initially   measured   at   the   present   value   of   the   fixed  
payments,  including  in-substance  fixed  payments  less  
any   lease   incentives   receivable.   Lease   payments   to  
be  made  under  reasonably  certain  extension   options  
are  also  included  in  the  measurement  of  the  liability.  
To  this   purpose,  the  management  considers  all  facts  
and   circumstances   that   may   create   an   incentive   to  
exercise  a  renewal  option  or  not  to  exercise  an  early  
termination  option.  The  lease  liability  is  remeasured  
if   there   is   a   change   in   the   lease   term,  in   the  lease  
payment or in the assessment of an option to purchase
the  underlying  asset.
As   the   implicit   interest   rate   is   unknown   for   all   the  
Group’s  contracts,  the  incremental  borrowing  rate  was  
used  to  discount  the  lease  payments.  The  incremental  
borrowing  rate  is  the  rate  that  the  lessee  would  have  
to  pay  to  borrow,  for  a  similar  term  and  with  a  similar  
guarantee,   the   funds   necessary   to   acquire   an   asset  
whose  value  is  similar  to  the  asset  under  the  right-of-
use  in  a  similar  economic  environment.
In   determining   the   incremental   borrowing   rate,   the  
Group:
-   where   possible,   uses   the   most   recent   financing  
received   by   the   lessee   as   a   starting   point,   which  


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was   adjusted   to   reflect   the   change   in   financing  
conditions  since  the  financing  was  received;
-   uses   a   build-up   approach   starting   with   a   risk-free  
rate  which  was  adjusted  for  credit  risk  for  leases  for  
entities  with  no  recent  external  financing;
-   makes   lease   specific   adjustments   (such   as   term,  
country,  currency  and  collateral).
The  discount  rates  used  by  the  Group  range  between  
1.75%  and  14.5%.
Lease  payments  are  allocated  between  the  repayment  
of   the   principal   amount   of   the   lease   liabilities   and  
interest   expense.   Interest   expense   is   recognised   in  
the   income   statement   for   the   period  over   the   term  
of  the  lease.  
Right-of-use  assets  are  depreciated  on  a  
straight-line  basis  over  the  shorter  of  useful  life  and  
lease  term.

The   Group   applies   IAS   36   to   determine   whether   a  
right-of-use   asset   is   impaired   and   recognises   any  
impairment   loss   as  described   in   Note   8:   Impairment  
of assets.
1.13. Impairment of assets
Goodwill  is  not  amortised,  but  is  tested  for  impairment  
at   least   once   a   year,   and   whenever   there   is   an  
indication  of  impairment.
In  addition,  at  each  reporting  date,  the  Group  reviews  
the   carrying   amounts   of   its   intangible   and   tangible  
assets,  including  its  organic  producing  assets,  in  order  
to  assess  whether  there  is  any  indication  that  its  assets  
may   have   lost   value.   If   there   is   such   an   indication,  
the  recoverable  amount  of  the   asset  is  estimated  to  
determine,   if   applicable,   the   amount   of   the   loss   or  
impairment.  The  recoverable  amount  is  the  higher  of  
the  fair  value  less  the  costs  to  sell  the  asset  and  the  
value  in  use.
The  value  in  use  of  property,  plant  and  equipment  and  
intangible   assets   is   the   present   value   of   estimated  
future  cash  flows  expected  from   the  use  of  an  asset  
or   cash-generating   unit.   When   it   is   not   possible   to  
estimate  the  recoverable  amount  of  an  isolated  asset,  
the  Group  determines  the  recoverable  amount  of  the  
cash-generating  unit  to  which  the  asset  belongs.
If   the   recoverable   amount   of   an   asset   (or   a   cash-
generating   unit)   is   estimated   to   be   less   than   its  
carrying   amount,   the   carrying   amount   of   the   asset  
(cash-generating   unit)   is   reduced   to   its   recoverable  
amount.   Impairment   losses   are   immediately  
recognised  as  expenses  in  the  income  statement.
When  an   impairment  loss   which  was  recognised  in  a  
prior  period  no   longer  exists  or   needs  to  be   written  
down,   the   carrying   amount   of   the   asset   (cash-
generating   unit)   is   increased   to   the   extent   of   the  
revised  estimate  of  its  recoverable  amount.  However,  
this   increased   carrying   amount   may   not   exceed   the  
carrying  amount  that  would  have  been  determined  if  
no  impairment  loss  had  been  recognised  for  the  asset  
(cash-generating   unit)   in   prior   years.   The   reversal  
of   an   impairment   loss   is   recognised   immediately   in  
income in the income statement.
It  is  not  possible  to  subsequently  reverse  an  impairment  
loss  recorded  on  goodwill.
1.14. Inventories
Inventories  are  recorded  at  the  lower  of  cost  and  net  
realisable   value.   Cost   includes   direct   material   costs  
and,   if   applicable,   direct   labour   costs   and   directly  
attributable  overhead  costs.
Where  specific  identification  is  not  possible,  the  cost  
is   determined   based   on   the   weighted   average   cost  
method.  Net  realisable  value  is  the  estimated  selling  
price  in  the  ordinary  course  of  business  less  estimated  
costs  of  completion  and  the  estimated  costs  necessary  
to  complete  the  sale  (primarily  selling  expenses).
Impairment  or  loss  on  inventory  to  net  realisable  value  
is  recognised  as  an  expense  in  the  period  in  which  the  
impairment  or  loss  occurred.
As  explained  in   Note  1.11,  agricultural  production   is  
measured  at  fair  value  less  estimated  costs  necessary  
to  make  the  sale.
1.15. Trade receivables
Trade  receivables  are  valued  at  their  nominal  value  and  
do  not   bear  interest.  The  Group  applies  a   simplified  
approach  and  records  a  provision  for  expected  losses  
over   the   life   of   the   receivables.   This   provision   for  
losses  is  an  amount  that  the  Group  considers  a  reliable  
estimate  of  the  inability  of  its  customers  to  make  the  
required  payments  (refer  to  Note  34).


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1.16. Cash and cash equivalents
Cash   and   cash   equivalents   include   cash,   demand  
deposits,  short-term   deposits  of   less  than  3   months,  
as  well  as  investments  that  are  subject  to  a  negligible  
risk  of  change  in  value  and  are  easily  convertible  into  
a  known  amount  of  cash,  having  a  maturity  of  three  
months  or  less.
For  the  purpose  of  the  consolidated  statement  of  cash  
flows,  cash  and  cash  equivalents  are  presented  net  of  
outstanding   bank  overdrafts,   as   they   are   considered  
an  integral  part  of  the  Group’s  cash  management.



1.17. Financial instruments
Financial   assets   and   liabilities   are   recognised   in   the  
consolidated   statement   of   the   financial   position  
when  the  Group  becomes   a  party  to  the  contractual  
provisions of the instrument.
Financial assets and liabilities measured at
amortised costs
The   Group’s   business   model   for   financial   assets  
management   describes   the   way   it   manages   its  
financial  assets  in   order  to  generate  cash  flows.  The  
business   model   determines   whether   cash   flows   will  
result  from   the  collection  of   contractual  cash  flows,  
from  the  disposal  of  financial  assets,  or  both.  Financial  
assets  classified  and  measured  at  amortised  cost  are  
held  in  a  business  model  with  the  aim  to  hold  financial  
assets  and  collect  contractual   cash  flows.  Long-term  
advances  and  other  receivables  are  held  for  the  sole  
purpose  of  collecting  principal  and  interest.  As  such,  
they   comply   with   the   “Solely   Payments   of   Principal  
and   Interest”   (SPPI)   model.   They   are   accounted   for  
using  the  amortised  cost  method.
Financial  assets  are  initially  measured  at  fair  value,  net  
of  transaction  costs.  Financial  income  is  added  to  the  
carrying  amount  of  the  instrument  to  the  extent  that  it  
is  not  received  in  the  period  in  which  it  occurs.  Interest  
is  calculated  using  the  effective  interest  rate  method.
The  Group  applies  the  low  credit  risk  simplification:  at  
every  reporting  date,  the  Group  evaluates  whether  the  
debt  instrument  is  considered  to  have  low  credit  risk  
using  all  reasonable  and  supportable  information  that  
is   available   without  undue  cost   or   effort.   In   making  
that   evaluation,   the   Group   reassesses   the   internal  
credit   rating   of   the   debt   instrument.   In   addition,  
the  Group  considers  that  there  has  been  a  significant  
increase  in  credit  risk  when  contractual  payments  are  
more  than  30  days  past  due.
Financial   liabilities   are   initially   measured   at   fair  
value,  net  of  transaction  costs.  Financial  expenses  are  
recognised  in  income  statement  and  are  added  to  the  
carrying  amount  of  the  instrument  to  the  extent  that  
they  are  unpaid  in  the  year  in  which  they  occur.
The  carrying  amount  is  a  reasonable  approximation  of  
fair  value  in  the  case  of  financial  instruments  such  as  
borrowings  and  debts  with  short-term  maturity.
The  fair  value  measurement  of  borrowings  and  debts  
with   financial   institutions,   other   than   in   the   short  
term,  depends  both  on  the  specifics  of  the  loans  and  
on   current   market   conditions.   The   fair   value   was  
calculated   by   discounting   the   expected   future   cash  
flows  at  the  re-estimated  interest  rates  prevailing  at  
the   balance   sheet   date   over   the   remaining   term   of  
repayment  of  the  loans  (refer  to  Note  25).
The   Group   relied   on   the   evolution   of   the   interest  
rate   of   the   European   Central   Bank   adjusted   for   the  
specific  risk  inherent  in  each  financial  instrument,  as  
a  reasonable  benchmark  for  estimating  the  fair  value  
of  such  borrowings  (see  Note  25).
Financial assets designated at fair value through
OCI (equity instruments)
Upon   initial   recognition,   the   Group   can   elect   to  
classify   irrevocably   its   equity   investments   as   equity  
instruments   designated   at   fair   value   through   OCI  
if   they   meet   the   definition   of   equity   under   IAS   32  
Financial  Instruments:  Presentation  and  are  not  held  
for   trading.   The   classification   is   determined   on   an  
instrument-by-instrument basis.
Gains   and   losses   on   these   financial   assets   are   never  
recycled  into  profit  or  loss.  Dividends  are  recognised  
as   other   income   in   the   statement   of   profit   or   loss  
when   the   right   of   payment   has   been   established,  
except  when  the   Group  benefits  from  such  proceeds  
as  a  recovery  of  part  of  the  cost  of  the  financial  asset,  
in  which  case,  such  gains  are  recorded  in  OCI.  Equity  
instruments  designated  at  fair  value  through  OCI  are  
not  subject  to  impairment  assessment.
The   Group   elected   to   classify   irrevocably   its   non-
listed  equity  investments  under  this  category.






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Other financial assets and liabilities
Other   financial   assets   (trade   receivables,   other  
receivables,...)  and  liabilities  (trade   payables,  other  
payables,...)  are  recorded  at  their  transaction  price.  
The  fair  value  of  other  financial  assets  and  liabilities  
is  estimated  to  be  close  to  the  carrying  amount  due  to  
their short-term nature.
The  receivables  are  valued  at  their  transaction  price  
less   any   write-downs   covering   amounts   considered  
as  non-recoverable   if  the   Group  deems   it  necessary.  
Impairment   of   assets   is   recognised   in   the   income  
statement  under  “Other  operating  income/expenses”.  
The  Group  has  established   a  provision  matrix,  based  
on   its   historical   credit   loss   experience   (average  
losses  on  trade  receivables  over  several  years),  which  
was   adjusted   for   prospective   factors   specific   to   the  
debtors  and  the  economic  environment.  The  carrying  
amount   of   the   asset   is   reduced   using   a   provision  
account,   and   the   amount   of   the   loss   is   recognised  
in  the  consolidated   income  statement.  The  Board  of  
Directors  of  each  subsidiary  evaluates  the  receivables  
individually.   Value   adjustments   are   determined   by  
considering  the  local  economic  reality  of  each  country.  
They  are  reviewed  at  the  reception  of  new  events  and  
at  least  annually.


1.18. Provisions
Provisions   are   recognised   when   the   Group   has   a  
present  obligation   (legal  or  constructive)   as  a   result  
of  a  past  event.  This  present  obligation  will  probably  
lead   to   an   outflow   of   economic   benefits,   insofar   as  
they  can  be  reasonably  estimated.
Restructuring   provisions   are   recognised   when   the  
Group  has   come  up   with  a   formal  and   detailed  plan  
for  the  restructuring,  which  has  been  notified  to  the  
affected  parties.
1.19. Pension obligations
Defined contribution plans
The   defined   contribution   plans   designate   the   post-
employment  benefit  plans  under  which  the  Group  pays  
defined  contributions  to  external  insurance  companies  
for  certain  categories  of  employees.  Payments  made  
under   these   pension   plans   are   recognised   in   the  
income  statement  in  the  year  when  they  are  due.
As  these   plans   do  not   generate  future   commitments  
for  the  Group,  they  do  not  give  rise  to  provisions.
Defined benefit plans
The   defined   benefit   plans   refer   to   post-employment  
benefit  plans  that  provide  additional  income  to  certain  
categories  of  employees  for  services  rendered  during  
the  year  and  prior  years.
This   guarantee   of   additional   resources   is   a   future  
expenditure   for   the   Group   for   which   a  commitment  
is  calculated  by  independent  actuaries  at  the  end  of  
each  financial  year.
The   actuarial   assumptions   used   to   determine   the  
liabilities   vary   according   to   the   prevailing   economic  
conditions  in  the  country  in  which  the  plan  is  located.
The   discount   rates   applicable   to   post-employment  
benefit  obligations  should  be  determined  by  reference  
to  the  market  yields  on  high  quality  corporate  bonds  
that  are  appropriate/relevant  to  the  estimated  timing  
of  benefit  payments  at  the  balance  sheet  date.
The  Group   decided  to  calculate   discount  rates  using  
an   economic   approach   for   high-quality   corporate  
bonds   whose   duration   corresponds   to   the   terms   of  
employee  benefits  in  the  countries  concerned.  In  the  
countries where there is no active market for such
obligation,   the   Group   refers   to   the   market   yields  
(at   the   end   of   the   reporting   period)   of   government  
bonds.  The  currency  and  duration  of  these  corporate  
or  government  bonds  must  correspond  to  the  currency  
and   estimated   duration   of   the   post-employment  
benefit  obligations.
The  cost  of  corresponding  commitments  is  determined  
by   using   the   projected   unit   credit   method,   with   a  
discounted  value  calculation  at  the  balance  sheet  date  
in  accordance  with  the  principles  of  IAS  19  “Employee  
Benefits”.
All  changes  in  the  amount  of  defined  benefit  pension  
obligations  are  recognised  as  soon  as  they  occur.
Remeasurements   of   defined   benefit   pension  
obligations,  including  actuarial  gains  and  losses,  should  
be  recognised   immediately  in  “Other   comprehensive  
income”.


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The  costs  of  services  rendered  during  the  period,  past  
service  costs  (plan  amendment)  and  net  interest  are  
recognised  as  an  expense  immediately.
The  amount  recognised  in  the  statement  of  financial  
position  consists  of  the  present  value  of  the   defined  
benefit  plans’  pension  obligations.  This  value  has  been  
adjusted   for  actuarial   gains   and  losses,  less   the   fair  
value  of  plan  assets.
1.20. Revenue recognition
The   Group’s   revenues   derive   from   the   performance  
obligation   to   transfer   the   control   of   products   under  
arrangements.   According   to   these   arrangements,  
the   transfer   of   control   and   the   fulfilment   of   the  
performance  obligation  occur  at  the  same  time.
The   point   of   control   of   the   asset   by   the   customer  
depends   on   the   moment   when   the   goods   are   made  
available   to   the   carrier   or   when   the   buyer   takes  
possession   of   the   goods.   This   also   depends   on   the  
delivery   conditions.   With   regards   to   the   Group’s  
activities,  the  recognition  criteria  are  generally  met:
(a)  for  export  sales,  where  the  time  of  the  transfer  of  
deed  is  based  on  the  incoterms;
(b)  for   local   sales,   depending   on   the   delivery  
conditions,   either   when   the   goods   leave   the  
premises or when the customer takes possession
of  the  goods.
This   is  the   moment   when   the  Group   has   fulfilled  its  
performance  obligations.
Revenues   are  valued   at   the   transaction   price  of  the  
consideration   received   or   receivable,   to   which   the  
company  expects  to  be  entitled.
The   selling   price   is   determined   at  the   market   price  
and,   in   a   few  cases,  is   contractually   determined   on  
a   provisional   basis   using   a   reliable   estimate.   In   the  
latter   case,   price   adjustments   can   then   take   place  
depending  on  the  movements  between  the  reference  
price  and  the  final  price,  as  recognised.
The   Group   considers   itself   to  be   the   principal   in   its  
revenue  arrangements,  because  it  controls  the  goods  
sold  before  transferring  them  to  the  customers.
As   at   31   December   2024,   revenue   from   the  
major   customer   within   the   Group   accounted  
for   approximately   EUR   71.4   million   (2023:  
EUR  83.8  million)  of  total  Group  revenue.

1.21. Taxes
Current  tax  is  the  amount  of  tax  payable  or  recoverable  
on  the  profit  or  loss  of  a  financial  year.
Temporary   differences   between   the   book   values   of  
assets  and   liabilities  on   the  one   hand,  and  their  tax  
bases  on  the  other  hand,  lead  to  the  recognition  of  a  
deferred  tax  using  the  tax  rates  which  are  applicable  
when  the  temporary  differences  disappear,  as  adopted  
on  the  closing  date.
A  deferred  tax  is  recognised  for  all  taxable  temporary  
differences,  unless  the  deferred  tax  is  generated:
-   by  goodwill  or;  
-   by  the  initial  recognition  of  an  asset  or  liability  in  a  
transaction  which  is  not  acquired  through  a  business  
combination,  does  not  affect  neither  the  accounting  
profit   nor   the   taxable   profit   (tax   loss),   nor   gives  
rise   to   equal   taxable   and   deductible   temporary  
differences  at  the  time  of  the  transaction.
A   deferred   tax   liability   is   recognised   for   all   taxable  
temporary   differences   related   to   investments   in  
subsidiaries  and  associates,  unless  the  date  on  which  
the   temporary   difference   will   be   reversed   can   be  
controlled  and   it  will  most  likely  not   be  reversed   in  
the  foreseeable  future.
A   deferred   tax   asset   is   recognised   in   order   to   carry  
forward   unused   tax   losses   and   tax   credits,   so   that  
future   taxable   profits,   on   which   these   unused   tax  
losses  and   tax  credits  can   be  charged,   will  likely  be  
available.  
Deferred  tax  is  recognised  in  the  income  statement,  
unless   it   relates   to   items   that   have   been   directly  
recognised,  either  in  equity  or  in  other  comprehensive  
income.

1.22. Segment information
IFRS   8   –   Operating   Segments   requires   operating  
segments   to   be   identified   based   on   an   internal  
reporting.  This   internal   reporting   is   analysed   by   the  
entity’s   chief   operating   decision-maker,   in   order   to  
assess  performance   and  make   resource  decisions   for  
the  segments.  


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The   identification   of   these   operational   sectors  
originates   from   the   information   analysed   by   the  
management.   This   information   is   based   on   the  
geographic   distribution   of   political   and   economic  
risks.
1.23. Use of estimates
For   the   preparation   of   consolidated   financial  
statements   in   accordance   with   IFRS,   the   Group’s  
Management   has   made   use   of   its   best   estimates   to  
make   assumptions   on   the   following   aspects,   and  
to   what   extent   they   were   affected:   the   carrying  
amount   of   assets   and   liabilities,   information   on  
assets   and   liabilities,   contingent   liabilities   and   the  
carrying   amount   of   income   and   expenses   recorded  
during   the   period.   Depending   on   the   evolution   of  
these   assumptions  or   different   economic  conditions,  
the   amount   that   will   appear   in   the   Group’s   future  
consolidated   financial   statements   may   differ   from  
current   estimates.   Material   accounting   policies,   for  
which  the  Group  has  made  estimates,  mainly  concern  
the   application   of   IAS   19   -   Employee   Benefits   (Note  
22),  IAS  41  -  Agriculture  and  IAS  2  -  Inventories  (Note  
16),  IAS  16  -  Property,  Plant  and  Equipment  (Note  5),  
IAS   36   -   Impairment   of  Assets   (Notes   6   and   8),   IFRS  
9  -  Financial  Instruments  (Notes  25  and  34)  and  IFRS  
16  –  Leases  (Note  3).
In  the  absence  of  observable  data  within  the  scope  of  
IFRS  13  –   Fair  Value   Measurement,   the  Group   makes  
use   of   a   model   developed   with   the   aim   to   assess  
the  fair  value   of  agricultural   production,   using  local  
production  costs  and  conditions  and  local  sales  (Refer  
to  Note  1.11).
This   method   is   inherently   more   volatile   than  
assessment  at  historical  cost.
Due   to   the   geopolitical   tensions,   since   2022,   there  
has   been   a   significant   increase   in   volatility   on   the  
securities   and   currency   markets.   The   conflicts   have  
had  a  significant  impact  on  the  financial  markets,  with  
many   investors   concerned   about   the   risk   of   further  
escalation  and  the  ensuing  impact  on  global  trade  and  
economic  growth.
Although   the   aforementioned   aspects   have   not  
significantly   impacted   the   company’s   operations   nor  
performance   and   going   concern   during   2024,   the  
Board  of  Directors  continues  to  monitor  the  evolving  
situation   and   its   impact   on   the   company’s   financial  
position  and  results.
1.24. Climate effect
The  Group  considered  the  potential  impact  of  climate  
change,   which   may   affect   positively   or   negatively  
the   Group’s   biological   assets,   and   thus   the   financial  
performance   of   the   Group.   Among   climate   factors,  
the  distribution  of  rainfall  and  sunshine  are  the  most  
important ones.
The  Group  considered  climatic  events  such  as  severe  
wind  or  fires  in  the  valuation  of  the  biological  assets.  
However,   given   current   knowledge,   distinguishing  
the   impact  of  natural   climate   changes   from  climate  
impact  caused  by  anthropic  activity  remains  difficult.
The   Management   Board   considered   various  
documentation  in  its  assessment  of  the  impact,  such  
as  the  last  Intergovernmental  Panel  on  Climate  Change  
(IPCC)   reports   but   also   the   data   coming   from   the  
agronomic   departments   which   reflect   the   potential  
effect  of  climate  change  over  the  past  years.  Budgets  
are  adjusted  to  integrate  the  operational  needs  that  
may  result  of  the  impact  of  those  changes  and  the  value  
in  use  of  the  biological  assets  is  aligned  consequently  
(Note  1.13  and  Note  8).  From  a  social  stand  point,  the  
effect  of   climate  change   are  integrated   through  the  
regular  updates  of  the  data  used  for  the  calculation  of  
the  employee  benefit  provision  (Note  22).
The  Management  Board  will  continue  to  consider  the  
potential  impact  of  climate  change  in  its  assessments,  
and  will  integrate  any  new  potential  impact  that  could  
lead   to   a   material   change   in   the   Group’s   financial  
statements.
1.25. Environmental, Social and Governance
The  Group  has  described  its  ambitions  and  objectives  
in   terms   of   environment,   social   responsibilities   and  
governance   in   a   separate   Sustainability   Report   that  
can  be  accessed  on  Socfinasia  website.
Management  has  performed  a  preliminary  assessment  
to  measure  the  financial  impacts  of  those  objectives  


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on   the   consolidated   financial   statements.   Based   on  
this   assessment,   Management   was   able   to   conclude  
that   most   of   the   commitments   described   in   the  
Sustainability  Report  have  already  been  incorporated  
in   the   budgets   of   the   subsidiaries   of   Group.   Those  
budgets   are   mainly   used   for   the   determination   of  
internal  indicators  of  impairment  but  also  as  a  basis  for  
the  determination  of  the  expected  growth  rates  of  the  
companies.  A  further  description  for  the  assessment  of  
impairment  indicators  is  provided  in  Notes  1.13  and  8.



Note 2. Subsidiaries and associates
% Group % Group Consolidation % Group % Group Consolidation
Interest Control Method (*) Interest Control Method (*)
2024 2024 2024 2023 2023 2023
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
PLANTATION  NORD-SUMATRA  LTD   100.00 100.00 FI 100.00 100.00 FI
“PNS  Ltd”  S.A.
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. 80.00 80.00 FI 79.92 79.92 FI
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



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List of subsidiaries and associated companies
*   CENTRAGES   S.A.   is   a   company   under   Belgian   law  
providing   administrative   and   accounting   services  
and   which   owns   three   floors   of   office   space   in  
Brussels.
*   COVIPHAMA  CO  LTD  is  a  company  under  Cambodian  
law  active  in  the  production  of  rubber.
*   IMMOBILIERE  DE  LA  PEPINIERE  “PEPINIERE”  S.A.  is  a  
company  under  Belgian  law  which  owns  three  floors  
of  office  space  in  Brussels.
*   INDUSERVICES  S.A.  is  a  company  under  Luxembourg  
law  whose  purpose  is  to  provide  all  administrative  
services   to   all   companies   and   organisations,  
including   all   services   relating   to   documentation,  
bookkeeping   and   register   services,   as   well   as   all  
representation,   study,   consultation   activities   and  
assistance.
*   INDUSERVICES   FR   S.A.   is   a   company   under   Swiss  
law  whose  purpose  is  to  provide  all  administrative  
services   to   all   companies   and   organisations,  
including   all   services   relating   to   documentation,  
bookkeeping   and   register   services,   as   well   as   all  
representation,   study,   consultation   activities   and  
assistance.  In  addition,  it  provides  all  of  the  Group’s  
companies  with  access  to  the  general  IT  platform.
*   PLANTATION   NORD-SUMATRA   LTD   “PNS”   S.A.   is   a  
holding   company   under   Luxembourg   law   which  
holds  stakes  in  PT  Socfindo  and  Coviphama  Co.
*   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
G
  of  agricultural  land.
*   SOCFIN  CONSULTANT  SERVICES  “SOCFINCO”  S.A.  is  a  
company  established  in  Belgium  providing  technical  
assistance,  agronomic  and  financial  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  finance  holding  company  under  
Luxembourg  law.
*   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  office  space.
*   VARANASI   Co   LTD   is   a   company   under   Cambodian  
law  holding  concession
G
  of  agricultural  land.



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Note 3. Leases
The  amounts  recognised  in  the  balance  sheet,  related  to  leases  under  IFRS  16  are  as  follows:
Right-of-use assets
Land and
EUR Buildings concessionG of TOTAL
agricultural area
Gross value as at 1 January 2023 318,864 2,341,779 2,660,643
Additions 0 1,047,577 1,047,577
Foreign  exchange  differences -11,081 -101,983 -113,064
Gross value as at 31 December 2023 307,783 3,287,373 3,595,156
Accumulated depreciation as at 1 January 2023 -166,619 -627,881 -794,500
Depreciation -27,513 -105,996 -133,509
Foreign  exchange  differences 6,347 20,356 26,703
Accumulated depreciation as at 31 December 2023 -187,785 -713,521 -901,306
Net book value as at 31 December 2023 119,998 2,573,852 2,693,850
Gross value as at 1 January 2024 307,783 3,287,373 3,595,156
Additions 0 962,634 962,634
Disposals 0 -437,124 -437,124
Foreign  exchange  differences 19,583 78,730 98,313
Gross value as at 31 December 2024 327,366 3,891,613 4,218,979
Accumulated depreciation as at 1 January 2024 -187,785 -713,521 -901,306
Depreciation -27,570 -114,253 -141,823
Disposals 0 437,124 437,124
Foreign  exchange  differences -13,049 -9,475 -22,524
Accumulated depreciation as at 31 December 2024 -228,404 -400,125 -628,529
Net book value as at 31 December 2024 98,962 3,491,488 3,590,450
Lease liabilities
31/12/2024 31/12/2023
EUR
Long-term  lease  liabilities 350,199 356,638
Short-term  lease  liabilities 29,130 27,258
TOTAL 379,329 383,896


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Long-term lease liabilities are payable as follows
2023
EUR 2025 2026 2027 2028 2029 and TOTAL
above
Lease  liabilities 27,388 27,520 27,653 34 274,042 356,637
2024
EUR 2026 2027 2028 2029 2030 and TOTAL
above
Lease  liabilities 29,272 29,413 37 40 291,437 350,199
The  amounts  recognised  in  the  income  statement  in  relation  with  the  lease  contracts  are  detailed  as  follows:
2024 2023
EUR
Depreciation  of  right-of-use  assets 141,823 133,509
Expenses  related  to  short-term  leases  and  leases  of  low-value  assets 61,565 8,318
Interest  expense  (included  in  the  financial  expenses) 40,929 40,977
TOTAL 244,317 182,804
Agricultural land and concessions
G
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
G
  from  the  local  public  authority.  These  concessions
G
  are  renewable.
Company Date of initial lease Duration of the initial Area conceded
or renewal extension lease
SETHIKULA 2010 99 years 4,273 ha
VARANASI 2009 70 years 2,386  ha
COVIPHAMA 2008 70 years 5,345 ha
SOCFINDO 1990 to 2024 25 to 35 years 47,417 ha



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Note 4. Intangible assets
ConcessionsG
EUR and patents Softwares TOTAL
Cost as at 1 January 2023 47,015 1,682,747 1,729,762
Additions 409 124,071 124,480
Disposals -122 0 -122
Foreign  exchange  differences -2,038 -46,353 -48,391
Cost as at 31 December 2023 45,264 1,760,465 1,805,729
Accumulated depreciation as at 1 January 2023 -47,015 -1,444,969 -1,491,984
Depreciation 0 -51,568 -51,568
Depreciation  reversals 122 0 122
Foreign  exchange  differences 1,629 37,995 39,624
Accumulated depreciation as at 31 December 2023 -45,264 -1,458,542 -1,503,806
Net book value as at 31 December 2023 0 301,923 301,923
Cost as at 1 January 2024 45,264 1,760,465 1,805,729
Additions 0 103,255 103,255
Disposals 0 -13 -13
Foreign  exchange  differences 2,885 32,012 34,897
Cost as at 31 December 2024 48,149 1,895,719 1,943,868
Accumulated depreciation as at 1 January 2024 -45,264 -1,458,542 -1,503,806
Depreciation 0 -80,040 -80,040
Depreciation  reversals 0 13 13
Foreign  exchange  differences -2,885 -26,420 -29,305
Accumulated depreciation as at 31 December 2024 -48,149 -1,564,989 -1,613,138
Net book value as at 31 December 2024 0 330,730 330,730



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Note 5. Property, plant and equipment
Technical Furniture, Work in Advances
EUR Land (**) Buildings installations vehicles and progress and pre- TOTAL
others payments
Cost as at 4,447,788 71,093,723 54,243,969 15,294,925 110,559 74,386 145,265,350
1 January 2023
Additions  (*) 0 1,588,418 1,944,221 2,007,240 221,573 87,571 5,849,023
Disposals 0 -184,117 -687,127 -49,723 0 0 -920,967
Transfer -843,920 201,459 94,867 0 -209,181 -87,145 -843,920
Foreign  exchange   -124,922 -1,984,690 -1,451,509 -467,490 -4,093 -2,594 -4,035,298
differences
Cost as at 3,478,946 70,714,793 54,144,421 16,784,952 118,858 72,218 145,314,188
31 December 2023
Accumulated
depreciation as at 0 -49,694,730 -43,094,687 -11,483,089 0 0 -104,272,506
1 January 2023
Depreciation 0 -1,789,250 -2,273,315 -1,430,713 0 0 -5,493,278
Depreciation  reversals 0 158,912 601,609 49,623 0 0 810,144
Foreign  exchange   0 1,343,932 1,159,710 347,697 0 0 2,851,339
differences
Accumulated
depreciation as at 0 -49,981,136 -43,606,683 -12,516,482 0 0 -106,104,301
31 December 2023
Net book value as at 3,478,946 20,733,657 10,537,738 4,268,470 118,858 72,218 39,209,887
31 December 2023
Cost as at 3,478,946 70,714,793 54,144,421 16,784,952 118,858 72,218 145,314,188
1 January 2024
Additions  (*) 0 1,409,963 2,695,217 2,279,549 440,725 165,175 6,990,629
Disposals 0 -441,704 -4,242,816 -1,562,994 0 0 -6,247,514
Transfer 0 559,255 168,397 0 -559,255 -168,397 0
Foreign  exchange   219,888 1,968,697 1,159,986 346,937 2,828 4,466 3,702,802
differences
Cost as at 3,698,834 74,211,004 53,925,205 17,848,444 3,156 73,462 149,760,105
31 December 2024
Accumulated
depreciation as 0 -49,981,136 -43,606,683 -12,516,482 0 0 -106,104,301
at 1 January 2024
Depreciation 0 -1,794,778 -2,298,774 -1,576,518 0 0 -5,670,070
Depreciation  reversals 0 410,627 4,131,959 1,551,641 0 0 6,094,227
Foreign  exchange   0 -1,175,899 -865,195 -253,313 0 0 -2,294,407
differences
Accumulated
depreciation as 0 -52,541,186 -42,638,693 -12,794,672 0 0 -107,974,551
at 31 December 2024
Net book value as 3,698,834 21,669,818 11,286,512 5,053,772 3,156 73,462 41,785,554
at 31 December 2024
(*)   Additions  for  the  period  include  capitalised  costs.
(**)  Nurseries  have  been  reclassified  in  2023  from  property,  plant  and  equipment  to  biological  assets,  Note  6.  The  accounting  
policies  applicable  to  property,  plant  and  equipment  are  detailed  in  Notes  1  and  8.

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Note 6. Biological assets
EUR Palm Rubber Nurseries
and Others TOTAL
Mature Immature Mature Immature (***)
Cost as at 1 January 2023 70,087,778 12,224,624 62,438,550 20,049,904 0 164,800,856
Additions  (*) 0 7,415,390 0 1,310,752 1,262,177 9,988,319
Disposals -1,908,203 0 -1,391,273 0 -444,953 -3,744,429
Transfer 4,755,361 -4,122,492 11,221,078 -11,103,067 93,040 843,920
Foreign  exchange  differences -1,856,675 -432,871 -2,161,294 -475,634 -23,572 -4,950,046
Cost as at 31 December 2023 71,078,261 15,084,651 70,107,061 9,781,955 886,692 166,938,620
Accumulated depreciation as at 1 January 2023 -30,752,105 0 -16,831,216 0 0 -47,583,321
Depreciation -3,406,818 0 -1,714,560 0 0 -5,121,378
Depreciation  reversals 1,487,661 0 682,359 0 0 2,170,020
Foreign  exchange  differences 840,766 0 526,929 0 0 1,367,695
Accumulated depreciation as at 31 December 2023 -31,830,496 0 -17,336,488 0 0 -49,166,984
Accumulated impairment as at 1 January 2023 0 0 -26,862,482 1 0 -26,862,481
Foreign  exchange  differences 0 0 933,502 -1 0 933,501
Accumulated impairment as at 31 December 2023 0 0 -25,928,980 0 0 -25,928,980
Net book value as at 31 December 2023 39,247,765 15,084,651 26,841,593 9,781,955 886,692 91,842,656
Cost as at 1 January 2024 71,078,261 15,084,651 70,107,061 9,781,955 886,692 166,938,620
Additions  (*) 0 5,473,085 0 947,211 1,834,949 8,255,245
Disposals -1,052,352 0 -356,449 0 -624,056 -2,032,857
Transfer 5,060,998 -3,907,072 6,460,818 -6,391,906 -1,222,838 0
Foreign  exchange  differences 1,289,529 286,856 3,876,146 210,851 15,158 5,678,540
Cost as at 31 December 2024 76,376,436 16,937,520 80,087,576 4,548,111 889,905 178,839,548
Accumulated depreciation as at 1 January 2024 -31,830,496 0 -17,336,488 0 0 -49,166,984
Depreciation -3,400,995 0 -2,298,741 0 0 -5,699,736
Depreciation  reversals 935,475 0 284,986 0 0 1,220,461
Foreign  exchange  differences -589,837 0 -775,036 0 0 -1,364,873
Accumulated depreciation as at 31 December 2024 -34,885,853 0 -20,125,279 0 0 -55,011,132
Accumulated impairment as at 1 January 2024 0 0 -25,928,980 0 0 -25,928,980
Impairment  reversal  (**) 0 0 3,898,786 0 0 3,898,786
Foreign  exchange  differences 0 0 -1,494,010 0 0 -1,494,010
Accumulated impairment as at 31 December 2024 0 0 -23,524,204 0 0 -23,524,204
Net book value as at 31 December 2024 41,490,583 16,937,520 36,438,093 4,548,111 889,905 100,304,212
(*)  Additions  for  the  period  include  capitalised  costs.
(**)  Impairment  test  on  biological  assets  is  disclosed  in  Note  8.
(***)  Nurseries  have  been  reclassified  in  2023  from  property,  plant  and  equipment  to  biological  assets.
Accounting  policy  regarding  current  biological  assets  is  disclosed  in  Note  1.11.


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Note 7. Depreciation and impairment
2024 2023
EUR
Depreciation
Of  right-of-use  assets  (Note  3) 141,823 133,509
Of  intangible  assets  (Note  4) 80,040 51,568
Of  property,  plant  and  equipment  excluding  biological  assets  (Note  5) 5,670,070 5,493,278
Of  biological  assets  (Note  6) 5,699,736 5,121,377
Impairment reversal
Of  biological  assets  (Note  6) -3,898,786 0
TOTAL 7,692,883 10,799,732

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   arises,  
the  recoverable  amount  of  the   asset  is  estimated  to  
determine  the  amount  of  the  impairment  loss.
Bearer biological assets
At   each   reporting   date,   the   Group   assesses   if   there  
is   any   indication   that   its   biological   assets   may   be  
impaired   or   if   an   impairment   reversal   should   be  
considered.
For  this  purpose,  the  Group  assesses  several  indicators:
The  significant  and  sustained  decreasing  trend  in  the  
prices  of  natural  rubber  (TSR20
G
1
st
position on SGX
G
)  
and  crude   palm  oil   (CIF  Rotterdam
G
)  was   considered  
as  an  observable   sign  that   the  biological  assets   may  
have   been   impaired.   A   decrease   in   these   prices   at  
reporting   date   greater   than   15%   compared   to   an  
average  of  5-year  value  has  been  set  by  the  Group  as  
an  impairment  indicator.
The  Group  also  considers  average  prices,  over  the  six  
months  before  reporting  date  and  over  the  last  twelve  
months,  instead  of  only  closing  prices.  This  is  done  in  
order   to  avoid   seasonal   fluctuations   in   the  prices   of  
supply  materials.  
Moreover,  the  Group  also  reviews  the  prices  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.
In   addition   to   these   external   indicators,   the   Group  
considers  the  following  indicators:
-   Internal  performance  indicators;
-   Criteria  relating  to  the  local  market;
-   Physical  indicators  of  impairment;
-   Significant  changes  in  plantations  that  could  have  a  
material  impact  on  their  future  cash  flows.
If  an  indication  of  impairment  or  impairment  reversal  
is  identified,  the  recoverable  amount  of  the  producing  
biological  assets  is  determined.
Impairment  tests  must  be  performed  on  the  smallest  
identifiable  group  of  assets  which  generates  cash  flows  
independently  of  other  assets  or  groups  of  assets  and  
for  which  the  Group  prepares  financial  information  for  
the  Board  of  Directors.

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The  identification  of  Cash  Generating  Units  (CGUs) 
depends, in particular, on:
-  how the Group manages the activities of the entity;
-  the way in which decisions are made with regards to 
the pursuit or the disposal of its activities and;
-  the existence of an active market for all or part of 
the production.
The Group considers the political and country specific 
risk  factors  while  reviewing  business  evolution. 
Therefore,  companies  are  grouped  within  the  CGU 
country.
The  recoverable  amount  of  bearer  biological  assets 
is determined through the calculation of value in use 
by using the most recent information approved by the 
local  management.  Those  information  comprise  the 
measures taken that will help to prevent the effects 
of  the  climate  change  (maintenance  program,  land 
and field preparation against the fire and / or flooding 
resulting from heavy rainfalls). The impacts on future 
cash-flows of the potential effects of climate changes 
are therefore taken into consideration. Then the Group 
uses the discounted value of expected net cash flows 
which are discounted at a pre-tax rate. At reporting 
date,  the  financial  projection  incorporates  the  full 
exploitation of  the  younger bearer  biological  assets. 
The operational  life
G
 ranges  from  25 to  30  years for 
both crops. This period can be adapted according to 
the particular circumstances for each entity.
The  value-in-use calculation  has  been  very  sensitive 
to:
-  changes in the margins achieved by the entity and
-  changes related to discount rates.
This  sensitivity  analysis  is  performed  whenever  an 
impairment  test  is  performed  after  impairment 
indicators are identified.
Changes in realised margins
Initially,  the  Group  determines  separately  the 
expected  production  of  each  category  of  biological 
assets within the entity over their remaining life. This 
expected production is estimated through the surface 
areas planted on the reporting date, as well as through 
the  actual  crop  yield  recorded  during  the  financial 
year.  The  latter  depends  on  the  maturity  of  the 
bearer biological asset. Production is then valued on 
an average basis of five-year of the margins achieved 
by the entity in relation to agricultural activities. The 
value-in-use  of  the  biological  asset  is  then  obtained 
by discounting these cash flows. Average margins are 
considered constant over the duration of the financial 
projection. No indexing factor is considered.
Conclusion - financial impacts
Intangible and tangible assets
As at 31 December 2024, no impairment was recognised 
on tangible and intangible assets.
Bearer biological assets indicators of impairment
As  at  31  December  2024  the closing  prices,  average 
prices over the last 6 months and average prices over 
the last 12 months, did not altogether exceed 15% of 
the  average  5-year  value,  for  the  Rubber  and  Palm 
segments.
The  review  of  prices  and  of  other  indicators  led  to 
the conclusion that there was an impairment reversal 
indicator for the companies located in Cambodia.
Bearer biological assets indicators of impairment
reversal
Following subsequent impairment tests, using a discount 
rate  of  14.9%  for  Cambodia  in  2024,  an  impairment 
reversal amounting  to  EUR  3.9  million  for  Cambodia 
has been accounted for in 2024, the recoverable value 
of the biological assets (EUR 26.5 million) being higher 
than their book value (EUR 22.6 million). An increase 
(respectively decrease) in the discount rate of 50 bps 
would result in a decrease (respectively increase) of 
the impairment reversal for EUR 0.7 million.
As  at  31  December  2024,  accumulated  impairment 
losses  amounted  to  EUR  23.5  million  for  Cambodia 
(Note 6).

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Note 9. Non-wholly owned subsidiaries in which non-controlling interests are
material
Interests of non-controlling interests in the activities of the Group
Subsidiary Main location Percentage of equity shares Percentage of voting rights of
of non-controlling interest non-controlling interests
2024 2023 2024 2023
Production of palm oil and rubber
SOCFINDO Indonesia 10% 10% 10% 10%
Net income attributed to
Subsidiary non-controlling interests in Accumulated non-controlling
the subsidiary during the interests in the subsidiary
financial period
EUR 2024 2023 2024 2023
SOCFINDO 6,189,713 5,490,432 6,228,661 6,710,938
Subsidiaries  that  hold  non-controlling  interests  that  are  not  material  individually   639,936 952,708
Non-controlling interests 6,868,597 7,663,646
Summary financial information concerning subsidiaries whose interests of non-controlling interests are
material for the Group excluding intragroup eliminations
EUR
Subsidiary Current assets Non-current Current Non-Current
assets liabilities liabilities
SOCFINDO
2023 34,884,343 94,960,391 25,934,158 34,533,441
2024 40,521,326 101,081,121 38,509,814 35,901,721
EUR
Revenue from Net income for Comprehensive Dividends paid to
Subsidiary ordinary the period income for the non-controlling
activities period interests
SOCFINDO
2023 166,005,846 52,959,587 52,959,587 4,111,802
2024 169,022,443 64,420,699 64,420,699 6,773,247


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EUR Net cash inflows (outflows)
Subsidiary Operating Investing Financing Net cash inflows
activities activities activities (outflows)
SOCFINDO
2023 65,138,520 -15,351,501 -41,118,016 8,669,003
2024 80,930,052 -13,825,037 -67,732,468 -627,453
The  nature  and  evolution  of  the  risks  associated  with  the  interests  held  by  the  Group  in  the  subsidiaries  remained  
stable  over  the  financial  period  compared  to  the  previous  year.
Note 10. Investments in associates
2024 2023
EUR
Value as at 1 January 22,687,671 25,588,658
Income from associates 4,596,877 5,890,456
Dividends -3,494,328 -8,292,174
Share in other comprehensive income from associates 0 -337,884
Increase  in  associate’s  Equity  (*) 2,936,903 0
Other movements 504,302 -161,385
Value as at 31 December 27,231,425 22,687,671
(*)   Corresponds  to  Induservices  FR  increase  in  share  capital  during  2024.
Value of investment Income from Value of investment Income from
in associates associates in associates associates
EUR 31/12/2024 2024 31/12/2023 2023
Centrages 3,246,705 1,883 3,344,822 79,639
Immobilière  de  la  Pépinière 1,733,626 -60,181 1,794,038 -71,861
Induservices 209,158 39,014 170,144 55,471
Induservices  FR 556,217 -2,380,685 0 125,258
Socfinco 330,643 16,790 313,853 -4,683
Socfinco  FR 9,418,614 2,312,487 7,106,126 2,558,601
Sodimex  FR 1,980,344 163,514 2,116,830 342,281
Sogescol  FR 9,434,276 4,490,177 7,533,893 2,791,818
Terrasia 321,843 13,877 307,966 13,933
TOTAL 27,231,426 4,596,876 22,687,672 5,890,457


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Total assets Revenue Total assets Revenue
EUR 31/12/2024 2024 31/12/2023 2023
Centrages 3,513,590 4,133,102 3,973,190 3,921,004
Immobilière  de  la  Pépinière 3,527,021 542,766 3,738,399 512,571
Induservices 825,299 2,000,440 1,080,076 2,240,040
Induservices  FR 8,079,485 4,277,158 7,823,488 3,651,270
Socfinco 1,561,286 0 1,581,948 0
Socfinco  FR 22,775,929 26,198,369 25,146,251 26,708,826
Sodimex  FR 10,696,365 19,727,530 8,126,993 21,344,372
Sogescol  FR 78,921,062 425,221,366 47,993,053 326,642,221
Terrasia 684,141 75,367 655,210 0
TOTAL 130,584,178 482,176,098 100,118,608 385,020,304
Main data of significant associates accounted for using the equity method
Associate company Main location Main location Dividend Dividend
received received
EUR 31/12/2024 31/12/2023
Socfinco Belgium Rendering  of  services 0 0
Socfinco  FR Switzerland Rendering  of  services 0 4,000,000
Sodimex  FR Switzerland Purchase  and  sale  of  equipment 300,000 375,000
Sogescol  FR Switzerland Trade  of  tropical  products 3,086,989 3,744,267
TOTAL 3,386,989 8,119,267
Summary financial information of interests held in associates - Statement of financial position
Associate company Current assets Non-current Current liabilities Non-current
assets liabilities
31/12/2023 EUR EUR EUR EUR
Centrages 2,473,196 1,499,994 677,627 0
Socfinco  FR 19,702,567 5,443,685 8,691,698 1,533,477
Sodimex  FR 8,104,378 22,616 3,492,398 301,364
Sogescol  FR 44,344,968 3,648,084 32,518,033 0
TOTAL 74,625,109 10,614,379 45,379,756 1,834,841
Associate company Current assets Non-current Current liabilities Non-current
assets liabilities
31/12/2024 EUR EUR EUR EUR
Centrages 2,395,093 1,118,497 456,017 0
Socfinco  FR 18,035,233 4,740,696 3,389,631 0
Sodimex  FR 10,685,793 10,572 6,595,552 0
Sogescol  FR 75,282,614 3,638,448 59,233,967 0
TOTAL 106,398,733 9,508,213 69,675,167 0


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Summary financial information of interests held in associates - Income statement
Other Total
Associate company Profit from Net income for comprehensive comprehensive
operations the period income income for the
period
2023 EUR EUR EUR
Centrages 217,890 117,522 117,522
Socfinco  FR 7,755,033 6,488,998 -91,830 6,397,168
Sodimex  FR 712,284 609,180 -33,645 575,535
Sogescol  FR 7,990,852 6,193,674 -87,087 6,106,587
TOTAL 16,676,059 13,409,374 -212,563 13,196,811
Other Total
Associate company Profit from Net income for comprehensive comprehensive
operations the period income income for the
period
2024 EUR EUR EUR
Centrages -33,077 -37,989 -37,989
Socfinco  FR 5,136,985 4,465,222 4,465,222
Sodimex  FR 442,336 369,626 369,626
Sogescol  FR 13,841,623 9,691,670 9,691,670
TOTAL 19,387,867 14,488,529 0 14,488,529
Reconciliation of the financial information summarised above to the carrying amount of the investments
in the consolidated financial statements
Associate company Net assets of the % stake held by Other IFRS Value of stake
associate the Group adjustments held by the Group
31/12/2023 EUR EUR EUR EUR
Centrages 3,295,563 50% 1,697,041 3,344,822
Socfinco  FR 14,921,076 50% -354,412 7,106,126
Sodimex  FR 4,333,232 50% -49,786 2,116,830
Sogescol  FR 15,475,019 50% -203,617 7,533,893
TOTAL 38,024,891 1,089,226 20,101,671
Associate company Net assets of the % stake held by Other IFRS Value of stake
associate the Group adjustments held by the Group
31/12/2024 EUR EUR EUR EUR
Centrages 3,057,573 50% 1,717,919 3,246,705
Socfinco  FR 19,386,298 50% -274,535 9,418,614
Sodimex  FR 4,100,813 50% -70,063 1,980,344
Sogescol  FR 19,687,095 50% -409,272 9,434,276
TOTAL 46,231,779 964,050 24,079,939
There  is  no  goodwill  attributed  to  the  above  associates.


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Aggregated information relating to associates that are not significant individually
EUR 2024 2023
Share  of  profit  from  continued  operations  attributable  to  the  Group -2,371,185 118,118
Share  of  other  comprehensive  income  attributable  to  the  Group 0 -125,259
Share  of  total  comprehensive  income  attributable  to  the  Group -2,371,185 -7,141
Total  book  value  of  investments  in  associates  held  by  the  Group 3,151,487 2,586,000
The  nature,  extent  and  financial  impact  of  the  interests  held  in  associates  by  the  Group,  including  the  nature  
of  relationships  with  other  investors,  remained  stable  over  the  financial  period  compared  to  the  previous  year.
Note 11. Financial assets at fair value through other comprehensive income
31/12/2024 31/12/2023
EUR
Fair value as at 1 January 5,231,277 773,528
Change  in  fair  value  (*) -25,984 -42,251
Additions 47,667 0
Increase  (**) 0 4,500,000
Foreign  exchange  differences 879 0
Fair value as at 31 December 5,253,839 5,231,277
(*)  The  variation  in  the  fair  value  of  the  financial  assets  is  accounted  under  the  Other  Comprehensive  Income.
(**)  Movement  in  2023  corresponds  to  Management  Associates  capital  increase.
Cost (historical) Fair value
EUR 31/12/2024 31/12/2023 31/12/2024 31/12/2023
Financial  assets  at  fair  value  through  other   5,320,133 5,271,587 5,253,839 5,231,277
comprehensive income
As  at  31  December  2024,  the  financial  assets  at  fair  value  through  other  comprehensive  income  mainly  correspond  
to  Management  Associates  shares.
Note 12. Long-term advances
As  at  31  December  2024,  the  long-term  advances  from  Socfin  have  been  fully  reimbursed  (2023:  EUR  50,000,000).

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Note 13. Deferred taxes
* Components of deferred tax assets and liabilities
2024 2023
EUR
IAS  2  /  IAS  41:  Agricultural  production -1,948,794 -1,476,045
IAS  16:  Property,  plant  and  equipment -5,324,415 -4,600,547
IAS  19:  Pension  obligations 7,673,998 7,597,356
IAS  12:  Losses  carried  forward  activated  (*) 550,546 3,571,683
IAS  12:  Tax  latencies -813,302 0
IFRS  16:  Leases 8,885 5,463
IAS  37:  Provisions  for  risks  and  charges -119,887 0
IAS  12:  Withholding  Tax -2,686,624 -3,626,925
IFRS  9:  Financial  assets  measured  at  fair  value  through  other   15,440 7,594
comprehensive income
IAS  41:  Biological  assets 4,245,426 0
Balance as at 31 December 1,601,273 1,478,579
Of  which  Deferred  Tax  Assets 5,540,028 5,105,504
Of  which  Deferred  Tax  Liabilities -3,938,754 -3,626,925
(*)   Linked  to  Cambodia  subsidiaries’s  losses  carried  forward  activated  for  EUR  0.5  million.
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.
Based   on   the   assessment   performed,   the   Group   has  
not  identified  any  material  potential  exposure  to  Pillar  
Two  income  taxes  in  respect  of  profits  earned  during  
the  year  (2023:  not  applicable).
* Contingent tax assets and liabilities
Some  of  the  subsidiaries  have  accumulated  tax  losses  
that   are   or   are   not   limited   over   time   or   capital  
allowances  that  are  or  are  not  limited  over  time.
PNS  Ltd  has  unused  tax  losses  for  EUR  14.3  million  (to  
use   before  2038).   No   deferred  tax   assets   have  been  
booked  related  to  these  tax  losses,  as  the  Management  
does   not   expect   to   use   those   losses   against   future  
profit.


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Note 14. Current tax assets and liabilities
* Components of current tax assets
2024 2023
EUR
Current tax assets as at 1 January 743,614 1,574,531
Tax income 3,592,554 3,390,475
Taxes  paid  or  recovered -2,355,526 -2,263,556
Transfer  (*) -744,865 -2,067,475
Foreign  exchange  differences -38,152 109,639
Current tax assets as at 31 December 1,197,625 743,614
(*)  Corresponds  to  offset  of  tax  assets  and  tax  liabilities.
* Components of current tax liabilities
2024 2023
EUR
Current tax liabilities as at 1 January 2,197,334 11,928,557
Tax expense 29,237,228 21,416,571
Other taxes 328,239 2,075,670
Taxes  paid  or  recovered  (**) -23,165,175 -31,244,084
Transfer  (*) -735,430 -2,062,429
Foreign  exchange  differences 135,752 83,049
Current tax liabilities as at 31 December 7,997,948 2,197,334
(*)   Corresponds  to  offset  of  tax  assets  and  tax  liabilities.
(**)  This  includes  income  taxes  and  also  other  taxes.
Note 15. Income tax expense
* Components of the tax expense
2024 2023
EUR
Current  income  tax  expense  (*) 24,488,401 20,108,323
Deferred  tax  expense  /  (income) 87,435 -412,214
Tax expense as at 31 December 24,575,836 19,696,109
(*)   Withholding  tax  on  dividends  is  presented  within  income  tax  expense.

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* Components of the deferred tax expense / (income)
2024 2023
EUR
IAS  12:  Income  Tax  (*) 2,287,383 -644,705
IAS  19:  Pension  obligations 59,977 -115,122
IAS  2  /  IAS  41:  Fair  value  of  agricultural  produce 440,164 84,754
IAS  41:  Biological  assets  (**) -4,082,372 0
IAS  16:  Tangible  assets 633,683 265,647
IFRS  16:  Leases -2,846 4,694
IAS  37:  Provisions 751,446 -7,482
Deferred tax expense / (income) as at 31 December 87,435 -412,214
(*)   Of  which  impact  of  losses  carried  forward  activated  for  EUR  2.9  million  (EUR  0.6  million  in  2023),  and  withholding  tax  for  
EUR  -0.9  million  (EUR  -1.2  million  in  2023).
(**)  Deferred  tax  assets  on  the  difference  between  value  of  biological  assets  in  Cambodia,  impaired  at  Group  level  following  
IAS  36  principles,  and  their  value  at  local  level,  where  assets  will  be  amortised  over  their  useful  life.
* Reconciliation between income statement and cash flow statement
2024 2023
EUR
Current income tax expense -24,488,401 -20,108,323
Income  tax  -  balance  sheet  variation 3,754,242 -7,772,501
Income tax paid -20,734,159 -27,880,824
* Reconciliation of income tax expense
2024 2023
EUR
Profit before tax from continuing operations 87,177,325 65,524,414
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 18,912,650 14,216,425
Unfunded  taxes 0 579
Definitively  taxed  income  /  (expense) 87,937 -47,609
Use  of  capital  allowances 0 -586,234
Specific  tax  regimes  in  foreign  countries 6,099,585 4,029,637
Non-taxable  income -668,831 -269,907
Non-deductible  expenses 3,722,194 2,936,893
Use  and  recognition  of  tax  latencies -3,596,197 -754,926
Unrecognised  losses  carried  forward 67 170,599
Impact  of  change  in  tax  rate -9,646 0
Other  adjustments 28,076 652
Tax expense as at 31 December 24,575,835 19,696,109


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Note 16. Inventories
* Carrying value of inventories by category
31/12/2024 31/12/2023
EUR
Raw  materialsG 1,431,173 550,516
Consumables 5,025,337 5,443,932
Spare parts 1,634,483 1,361,118
Production  in  progressG 5,652,735 5,184,375
Finished  products 8,034,920 4,377,247
Gross amount (before impairment) as at 31 December 21,778,648 16,917,188
Inventory  write-downs 0 -489
Net amount as at 31 December 21,778,648 16,916,699
* Reconciliation of inventories
2024 2023
EUR
Situation as at 1 January 16,917,188 16,675,099
Change  in  inventory 5,109,302 -765,945
Fair  value  of  agricultural  products -699,435 1,479,483
Foreign  exchange  differences 451,593 -471,449
Gross amount (before impairment) as at 31 December 21,778,648 16,917,188
Inventory  write-downs 0 -489
Net amount as at 31 December 21,778,648 16,916,699
* Quantity of inventory by category
31/12/2023 Raw MaterialsG Production-in-progressG Finished goodsG
Palm  products  (tons) 0 0 3,773
Rubber  (tons) 677 0 1,631
Others  (units) 0 26,517,167 0
31/12/2024 Raw MaterialsG Production-in-progressG Finished goodsG
Palm  products  (tons) 0 0 4,157
Rubber  (tons) 1,294 0 2,776
Others  (units) 0 25,183,692 597,974


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Note 17. Trade receivables (current assets)
31/12/2024 31/12/2023
EUR
Trade  receivables 1,418,576 2,250,462
Advances  and  prepayments 33,198 8,698
TOTAL 1,451,774 2,259,160
Note 18. Other receivables (current assets)
31/12/2024 31/12/2023
EUR
Social  security 14,176 12,018
Other  receivables  (*) 1,806,231 9,856,820
Accrued  charges 244,739 55,760
TOTAL 2,065,146 9,924,598
(*)   The   “other   receivables”   consist   mainly   of   cash  
pooling   receivables   at   Socfinde   with   related   parties  
outside   the  consolidation   scope,   for  EUR  1.4   million  
(EUR  8.5  million  in  2023).
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 cash flow statement
2024 2023
EUR
Current account 149,037,854 114,574,658
TOTAL 149,037,854 114,574,658


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Note 20. Share capital
Issued  and  fully  paid  capital  amounted  to  EUR  24.5  million  as  at  31  December  2024  (no  change  compared  to  
2023).  
As  at  31  December  2024,  the  share  capital  is  represented  by  19,594,260  shares  without  nominal  value.
Ordinary shares
31/12/2024 31/12/2023
Number of shares as at 31 December 19,594,260 19,594,260
Number  of  subscribed  shares  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  
profit  for  each  financial  year  to  a  legal  reserve.  This  requirement  ceases  to  be  necessary  once  the  balance  on  
the  legal  reserve  reaches  10%  of  the  subscribed  share  capital.  The  legal  reserve  is  not  available  for  distribution  
to  the  shareholders.


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Note 22. Pension obligations
* Defined benefit pension plan and post-employment benefits
The   Group   provides   a   defined   benefit   pension   plan  
to   its   employees   in   its   Indonesian   subsidiary.   The  
latter  pay  benefits  which  are  payable  in  the  event  of  
retirement  or  voluntary  resignation.  The  benefits  paid  
are  calculated  as  a  percentage  of  the  salary  and  are  
based  on  the  number  of  years  of  service.
The   plan   finds   its   legitimacy   in   the   employment  
contract   for   the   employees   and   on   the   collective  
agreements   for   the   labourers.   No   specific   asset  
against  the  provisions  finance  the  benefits  payable  to  
the  employees.
2024 2023
EUR
Assets and liabilities recognised in the statement of financial
position
Present  value  of  obligations 34,881,809 34,533,436
Net amount recognised in the statement of financial position for 34,881,809 34,533,436
defined benefit plans
Components of net charge
Current service costs 1,551,432 1,834,219
Financial  costs 2,044,687 2,106,160
Present  Value  of  Benefit  obligation  following  employee  mutation 9,096 664,750
Past service costs -665,986 23,790
Defined benefit plan costs 2,939,229 4,628,919
Movements in liabilities / net assets recognised in the statement of
financial position
As at 1 January 34,533,436 34,304,488
Costs as per income statement 2,939,229 4,628,919
Contributions -3,211,853 -4,105,636
Actuarial  gains  and  losses  of  the  year  recognised  in  other  comprehensive   34,762 604,036
income
Foreign  exchange  differences 586,235 -898,371
As at 31 December 34,881,809 34,533,436
Provisions  are  based  on  actuarial  valuation  reports  prepared  in  January  2025.

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* Actuarial gains and losses recognised in other comprehensive income
2024 2023
EUR
Adjustments  of  liabilities  related  to  experience -969,312 -2,150,024
Changes  in  financial  assumptions  related  to  recognised  liabilities 934,550 1,545,988
Actuarial gains and losses recognised during the period in other -34,762 -604,036
comprehensive income
* Actuarial valuation assumptions
2024 2023
EUR
ASIA
Average  discount  rate from  6.88%  to  7.14% from  6.37%  to  7.10%
Expected  long-term  returns  of  plan  assets N/A N/A
Future  salary  increases 7.50% 6.50%
Average  remaining  active  life  of  employees  (in  years) 14.17 13.49
* Sensitivity analysis of the present value of defined benefit obligations
2024 2023
EUR
Actuarial value of the obligation
-  Pension  plan 33,351,229 32,801,665
-  Other  Long-term  benefits 1,530,580 1,731,771
Total as at 31 December 34,881,809 34,533,436
Actuarial rate (on pension plan)
Increase  of  0.5% 33,732,505 33,382,168
Decrease  of  0.5% 36,099,494 35,753,213
Expected future salary increases (on pension plan)
Increase  of  0.5% 36,001,791 35,658,854
Decrease  of  0.5% 33,814,893 33,461,593
The  sensitivity  analysis  are  based  on  the  same  actuarial  method  used  to  measure  the  obligations  of  the  defined  
benefit  plans.  The  mortality  rate  which  can  be  impacted  by  the  effect  of  the  climate  change  is  included  in  this  
sensitivity  analysis.
* Impact of the defined benefit pension plan on future cash flows
2024 2023
EUR
Estimated  contributions  for  the  next  financial  year  (in  euros) 3,785,720 4,267,713
2024 2023
Weighted  average  duration  of  defined  benefit  plan  obligations  (in  years) 13.32 13.04


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Note 23. Financial debts
Reconciliation of net cash surplus / (net debt)
Cash Short-term debt Long-term Debt
and cash Sub-total and current debt, net related to Sub-total TOTAL
equivalents portion of long- of current leases
term debt portion
As at 1 January 2023 94,648,047 94,648,047 -18,522,296 -9,375,586 -425,822 -28,323,704 66,324,343
Cash  flows 20,389,257 20,389,257 27,484,691   -3,130 27,687   27,509,248 47,898,505
Foreign  exchange -462,646   -462,646 274,183 138,684   14,240 427,107 -35,539
differences
Transfers 0 0 -9,236,578   9,236,798   0 220 220
Other movements with no 0 0 0 3,234 0 3,234 3,234
impact  on  cash  flows
As at 31 December 2023 114,574,658 114,574,658 0 0 -383,895 -383,895 114,190,763
Cash  flows 34,182,350 34,182,350 0 0 27,877 27,877 34,210,227
Foreign  exchange 280,846   280,846 0 0 -23,309 -23,309 257,537
differences
As at 31 December 2024 149,037,854 149,037,854 0 0 -379,327 -379,327 148,658,527

Note 24. Trade and other payables
31/12/2024 31/12/2023
EUR
Trade  creditors:  suppliers 3,542,993 3,150,548
Advances  received  and  invoices  to  be  received 5,615,997 4,194,665
Sub-total trade payables 9,158,990 7,345,213
Staff  cost  liabilities 22,645,555 16,985,833
Other  payables  (*) 39,622,140 42,470,901
Accruals 162,986 260,188
Sub-total other current payables 62,430,681 59,716,922
TOTAL 71,589,671 67,062,135
Non-current  liabilities 0 0
Current  liabilities 71,589,671 67,062,135
(*)   Other   payables   consist   mainly   of   debts   of   EUR   28.7   million  (EUR   31.5  million   in   2023)   relating   to   the   cash   pooling   at  
Socfinde.

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Note 25. Financial instruments
Financial assets Other Other
Loans and at fair value financial Loans and financial
31/12/2023 borrowings through other assets and TOTAL borrowings assets and
comprehensive liabilities (*) liabilities
income (*)
At At fair At fair
EUR amortised At fair value At cost value value
cost
Assets
Financial  assets  at  fair  value  through   0 5,231,277 0 5,231,277 0 0
other comprehensive income
Long-term  advances 50,412,500 0 87,675 50,500,175 50,412,500 87,675
Trade  receivables 0 0 2,259,161 2,259,161 0 2,259,161
Other  receivables 0 0 9,924,597 9,924,597 0 9,924,597
Cash  and  cash  equivalents  (**) 0 0 114,574,658 114,574,658 0 114,574,658
Total Assets 50,412,500 5,231,277 126,846,091 182,489,868 50,412,500 126,846,091
Liabilities
Trade  payables  (current) 0 0 7,345,213 7,345,213 0 7,345,213
Other  payables  (current) 0 0 59,716,922 59,716,922 0 59,716,922
Total Liabilities 0 0 67,062,135 67,062,135 0 67,062,135
(*)   For  information  purposes.
(**)  See  Note  23.
31/12/2023 Fair Value
EUR Level 1 Level 2 Level 3 TOTAL
Financial  assets  at  fair  value  through  other   0 0 5,231,277 5,231,277
comprehensive income


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Financial Other
assets at Other Loans and financial
31/12/2024 Loans and fair value financial TOTAL borrowings assets and
borrowings through other assets and (*) liabilities
comprehensive liabilities (*)
income
At At fair At fair
EUR amortised At fair value At cost value value
cost
Assets
Financial  assets  at  fair  value  through   0 5,253,839 0 5,253,839 0 0
other comprehensive income
Long-term  advances 0 0 93,223 93,223 0 93,223
Trade  receivables 0 0 1,451,775 1,451,775 0 1,451,775
Other  receivables 0 0 2,065,146 2,065,146 0 2,065,146
Cash  and  cash  equivalents  (**) 0 0 149,037,854 149,037,854 0 149,037,854
Total Assets 0 5,253,839 152,647,998 157,901,837 0 152,647,998
Liabilities
Trade  payables  (current) 0 0 9,158,991 9,158,991 0 9,158,991
Other  payables  (current) 0 0 62,430,681 62,430,681 0 62,430,681
Total Liabilities 0 0 71,589,672 71,589,672 0 71,589,672
(*)  For  information  purposes.
(**)  See  Note  23.
31/12/2024 Fair Value
EUR Level 1 Level 2 Level 3 TOTAL
Financial  assets  at  fair  value  through  other   0 0 5,253,839 5,253,839
comprehensive income
The  Group  did  not  identify  material  differences  between  the  carrying  amount  of  the  loans  and  their  fair  value.  

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Note 26. Staff costs and average number of staff
2024 2023
Average number of employees
Directors 195 194
Employees 2,760 2,590
Workers  (including  temporary  workers) 6,776 6,902
TOTAL 9,731 9,686
2024 2023
Staff costs
EUR
Remuneration 65,690,909 58,505,265
Social  security  and  pension  expenses 4,908,667 6,530,200
TOTAL 70,599,576 65,035,465




Note 27. Other financial income
2024 2023
EUR
On non-current assets / liabilities
Interest  on  other  investments  (*) 1,394,167 4,629,133
On current assets / liabilities
Interest  from  receivables  and  cash  and  cash  equivalents 6,107,481 4,256,771
Exchange  gains 11,535,801 3,184,412
Others 51,824 35,104
TOTAL 19,089,273 12,105,420
(*)   Interests  mainly  relating  to  the  long-term  advances  towards  Socfin  (see  Note  31).




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Note 28. Financial expenses
2024 2023
EUR
On non-current assets / liabilities
Impairment on non-current assets -90,697 170,407
Interest  expense  on  lease  liabilities 40,929 40,977
On current assets / liabilities
Interest  and  finance  expense 720,178 1,024,131
Impairment on current assets 11,036 2,897
Exchange  losses 7,380,448 5,693,613
Others 31 610,435
TOTAL 8,061,925 7,542,460




Note 29. Net earnings per share
Undiluted  net  earnings  per  share  (basic)  is  the  profit  
for   the   year   attributable   to   ordinary   shareholders  
divided   by   the   average   number   of   ordinary   shares  
outstanding  during  the  year.  As  there  are  no  potential  
dilutive  ordinary  shares,  the  diluted  net  earnings  per  
share   is   identical   to   the   undiluted   net   earnings   per  
share.
2024 2023
Net  profit  /  (loss)  for  the  period  (in  euros) 60,913,814 46,103,360
Average  number  of  shares 19,594,260 19,594,260
Net earnings per share undiluted (in euros) 3.11 2.35

Note 30. Dividends and directors’ fees
The  Board  will  propose  at  the  Annual  General  Meeting  
of   4   June   2025   the   payment   of   a   total   dividend   of  
EUR  5.00  per  share,  out  of  which  an  interim  dividend  
of   EUR   2.00   per   share   was   paid   in   November   2024.  
If  the  proposed   dividend  is   approved  by  the   general  
meeting   of  shareholders,   a   balance   of  EUR   3.00   per  
share   for   a   total   amount   of   EUR  58.8   million   would  
therefore  remain  payable.
2024 2023
Dividends  and  interim  dividends  distributed  during  the  period 78,377,040 68,579,910
Number of shares 19,594,260 19,594,260
Dividend  per  share  distributed  during  the  period 4.00 3.50
In  addition,  in  accordance  with  the  statutory  provisions,  1/9
th
  of  the  gross  dividend  is  allocated  to  the  Board  of  
Directors.

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Note 31. Information on related party
* Directors’ remuneration
2024 2023
EUR
Short-term  benefits 12,691,356 11,674,417

* Other related party transactions
31/12/2023
EUR Parent Associates Other related TOTAL
parties
Non-current assets
Long-term  advances  (Note  12) 50,000,000 132,500 280,000 50,412,500
50,000,000 132,500 280,000 50,412,500
Current assets
Trade  receivables 0 1,078,622 6,988 1,085,610
Other  receivables  (Note  18) 900,000 8,505,786 0 9,405,786
900,000 9,584,408 6,988 10,491,396
Current liabilities
Trade  payables 0 18,167 0 18,167
Other  payables  (Note  24) 5,885,386 8,280,574 18,178,167 32,344,127
5,885,386 8,298,741 18,178,167 32,362,294
2023
EUR Parent Associates Other related TOTAL
parties
Income statement
Services  and  goods  delivered 0 8,217,506 74,431 8,291,937
Services  and  goods  received 0 5,018,633 359,324 5,377,957
Financial  income 4,520,047 149,393 254,465 4,923,905
Financial  expenses 44,921 279,709 278,840 603,470


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31/12/2024
EUR Parent Associates Other related TOTAL
parties
Current assets
Trade  receivables 0 915,214 32,451 947,665
Other  receivables  (Note  18) 0 1,379,319 0 1,379,319
0 2,294,533 32,451 2,326,984
Current liabilities
Trade  payables 0 318,407 0 318,407
Other  payables  (Note  24) 9,787,917 8,915,095 10,892,562 29,595,574
9,787,917 9,233,502 10,892,562 29,913,981
2024
EUR Parent Associates Other related TOTAL
parties
Income statement
Services  and  goods  delivered 0 8,857,633 47,092 8,904,725
Services  and  goods  received 0 5,035,412 544,697 5,580,109
Financial  income 1,395,047 187,011 805 1,582,863
Financial  expenses 129,043 269,600 313,179 711,822
As   at   31   December   2024,   Socfinasia   has   no   more  
receivable   towards   Socfin,   following   the   repayment  
by   Socfin   of   the   EUR   50.0   million   advance   during  
2024.   This   receivable   beared   interest   at   6%.   The  
amount   of   interest   recognised   for   the   year   2024   is  
EUR  1.4  million.
No  other  significant  transaction  has  been  noted  with  
the   parent   company   Socfin,   with   the   exception   of  
the   payment   of   dividends   and   interim   dividends   by  
Socfinasia,  amounting  to  EUR  39.9  million  in  2023  and  
EUR  45.7  million  in  2024.  In  addition,  Socfinde  has  a  
payable  of  EUR  9.8  million  with  the  parent  company  as  
at  31  December  2024.
As   at   31   December   2024,   Socfinde   has   an   amount  
payable   of   EUR   8.5   million   towards   Socfinaf   and   its  
subsidiaries  (2023:  EUR  15.9  million).

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Note 32. Off balance sheet commitments
The Group has no material off balance sheet commitments as at 2024 year-end.

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  the sale  of rubber, 
those from Europe from the provision of administrative 
services,  assistance  in  managing  the  areas  under 

plantation and  the marketing  of products  outside of 
the  Group.  The  segment  profit  of  the  Group  is  the 
profit from operations.
The stated  figures originate  from internal  reporting. 
Since  they  do  not  reflect  any  consolidation  or  IFRS 
adjustments  or  adjustments,  they  are  not  directly 
comparable to amounts reported in the consolidated 
statement  of  the  financial  position  and  income 
statement.
* Segmental breakdown of profit / (loss) as at 31 December 2023
EUR Europe Indonesia Cambodia TOTAL
Revenue from ordinary business with external customers 0 167,746,950 10,777,027 178,523,977
Revenue from ordinary business between segments 0 0 0 0
Raw materials and consumables used 0 -21,832,850 -1,572,928 -23,405,777
Other expenses (*) -2,606,287 -12,942,915 -1,561,016 -17,110,218
Staff costs -7,619,990 -53,106,687 -4,308,788 -65,035,465
Depreciation and impairment expense 0 -8,837,041 -1,962,691 -10,799,732
Other operational income and expenses (**) -156,326 19,577 -50,876 -187,625
Segmental profit / (loss) -10,382,604 71,047,034 1,320,729 61,985,159
Financial income and gain on disposals 12,105,421
Financial expenses and loss on disposals -8,566,165
Group share of income from associates 5,890,456
Income tax expense and deferred tax (expense) / income -19,696,109
Net Profit / (loss) for the period 51,718,763

(*)  Other  expenses  correspond  mainly to  external  services  invoiced  to  plantations  and related  directly  to the  operational 
activity (transport, interim and subcontractors, technical assistance, road maintenance, …).
(**) Other operational income and expenses are not related directly to the operational activity (other taxes, property taxes, …).

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* Segmental breakdown of profit/(loss) as at 31 December 2024
EUR Europe Indonesia Cambodia TOTAL
Revenue from ordinary business with external customers 0 170,239,657 16,193,169 186,432,826
Revenue from ordinary business between segments 0 0 0 0
Raw materials and consumables used 0 -16,232,650 -1,224,075 -17,456,725
Other expenses (*) -2,800,980 -13,935,305 -2,234,420 -18,970,705
Staff costs -8,885,568 -56,624,064 -5,089,944 -70,599,576
Depreciation and impairment expense 0 -8,985,617 1,292,736 -7,692,881
Other operational income and expenses (**) -46,583 3,930,338 689,062 4,572,817
Segmental profit / (loss) -11,733,130 78,392,358 9,626,527 76,285,755
Financial income and gain on disposals 19,121,584
Financial expenses and loss on disposals -8,230,015
Group share of income from associates 4,596,877
Income tax expense and deferred tax (expense) / income -24,575,836
Net Profit / (loss) for the period 67,198,366

(*)  Other  expenses  correspond  mainly to  external  services  invoiced  to  plantations  and related  directly  to the  operational 
activity (transport, interim and subcontractors, technical assistance, road maintenance, …).
(**) Other operational income and expenses are not related directly to the operational activity (other taxes, property taxes, …).

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* Total segmental assets
31/12/2024 31/12/2023
EUR
Europe 137,794,371 102,405,662
Cambodia 67,435,108 64,227,738
Indonesia 128,489,643 118,943,164
TOTAL 333,719,123 285,576,563
IFRS  3  /  IAS  16:  Bearer  plants -19,799,075 -23,403,793
IAS  2  /  IAS  41:  Agricultural  production 2,464,555 3,130,129
Other  IFRS  adjustments -3,274,076 -2,365,866
Consolidation  adjustments  (intra-group  and  others) 3,165,670 3,554,009
Total consolidated segmental assets 316,276,196 266,491,043
Consolidated assets not included in segmental assets
Right-of-use  assets 3,590,450 2,693,850
Investments in associates 27,231,426 22,687,671
Financial  assets  at  fair  value  through  other  comprehensive  income 5,253,839 5,231,277
Long-term  advances 93,223 50,500,175
Deferred  tax 5,540,028 5,105,504
Consolidated non-current assets 41,708,966 86,218,478
Other  debtors 2,065,146 9,924,597
Current tax assets 1,197,628 743,616
Consolidated current assets 3,262,774 10,668,213
Total of consolidated assets in the segmental assets 44,971,740 96,886,691
Total assets 361,247,936 363,377,733


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* Total segmental liabilities
31/12/2024 31/12/2023
EUR
Europe 134,213,904 101,153,425
Cambodia 1,984,891 1,239,938
Indonesia 31,761,940 24,537,641
TOTAL 167,960,736 126,931,004
Consolidation  adjustments  (intra-group  and  others) -96,371,064 -59,868,869
Total consolidated segmental liabilities 71,589,671 67,062,135
Consolidated equity and liabilities not included in segmental liabili-
ties
Total  equity 242,460,423 255,574,006
Non-current  liabilities 39,170,762 38,516,999
Current  lease  liabilities 29,130 27,258
Current  tax  liabilities 7,997,950 2,197,335
Total consolidated equity and liabilities not included in segmental 289,658,265 296,315,599
liabilities
Total equity and liabilities 361,247,937 363,377,733
* Costs incurred for acquisition of segmental assets during 2023
EUR Intangible assets Tangible assets Biological assets TOTAL
Cambodia 0 480,750 426,311 907,061
Indonesia 1,172,057 5,368,272 9,562,007 16,102,337
TOTAL 1,172,057 5,849,022 9,988,318 17,009,398
* Costs incurred for acquisition of segmental assets during 2024
EUR Intangible assets Tangible assets Biological assets TOTAL
Cambodia 0 1,511,925 141,015 1,652,940
Indonesia 1,065,888 5,478,705 8,114,229 14,658,822
TOTAL 1,065,888 6,990,630 8,255,244 16,311,763


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* Information by category of revenue
2024 2023
EUR
Palm   153,906,557 150,895,839
Rubber 25,960,604 20,651,439
Other  agricultural  activities   6,212,326 6,468,850
Others 353,339 507,849
TOTAL 186,432,826 178,523,977
* Information by geographical region
EUR 2023
Geographical
location Europe Africa Asia America TOTAL
Origin
Asia 8,949,515 228,540 169,310,539 35,384 178,523,978
TOTAL 8,949,515 228,540 169,310,539 35,384 178,523,978
EUR 2024
Geographical
location Europe Africa Asia America TOTAL
Origin
Asia 9,817,157 0 176,176,706 438,963 186,432,826
TOTAL 9,817,157 0 176,176,706 438,963 186,432,826
* Information by business segment by revenue category
EUR 2023
Category Other agricultural
Palm Rubber products TOTAL
Business Segment
Indonesia 150,895,828 9,874,419 6,976,703 167,746,950
Cambodia 0 10,777,027 0 10,777,027
TOTAL 150,895,828 20,651,446 6,976,703 178,523,977
EUR 2024
Category Other agricultural
Palm Rubber products TOTAL
Business Segment
Indonesia 153,906,555 9,767,436 6,565,666 170,239,657
Cambodia 0 16,193,169 0 16,193,169
TOTAL 153,906,555 25,960,605 6,565,666 186,432,826


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Note 34. Risk management
Capital management
The  Group  manages  its  capital  and  adapts  according  to  changes  in  
economic  conditions  and   investment  opportunities.  To  maintain  
or  adjust  the  capital  structure,  the  Group  may  issue  new  shares,  
repay  part  of  the  capital  or  adjust  the  payment  of  dividends  to  
shareholders.
The   Group   also   manages   its   capital   by   closely   monitoring   the  
ratio  of  debt  over  equity.

Financial risk
The  financial  risk  for  the  companies  within  the  Group  originates  
mainly   from   changes   in   the   selling   price   of   agricultural  
commodities,  foreign  exchange  and,  to  a  lesser  extent,  interest  
rate movements.
Potential  risk
None of the countries where the Group operates has a
hyperinflationary  economy  or  suffers  from  an  immediate  threat  of  
price  devaluation.  Nevertheless,  in  a  minority  of  those  countries,  
the   political   system   and   economic   stability   remain   fragile   and  
could  lead  to  currency  devaluation  or  hyperinflation.
Risk  management  and  opportunities
The   Group  regularly   reviews   its   sources   of  financing   as   well   as  
currency   movements.   Moreover,   its   decisions   are   based   on   a  
variety   of   risks   and   opportunities,   which   themselves   depend  
on   several   factors,   including   interest   rates,   currency   and  
counterparties.
Market risk
* Price risk in commodities market
Potential  risk
The   Group   markets   its   finished   products   at   prices   that   may  
be   influenced   by   commodity   prices   in   international   markets.  
It   therefore   faces   the   risk   of   volatility   in   the   prices   of   these  
commodities.
Risk  management  and  opportunities
The   main   policy   of   the   Group’s   companies   has   always   been   to  
control  its  production  costs.  It  aims  to  generate  margins  for  the  
viability   of   structures   in   the   event   of   a   significant   drop   in   the  
selling   prices   of   raw   materials
G
   and,   conversely,   to   generate  
profit  margins  during  the  market  downturns.
In  parallel  with  this  main  policy,  secondary  policies  have  also  been  
implemented  to  improve  or  consolidate  profit  margins,  such  as:
-   the  production  of  agricultural  products  of  superior  quality  and  
branded,  in  particular  for  rubber  and;
-   the  use  of  the  Group’s  expertise  in  the  commercial  sector.
The   Group   reduces   its   exposure   to   price   risk   by   investing   into  
different  geographical  markets  and  products.
* Foreign currency risk
Potential  risk  
The  Group  carries  out  transactions  in  local  currencies,  the  main  
ones  being  US  dollar  and  Indonesian  rupiah.  In  addition,  financial  
instruments   hedging   against   fluctuations   in   exchange   rate   may  
not  be  available  for  certain  currencies.  This  creates  exposure  to  
exchange   rate   fluctuations,   which   may   have   an   impact   on   the  
financial  result  denominated  in  euro.
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  finance  its   development   projects  in   the  
local  currencies  of  the  region.  This  practice  is  favourable  for  the  
significant  investments  made  in  the  plantations,  as  an  attempt  to  
reduce  borrowings  wherever  possible.
* Interest rate risk
Potential  risk
The  first  risk  linked  to  the  interest  rate  denotes  a  change  in  cash  
flows  relating  to  short-term  borrowings,  often  on  a  variable  rate,  
as  well  as  a   relatively  high  level  of  base  interest   rates  on  cash  
and   cash   equivalents.   The   second   risk,   is   linked   to   developing  
markets,  when  borrowing  in  a  local  currency.
Risk  management  and  opportunities
The  Group  has   limited  exposure   to   these  risks.  The  first   risk  is  
maintained  under  control  by  an  active  policy  of  monitoring  the  
evolution  of  local  financial  markets  on  the  one  hand  and,  when  
necessary,   short-term   debt   consolidation   in   the   long   term   on  
the  other.  Another  systematic  policy  keeps  an  eye  on  the  second  
risk,   by   putting   local   and   international   banks   in   competition  
with   international   lenders   who   can   offer   real   investment   and  
development  opportunities  at  attractive  rates.



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Credit risk
Potential  risk
Credit   risk   is   the   risk   that   a   counterparty   will   not   meet   its  
obligations   under   a   financial   instrument   or   customer   contract,  
leading   to  a  financial   loss.  The  Group   is   exposed   to  credit  risk  
from   its   operating   activities   (primarily   trade   receivables)   and  
from   its   financing   activities,   including   deposits   with   banks   and  
financial   institutions,   foreign   exchange   transactions   and   other  
financial  instruments.
Risk  management  and  opportunities
To  manage  credit   risk,  the  Group   ensures  the  payment  of   local  
sales   in   cash   or   the   guarantee   of   the   receivables   by   obtaining  
approved  bills  of  exchange.  The  export  sales  of  the  plantations  
are   centralised   in   the   Group’s   sales   structure,   which   applies  
either  a  cash  payment  policy  or  a  commercial  credit  policy  whose  
limits  are  defined  by  its  Board  of  Directors.  The  Group  chooses,  
whenever   possible,   to   maintain/claim   financial   liabilities   and  
cash  position  with  low  credit  risk  institutions.
Details  on  impairment  of  financial  assets  and  liabilities,  including  
measurement   of   expected   credit   losses,   are   disclosed   in   Note  
1.17.
Liquidity risk
Potential  risk
Liquidity  risk  is  defined  as  the  risk  that  the  Group  cannot  meet  
its  obligations  in  time  or  at  a  reasonable  price.  This  risk  mainly  
affects  plantations,  which  are  both  the  main  source  of  cash  and  
financing  needs.
Risk  management  and  opportunities
Given   the   specific   economic   and   technological   environment  
of   each   plantation,   the   Group   manages   the   liquidity   risk   in   a  
decentralised  manner.  However,  both  the  available  cash  and  the  
implementation   of   the   financing   are   supervised   by   the   Group  
Management.
Emerging market risks
Potential  risk
Current  or  future  political  instability  in  certain  countries  in  which  
the  Group  operates  may   affect  the  Group’s  profitability  and   its  
ability  to  do  business  and  generate  revenue.
The  political  system  in  some  of  the  Group’s  markets  is  relatively  
fragile  and  can  be  potentially  threatened  by  cross-border  conflicts  
or  wars  between  rival  groups.
Risk  management  and  opportunities
Through  its  activities,  the  Group  contributes  to  the  improvement  
of  the  quality  of  life  in  the  countries  in  which  it  operates.  It  also  
focuses  on  improving  the  stability  of  its  markets,  which  may  lead  
to  an  appreciation  in  the  value  of  the  Group’s  local  companies.
By  diversifying  the  countries,  economies  and  currencies  in  which  
the  Group  generates  its  revenues  and  cash  flows,  it  reduces  its  
exposure  to  emerging  market  risk.
The  Group  is  aware  of  its  environmental  and  social  responsibility  
towards   the   local   population   and   is   continually   implementing  
initiatives  to  this  end.
Risk of expropriation
Potential  risk
Certain   countries   in   which   the   Group   operates   have   political  
regimes  that  may  call  into  question  foreign  commercial  interests  
by  limiting  their  activities  and  may  attempt  to  exert  control  over  
the  Group’s  assets.  This  is  known  as  the  risk  of  expropriation.
Risk  management  and  opportunities
The  diversified  geographical  distribution  of  the  countries  in  which  
the  Group  generates  its  revenues  and  its  cash  flows  reduces  its  
exposure to this risk.
Credibility risk
Potential  risk
With  the  Group  being  linked  to  the  state  of  the  financial  markets,  
the  Group  may  be  exposed  to  a  credibility  risk  when  said  markets  
lose  confidence.  This  depends  on  the  Group’s  ability  to  maintain  
sound  financial  health  considering:
-   its  environmental  impact,
-   its  social  responsibility  and
-   the  economic  and  geopolitical  risks  that  certain  Group  entities  
may face.
Risk  management  and  opportunities
The   Group   has   published   its   responsible   management   policy   in  
2017,  which  was  updated  in  2022.  This  complements  the  Group’s  
sustainability  commitments,  formalised  in  2012.
The   Group’s   initiatives   to  monitor   this   risk   are   detailed   in   the  
information  provided  in  the  annual  Sustainability  Report  available  
on  request  at  Group  headquarters.

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Risk sensitivity
* Exchange rate risk
The  Group  is  exposed  to  changes  in  value  arising  from  
fluctuations   in  exchange  rates,   which   are   generated  
by  its  operating  activities.  However,  as  local  turnover  
was  made  in  the  local  currency  and  export  sales  are  
made  in  US  dollar,  the  Group’s  exposure  is  limited  to  
fluctuations  in  dollar  against  the  euro.  The  impact  on  
the   result   of   a   10%   increase   or  decrease   (EUR/USD)  
in  foreign  currency  financial  instruments  amounts  to  
EUR  10.0  million.
In   the   case   where   the   currency   of   sale   is   not   the  
functional  currency  of  the  Company,  and  it  is  linked  
to  a  strong  currency,  the  conversion  is  ensured  at  the  
time  of  the  conclusion  of  the  contract.  The  local  sales  
concluded  in  the  local  currency  in  2024  amounted  to  
EUR  176.2  million.
Socfinasia’s   companies   have   a   cash   position   of  
USD  104.2  million  at  2024  year-end.
* Interest rate risk
The  breakdown  of   fixed  rate  loans  and  variable   rate  
loans  is  described  in  Note  23.  Due  to  the  cash  pooling  
centralised,  the  Group  is  exposed  to  interest  rate  risk.  
To  control  this  risk,  the  management  closely  monitors  
the  interest  rate’s  evolution.
* Credit risk
On   31   December   2024,   the   trade   receivables   from  
global   customers   amounted   to   EUR   0.9   million   and  
from   local   customers   to   EUR   0.6   million.   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.
The  outstanding  trade  receivables  are  not  significant.
2024 2023
EUR
Trade  receivables 1,451,775 2,259,161
Other  receivables 2,065,146 9,924,597
Long-term  advances 93,223 50,500,175
Total net receivables 3,610,144 62,683,933
Amount  not  yet  due 1,874,337 60,299,632
Amount  due  less  than  6  months 1,735,807 2,384,301
Total net receivables 3,610,144 62,683,933


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Note 35. Profit before interest, taxes, depreciation and amortisation
EBITDA
G
2024 2023
EUR
Profit  /  (loss)  attributable  to  the  owners  of  the  Parent 60,913,814 46,103,360
Profit  /  (loss)  attributable  to  non-controlling  interests 6,284,552 5,615,402
Share  of  the  Group  in  the  result  from  associates -4,596,877 -5,890,456
Dividends  received  from  associates 3,494,328 8,292,174
Fair  value  of  biological  assets 526,341 -1,213,115
Depreciation,  amortisation  and  provisions 7,340,097 11,284,832
Gains  and  losses  on  disposals  of  assets 135,779 1,023,704
Income  tax  expense  and  deferred  tax 24,575,836 19,696,109
Other  financial  income -19,089,273 -12,105,421
Financial  expenses 8,061,924 7,542,460
Financial  expenses  included  in  amortisation  and  provisions 79,661 -173,304
Impact  of  lease  on  EBITDA -72,160 -174,486
TOTAL 87,654,022 80,001,259


Note 36. Contingent liabilities
1 Litigation against the Belgian Federal Public
Service Finance (Corporate Tax)
The   company   SOCFICOM   (“Socficom”),   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  Office.
The   main   accusation   against   Socficom   was   that   the  
Belgian   Public   Prosecutor’s   Office   considered   that  
Socficom  was  a  “Belgian  resident  company”,  subject  
to  Belgian  corporate  income  tax.
Socficom  was  acquitted,  following  a  ruling  by  the  11
th
Chamber   of   the   Brussels   Court   of   Appeal,   sitting   in  
correctional  matters,  dated  from  23  October  2018.  The  
Court  ruled  that  “it  is  clear  from  all  these  elements  
that  the  real  seat  of  the  defendant  Socficom  is  indeed  
established   in  Liechtenstein   and   that   nothing  allows  
it  to  be  located  in  Brussels”.  The  Public  Prosecutor’s  
Office  did  not  appeal  against  this  judgement  and  this  
decision  is  therefore  final.
However,   the   Federal   Public   Service   Finance,   relied  
exclusively  on  the  investigation  file  submitted  by  the  
Belgian  Public  Prosecutor’s  Office  in  criminal  matters.  
The  former  therefore  maintains  that  Socficom  meets  
the  conditions  to  be  liable  to  corporate  income  tax  in  
Belgium.  The  Federal  Public  Service  Finance  considers  
that   Socficom   is   effectively   managed   from   Belgium  
and  that  all  its  activities  are  carried  out  there.  
Socficom   was   therefore   automatically   assessed   with  
corporate  income  tax  on  4  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  January  2018.
On   5  April   2013,   Socficom   filed   a   tax   claim   against  
the  6  ex  officio  tax  assessments.  These  6  claims  were  
declared  admissible,  but  were  rejected.
Socficom   filed   an   action   before   the   “Tribunal   de  
première  instance  francophone”  of  Brussels.  
The   “Tribunal   de   première   instance   francophone”  
of  Brussels,  by  judgement  dated  from  26  April  2019,  
declared   the  claim  admissible   and   partially   founded  
insofar  as  it  ordered  the  partial  relief  of  the  disputed  
taxes.
Socficom   considers   that   this   decision,   although  
partially   favourable   to   the   argument   it   defended  
before   the   Court,   is   not   satisfactory,   given   the  
acquittal  decision  referred  to  above.


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The  tax  authorities  want  to  tax  Socficom  exclusively  
on  the   basis   of  the   elements  in   the   criminal  file,   as  
the   tax   file   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  Socficom  and  the  other  defendants.
The  Court  could  therefore  not  agree  with  the  tax  office  
on  the   basis   of  documents,   observations  or   findings,  
without   taking   into   consideration   the   judgement   of  
the  Court  of  Appeal  of  23  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.
Socficom  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   Socficom   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,  dating  
from  23  October  2018  which  confirms:  “that  the  real  
seat  of  the  defendant  Socficom  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  outflow  of  
financial  resources  by  the  Group  is   low.  The  findings  
of  the  Court  of  Appeal  are  not  expected  before  2025.
2 Litigation against the Belgian Federal Public
Service Finance (VAT)
As   described   above,   the   Federal   Public   Service  
Finance  maintains  that  Socficom  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  fines  and  interest  at  a  rate  of  
0.8%  per  month  as  from  20  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  fines  
-   plus  interest  for  late  payment  to  be  calculated  on  
the  VAT  due  from  21  December  2013.
Socficom  contested  this  tax  before  the  Brussels  Court  
of First Instance.
The   Court   declared   the   claim   admissible   and  
partially  founded   insofar  as  it  cancelled  the   fines  of  
EUR  6,108,320  and  the  interest  charged  on  this  amount.
Socficom   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  dating  
from 23 October 2018.
In  order  to  claim  the  disputed  VAT  from  Socficom,  the  
tax   authorities   based   themselves   exclusively   on   the  
criminal   file.   However,   the   Brussels   Court   could   not  
ignore   the  acquittal   decision   and  condemn   Socficom  
without  taking  into  account  the  final  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   October   2018   could   not   be   challenged   and   is  
binding  on  the  Court.
Socficom  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   a   tax  
relief  for  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,  dating  
from  23  October  2018,  which  confirms:  “that  the  real  
seat  of  the  defendant  Socficom  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  outflow  of  financial  resources  
by  the  Group  is  low.  The  findings  of  the  Court  of  Appeal  
are  not  expected  before  2025.


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Consolidated financial statements
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Note 37. Events after the closing date
There  are  no  material  events  after  the  closing  date  to  mention.
Note 38. Auditor’s fees
2024 2023
EUR
Audit  (VAT  included) 453,178 375,814
The  audit  fees  include  all  fees  paid  to  the  independent  
statutory  auditor   of  the  Group  namely  EY  as  well  as  
those   paid  to   member  firms  within   EY’s   network  for  
the  relevant  years.  No  consulting  work  or  other  non-
audit   services   have   been   performed   by   this   firm   in  
2024 nor in 2023.

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Company’s management report
Presented by the Board of Directors
at the Annual General Meeting of 4 June 2025
Ladies  and  gentlemen,
We  are  pleased  to  present  our  annual  report  and  to  submit  for  your  approval  the  annual  accounts  of  our  Company  
as  at  31  December  2024.
Activities
Socfinasia  S.A.  holds  financial  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  profit  and  loss  account  for  the  year,  compared  to  that  of  the  previous  year,  is  as  follows:
(EUR million) 2024 2023
INCOME
Income  from  participating  interests
  Derived  from  affiliated  undertakings
62.7 50.5
Other  interest  receivable  and  similar  income 4.0 2.4
Total income 66.7 52.9
EXPENSES
Other  external  expenses 2.5 2.2
Interest  payable  and  similar  expenses 0.0 1.9
Income tax 1.2 0.7
Total expenses 3.7 4.8
PROFIT FOR THE FINANCIAL YEAR 63.0 48.1
As   at   31   December   2024,   the   income   from   financial  
fixed  assets  amounted  to  EUR  62.7  million  compared  
to  EUR  50.5  million  in  2023.  The  increase  is  mainly  due  
to  increased  revenues  from  Indonesia
The   profit   of   the   year,   after   structural   charges  
and   costs,   stood   at   EUR   63   million   compared   to  
EUR  48.1  million  as  at  31  December  2023.

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Balance sheet
As   at   31   December   2024,   Socfinasia’s   total   assets  
amounted   to   EUR   404.6   million   compared   to  
EUR  430.2  million  in  2023.
Socfinasia’s   assets   mainly   consist   of   financial   fixed  
assets  of   EUR  304.7  million,  receivables  and   cash  at  
Bank  of  EUR  99.9  million.
Shareholders’   equity,   before   allocation   of   the  
remaining  dividend,  amounts  to  EUR  400  million.
Portfolio
Movements
During  the  year,  the  Company  has  participated  in  the  
capital  increase  of  Induservices  FR.
Valuation
Unrealised  capital  gains  on  the  portfolio  of  participating  
interests   are   estimated   at   EUR   77.2   million   as   at  
31  December  2024  compared  with  EUR  62.4  million  at  
the  end  of  the  previous  year.
Investments
The  main  investments  have  evolved  as  follows  during  the  period:
PT Socfindo (Indonesia)
90%  subsidiary  of  PNS  Limited  which  itself  is  100%  owned  by  Socfinasia.
Area (ha) as at 31/12/2024 Planted area
Mature Immature Total
Rubber 5,129 1,196 6,325
Palm 34,438 5,037 39,475
Total 39,567 6,233 45,800
Key figures Actual 2024 Actual 2023 Difference (%)
Production (tons)
Rubber 6,170 6,397 -3,5  %
Palm  oil 179,593 188,527 -4,7  %
Turnover (EUR 000)
Rubber 9,767 9,874 -1,1  %
Palm  tree 153,907 150,896 +1,9  %
Seeds 5,348 5,236 +2,1  %
Total 169,022 166,006 +1,8 %
Result (EUR 000) 64,421 52,960 +21,6 %

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Socfinasia S.A.
Socfin-KCD Co Ltd (Cambodia) – 100% owned  
subsidiary  of  Socfinasia and
Coviphama Co Ltd (Cambodia) -   100%   owned  
subsidiary  of  PNS  Ltd,  which  itself  is  100%  owned  by  
Socfinasia.
The   production   of   rubber   processed   by   Socfin   KCD  
during   the   year   2024   is   up   by   16%   due   to   higher  
production  of  Coviphama.  Revenue  was  also  up  (+50%)  
due  to  higher  volume  (+13%)  and  selling  prices  (+33%).  
This   had   a   positive   impact   on   net   income   and   also  
benefited   from   a   more   favourable   unit   margin   than  
last  year.
At  Coviphama,  raw  rubber  production  up  (+82%)  due  
to  the  opening  of  new  agricultural  plots  for  bleeding.  
Sales  were  also  up  (+173%)  due  to  an  increase  in  sales  
volume  (+82%)  and  selling  price  (+50%).
Allocation of profit
The  profit  for  the  year  of  EUR  63,043,720  increased  by  the  profit  brought  forward  of  EUR  144,557,917,  give  a  
total  earnings  of  EUR  253,414,917  which  was  proposed  to  allocate  as  follows:
Earning allocation EUR
Profit  brought  forward 144,557,917
From  the  balance  :
10%  to  the  Board  of  Directors 10,885,700
90%  to  19,594,260  shares 97,971,300
   representing  EUR  5.00  per  share
   of  which  EUR  2.00  already  paid  at  the  end  of  2024 253,414,917
As  a  reminder,  the  dividend  relating  to  the  previous  year  was  EUR  4.00.
After  this  allocation  of  earnings,  the  reserves  will  be  as  follows:
Reserves EUR
Legal  reserve 2,449,282
Statutory reserve 125,993,370
Other reserves 30,070,910
Other  available  reserves 7,153,910
Profit  brought  forward 144,557,917
310,225,389
If  this  distribution  is  approved,  Coupon  No.  88  of  EUR  3.00  gross  will  be  declared  on  13  June  2025  and  payable  
as  of  17  June  2025.

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Own shares
During  the  year  2024,  the  Company  did  not  buy  back  any  of  its  shares.
Research and development
During  the  year  2024,  Socfinasia  did  not  incur  any  expenses  relating  to  research  and  development.
Financial instruments
Socfinasia’s  treasury  holds  USD  101.8  million  in  its  position  as  at  31  December  2024.  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  financial  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 May 2006
concerning Public Takeover Bids
a)   b)  and   f)  The   subscribed  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  February  2017,  Socfin  declared  that  it  holds  
57.79%  direct  stake  in  Socfinasia.
   On   22   October   2018,   Bolloré   Participations  
declared  that  it  holds  a  direct  and  indirect  stake  of  
22.255%  in  Socfinasia,  of  which  17.138%  via  Bolloré  
and  5.116%  via  Compagnie  du  Cambodge.
h)   Art.   13.   of   the   statutes:   “The   Company   is  
administered   by   a   Board   composed   of   at   least  
three  members,  whether  natural  or  legal  persons.
   The   Directors   are   appointed   for   a   period   of   six  
years   by   the   General   Meeting   of   Shareholders.  
They  are  eligible  for  re-election.
   The   Directors   are   renewed  by  lottery,  so   that   at  
least  one  Director  will  be  leaving  each  year  ”.
   Art.  22.  of  the  statutes:  “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  statutes:  “The  present  statutes  can  
be   modified   by   decision   of   the   General   Meeting  
specially  convened  for  this  purpose,  in  the   forms  
and   conditions   prescribed   by   articles   450-1  
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   defined   in   Art.   17   and   seq.   of  
the   statutes   of   the   Company.   They   provide   in  
particular  that:  “The  Board  of  Directors  is  vested  
with  the  broadest  powers  for  the  administration  of  
the  Company.  All  matters  not  expressly  reserved  to  
the  General  Meeting  by  the  statutes  or  the  law  fall  
within  the  competence  of  the  Board  ”.

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Company’s management report
In addition, the statutes provide in Art. 6: “In the
event of a capital increase, the Board of Directors
shall determine the conditions of issue of the
shares.
The new shares to be paid up in cash shall be
offered in preference to the current shareholders,
in accordance with the law.
In the event of the issue of shares by contribution
in cash or in the event of the issue of instruments
which fall within the scope of application of article
420-27 of the law on companies and which are
paid for in cash, including and in a non-exhaustive
manner, convertible bonds allowing their holder
to subscribe to shares or to be allocated shares,
shareholders have preferential subscription rights
in proportion to their participation with regard to
all these issues in accordance with the provisions
of company law.
The General Meeting called to deliberate, under
the conditions required for the amendment of
the Articles of Association, on the increase in the
share capital or on the authorisation to increase
the capital in accordance with Article 420-23
of the law of commercial companies, may limit
or cancel the preferential subscription right or
authorise the Board to do so in the manner and
under the conditions provided for by law.”
The  other  points  of  Art.  11  (1)  are  not  applicable, 
namely:
• the 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 modified or terminated
in the event of a change of control of the Company
following a takeover bid;
• the  indemnities  provided  in  the  event  of  the
resignation or dismissal of members of the Board
of Directors or staff following a takeover bid.
Responsible management policy
The  responsible  management  policy  is  based  on  the 
Group’s  three  pillars  of  commitment,  alongside 
its  specific  commitment  to  transparency:  rural 
development,  workers  and  local  communities,  and 
environment. These commitments form the basis of
key initiatives aimed at improving long-term economic 
performance,  social  well-being,  health,  safety  and 
natural resource management.
An  implementation  plan  for  this  policy  was  defined 
and implemented throughout 2024.
The  efforts  and  actions  undertaken  by  the  Socfin 
Group in this area are detailed in a regularly updated 
dashboard  as  well  as  in  a  separate  annual  report 
(“Sustainability Report”).
The  responsible  management  policy,  the  dashboard 
and  the  annual  Sustainability  Report  report  are 
available on the Group’s website.
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Significant events after the end of the year
As  at  31  December  2024  and  2023,  the  Company  had  no  significant  post-closing  events  affecting  the  Company.
Main risks and uncertainties
It  must  be  emphasised  that  the   Group’s  investments  
in   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  financial  statements.
Perspectives
The  result  for  the  2025  financial  year  will  largely  depend  on  the  dividend  distributions  of  the  subsidiaries.
Statutory appointments
Mr.  Valérie  Hortefeux  and  Mr  Cyrille  Bolloré,  outgoing  
Directors,  are  eligible  for  re-election.  The  Board  will  
propose  to  the  next  General  Meeting   the  renewal  of  
the  present  mandates  for  a  period  of  six  years.  
The Board of Directors

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Audit report on the company’s financial 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  financial  statements  of  Socfinasia  
S.A.   (the   “Company”),   which   comprise   the   balance  
sheet   as   at   31   December   2024,   and   the   profit   and  
loss  account  for  the  year  then  ended,  and  the  notes  
to   the   financial   statements,   including   a   summary   of  
significant  accounting  policies.  
In  our  opinion,  the  accompanying  financial  statements  
give  a  true  and  fair  view  of  the  financial  position  of  the  
Company  as  at  31  December  2024,  and  of  the  results  of  
its  operations  for  the  year  then  ended  in  accordance  
with   Luxembourg   legal   and   regulatory   requirements  
relating   to   the   preparation   and   presentation   of   the  
financial  statements.
Basis for opinion
We   conducted   our   audit   in   accordance   with   EU  
Regulation   N°   537/2014,   the   Law   of   23   July   2016  
on  the  audit   profession  (“Law  of  23   July  2016”)  and  
with   International   Standards   on   Auditing   (“ISAs”)  
as   adopted   for   Luxembourg   by   the   “Commission   de  
Surveillance   du   Secteur   Financier”   (“CSSF”).   Our  
responsibilities  under  the  EU  Regulation  Nº  537/2014,  
the   Law   of   23   July   2016   and   ISAs   as   adopted   for  
Luxembourg  by  the  CSSF  are  further  described  in  the  
“Responsibilities  of  the  “réviseur  d’entreprises  agréé”  
for  the  audit   of  the  financial  statements”   section  of  
our  report.  We  are  also  independent  of  the  Company  
in   accordance   with   the   International   Code   of   Ethics  
for   Professional  Accountants,   including   International  
Independence  Standards,   issued  by  the   International  
Ethics  Standards  Board  for  Accountants  (“IESBA  Code”)  
as  adopted  for  Luxembourg  by  the  CSSF  together  with  
the   ethical   requirements   that   are   relevant   to   our  
audit   of   the   financial   statements,   and   have   fulfilled  
our  other  ethical  responsibilities  under  those  ethical  
requirements.  We  believe  that  the  audit  evidence  we  
have  obtained  is  sufficient  and  appropriate  to  provide  
a basis for our opinion.
Key audit matters
Key   audit   matters   are   those   matters   that,   in   our  
professional   judgment,   were   of   most   significance   in  
our   audit   of  the  financial   statements   of   the   current  
period.  These  matters  were  addressed  in  the  context  
of  the   audit  of  the   financial  statements   as  a   whole,  
and   in   forming   our   opinion   thereon,   and   we   do   not  
provide  a  separate  opinion  on  these  matters.
Valuation of shares in affiliated undertakings
Risk identified
As   at   31   December   2024,   the   shares   in   affiliated  
undertakings   amounts   to   297   million   euros   and  
represents   73%   of   the   total   assets   of   the   balance  
sheet.  Shares  in  affiliated  undertakings  are  valued  at  
historical  acquisition  cost,  respectively  their  nominal  
value,  which  includes  incidental  expenses.  In  the  case  
of   durable   depreciation   in   value   according   to   the  
opinion  of  the  Board  of  Directors,  value  adjustments  
are  made  in  respect  of  financial  fixed  assets,  so  that  
they  are  valued   at  the  lower  figure   to  be  attributed  
to   them   at   the   balance   sheet   date.   These   value  
adjustments   are   not   continued   if   the   reasons   for  
which  the  value  adjustments  were  made  have  ceased  
to  apply.  In  the  event  of  an  impairment  that,  in  the  
opinion   of   the   Board   of   Directors,   is   of   a   lasting  
nature,   these   financial   assets   are   subject   to   value  
adjustments   in   order   to   give   them   the   lower   value  
that   should   be   attributed   to   them   on   the   balance  
sheet  date,  as  determined  by  the  Board  of  Directors.
The  assessment  of  the  durable  depreciation  in  value  
of  these  shares  in  affiliated  undertakings  requires  the  
exercise   of  the   Board   of   Directors’  judgement   in   its  
choice   of   the   elements   to   be   considered   according  
to   the   shares   in   affiliated   undertakings,   whether  
market  elements  (shares  price  when  applicable)  and/
or   historical   elements   (adjusted   net   equity)   and/or  
forecast   elements   (discounted   future   cash   flows   to  
shareholders).    

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Due  to  the  size  of  the  balance  and  judgement  included,  
we  considered  this  area  to  be  a  key  audit  matter.
Our answer
Our   audit   procedures   over   the   impairment   of   the  
shares   in  affiliated   undertakings   and  of   the   loans   to  
affiliated  undertakings  included  amongst  other  :
•   Assessing   the   accounting   policies   determined   by  
the   Board   of   Directors,   as   described   in   the   note  
2   of   the   financial   statements,   to   determine   the  
value  adjustments  to  be  recorded  on  shares  in  the  
affiliated  undertakings  ;  
•   Ensuring   that   the   accounting   policies   used   by   the  
Board  of  Directors  were  properly  applied:
-   when   the   Board   of   Directors   relied   on   market  
data,   we   reconciled   the   share   prices   as   at   31  
December  2024  used  for  the  valuation  of  shares  
in   affiliated   undertakings   to   the   official   stock  
markets  quotations  ;
-   when  the  Board  of  Directors  relied  on  historical  
data,   we   reconciled   the   adjusted   net   equity  
used  in  the  valuation  of  the  shares  in  affiliated  
undertakings   as   at   31   December   2024   to   the  
financial   information   of   the   related   affiliated  
undertakings  and  assessed   the  appropriateness  
of   evidence   supporting   the   adjustments   made  
to  the  net  equity,  if  any.
•   Assessing   the   appropriateness   of   the   disclosures  
made  in  the  Note  3  of  the  financial    
statements.
Other information
The   Board   of   Directors   is   responsible   for   the   other  
information. The other information comprises the
information  included  in   the  management   report   and  
the   corporate   governance   statement   but   does   not  
include   the   financial   statements   and   our   report   of  
“réviseur  d’entreprises  agréé”  thereon.
Our  opinion  on  the  financial  statements  does  not  cover  
the  other  information  and  we  do  not  express  any  form  
of  assurance  conclusion  thereon.
In  connection  with  our  audit  of  the  financial  statements,  
our  responsibility  is  to  read  the  other  information  and,  
in  doing  so,  consider  whether  the  other  information  is  
materially  inconsistent  with  the  financial  statements  
or  our  knowledge  obtained  in  the  audit  or  otherwise  
appears  to  be  materially  misstated.  If,  based  on  the  
work  we  have  performed,  we  conclude  that  there  is  a  
material  misstatement  of  this   other  information,  we  
are  required  to  report  this   fact.  We   have  nothing  to  
report  in  this  regard.
Responsibilities of the Board of Directors and of
those charged with governance for the financial
statements
The   Board   of   Directors   is   responsible   for   the  
preparation   and   fair   presentation   of   the   financial  
statements  in  accordance  with  Luxembourg  legal  and  
regulatory   requirements   relating   to   the   preparation  
and   presentation   of   the   financial   statements,   and  
for   such   internal   control   as   the   Board   of   Directors  
determines   is   necessary   to   enable   the   preparation  
of   financial   statements   that   are   free   from   material  
misstatement,  whether  due  to  fraud  or  error.
The  Board  of  Directors  is  also  responsible  for  presenting  
and  marking  up  the  consolidated  financial  statements  
in   compliance   with   the   requirements   set   out   in   the  
Delegated   Regulation   2019/815   on   European   Single  
Electronic  Format,  as  amended  (“ESEF  Regulation”).
In   preparing   the   financial   statements,   the   Board   of  
Directors   is   responsible   for   assessing   the   Company’s  
ability  to  continue  as  a  going  concern,  disclosing,  as  
applicable,  matters  related  to  going  concern  and  using  
the  going  concern  basis  of  accounting  unless  the  Board  
of  Directors  either  intends  to  liquidate  the  Company  
or  to  cease  operations,  or  has  no  realistic  alternative  
but  to  do  so.
Responsibilities of the “réviseur d’entreprises
agréé” for the audit of the financial statements
The  objectives  of  our  audit  are  to  obtain  reasonable  
assurance   about   whether   the   financial   statements  
as   a   whole   are   free   from   material   misstatement,  
whether  due  to  fraud  or  error,  and  to  issue  a  report  
of   the   “réviseur   d’entreprises   agréé”   that   includes  
our   opinion.   Reasonable   assurance   is   a   high   level  
of   assurance,   but   is   not   a   guarantee   that   an   audit  
conducted   in   accordance   with   EU   Regulation   N°  
537/2014,  the  Law  of  23  July  2016  and  with  the  ISAs  
as   adopted   for   Luxembourg   by   the   CSSF   will  always  
detect  a  material  misstatement  when  it  exists.  

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Misstatements   can   arise   from   fraud   or   error   and  
are   considered   material   if,   individually   or   in   the  
aggregate,   they   could   reasonably   be   expected   to  
influence  the  economic  decisions  of  users  taken  on  the  
basis  of  these  financial  statements.
As  part  of  an  audit  in  accordance  with  EU  Regulation  
N°  537/2014,  the  Law  of  23  July  2016  and  with  ISAs  
as  adopted  for  Luxembourg  by  the  CSSF,  we  exercise  
professional   judgment   and   maintain   professional  
skepticism  throughout  the  audit.  We  also:  
•    Identify   and   assess   the   risks   of   material  
misstatement  of  the  financial  statements,  whether  
due   to   fraud   or   error,   design   and   perform   audit  
procedures   responsive   to   those   risks,   and   obtain  
audit   evidence   that   is   sufficient   and   appropriate  
to  provide   a  basis  for   our  opinion.  The  risk   of  not  
detecting   a   material   misstatement   resulting   from  
fraud   is   higher   than   for   one   resulting   from   error,  
as  fraud  may  involve  collusion,  forgery,  intentional  
omissions,   misrepresentations,   or   the   override   of  
internal  control.  
•    Obtain  an  understanding  of  internal  control  relevant  
to   the   audit   in   order   to   design   audit   procedures  
that are appropriate in the circumstances, but not
for   the   purpose   of   expressing   an   opinion   on   the  
effectiveness  of  the  Company’s  internal  control.  
•    Evaluate   the   appropriateness   of   accounting  
policies  used  and  the  reasonableness  of  accounting  
estimates   and   related   disclosures   made   by   the  
Board  of  Directors.  
•    Conclude   on   the   appropriateness   of   Board   of  
Directors’   use   of   the   going   concern   basis   of  
accounting   and,   based   on   the   audit   evidence  
obtained,   whether   a   material   uncertainty   exists  
related   to   events   or   conditions   that   may   cast  
significant   doubt   on   the   Company’s   ability   to  
continue   as   a   going   concern.   If   we   conclude   that  
a   material   uncertainty   exists,   we   are   required  
to   draw   attention   in   our   report   of   the   “réviseur  
d’entreprises   agréé”   to   the   related   disclosures   in  
the  financial  statements  or,  if  such  disclosures  are  
inadequate,  to  modify  our  opinion.  Our  conclusions  
are  based  on  the  audit  evidence  obtained  up  to  the  
date   of   our   report   of   the   “réviseur   d’entreprises  
agréé”.   However,   future   events  or   conditions   may  
cause  the  Company  to  cease  to  continue  as  a  going  
concern.
•    Evaluate   the   overall   presentation,   structure   and  
content   of   the  financial   statements,   including   the  
disclosures,   and   whether   the   financial   statements  
represent  the  underlying  transactions  and  events  in  
a manner that achieves fair presentation.
•   Assess  whether  the  financial  statements  have  been  
prepared,   in   all   material   respects,   in   compliance  
with   the   requirements   laid   down   in   the   ESEF  
Regulation.
We  communicate  with  those  charged  with  governance  
regarding,   among   other   matters,   the   planned   scope  
and  timing  of  the  audit  and  significant  audit  findings,  
including   any   significant   deficiencies   in   internal  
control  that  we  identify  during  our  audit.  
We  also  provide  those  charged  with  governance  with  
a   statement   that   we   have   complied   with   relevant  
ethical   requirements   regarding   independence,   and  
communicate   to   them   all   relationships   and   other  
matters   that   may   reasonably   be   thought   to   bear   on  
our   independence,   and   where   applicable,   related  
safeguards.  
From  the  matters  communicated  with  those  charged  
with   governance,   we   determine   those   matters   that  
were  of  most  significance  in  the  audit  of  the  financial  
statements   of   the   current   period   and   are   therefore  
the  key  audit  matters.  We  describe  these  matters  in  
our   report  unless   law   or   regulation  precludes   public  
disclosure  about  the  matter.
Report on other legal and regulatory requirements
We   have   been   appointed   as   “réviseur   d’entreprises  
agréé”  by  the  General  Meeting  of  the  Shareholders  on  
26   May   2020   and   the   duration   of   our   uninterrupted  
engagement,   including   previous   renewals   and  
reappointments, is 5 years.
The  management  report  is  consistent  with  the  financial  
statements  and  has  been  prepared  in  accordance  with  
applicable  legal  requirements.  
The   accompanying   corporate   governance   statement  
on   pages   27   to   33  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  

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accounts   of  undertakings,   as  amended,  is   consistent  
with  the  financial  statements  and  has  been  prepared  
in  accordance  with  applicable  legal  requirements.
We   have   checked   the   compliance   of   the   financial  
statements  of  the  Company  as  at  31  December  2024  
with   relevant   statutory   requirements   set   out   in   the  
ESEF   Regulation   that   are   applicable   to   the   financial  
statements.  For  the  Company,  it  relates  to  :
•   Financial   statements   prepared   in   valid   xHTML  
format;  
In  our  opinion,  the  financial  statements  of  the  Company  
as  at  31  December  2024,  identified  as  Socfinasia  2024  
Annual  Report.zip,  have  been  prepared,  in  all  material  
respects,   in   compliance   with   the   requirements   laid  
down  in  the  ESEF  Regulation.
We  confirm  that   the  audit  opinion   is  consistent  with  
the   additional   report   to   the   audit   committee   or  
equivalent.
We   confirm   that   the   prohibited   non-audit   services  
referred   to   in   EU   Regulation   No   537/2014   were   not  
provided   and   that   we   remained   independent   of   the  
Company  in  conducting  the  audit.
Ernst  &  Young
Société anonyme
   Cabinet  de  révision  agréé
Anthony CANNELLA
Luxembourg

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Company financial statements
1. Balance sheet as at 31 December 2024
2024 2023
ASSETS Note EUR EUR
FIXED ASSETS
Financial assets 3
Shares  in  affiliated  undertakings 297,065,132.27 294,122,628.31
Loans  to  affiliated  undertakings 7,648,340.02 63,581,947.65
304,713,472.29 357,704,575.96
Current assets
Debtors
Amounts  owed  by  affiliated  undertakings
   becoming  due  and  payable  within  one  year
4 99,737,104.11 67,260,251.61
Other  debtors
   becoming  due  and  payable  within  one  year
0.00 2,065,605.05
99,737,104.11 69,325,856.66
Cash at bank and in hand 199,045.89 3,226,692.02
99,936,150.00 72,552,548.68
TOTAL ASSETS 404,649,622.29 430,257,124.64
The  accompanying  notes  form  an  integral  part  of  the  financial  statements.
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Company financial statements
2024 2023
CAPITAL, RESERVES AND LIABILITIES Note EUR EUR
CAPITAL AND RESERVES 5
Subscribed  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
Profit  brought  forward 190,371,197.25 229,326,833.87
Profit  for  the  financial  year 63,043,719.72 48,129,963.38
Interim  dividends -43,542,800.00 -43,542,800.00
400,032,414.36 424,074,294.64
CREDITORS
Trade  creditors  
   becoming  due  and  payable  within  one  year
200,899.78 233,943.47
Amounts  owed  to  affiliated  undertakings
   becoming  due  and  payable  within  one  year
0.00 603.00
Other  creditors
Tax authorities 944,024.12 2,476,680.00
Other  creditors
   becoming  due  and  payable  within  one  year
6 3,472,284.03 3,471,603.53
4,617,207.93 6,182,830.00
TOTAL CAPITAL, RESERVES AND LIABILITIES 404,649,622.29 430,257,124.64
The  accompanying  notes  form  an  integral  part  of  the  financial  statements.
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2. Profit and loss account for the year ended 31 December 2024
2024 2023
Note EUR EUR
Raw materials and consumables and other external expenses
Other  external  expenses
-2,256,441.78 -2,146,274.69
Other operating expenses -157,231.68 -101,860.81
Income from participating interests
derived  from  affiliated  undertakings
7 61,274,352.50 46,464,771.90
Income from other investments and loans
forming part of the fixed assets
derived  from  affiliated  undertakings
8 1,394,166.67 4,121,111.11
Other interest receivable and other similar income
derived  from  affiliated  undertakings   4,041,727.40 2,247,994.95
   other  interests  and  financial  income 585.19 139,784.85
Value adjustments in respect of financial
assets and of investments held as current assets
0.00 0.00
Interest payable and similar expenses
   derived  from  affiliated  undertakings -25,894.30 -1,354,353.05
   other  interest  and  similar  charges -1,431.39 -582,060.65
Tax on profit -575,457.89 -39,182.31
Profit after taxation 63,694,374.72 48,749,931.30
Other taxes not shown above -650,655.00 -619,967.92
Profit for the financial year 63,043,719.72 48,129,963.38
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Allocation of profit
2024 2023
EUR EUR
Profit  brought  forward 144,557,916.97 190,371,197.25
From  the  balance:
10%  to  the  Board  of  Directors 10,885,700.00 8,708,560.00
90%  to  19,594,260  shares 97,971,300.00 78,377,040.00
253,414,916.97 277,456,797.25
Dividend per share 5.00 4.00
The  accompanying  notes  form  an  integral  part  of  the  financial  statements.
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3. Notes to the financial statements for the year 2024
Note 1. Overview
SOCFINASIA,   (the   “Company’’)   was   incorporated   on  
20   November   1972  as  a   public   limited   company   and  
adopted  the  status  of  “Soparfi”  on  10  January  2011.
The   duration   of   the   Company   is   unlimited,   and   its  
registered   office   is   established   in   Luxembourg.   The  
Company   is   registered   in   the   Register   of   Commerce  
and   Companies   under   number   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-
based   or   foreign   companies,   (ii)   the   acquisition   by  
contribution, purchase, subscription or otherwise,
as  well  as  the  disposal  by  sale,  transfer,  exchange  or  
otherwise,   of   shares,   interests,   bonds,   debts,   notes  
and  other  securities  or  financial  instruments  of  any  kind  
(in  particular  bonds   or  shares   issued   by  Luxembourg  
or   foreign   collective   investment   funds   or   any   other  
similar  body),  loans  or  any  other  credit  line,  as  well  
as   contracts   relating   thereto   and   (iii)   the   holding,  
administration,   development   and   management   of  
a   portfolio   of   assets   (composed   in   particular   of   the  
assets  described  in  points  (i)  and  (ii)  above).
The   Company   may   also   acquire   and   develop   any  
patents  and  other  rights  relating  to  or  supplementing  
those patents.
The Company may borrow in any form whatsoever. It
may  enter  into  any  kind  of  loan  agreement  and  may  
issue   debt   securities,   bonds,   certificates,   shares,  
profit  shares,  warrants  and  all  kinds  of  debt  and  equity  
securities,  including  by  virtue  of  one  or  several  issue  
programmes.  The  Company  may  lend  funds,  including  
those   resulting   from   borrowings   and/or   securities  
issues,   to   its   subsidiaries,   affiliates   and   any   other  
company.
Although  the  Company  is  included  in  the  consolidated  
financial   statements   of   Société   Financière   des  
Caoutchoucs,   abbreviated   as   “Socfin”,   which   is   the  
largest  entity  in  which  the  company  is  consolidated,  
the   Company   also   prepares   consolidated   financial  
statements   which   are   published   in   accordance   with  
the   law   and   which   are   available   at   the   company’s  
registered   office   (4,   avenue   Guillaume,   L-1650  
Luxembourg)  or  on  the  Internet  site:  www.socfin.com.
The   financial   year   begins   on   1   January   and  ends   on  
31  December.
Note 2. Accounting principles, rules and methods
General principles
The   annual   financial   statements   are   prepared   in  
accordance  with  Luxembourgish  legal  and  regulatory  
requirements   in   force   in   Luxembourg   under   the  
historical  cost  convention.
The   accounting   policies   and   valuation   principles  
are,   apart   from   the   rules   imposed   by   the   law   of  
19  December  2002,  determined  and  implemented  by  
the  Board  of  Directors.
The   preparation   of   the   annual   financial   statements  
involves   the   use   of   a   number   of   critical   accounting  
estimates.   It   also   requires   the   Board   of   Directors  
to   exercise   its   judgement   in   the   application   of  
accounting  principles.  Any  change  in  assumptions  may  
have  a  significant  impact  on  the  financial  statements  
for  the  period  in  which  the  assumptions  are  changed.  
The   Board   of   Directors   believes   that   the   underlying  
assumptions   are   appropriate   and   that   the   financial  
statements  give  a  true  and  fair  view  of  the  financial  
position  and  results  of  the  Company.
Currency conversion
The  Company  keeps  its  accounts  in  euros  (EUR);  the  
annual  accounts  are  expressed  in  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.
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At  the  balance  sheet  date:
-   the   acquisition   price   of   the   financial   assets,  
expressed  in  a  currency  other  than  the  currency  of  
the  balance  sheet,  remain  converted  at  the  historical  
exchange  rate.  The  current  portion  of  receivables  is  
one  exception  to  this,  as  it  is  valued  individually  at  
the  lowest  of  their  historical  exchange  rate  value  or  
their  value  determined  on  the  basis  of  the  exchange  
rate  prevailing  at  the  balance  sheet  date;
-   bank   accounts  expressed   in  a   currency  other  than  
the  currency  of  the  balance  sheet  are  valued  on  the  
basis  of  the  exchange  rate  prevailing  on  the  balance  
sheet  date.  Foreign  exchange  gains  and   losses  are  
recognised  in  the  current  period;
-   all   other   assets,   expressed   in   a   currency   other  
than  the  currency  of  the  balance  sheet,  are  valued  
individually   at   the   lowest   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.   For   this,   the   highest   amount   is   used  
between   their   value   at   the   historical   exchange  
rate  and  their  value  determined  on  the  basis  of  the  
exchange  rate  prevailing  on  the  balance  sheet.
Realised   foreign   exchange   gains   and   losses   and  
unrealised  losses  are  recognised  in  the  profit  and  loss  
account.   Unrealised   foreign   exchange   gains   are   not  
recognised.
If  there  is  an  economic  link  between  two  transactions,  
unrealised  exchange  differences  are  recognised  at  the  
corresponding  unrealised  exchange  loss.
Valuation of financial assets
Shares   in   affiliated   undertakings   are   valued   at  
acquisition  cost,  which  includes  incidental  expenses.  
Receivables   from   affiliated   companies   are   valued  
at   their   nominal   value,   which   includes   incidental  
expenses.
In the event of an impairment that, in the opinion of
the   Board   of   Directors,  is  of   a   lasting   nature,   these  
financial  fixed  assets  are  subject  to  value  adjustments.  
The  aim  of  the  latter  is  to  give  them  the  lowest  value  
that   should   be   attributed   to   them   on   the   balance  
sheet  date,  as  determined  by  the  Board  of  Directors.  
In  order  to  determine  the  value  adjustments  that  are  
permanent   at   the   balance   sheet   date,   the   Board   of  
Directors  carries  out   the  following  analyses   for  each  
investment  on  an  individual  basis:
1/   For   investments   listed   on   public   markets,   the  
Board   of   Directors   compares   the   net   book   value   of  
the  investment  with  its  shares  in  the  market  based  on  
the  stock  market  price  at  the  closing  date.  When  the  
market  value  is  greater  than  or  equal  to  the  net  book  
value,  the  Board  of  Directors  considers  that  no  value  
adjustment  needs  to  be  recorded  at  the  closing  date.  
However,  when  the  market  value  is  lower  than  the  net  
book  value,  the  Board  of  Directors  tests  the  net  book  
value  against  the  share  in  the  revalued  net  assets  of  
the investment.
2/  If  the  net  book  value  exceeds  the  market  value  or  
the  equity  value  for  unlisted  investments,  the  Board  
of   Directors   compares   the   net   book   value   with   the  
share   held   in   the   revalued   net   assets   as   well   as   in  
the   consolidated   net   assets   (i.e.   equity   attributable  
to   owners   of   the   parent   company)   if   the   subsidiary  
prepares  consolidated  accounts.
If   either   the   market   or   the   equity   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  
smallest  difference  between  the  net  book  value  of  
the  investment  and  the  share  held  in  the  revalued  
net  assets  or  in  the  consolidated  net  assets;
-   for   investments   in   plantations   or   industrial  
companies,   the   Board   of   Directors   makes   a   value  
adjustment   to   adjust   the   carrying   value   to   the  
enterprise  value  which  is  calculated  on  the  basis  of  
the   discounted   future   cash   flows   available   to   the  
shareholders.   These   discounted   future   cash   flows  
take  into  account  the  foreseeable  development  of  
the  business  of  the  investments  under  test.
However,  the  Board  of  Directors  may  take  other  factors  
into   consideration   and,   in   particular,   in   view   of   the  
very  long  period  of  immaturity  of  young  plantation,  it  
considers  that  the  value  adjustment  is  not  permanent  
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for  a  plantation  where  more  than  half  of  the  planted  
area  is  not  being  used.
Loans  to  affiliated  companies  are  subject  to  a  value  
adjustment  in  the  event  that  the  net  book  value  test  
by  discounting  future  cash  flows  to  shareholders  does  
not  support  the  full  repayment  of  the  receivable.
These  value  adjustments  are  not  maintained  when  the  
reasons  for  which  they  were  established  have  ceased  
to exist.
Receivables
Receivables   are   recorded   at   their   nominal   value.  
They   are   subject   to   value   adjustments   when   their  
recovery   is   compromised.   These   value   adjustments  
are   not  continued   if   the   reason  for   which   the   value  
adjustments  were  made  are  no  longer  applicable.
Securities
Securities  are   valued  at  the   lower  of  cost,   including  
incidental  costs  or  market  value.  A  value  adjustment  
is  recorded  when  the  market  price  is  lower  than  the  
purchase  price.  Value  adjustments  are  not  maintained  
if   the   reasons   for   their   negotiations   have   ceased   to  
exist.
Liabilities
Debts   are   recorded   at   their   reimbursement   value.  
When  the  amount  to  be  repaid  on  the  debts  exceeds  
the   amount   received,   the   difference   is   recorded   to  
the  profit  and  loss  account.
Geopolitical uncertainties
The  Company  holds  interests  in  subsidiaries  operating  
in South-East Asia.
Given  the   economic  and  political   instability  of  some  
of these countries, these investments present a risk in
terms  of  exposure  to  political  and  economic  changes.  
Due   to   the   geopolitical   tensions,   since   2022,   there  
has   been   a   significant   increase   in   volatility   on   the  
securities   and   currency   markets.   The   conflicts   have  
had  a  significant  impact  on  the  financial  markets,  with  
many   investors   concerned   about   the   risk   of   further  
escalation  and  the  ensuing  impact  on  global  trade  and  
economic  growth.
Although   the   aforementioned   aspects   have   not  
significantly   impacted   the   company’s   operations   nor  
performance   and   going   concern   during   2024,   the  
Board  of  Directors  continues  to  monitor  the  evolving  
situation   and   its   impact   on   the   company’s   financial  
position  and  results.
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Note 3. Financial fixed assets
Shares in
affiliated undertakings
Loans to
affiliated undertakings
Total
2024 2023 2024 2023 2024 2023
EUR EUR EUR EUR EUR EUR
Acquisition cost/nominal value
at the beginning of the year
295,368,480.28 290,868,480.28 63,581,947.65 116,045,211.05 358,950,427.93 406,913,691.33
Increases 2,942,503.96 4,500,000.00 0.00 0.00 2,942,503.96 4.500.000,00
Transfer to current asset 0.00 0.00 -2,887,963.99 0.00 -2,887,963.99 0.00
Decreases 0.00 0.00 -53,045,643.64 -52,463,263.40 -53,045,643.64 -52,463,263.40
Acquisition cost/nominal value
at the end of the year
298,310,984.24 295,368,480.28 7,648,340.02 63,581,947.65 305,959,324.26 358,950,427.93
Value adjustments
at the beginning of the year
-1,245,851.97 -1,245,851.97 0.00 0.00 -1,245,851.97 -1,245,851.97
Impairment 0.00 0.00 0.00 0.00 0.00 0.00
Reversal 0,00 0,00 0,00 0,00 0,00 0,00
Value adjustments
at the end of the year
-1,245,851.97 -1,245,851.97 0.00 0.00 -1,245,851.97 -1,245,851.97
Net book value
at the end of the year
297,065,132.27 294,122,628.31 7,648,340.02 63,581,947.65 304,713,472.29 357,704,575.96
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Note 3. Financial fixed assets (continued)
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
31/12/2024 in
foreign currency
(including net
income) (*)
Net result as
at 31/12/2024
in foreign
currencies (*)
Induservices Luxembourg 35.00 35,000 31.12.2024 EUR 597,594 111,470
Plantation  Nord-Sumatra  Ltd Luxembourg 100.00 244,783,208 31.12.2024 USD 307,562,546 58,048,275
Socfinde Luxembourg 80.00 1,077,992 31.12.2024 EUR 5,207,073 539,225
Terrasia Luxembourg 47.81 118,518 31.12.2024 EUR 673,171 29,026
Induservices  FR Switzerland 50.00 3,579,105 31.12.2024 EUR 6,035,684 -715,487
Socfinco  FR Switzerland 50.00 486,891 31.12.2024 EUR 19,386,298 4,465,222
Sogescol  FR Switzerland 50.00 1,985,019 31.12.2024 USD 20,452,924 10,492,456
Sodimex  FR Switzerland 50.00 621,424 31.12.2024 EUR 4,082,858 369,626
Centrages   Belgium 50.00 4,074,315 31.12.2024 EUR 3,057,574 -37,989
Immobilière  de  la  Pépinière Belgium 50.00 3,015,798 31.12.2024 EUR 3,404,865 -113,431
Socfinco   Belgium 50.00 750,365 31.12.2024 EUR 1,561,286 33,579
Socfin-KCD   Cambodia 100.00 31,685,450 31.12.2024 USD 35,844,057 3,270,791
292,213,085
(*)   Based  on  unaudited  financial   statements   as   at  31  December  2024.  Amounts   represent   100%  of  Equity  and  net  income   before   allocation   of  %  of  
ownership.
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Note 3. Financial fixed assets (continued)
Information on movements during the year
During   the   year,   the   Company   has   participated   in   the   capital   increase  of   Induservices  FR   for  an   amount  of  
EUR  2,936,903.
Valuation of shares in affiliated undertakings:
As  at  31  December  2024,  the  Board  of  Directors  is  of  the  opinion  that  there  is  no  permanent  value  decrease  for  
the  shares  in  affiliated  undertakings.
Valuation of loans to affiliated undertakings:
As  at  31  December  2024,  loans  to  affiliated  undertakings  are  as  follows:
Related parties Currency Balance Balance
Unrealised exchange
gains / (losses) *
In currency in EUR EUR
Socfin-KCD  Co USD 9,003,890 7,648,340 1,018,413
* In accordance with Luxembourgish legal and regulatory provisions and generally accepted accounting practices, loans to
affiliated undertakings are translated at the historical exchange rate. The unrealised foreign exchange gain or loss is
not recognised in the profit and loss account, with the exception of the current portion of receivables, which is valued
individually at the lower of their historical exchange rate value or their value determined by the exchange rate prevailing
at the balance sheet date.
During  the  year,  the  Company  has  received  a  reimbursement  of  EUR  50,000,000  from  Socfin  and  EUR  2,633,144  
from  Socfin  KCD.  Moreover,  an  amount  of  EUR  2,887,964  has  been  transferred  to  current  assets.  It  corresponds  
to  the  foreseen  reimbursement  of  Socfin  KCD  in  2025.
As   at   31   December   2024,   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 affiliated undertakings
As  at  31  December  2024,  this  item  consists  mainly  of:
-   receivables  from  the  subsidiary  Socfinde  corresponding  to  the  cash  pooling  balance  of  EUR  96,849,140  (2023:  
EUR  64,236,749).  This  increase  is  mainly  due  to  the  reimbursement  from  Socfin.
As  at  31  December  2024,  the  Board  of  Directors  is  of  the  opinion  that  the  amounts  are  fully  recoverable.  As  such,  
no  impairment  loss  has  been  accounted  for.
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Note 5. Equity
Subscribed
capital
Legal
reserves
Other
reserves
Profit brought
forward
Profit for
the year
Interim
dividend paid
EUR EUR EUR EUR EUR EUR
Balance as at 1 January 2023
24,492,825.00 2,449,282.50 163,218,189.89 234,841,827.35 70,684,906.52 -43,542,800.00
Allocation  of  the  result  for  the  2022  financial  
year  following  decision  of  the  General  Meeting  
held  on  30  May  2023
•   Profit  brought  forward
-5,514,993.48 5,514,993.48
•   Dividends
-29,391,390.00
•   Directors’  fees
-3,265,710.00
•   2022  interim  dividend
-43,542,800.00 43,542,800,00
Interim  dividend  as  per  decision  of  the  Board  of  
Directors  held  on  26  October  2023
43,542,800.00
Results  for  the  financial  year
48,129,963.38
Balance as at 31 December 2023
24,492,825.00 2,449,282.50 163,218,189.89 229,326,833.87 48,129,963.38 -43,542,800.00
Allocation  of  the  result  for  the  2023  financial  
year  following  decision  of  the  General  Meeting  
held  on  29  May  2024
•   Profit  brought  forward
-38,955,636.62 38,955,636.62
•   Dividends
-39,188,520.00
•   Directors’  fees
-4,354,280.00
•   2023  interim  dividend
-43,542,800.00 43,542,800.00
Interim  dividend  as  per  decision  of  the  Board  of  
Directors  held  on  23  October  2024  
-43,542,800.00
Results  for  the  financial  year
63,043,719.72
Balance as at 31 December 2024
24,492,825.00 2,449,282.50 163,218,189.89 190,371,197.25 63,043,719.72 -43,542,800.00
Subscribed capital
As  at  31  December  2024  and  2023,  the  issued  and  fully  paid  share  capital  is  EUR  24,492,825  represented  by  19,594,260  shares  without  
nominal  value.
Legal reserve
The  annual  profit  is  subject  to  a  levy  of  5%  to  be  allocated  to  a  legal  reserve.  This  allocation  ceases  to  be  compulsory  as  soon  as  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   (2023:   EUR   125,993,370),   relating  to   the   profit   earned  
at  the  time  of  the  formation  of  Plantation  Nord-Sumatra  Ltd.  in  1997.  Pursuant  Article  33  of  the  Company’s  coordinated  Articles  of  
Association,  this  reserve  is  not  available  for  distribution  to  shareholders.
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Note 6. Other payables
As  at  31  December  2024,  this  item  includes  dividend  payable  for  EUR  3,472,284  (2023:  EUR  3,471,604).
Note 7. Income from participating interests
2024 2023
EUR EUR
Dividends  received  (*) 61,274,353 46,549,758
Capital  gain  on  disposal  of  financial  fixed  assets  (**) 0 5,013
61,274,353 46,554,771
(*)     This  amount  corresponds  to  the  dividend  received  from  the  affiliated  undertakings  (Note  3).
(**)    This  amount  corresponds  to  a  remaining  amount  from  prior  year  disposal.
Note 8. Income from other investments and loans forming part of the fixed
assets
2024 2023
EUR EUR
Interest  on  related  companies’  receivables 1,394,167 4,121,111
Note 9. Taxation
The   Company   is   subject   to   all   taxes   to   which  
Luxembourg  commercial  companies  are  subject.
The   Company   has   EUR   3,327,426   of   carried   forward  
tax   losses   available   as   at   31   December   2023   and  
estimates  that  they  will  be  used  for  the  current  period  
(FY  2024).
Note 10. Remuneration of the Board of Directors
During  2024,   the  members  of  the  Board   of  Directors  
received  EUR  11,563  (2023:  EUR  9,688)  as  attendance  
fees   and   EUR   8,838,560   (2023:   EUR   7,704,990)   as  
directors’  fees.
During  2024,  no  advances  or  loans  were  granted  to  the  
Board  members.
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Audit report on the Company’s financial statements
Note 11. 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  fluctuations.
Note 12. Off-balance sheet commitments
As  at  31  December  2024  and  2023,  the  Company  had  no  significant  off-balance  sheet  commitments.
Note 13. Significant events after the year end
There  are  no  significant  post-closing  events  affecting  the  Company.
Audit report on the Company’s financial statements
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Glossary
CIF Rotterdam  -  Cost  Insurance  &  Freight  Rotterdam,  
corresponds  to:
-   The  cost  of  the  good/oil;
-   The  insurance  cost  for  the  whole  consignment  right  
from  port  of  loading  until  arrived  and  delivered;
-   Freight:   the  carrying   cost  from  port   of  loading   all  
the  way  up  to  Rotterdam.
In   other   words,   the   seller   pays   for   the   goods,  
transportation  to  the  port  of  destination,  and  marine  
insurance.
CONCESSION  -  Contract,  signed  with  local  authorities,  
giving  specific  rights  to  control  an  area  of  land  and  for  
the  conduct  of  specific  activities  in  that  area,  during  
a  defined  period.
CPO  -  Crude  Palm  Oil  is  edible  oil  which  is  extracted  
from  the  pulp  of  fruit  of  oil  palm  trees.
CPKO  -   Crude  Palm  Kernel  Oil   is  the  light   crude  oil,  
extracted   from   the   Oil   Palm   kernels,   containing  
mainly  lauric  acid.
DAP  –  Delivered  At  Place  is  an  international  commercial  
term  (Incoterm)  that  refers  to  the  idea  that  the  seller  
takes  on  all  the  risks  and  costs  of  delivering  goods  to  
an  agreed-upon  location.
DRY RUBBER   -   This   is   the   weight   of   natural   rubber  
produced,  determined   at  the  end   of  the   milling  and  
drying  process.  After  tapping,  liquid  latex  drips  from  
the  rubber  trees  in  the  field,  mostly  harvested  after  
in-field  coagulation.  However,  the  “wet   rubber”  still  
contains   water   and   many   other   natural   components  
apart   from   the   rubber   particles.   Natural   rubber   is  
marketed  as  “dry   rubber”  –   after   processing  –   to  be  
used  in  numerous  industrial  value  chains  among  which  
the  manufacturing  of  tyres  is  the  most  important.
EBITDA   -   This   abbreviation   is   defined   as   earnings  
before   financial   result,   tax,   depreciation   and  
amortisation.   This   key   figure   is   used   to   assess  
operational  profitability.
ESEF   -   European   Single   Electronic   Format   is   the  
electronic   reporting   format   in   which   issuers   whose  
securities   are   admitted   to   trading   on   EU   regulated  
markets  must  prepare  their  annual  financial  reports  to  
facilitate   accessibility,   analysis  and   comparability   of  
annual  financial  reports.
EXW  -  Ex  works  is  an  Incoterm,  in  which  a  seller  makes  
a  product  directly  available  from  the  factory  or  place  
of  manufacture.  The  buyer  of  the  product  must  cover  
the transport costs.
FINISHED GOODS   -   Goods   that   have   completed   the  
manufacturing  process  but  have  not  yet  been  sold  or  
distributed  to  the  end  user  (for  example  dry  rubber
G
,
crude   palm   oil,   seeds,   palm   kernel   oil,   palm   kernel  
cake).
FOB  -  Free  On  Board  is  an  Incoterm,  that  means  that  
the   seller   is   responsible   for   loading   the   purchased  
goods  onto  the  ship,  and  all  costs  associated.  As  soon  
as   the   goods   are   safe   aboard   the   vessel,   the   risk  
transfers  to  the  buyer,  who  assumes  the  responsibility  
of  the  remainder  of  the  transport.
GPSNR   -   Global   Platform   for   Sustainable   Natural  
Rubber.   GPSNR  is   an  international,   multistakeholder,  
voluntary   membership   organisation,   whose   mission  
is   to   lead   improvements   in   the   socioeconomic   and  
environmental   performance   of   the   natural   rubber  
value  chain.
IRSG   -   International   Rubber   Study   Group.   It   is   an  
inter-governmental  organisation   composed  of   rubber  
producing   and   consuming   stakeholders.   Located   in  
Singapore,  IRSG  was  established  in  1944.
NET VALUE PER SHARE – Equity   attributable   to   the  
owners   of   the   Parent   at   closing   period,   divided   by  
the  number  of  shares.  Allows  readers  of  the  financial  
statements   to   compare   easily   the   share   price   at  
closing   period   with   its   value   within   the   financial  
statements.  As  an  example,  value  as  at  31  December  
2024  is   obtained  by  dividing   EUR  235,591,828   (value  
of  Equity  attributable  to  the  owners  of  the  Parent)  by  
19,594,260  (number  of  shares).
OPERATIONAL LIFE  –   Length   of  time  during   which   a  
tangible  or  intangible  asset  can  be  used  economically  
before  breakdown.  Operational  life  does  not  include  
post-closure   activities.   As   an   example,   rubber   and  
palm  trees  have  an  estimated  operational  life  between  
20  and  33  years.
OWN PRODUCTION   -   Quantities   of   raw   materials  
(Fresh  Fruit  Bunches,  wet  rubber,  …)  milled  that  have  
been   harvested   on   own   plantations   managed   by   the  
Group.
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PRODUCTION-IN-PROGRESS  -  Inventory  that  has  begun  
the  manufacturing  process  and  is  no  longer  included  in  
raw   materials  inventory,  but   is   not   yet  a   completed  
product.   In   the   financial   statements,   production   in  
progress  is  classified  within  current  assets,  with  other  
items of inventory.
RAW MATERIALS  -  Raw  materials  are  the  input  goods  
or   inventory   that   a   company   needs   to   manufacture  
its   products   (for   example   Fresh   Fruit   Bunches,   wet  
rubber,  …).
RSS3   -   Ribbed   Smoked   Sheet
G
   is   rubber   coagulated  
from   high   quality   natural   rubber.   Rubber   is   then  
processed   into   sheet,   dried,   smoked,   and   visually  
graded.  RSS3  rubber  sheets  are  used  in  the  production  
of  tyres,  tread  carcass,  footwear,  …
SGX   -   Singapore   Exchange   is   Singapore’s   primary  
asset   exchange.   The   SGX   lists   stocks,   bonds,  
options   contracts,   foreign   currency   exchanges   and  
commodities,   representing   in   2021   the   largest  stock  
market  exchange  in  South-East  Asia.
SMOKED SHEET  -  It  is  a  type  of  crude  natural  rubber  
in  the  form  of  brown  sheets  obtained  by  coagulating  
latex  with   an  acid,   rolling  it  into   sheets,  and   drying  
it  over   open  wood   fires.  It   is  the   main  raw   material  
for   natural   rubber  products.  Also   called:   ribbed   and  
smoked  sheet.
SOPARFI   -   SOciété   de   PARticipations   FInancières.  
SOPARFIs   are   fully   taxable   ordinary   commercial  
companies, whose corporate purpose consists in
the   holding   of   participations   and   related   financing  
activities.
TAPPER -  Agricultural  worker  trained  and  qualified  to  
“tap”  a  tree  with  a  special  knife.  Trees  are  tapped  at  
regular   interval   (4-7   days),   releasing   the   latex   from  
the  latex  vessels  situated  in  the  soft  outer  bark  of  the  
tree.
THIRD PARTY PURCHASES  -  Business  deal  that  involves  
a person or entity other than a Group company.
Typically,   third-party  purchases  are   made  with  small  
local  growers.
TRADING ACTIVITIES  –  The  activity  of  selling,  buying  
or  exchanging  goods  and  services  in  order  to  generate  
profit.  This  commercial  activity  is  mainly  centralised  
within  Sogescol  FR.
TSR20   -   Technically   Specified   Rubber   graded  
corresponds  to  block  rubber  made  by  crashing,  cleaning  
and   drying   solid   rubber.   Major   producing   countries  
have  their  own  TSR  standard  (STR  in  Thailand,  SIR  in  
Indonesia,  …).  TSR  are  graded  according  to  a  variety  
of   factors,   including   volatile   matter,   ash   content,  
color,  viscosity,  …
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