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"value": "\n1. Statement of compliance and accounting policies \u2013 includes the statement of compliance,
\naccounting policies and significant changes.
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n
\n1. Statement of compliance and accounting principles
\nSofina SA is a public limited liability company incorporated under Belgian law, with its registered
\noffice at rue de l\u2019Industrie, 31, 1040 Brussels.
\n\nThe consolidated financial statements of the Sofina group as at 31 December 2024 were
\napproved by the Board of Directors held on 26 March 2025. They were prepared in accordance
\nwith IFRS (International Financial Reporting Standards) as adopted in the European Union.
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nACCOUNTING PRINCIPLES
\nThe standards, amendments and interpretations published but not yet effective in 2024 have
\nnot been adopted in advance by the Sofina group (see point 3.22 below).
\nThe valuation and consolidation principles, methods and techniques used in these consoli
\n-
\ndated financial statements are identical to those applied by the Sofina group when preparing
\nthe consolidated financial statements for the year ended 31 December 2023.
\nA summary of the main accounting policies is presented in point 3.22 below.
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n",
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"Tag333": {
"value": "\n2. Key management information and segment reporting \u2013 includes segment information
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\ntransparency (as if the group were applying the consolidation principles).
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n2. Key management information
\nand segment reporting
\n2.1 SEGMENT INFORMATION - RECONCILIATION WITH FINANCIAL
\nSTAT EMENT S
\nIFRS 8 on operating segments requires Sofina to present segments on the basis of reports
\npresented to management for the purpose of making decisions about resources to be allocated
\nto each segment and assessing the performance of each segment.
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\nSofina SA is the parent company of the Sofina group. The investments in portfolio managed
\nby the group are held by the parent company, Sofina SA, either by owning shares directly
\nin portfolio investments or by investing in them through its investment subsidiaries. When
\npreparing the financial statements as an Investment Entity, the fair value of the shares held
\ndirectly at the parent company level (in portfolio investments or in investment subsidiaries)
\nis recorded as an asset in the balance sheet. By contrast, segment management information
\n(based on internal reporting) is prepared on the entire portfolio in transparency (i.e. on all
\nportfolio investments wherever they are held in the Sofina group legal structure), and thus on
\nthe basis of the total fair value of each portfolio investment ultimately held in companies or
\nin funds. The presentation of dividends or cash flows follows the same logic.
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n",
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"Tag334": {
"value": "\n3. Notes to the financial statements as an Investment Entity \u2013 includes the notes to the
\nconsolidated financial statements of Sofina as an Investment Entity.
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\nTo reconcile the items related to the group\u2019s total portfolio with the financial statements, the
\ninformation is presented as follows:
\n\u2022 Tot al \u2013 which represents the total of the investment portfolio (the total of the three investment
\nstyles covered by Sofina Direct and Sofina Private Funds) on the one hand and the items not
\nallocated to the investment styles (i.e. expenses and income or other balance sheet items
\nnot monitored in a segmented way per investment style), whether they are recognised at the
\nparent company level or in the Sofina SA subsidiaries, on the other;
\n\u2022 Items for reconciliation with the financial statements \u2013 which represent the adjustments
\nnecessary to reconcile the details per investment style (as used internally in the day-to-day
\nmanagement of the Sofina group) with the consolidated financial statements under Invest
\n-
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\ntransparency or not), as explained in point 2.3 below;
\n\u2022 Financial statements \u2013 which represent the consolidated financial statements under the
\nInvestment Entity status.
\nThe presentation of the comprehensive income and the balance sheet is aggregated as it
\nappears in the reports to management. Definitions of terms can be found in the Glossary at
\nthe end of this Annual report.
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\nSITUATION AS AT 31 DECEMBER 2024
\n\n
\n\n
\n\n\n
\n\n\n | \n | \n | \n | \n | \nIN THOUSAND EUR | \n\n\n\n\n\n\n\n\n\n\n
\n\n| COMPREHENSIVE INCOME (2024) | \nSOFINA DIRECT | \nSOFINA PRIVATE FUNDS | \nTOTAL | \nRECONCILING ITEMS | \nFINANCIAL STATEMENTS | \n\n\n\n\n\n\n\n\n\n\n
\n\n| Dividends | \n57,196 | \n2,526 | \n59,722 | \n972,324 | \n1,032,046 | \n\n\n\n\n\n\n\n\n\n\n
\n\n| Long-term minority investments | \n49,852 | \n | \n | \n | \n | \n\n\n\n\n\n\n\n\n\n\n
\n\n| Sofina Growth | \n7,34 4 | \n | \n | \n | \n | \n\n\n\n\n\n\n\n\n\n\n
\n\n| Net result of the investment portfolio | \n862,752 | \n523,248 | \n1,386,000 | \n-1,029,710 | \n356,290 | \n\n\n\n\n\n\n\n\n\n\n
\n\n| Long-term minority investments | \n537,316 | \n | \n | \n | \n | \n\n\n\n\n\n\n\n\n\n\n
\n\n| Sofina Growth | \n325,436 | \n | \n | \n | \n | \n\n\n\n\n\n\n\n\n\n\n
\n\n| Management expenses | \n | \n | \n-84,341 | \n20,822 | \n-63,519 | \n\n\n\n\n\n\n\n\n\n\n
\n\n| Other 1 | \n | \n | \n-2,559 | \n36,564 | \n34,005 | \n\n\n\n\n\n\n\n\n\n\n
\n\n| Total comprehensive income | \n | \n | \n1,358,822 | \n0 | \n1,358,822 | \n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n
\n\n
\n\n\n
\n\n\n | \n | \n | \n | \n | \nIN THOUSAND EUR | \n\n\n\n\n\n\n\n\n\n
\n\n| BALANCE SHEET (31/12/2024) | \nSOFINA DIRECT | \nSOFINA PRIVATE FUNDS | \nTOTAL | \nRECONCILING ITEMS | \nFINANCIAL STATEMENTS | \n\n\n\n\n\n\n\n\n\n
\n\n| Investment portfolio | \n5,331,222 | \n4,723,036 | \n10,054,258 | \n-213,822 | \n9,840,436 | \n\n\n\n\n\n\n\n\n\n
\n\n| Long-term minority investments | \n3,069,332 | \n | \n | \n | \n | \n\n\n\n\n\n\n\n\n\n
\n\n| Sofina Growth | \n2,261,890 | \n | \n | \n | \n | \n\n\n\n\n\n\n\n\n\n
\n\n| Net cash | \n | \n | \n333,959 | \n-146,727 | \n187,232 | \n\n\n\n\n\n\n\n\n\n
\n\n| Gross cash | \n | \n | \n1,031,033 | \n-146,727 | \n884,306 | \n\n\n\n\n\n\n\n\n\n
\n\n| Financial liabilities | \n | \n | \n-697,074 | \n0 | \n-697,074 | \n\n\n\n\n\n\n\n\n\n
\n\n| (In)tangible fixed assets | \n | \n | \n10,602 | \n-2,196 | \n8,406 | \n\n\n\n\n\n\n\n\n\n
\n\n| Other assets and liabilities 1 | \n | \n | \n-93,781 | \n362,745 | \n268,964 | \n\n\n\n\n\n\n\n\n\n
\n\n| NAV | \n | \n | \n10,305,038 | \n0 | \n10,305,038 | \n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n
1 This includes the deferred tax liabilities (EUR 29.30 million in the comprehensive income, representing a total amount of EUR 66,37 million in the liabilities) for the temporary tax differences recognised by some investment subsidiaries between the
\ncarrying amount and the tax base of portfolio investments impacting their fair value recognised in Sofina SA\u2019s investment portfolio (see point 3.15). Moreover, there are accumulated profits within Sofina Private Funds which could become taxable at a
\n25% tax rate in the theoretical scenario where the relevant investment subsidiaries holding such portfolio were to be liquidated and profit repatriated to their Sofina parent companies, which will however not materialise in the current going-concern
\ncontext. Depending on the theoretical scenarios considered (such as a sale or a liquidation of Sofina Private Funds), 0% to 59% of the Net Asset Value of the investment subsidiaries holding Sofina Private Funds could become taxable at 25%.
\nHowever, these hypothetical taxes have not been recognised because the trigger events are under the control of Sofina SA, and moreover not probable. Furthermore, the investment subsidiaries of Sofina SA do not recognise deferred tax assets for
\ntax losses carried forward because their recovery is not considered probable. Here also, since there is no deferred tax asset recognised by the investment subsidiaries in this respect, their fair value is not impacted.
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n
\nThe management cash flow statement below provides cash flow information in transparency for all group subsidiaries.
\n\n\n
\n\n\n | \n | \n | \n | \n | \nIN THOUSAND EUR | \n\n\n\n\n\n\n\n\n\n
\n\n| MANAGEMENT CASH FLOW STATEMENT (2024) | \nSOFINA DIRECT | \nSOFINA PRIVATE FUNDS | \nTOTAL GROSS CASH | \nFINANCIAL LIABILITIES | \nTOTAL NET CASH | \n\n\n\n\n\n\n\n\n\n
\n\n| Net cash at the beginning of the year | \n | \n | \n893,590 | \n-696,289 | \n197,301 | \n\n\n\n\n\n\n\n\n\n
\n\n| Dividends 1 | \n57,455 | \n2,182 | \n59,637 | \n0 | \n59,637 | \n\n\n\n\n\n\n\n\n\n
\n\n| Management expenses 2 | \n | \n | \n-61,158 | \n0 | \n-61,158 | \n\n\n\n\n\n\n\n\n\n
\n\n| Investments in portfolio | \n-566,907 | \n-383,919 | \n-950,826 | \n0 | \n-950,826 | \n\n\n\n\n\n\n\n\n\n
\n\n| Divestments from portfolio | \n836,729 | \n374,602 | \n1,211,331 | \n0 | \n1,211,331 | \n\n\n\n\n\n\n\n\n\n
\n\n| Dividends paid | \n | \n | \n-111,236 | \n0 | \n-111,236 | \n\n\n\n\n\n\n\n\n\n
\n\n| Other items | \n | \n | \n-10,305 | \n-785 | \n-11,090 | \n\n\n\n\n\n\n\n\n\n
\n\n| Repayment of financial liabilities | \n | \n | \n0 | \n0 | \n0 | \n\n\n\n\n\n\n\n\n\n
\n\n| Net cash at the end of the year | \n | \n | \n1,031,033 | \n-697,074 | \n333,959 | \n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n | \n | \n | \n | \n | \n | \n | \n | \n | \nIN THOUSAND EUR | \n\n\n\n\n\n\n\n
\n\n | \n | \n | \nINVESTMENTS 3 | \nDIVESTMENTS 3 AND | \n | \n | \n | \n | \n\n\n\n\n\n\n\n
\n\n| INVESTMENT PORTFOLIO BRIDGE (2024) | \nFAIR VALUE AT | \n | \n | \n | \nREVENUES | \nMARKET | \nFX IMPACT | \nFAIR VALUE AT | \nVALUE CREATION | \n\n\n\n\n\n\n\n
\n\n | \n31/12/2023 | \n | \n | \n | \n | \nIMPACT | \n | \n31/12/2024 | \n% 4 | \n\n\n\n\n\n\n\n
\n\n | \n | \nCASH | \nNON-CASH 5 | \nCASH | \nNON-CASH 5 | \n | \n | \n | \n | \n\n\n\n\n\n\n\n
\n\n| Sofina Direct | \n4,739,235 | \n547,931 | \n1,407 | \n-876,520 | \n-4,072 | \n778,806 | \n144,435 | \n5,331,222 | \n17% | \n\n\n\n\n\n\n\n
\n\n| Sofina Private Funds | \n4,189,006 | \n386,025 | \n20,858 | \n-376,784 | \n-21,586 | \n268,113 | \n257, 404 | \n4,723,036 | \n11% | \n\n\n\n\n\n\n\n
\n\n| Total Investment portfolio | \n8,928,241 | \n933,956 | \n22,265 | \n-1,253,304 | \n-25,658 | \n1,046,919 | \n401,839 | \n10,054,258 | \n15% | \n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n
1 Difference with the dividends presented in the comprehensive income is mainly due to cut-offs (i.e. differences when the declaration of a dividend and its cash impact occur in two different financial years) and withholding taxes.
\n2 Difference with the management expenses presented in the comprehensive income is mainly due to the non-cash expenses associated with debts towards suppliers, deferred payment of the Long-Term Incentive Plan (LTIP) and stock options granted.
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n3 Excluding intragroup transfers.
\n4 (Fair value at the end of the year + Divestments and revenues of the year) divided by (Fair value at the beginning of the year + Investments of the year).
\n5 Mainly composed of a non-cash reinvestments of proceeds from a sale, escrows and cut-offs (i.e. differences when the realisation of a transaction and its cash impact occur in two different financial years).
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n
\nSITUATION AS AT 31 DECEMBER 2023
\n\n
\n\n
\n\n\n
\n\n\n | \n | \n | \n | \n | \nIN THOUSAND EUR | \n\n\n\n\n\n\n\n\n
\n\n| COMPREHENSIVE INCOME (2023) | \nSOFINA DIRECT | \nSOFINA PRIVATE FUNDS | \nTOTAL | \nRECONCILING ITEMS | \nFINANCIAL STATEMENTS | \n\n\n\n\n\n\n\n\n
\n\n| Dividends | \n43,331 | \n896 | \n44,227 | \n333,230 | \n377,457 | \n\n\n\n\n\n\n\n\n
\n\n| Long-term minority investments | \n43,331 | \n | \n | \n | \n | \n\n\n\n\n\n\n\n\n
\n\n| Sofina Growth | \n0 | \n | \n | \n | \n | \n\n\n\n\n\n\n\n\n
\n\n| Net result of the investment portfolio | \n55,531 | \n-131,583 | \n-76,052 | \n-412,031 | \n-488,083 | \n\n\n\n\n\n\n\n\n
\n\n| Long-term minority investments | \n159,525 | \n | \n | \n | \n | \n\n\n\n\n\n\n\n\n
\n\n| Sofina Growth | \n-103,994 | \n | \n | \n | \n | \n\n\n\n\n\n\n\n\n
\n\n| Management expenses | \n | \n | \n-52,007 | \n11,397 | \n-40,610 | \n\n\n\n\n\n\n\n\n
\n\n| Other 1 | \n | \n | \n-19,775 | \n67,404 | \n47,629 | \n\n\n\n\n\n\n\n\n
\n\n| Total comprehensive income | \n | \n | \n-103,607 | \n0 | \n-103,607 | \n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n
\n\n
\n\n\n
\n\n\n | \n | \n | \n | \n | \nIN THOUSAND EUR | \n\n\n\n\n\n\n\n\n
\n\n| BALANCE SHEET (31/12/2023) | \nSOFINA DIRECT | \nSOFINA PRIVATE FUNDS | \nTOTAL | \nRECONCILING ITEMS | \nFINANCIAL STATEMENTS | \n\n\n\n\n\n\n\n\n
\n\n| Investment portfolio | \n4,739,235\u2005 | \n4,189,006\u2005 | \n8,928,241 | \n-317,797 | \n8,610,444\u2005 | \n\n\n\n\n\n\n\n\n
\n\n| Long-term minority investments | \n2,846,919\u2005 | \n | \n | \n | \n | \n\n\n\n\n\n\n\n\n
\n\n| Sofina Growth | \n1,892,316\u2005 | \n | \n | \n | \n | \n\n\n\n\n\n\n\n\n
\n\n| Net cash | \n | \n | \n197,301 | \n-180,991 | \n16,310\u2005 | \n\n\n\n\n\n\n\n\n
\n\n| Gross cash | \n | \n | \n893,590 | \n-180,991 | \n712,599 | \n\n\n\n\n\n\n\n\n
\n\n| Financial liabilities | \n | \n | \n-696,289 | \n0\u2005 | \n-696,289\u2005 | \n\n\n\n\n\n\n\n\n
\n\n| (In)tangible fixed assets | \n | \n | \n10,223 | \n-1,297\u2005 | \n8,926\u2005 | \n\n\n\n\n\n\n\n\n
\n\n| Other assets and liabilities 1 | \n | \n | \n-52,334 | \n500,085\u2005 | \n4 47,751 | \n\n\n\n\n\n\n\n\n
\n\n| NAV | \n | \n | \n9,083,431 | \n0\u2005 | \n9,083,431 | \n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n
1 This includes the deferred tax liabilities (EUR 35.88 million in the comprehensive income, representing a total amount of EUR 37.06 million in the liabilities) for the temporary tax differences recognised by some investment subsidiaries between the
\ncarrying amount and the tax base of portfolio investments impacting their fair value recognised in Sofina SA\u2019s investment portfolio (see point 3.15). Moreover, there are accumulated profits within Sofina Private Funds which could become taxable at a 25%
\ntax rate in the theoretical scenario where the relevant investment subsidiaries holding such portfolio were to be liquidated and profit repatriated to their Sofina parent companies, which will however not materialise in the current going-concern context.
\nDepending on the theoretical scenarios considered (such as a sale or a liquidation of Sofina Private Funds), 0% to 60% of the Net Asset Value of the investment subsidiaries holding Sofina Private Funds could become taxable at 25%. However, these
\nhypothetical taxes have not been recognised because the trigger events are under the control of Sofina SA, and moreover not probable. Furthermore, the investment subsidiaries of Sofina SA do not recognise deferred tax assets for tax losses carried
\nforward because their recovery is not considered probable. Here also, since there is no deferred tax asset recognised by the investment subsidiaries in this respect, their fair value is not impacted.
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n
\n\nThe management cash flow statement below provides cash flow information in transparency for all group subsidiaries.
\n\n
\n\n\n | \n | \n | \n | \n | \nIN THOUSAND EUR | \n\n\n\n\n\n\n\n\n
\n\n| MANAGEMENT CASH FLOW STATEMENT (2023) | \nSOFINA DIRECT | \nSOFINA PRIVATE FUNDS | \nTOTAL GROSS CASH | \nFINANCIAL LIABILITIES | \nTOTAL NET CASH | \n\n\n\n\n\n\n\n\n
\n\n| Net cash at the beginning for the year | \n | \n | \n928,558 | \n-695,507 | \n233,051 | \n\n\n\n\n\n\n\n\n
\n\n| Dividends 1 | \n43,268 | \n896 | \n44,164 | \n | \n44,164 | \n\n\n\n\n\n\n\n\n
\n\n| Management expenses 2 | \n | \n | \n-46,690 | \n | \n-46,690 | \n\n\n\n\n\n\n\n\n
\n\n| Investments in portfolio | \n-223,259 | \n-293,539 | \n-516,798 | \n | \n-516,798 | \n\n\n\n\n\n\n\n\n
\n\n| Divestments from portfolio | \n309,048 | \n280,743 | \n589,791 | \n | \n589,791 | \n\n\n\n\n\n\n\n\n
\n\n| Dividends paid | \n | \n | \n-108,030 | \n | \n-108,030 | \n\n\n\n\n\n\n\n\n
\n\n| Other items | \n | \n | \n2,595 | \n-782 | \n1,813 | \n\n\n\n\n\n\n\n\n
\n\n| Repayment of financial liabilities | \n | \n | \n0 | \n0 | \n0 | \n\n\n\n\n\n\n\n\n
\n\n| Net cash at the end of the year | \n | \n | \n893,590 | \n-696,289 | \n197,301 | \n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\nIN THOUSAND EUR
\n\n
\n\n\n | \n | \nINVESTMENTS 3 | \nDIVESTMENTS 3 AND | \n | \n | \n | \n | \n\n\n\n
\n\n| INVESTMENT PORTFOLIO BRIDGE (2023) | \nFAIR VALUE AT | \n | \n | \nREVENUES | \nMARKET | \nFX IMPACT | \nFAIR VALUE AT | \nVALUE CREATION | \n\n\n\n
\n\n | \n31/12/2022 | \n | \n | \n | \n | \nIMPACT | \n | \n31/12/2023 | \n% 4 | \n\n\n\n
\n\n | \n | \nCASH | \nNON-CASH 5 | \nCASH | \nNON-CASH 5 | \n | \n | \n | \n | \n\n\n\n
\n\n| Sofina Direct | \n4,759,857 | \n223,259 | \n94,276 | \n-349,005 | \n-90,139 | \n164,779 | \n-63,792 | \n4,739,235 | \n2% | \n\n\n\n
\n\n| Sofina Private Funds | \n4,302,404 | \n291,106 | \n0 | \n-260,521 | \n-13,296 | \n7,441 | \n-138,128 | \n4,189,006 | \n-3% | \n\n\n\n
\n\n| Total Investment portfolio | \n9,062,261 | \n514,365 | \n94,276 | \n-609,526 | \n-103,435 | \n172,220 | \n-201,920 | \n8,928,241 | \n0% | \n\n\n\n
\n\n\n\n\n\n\n\n
\n\n\n\n
\n\n1 Difference with the dividends presented in the comprehensive income is mainly due to cut-offs (i.e. differences when the declaration of a dividend and its cash impact occur in two different financial years) and withholding taxes.
\n2 Difference with the management expenses presented in the comprehensive income is mainly due to the non-cash expenses of the stock options granted
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n3 Excluding intragroup transfers.
\n4 (Fair value at the end of the year + Divestments and revenues of the year) divided by (Fair value at the beginning of the year + Investments of the year).
\n5 Mainly composed of a non-cash reinvestments of the proceeds from a sale, escrows and cut-offs (i.e. differences when the realisation of a transaction and its cash impact occur in two different financial years).
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n3. Notes to the financial statements
\nas an Investment Entity
\n3.1 INVESTMENT PORTFOLIO
\n\n
\n\n\n | \n | \nIN THOUSAND EUR | \n\n\n\n\n\n\n\n
\n\n | \n2024 | \n2023 | \n\n\n\n\n\n\n\n
\n\n| Investments | \n | \n | \n\n\n\n\n\n\n\n
\n\n| Net value at the beginning of the year | \n8,548,378 | \n8,538,603 | \n\n\n\n\n\n\n\n
\n\n| Acquisitions during the year | \n1,695,170 | \n774,158 | \n\n\n\n\n\n\n\n
\n\n| Disposals during the year | \n-616,927 | \n-223,245 | \n\n\n\n\n\n\n\n
\n\n| Changes in unrealised gains in profit and loss | \n434,329 | \n209,934 | \n\n\n\n\n\n\n\n
\n\n| Changes in unrealised losses in profit and loss | \n-282,365 | \n-751,072 | \n\n\n\n\n\n\n\n
\n\n| Net value at the end of the year = 1 | \n9,778,585 | \n8,548,378 | \n\n\n\n\n\n\n\n
\n\n| Receivables | \n | \n | \n\n\n\n\n\n\n\n
\n\n| Net value at the beginning of the year | \n62,066 | \n1,380 | \n\n\n\n\n\n\n\n
\n\n| Acquisitions during the year | \n71 | \n75,067 | \n\n\n\n\n\n\n\n
\n\n| Disposals during the period | \n-4,984 | \n0 | \n\n\n\n\n\n\n\n
\n\n| Changes in unrealised gains in profit and loss | \n4,723 | \n0 | \n\n\n\n\n\n\n\n
\n\n| Changes in unrealised losses in profit and loss | \n0 | \n-14,706 | \n\n\n\n\n\n\n\n
\n\n| Changes in accrued interest not yet due | \n-25 | \n325 | \n\n\n\n\n\n\n\n
\n\n| Net value at the end of the year = 2 | \n61,851 | \n62,066 | \n\n\n\n\n\n\n\n
\n\n| Net value = 1 + 2 | \n9,840,436 | \n8,610,444 | \n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n
The difference between the amount of acquisitions during the year (EUR 1,695,241 thou-
\nsand) and the amount of portfolio investments in the consolidated statement of cash flows
\n(EUR\u2005544,400\u2005thousand) is mainly due to a non-cash investment and a deferred payment of
\n2024 for a total amount of EUR -1,150,841 thousand. It should be noted that the amount of
\nacquisitions for the year 2024 is essentially derived from intragroup transfers of investments
\nin an effort to rationalise the group\u2019s structure. The difference between the amount of the
\ndisposals during the period (EUR 621,912 thousand) and the amount of the divestments shown
\nin the consolidated cash flow statement (EUR 689,595 thousand) is mainly due to the capital
\ngains and losses realised on these divestments amounting to EUR\u2005199,601 thousand, and a
\nnon-cash divestment and a deferred cash payment of 2024 for a total of EUR -131,917 thousand.
\nIn addition, the capital gains and losses realised (EUR 199,601 thousand) combined with the
\nchanges in un realised capital gains and losses (EUR 151,965 thousand) form the net result of
\nthe investment portfolio (see point 3.12 below).
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n3.2 CLASSIFICATION OF FINANCIAL INSTRUMENTS
\n\n
\n\n\n | \n | \n | \n | \n | \n | \n | \n | \n | \nIN THOUSAND EUR | \n\n\n\n\n\n\n
\n\n | \n | \nBOOK VALUE | \nFAIR VALUE | \n | \nBOOK VALUE | \n | \nFAIR VALUE | \n | \n\n\n\n\n\n\n
\n\n | \nIFRS 9 CLASSIFICATION | \nTOTAL AS AT | \nLEVEL 1 | \nLEVEL 2 | \nLEVEL 3 | \nTOTAL AS AT | \nLEVEL 1 | \nLEVEL 2 | \nLEVEL 3 | \n\n\n\n\n\n\n
\n\n | \n | \n31/12/2024 | \n | \n | \n | \n31/12/2023 | \n | \n | \n | \n\n\n\n\n\n\n
\n\n| Investment portfolio | \n | \n9,840,436 | \n349,851 | \n0 | \n9,490,585 | \n8,610,444 | \n337,441 | \n44,135 | \n8,228,868 | \n\n\n\n\n\n\n
\n\n| Investments | \nFair value through profit and loss | \n9,778,585 | \n349,851 | \n0 | \n9,428,734 | \n8,548,378 | \n337,441 | \n44,135 | \n8,166,802 | \n\n\n\n\n\n\n
\n\n| Receivables | \nDesignated at fair value through profit and loss | \n61,851 | \n0 | \n0 | \n61,851 | \n62,066 | \n0 | \n0 | \n62,066 | \n\n\n\n\n\n\n
\n\n| Receivables from subsidiaries 1 | \nDesignated at fair value through profit and loss | \n420,957 | \n0 | \n420,957 | \n0 | \n495,153 | \n0 | \n495,153 | \n0 | \n\n\n\n\n\n\n
\n\n| Deposits and other current | \n | \n530,469 | \n0 | \n530,469 | \n0 | \n527,970 | \n0 | \n527,970 | \n0 | \n\n\n\n\n\n\n
\n\n| financial assets | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\n\n\n\n\n\n
\n\n| Deposits | \nDesignated at fair value through profit and loss | \n75,000 | \n0 | \n75,000 | \n0 | \n0 | \n0 | \n0 | \n0 | \n\n\n\n\n\n\n
\n\n| Current financial investments | \nFair value through profit and loss | \n451,925 | \n0 | \n451,925 | \n0 | \n514,257 | \n0 | \n514,257 | \n0 | \n\n\n\n\n\n\n
\n\n| Other receivables | \nDesignated at fair value through profit and loss | \n3,544 | \n0 | \n3,544 | \n0 | \n13,713 | \n0 | \n13,713 | \n0 | \n\n\n\n\n\n\n
\n\n| Cash and cash equivalents | \nDesignated at fair value through profit and loss | \n357,381 | \n0 | \n357,381 | \n0 | \n198,342 | \n0 | \n198,342 | \n0 | \n\n\n\n\n\n\n
\n\n| Non-current financial liabilities | \nAt amortised cost | \n697,074 | \n0 | \n634,375 | \n0 | \n696,289 | \n0 | \n590,772 | \n0 | \n\n\n\n\n\n\n
\n\n| Current financial liabilities | \nAt amortised cost | \n2,268 | \n0 | \n2,268 | \n0 | \n2,109 | \n0 | \n2,109 | \n0 | \n\n\n\n\n\n\n
\n\n| Other current receivables | \nAt amortised cost | \n98 | \n0 | \n98 | \n0 | \n101 | \n0 | \n101 | \n0 | \n\n\n\n\n\n\n
\n\n| Payables to subsidiaries 1 | \nDesignated at fair value through profit and loss | \n138,535 | \n0 | \n138,535 | \n0 | \n55,980 | \n0 | \n55,980 | \n0 | \n\n\n\n\n\n\n
\n\n| Trade and other current payables | \nAt amortised cost | \n15,273 | \n0 | \n15,273 | \n0 | \n4,396 | \n0 | \n4,396 | \n0 | \n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n
During the year, the were no level transfers.
\n1 Receivables from and payables to subsidiaries are designated at fair value but as they are very short-term receivables and payables, there is no change in fair value to record.
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n
\n
\n
\n
\n
\n\nThe fair value of the items of the investment portfolio can be prioritised as follows:
\nAssets valued under level 1 are valued at the stock market price at the balance sheet closing
\ndate. Level 2 data are data on the assets or liabilities other than listed prices included in level
\n1 data which are observable either directly or indirectly. Level 3 data are unobservable data
\non the assets or liabilities.
\nDirect shareholdings in investment subsidiaries are considered to be level 3 and are valued
\nbased on the fair value of their own portfolio (level 1, 2 or 3) and the fair value of their other
\nassets and liabilities. A detailed description of the valuation methods and the sensitivity of the
\nfair value is given in points 2.3 and 2.4 above. The portfolio held in transparency is described
\nunder point 2.2 above.
\nThe fair value of the other financial instruments has been determined using the
\nfollowing methods:
\n\u2022 for short-term financial instruments, such as trade receivables and payables, the fair value is considered
\nnot to be significantly different from the carrying amount at amortised cost;
\n\u2022 for short-term loans and borrowings, such as deposits or receivables from or payables to subsidiaries,
\nthe fair value is considered not to be significantly different from the carrying amount at amortised
\ncost;
\n\u2022 for long-term loans, the fair value of a debt investment, in the absence of actively traded prices, is
\ngenerally derived from a yield analysis taking into account credit quality, coupon and term as well as
\napplying the calibration principle;
\n\u2022 for foreign exchange rate or interest rate derivatives, fair value is determined based on models that
\ndiscount future cash flows based on future interest rate curves or foreign exchange rates or other
\nforward prices.
\nFinancial risks
\nA description of the financial risks can be found in point 2.5 above.
\nDetails of movements for financial investments recognised at fair value in level 3
\n\n
\n\n\n | \n | \nIN THOUSAND EUR | \n\n\n\n\n\n\n\n
\n\n| INVESTMENT PORTFOLIO | \n31/12/2024 | \n31/12/2023 | \n\n\n\n\n\n\n\n
\n\n| Net value at the beginning of the year | \n8,228,868 | \n8,150,888 | \n\n\n\n\n\n\n\n
\n\n| Acquisitions during the year | \n1,623,915 | \n849,226 | \n\n\n\n\n\n\n\n
\n\n| Disposals during the year | \n-547,501 | \n-181,751 | \n\n\n\n\n\n\n\n
\n\n| Changes in unrealised gains in profit and loss | \n430,738 | \n174,873 | \n\n\n\n\n\n\n\n
\n\n| Changes in unrealised losses in profit and loss | \n-245,411 | \n-764,692 | \n\n\n\n\n\n\n\n
\n\n| Changes in accrued interest not yet due | \n-24 | \n324 | \n\n\n\n\n\n\n\n
\n\n| Transfer to level 3 | \n0 | \n0 | \n\n\n\n\n\n\n\n
\n\n| Transfer from level 3 | \n0 | \n0 | \n\n\n\n\n\n\n\n
\n\n| Net value at the end of the year | \n9,490,585 | \n8,228,868 | \n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n
\n\n3.3 DEPOSITS AND OTHER CURRENT FINANCIAL ASSETS
\n\n
\n\n\n | \n | \nIN THOUSAND EUR | \n\n\n\n\n\n\n\n
\n\n | \n31/12/2024 | \n31/12/2023 | \n\n\n\n\n\n\n\n
\n\n| Deposits 1 | \n75,000 | \n0 | \n\n\n\n\n\n\n\n
\n\n| Current financial investments | \n451,925 | \n514,257 | \n\n\n\n\n\n\n\n
\n\n| Other receivables | \n3,544 | \n13,713 | \n\n\n\n\n\n\n\n
\n\n| Deposits and other current financial assets | \n530,469 | \n527,970 | \n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n
Current financial assets are measured at fair value through profit and loss.
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n3.4 CASH AND CASH EQUIVALENTS
\n\n
\n\n\n | \n | \nIN THOUSAND EUR | \n\n\n\n\n\n\n\n
\n\n | \n31/12/2024 | \n31/12/2023 | \n\n\n\n\n\n\n\n
\n\n| Bank and cash | \n44,238 | \n112,908 | \n\n\n\n\n\n\n\n
\n\n| Short-term investments and deposits | \n313,143 | \n85,434 | \n\n\n\n\n\n\n\n
\n\n| Cash and cash equivalents | \n357,381 | \n198,342 | \n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n
Cash and cash equivalents consist of bank balances, cash on hand and investments in money
\nmarket instruments with a maximum term of three months.
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n3.5 SHARE CAPITAL
\nIN THOUSAND EUR
\n\n
\n\n\n | \nSHARE CAPITALSHARES | \nTRE ASURY | \n\n\n\n\n\n\n\n
\n\n | \nNUMBER OF | \nAMOUNT OF | \nNUMBER OF | \nAMOUNT OF | \n\n\n\n\n\n\n\n
\n\n | \nSHARES | \nCAPITAL | \nSHARES | \nCAPITAL HELD | \n\n\n\n\n\n\n\n
\n\n| Balances as at 31/12/2022 | \n34,250,000 | \n79,735 | \n917,928 | \n2,137 | \n\n\n\n\n\n\n\n
\n\n| Changes during the year | \n0 | \n0 | \n135,000 | \n314 | \n\n\n\n\n\n\n\n
\n\n| Balances as at 31/12/2023 | \n34,250,000 | \n79,735 | \n1,052,928 | \n2,451 | \n\n\n\n\n\n\n\n
\n\n| Changes during the year | \n0 | \n0 | \n143,245 | \n334 | \n\n\n\n\n\n\n\n
\n\n| Balances as at 31/12/2024 | \n34,250,000 | \n79,735 | \n1,196,173 | \n2,785 | \n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n
The subscribed and fully paid-up capital consists of ordinary shares without nominal value.
\nThe owners of ordinary shares are entitled to receive dividends and are entitled to one
\nvote per share at the Company\u2019s general meetings of shareholders. The gross dividend for
\nthe financial year 2023, paid in 2024, was EUR 3.35 per share, i.e. a total gross amount of
\nEUR\u2005111,236 thousand. As at 31 December 2024, Sofina SA held 1,196,173 own shares, compared
\nwith 1,052,928 own shares held as at 31 December 2023. During the year 2024, 422,655 own
\nshares were acquired, and 279,410 own shares were disposed of. The proposed gross dividend
\nfor the year 2024 is EUR 3.50 per share.
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n
\n\n1 Long-term deposits with 32 days\u2019 notice.
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n
\n
\n
\n\n
\n\n3.6 RETIREMENT COMMITMENTS AND SIMILAR BENEFITS
\nSofina SA provides retirement and death benefits which are financed through group insurance
\ncontracts of the \u201cdefined benefit\u201d, \u201cdefined contributions\u201d and \u201ccash balance\u201d types.
\nThe benefits granted to employees in the cash balance pension plan are capitalised at a return
\nof three percent. The pension plan is financed through a group insurance plan with collective
\ncapitalisation in branch 23, whose assets are mainly invested in investment funds. The assets
\nof the pension plans are not invested in the Sofina securities.
\nThere are only two members continuing the \u201cdefined benefit\u201d plan.
\nThe \u201ccash balance\u201d and \u201cdefined contributions\u201d plans are subject to a guaranteed minimum
\nreturn and are therefore considered as \u201cdefined benefit\u201d plans under IAS 19. They have been
\nvalued using the \u201cTraditional Unit Credit\u201d method without forecasting future premiums. The
\n\u201cdefined benefit\u201d plan has been valued on the basis of the \u201cProjected Unit Credit\u201d method (in
\napplication of IAS 19).
\nThe pension plan at Sofina Invest and Sofina Capital in the Grand Duchy of Luxembourg is a
\n\u201cdefined contributions\u201d plan with no minimum return guaranteed by the employer. There is no
\nsimilar pension plan provided by Sofina Asia in Singapore. The related cost of the Luxembourg
\ncompanies\u2019 plan is not reflected directly in the result of Sofina as an Investment Entity, but
\nin the result of these subsidiaries, which are included in the accounts of Sofina at fair value.
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n | \n | \nIN THOUSAND EUR | \n\n\n\n\n\n\n\n
\n\n | \n31/12/2024 | \n31/12/2023 | \n\n\n\n\n\n\n\n
\n\n| Amounts recognised in the balance sheet | \n | \n | \n\n\n\n\n\n\n\n
\n\n| \u201cDefined benefit\" plan 1 | \n | \n | \n\n\n\n\n\n\n\n
\n\n| Present value of the pension obligations | \n6,678 | \n8,639 | \n\n\n\n\n\n\n\n
\n\n| Amount not recognised as asset | \n0 | \n0 | \n\n\n\n\n\n\n\n
\n\n| Fair value of the assets | \n-6,145 | \n-8,075 | \n\n\n\n\n\n\n\n
\n\n| Net present value of the pension obligations | \n533 | \n564 | \n\n\n\n\n\n\n\n
\n\n| \u201cDefined contributions\" plan | \n | \n | \n\n\n\n\n\n\n\n
\n\n| Present value of the pension obligations | \n4,348 | \n4,728 | \n\n\n\n\n\n\n\n
\n\n| Amount not recognised as asset | \n0 | \n0 | \n\n\n\n\n\n\n\n
\n\n| Fair value of the assets | \n-4,270 | \n-4,617 | \n\n\n\n\n\n\n\n
\n\n| Net present value of the pension obligations | \n78 | \n111 | \n\n\n\n\n\n\n\n
\n\n| \u201cCash balance\" plan | \n | \n | \n\n\n\n\n\n\n\n
\n\n| Present value of the pension obligations | \n9,683 | \n8,495 | \n\n\n\n\n\n\n\n
\n\n| Amount not recognised as asset | \n1,911 | \n181 | \n\n\n\n\n\n\n\n
\n\n| Fair value of the assets | \n-11,594 | \n-8,676 | \n\n\n\n\n\n\n\n
\n\n| Net present value of the pension obligations | \n0 | \n0 | \n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n
\n
\n\n\n| Total of the plans | \n | \n | \n\n\n\n\n\n\n\n
\n\n| Present value of the pension obligations | \n20,709 | \n21,862 | \n\n\n\n\n\n\n\n
\n\n| Amount not recognised as asset | \n1,911 | \n181 | \n\n\n\n\n\n\n\n
\n\n| Fair value of the assets | \n-22,009 | \n-21,368 | \n\n\n\n\n\n\n\n
\n\n| Net present value of the pension obligations | \n611 | \n675 | \n\n\n\n\n\n\n\n
\n\n| Fair value of the assets | \n | \n | \n\n\n\n\n\n\n\n
\n\n| Heritage collective investment fund | \n12,961 | \n10,022 | \n\n\n\n\n\n\n\n
\n\n| Assets managed by the insurer | \n9,048 | \n11,346 | \n\n\n\n\n\n\n\n
\n\n| Fair value of the assets | \n22,009 | \n21,368 | \n\n\n\n\n\n\n\n
\n\n| Movements of the liabilities during the year | \n | \n | \n\n\n\n\n\n\n\n
\n\n| Net liabilities at the beginning of the year | \n675 | \n2,235 | \n\n\n\n\n\n\n\n
\n\n| Amount recognised in equity | \n683 | \n-661 | \n\n\n\n\n\n\n\n
\n\n| Net income or expense recognised in the income statement | \n1,420 | \n1,380 | \n\n\n\n\n\n\n\n
\n\n| Contributions paid | \n-2,167 | \n-2,279 | \n\n\n\n\n\n\n\n
\n\n| Amount recognised at the end of the year | \n611 | \n675 | \n\n\n\n\n\n\n\n
\n\n| Pension cost recognised in the income statement | \n | \n | \n\n\n\n\n\n\n\n
\n\n| Current service cost | \n-1,415 | \n-1,314 | \n\n\n\n\n\n\n\n
\n\n| Net interest on pension obligations | \n4 | \n-52 | \n\n\n\n\n\n\n\n
\n\n| Interest income | \n0 | \n0 | \n\n\n\n\n\n\n\n
\n\n| Administration costs | \n-9 | \n-14 | \n\n\n\n\n\n\n\n
\n\n| Reversal of past service costs | \n0 | \n0 | \n\n\n\n\n\n\n\n
\n\n| Recognised actuarial gains (-) / losses (+) | \n0 | \n0 | \n\n\n\n\n\n\n\n
\n\n| Net expense | \n-1,420 | \n-1,380 | \n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n
1 These amounts include the obligations and assets relating to the \u201cdefined benefit\u201d pension plans for members who have chosen to continue their career in these plans, but also the obligations and historical assets of these same plans for all those who
\nhave chosen to move to the \u201ccash balance\u201d plan.
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n
\n
\n
\n
\n\nPension expenses are included in the Other expenses in the income statement.
\n\n
\n\n\n | \n | \nIN THOUSAND EUR | \n\n\n\n\n\n\n
\n\n | \n31/12/2024 | \n31/12/2023 | \n\n\n\n\n\n\n
\n\n| Main actuarial assumptions at the end of the year | \n | \n | \n\n\n\n\n\n\n
\n\n| Discount rate 1 | \n | \n | \n\n\n\n\n\n\n
\n\n| \u201cDefined benefit\" plans | \n | \n | \n\n\n\n\n\n\n
\n\n| - Old plan | \n3.15% | \n4.10% | \n\n\n\n\n\n\n
\n\n| - New plan | \n3.45% | \n4.25% | \n\n\n\n\n\n\n
\n\n| \u201cDefined contributions\" plans | \n | \n | \n\n\n\n\n\n\n
\n\n| - Old plan | \n3.15% | \n4.10% | \n\n\n\n\n\n\n
\n\n| - New plan | \n3.25% | \n4.15% | \n\n\n\n\n\n\n
\n\n| \u201cCash balance\" plan | \n3.45% | \n4.25% | \n\n\n\n\n\n\n
\n\n| Salary increase rate | \n5.00% | \n5.10% | \n\n\n\n\n\n\n
\n\n| Inflation rate | \n2.00% | \n2.10% | \n\n\n\n\n\n\n
\n\n| Mortality table | \nMR-5/FR-5 | \nMR-5/FR-5 | \n\n\n\n\n\n\n
\n\n| Change of the present value of pension benefits | \n | \n | \n\n\n\n\n\n\n
\n\n| Present value of benefits at the beginning of the year | \n21,862 | \n20,998 | \n\n\n\n\n\n\n
\n\n| Service cost (employer) | \n1,414 | \n1,314 | \n\n\n\n\n\n\n
\n\n| Service cost (employee) | \n104 | \n111 | \n\n\n\n\n\n\n
\n\n| Interest cost | \n898 | \n769 | \n\n\n\n\n\n\n
\n\n| Benefits paid during the year | \n-3,040 | \n0 | \n\n\n\n\n\n\n
\n\n| Taxes on contributions paid | \n-258 | \n-270 | \n\n\n\n\n\n\n
\n\n| Actuarial gain (-) / loss (+) for the year 2 | \n-271 | \n-1,060 | \n\n\n\n\n\n\n
\n\n| Past services cost (+) and reversal (-) | \n0 | \n0 | \n\n\n\n\n\n\n
\n\n| Present value of promised benefits at the end of the year | \n20,709 | \n21,862 | \n\n\n\n\n\n\n
\n\n| Change in fair value of the assets in the plans | \n | \n | \n\n\n\n\n\n\n
\n\n| Fair value of the assets in the plans at the beginning of year | \n21,368 | \n18,763 | \n\n\n\n\n\n\n
\n\n| Benefits paid during the year | \n-3,040 | \n0 | \n\n\n\n\n\n\n
\n\n| Contributions received during the year (employer) | \n2,167 | \n2,281 | \n\n\n\n\n\n\n
\n\n| Contributions received during the year (employee) | \n103 | \n111 | \n\n\n\n\n\n\n
\n\n| Interest income | \n912 | \n717 | \n\n\n\n\n\n\n
\n\n| Taxes on contributions paid | \n-258 | \n-270 | \n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n
\n
\n\n\n| Administration costs | \n-9 | \n-13 | \n\n\n\n\n\n\n\n
\n\n| Return in excess of interest income | \n883 | \n-160 | \n\n\n\n\n\n\n\n
\n\n| Actuarial gain (+) / loss (-) related to experience adjustments | \n-117 | \n-61 | \n\n\n\n\n\n\n\n
\n\n| Present value of the assets in the plans at the end of the year | \n22,009 | \n21,368 | \n\n\n\n\n\n\n\n
\n\n| Personnel costs | \n35,908 | \n21,184 | \n\n\n\n\n\n\n\n
\n\n| Average number of full-time equivalent employees, incl. the CEO | \n | \n | \n\n\n\n\n\n\n\n
\n\n| Employees | \n18 | \n22 | \n\n\n\n\n\n\n\n
\n\n| Management staff | \n27 | \n27 | \n\n\n\n\n\n\n\n
\n\n | \n45 | \n49 | \n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n
\n
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n
\n\n3.7 NON-CURRENT FINANCIAL LIABILITIES
\n\n
\n\n\n | \n | \nIN THOUSAND EUR | \n\n\n\n\n\n\n\n
\n\n | \n31/12/2024 | \n31/12/2023 | \n\n\n\n\n\n\n\n
\n\n| Bonds issued | \n697,074 | \n696,289 | \n\n\n\n\n\n\n\n
\n\n| Non-current financial liabilities | \n697,074 | \n696,289 | \n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n
The non-current financial liabilities result from a bond issuance amounting to EUR 700,000 thou-
\nsand, maturing in 2028. The bonds bear an annual interest rate of 1% payable annually on the
\ncoupon due date.
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n3.8 FINANCIAL LIABILITIES, TRADE AND OTHER CURRENT PAYABLES
\n\n
\n\n\n | \nIN THOUSAND EUR | \n\n\n\n\n\n\n
\n\n | \n31/12/2024 | \n31/12/2023 | \n\n\n\n\n\n\n
\n\n| Bank loans | \n0 | \n0 | \n\n\n\n\n\n\n
\n\n| Payables to subsidiaries | \n138,535 | \n\u200555,980\u2005\u2005\u2005 | \n\n\n\n\n\n\n
\n\n| Trade payables | \n2,768 | \n\u20051,398\u2005\u2005\u2005 | \n\n\n\n\n\n\n
\n\n| Wage and social security payables | \n10,662 | \n\u20051,646\u2005\u2005\u2005 | \n\n\n\n\n\n\n
\n\n| Current financial liabilities 3 | \n2,268 | \n2,109\u2005 | \n\n\n\n\n\n\n
\n\n| Other miscellaneous liabilities | \n593 | \n162\u2005 | \n\n\n\n\n\n\n
\n\n| Dividends relating to previous years | \n862 | \n\u2005868\u2005\u2005\u2005 | \n\n\n\n\n\n\n
\n\n| Miscellaneous taxes | \n\u2005388\u2005\u2005\u2005 | \n\u2005322\u2005\u2005\u2005 | \n\n\n\n\n\n\n
\n\n| Financial liabilities, trade and other current payables | \n156,076 | \n62,485 | \n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n1 A sensitivity analysis of + or - 0.25% is applied to the discount rates, which would have an impact on the present value of EUR -178 thousand and EUR +188 thousand.
\n2 Changes in demographic assumptions (EUR 0 thousand), changes in financial assumptions (EUR -485 thousand) and changes in experience assumptions (EUR 757 thousand).
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n3 Composed of accrued interest related to the bonds (see point 3.7 above).
\n
\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n
\n
\n
\n
\n
\n
\n\n3.9 RECEIVABLES FROM AND PAYABLES TO SUBSIDIARIES
\n\n
\n\n\n | \nIN THOUSAND EUR | \n\n\n\n\n\n\n
\n\n | \n31/12/2024 | \n31/12/2023 | \n\n\n\n\n\n\n
\n\n| Receivables from subsidiaries 1 | \n420,957 | \n495,153 | \n\n\n\n\n\n\n
\n\n| Debts to subsidiaries 2 | \n-138,535 | \n-55,980 | \n\n\n\n\n\n\n
\n\n| Receivables from and debts to subsidiaries | \n282,422 | \n439,173 | \n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n
Sofina SA has signed revolving credit facilities agreements with commitment with several of
\nits subsidiaries. The loans thereby granted by Sofina SA to these subsidiaries bear interest at
\nEuribor +3 months plus a margin.
\nWith regard to its payables (deposits made by subsidiaries), Sofina SA remunerates them at
\na market deposit rate that is reviewed regularly.
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n3.10 DIVIDENDS
\n\n
\n\n\n | \nIN THOUSAND EUR | \n\n\n\n\n\n\n
\n\n | \n2024 | \n2023 | \n\n\n\n\n\n\n
\n\n| Dividends received from non-consolidated related companies | \n1,013,276 | \n360,000 | \n\n\n\n\n\n\n
\n\n| Dividends received from associated companies | \n5,614 | \n8,686 | \n\n\n\n\n\n\n
\n\n| Dividends received from other companies | \n13,156 | \n3,050 | \n\n\n\n\n\n\n
\n\n| Dividends 3 | \n1,032,046 | \n371,736 | \n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n
\n\n3.11 INTEREST INCOME AND EXPENSES
\n\n
\n\n\n | \nIN THOUSAND EUR | \n\n\n\n\n\n\n
\n\n | \n2024 | \n2023 | \n\n\n\n\n\n\n
\n\n| Interest on non-current assets | \n796 | \n392 | \n\n\n\n\n\n\n
\n\n| Interest on receivables from subsidiaries 4 | \n11,228 | \n23,533 | \n\n\n\n\n\n\n
\n\n| Interest on current assets | \n10,828 | \n5,673 | \n\n\n\n\n\n\n
\n\n| Interest on debts to subsidiaries | \n-841 | \n-850 | \n\n\n\n\n\n\n
\n\n| Interest to banks | \n-169 | \n-10 | \n\n\n\n\n\n\n
\n\n| Interest on other liabilities 5 | \n-7,785 | \n-7,782 | \n\n\n\n\n\n\n
\n\n| Interest income and expenses | \n14,057 | \n20,956 | \n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n3.12 NET RESULT OF THE INVESTMENT PORTFOLIO
\nRealised capital gains on investments come mainly from sales of shares in companies active
\nin the fields of industrial minerals and the rental of refrigerated vehicles.
\nRealised capital losses on investments come mainly from the sale of shares in companies
\nactive in the rental of refrigerated vehicle and health risks prevention.
\nUnrealised capital gains on investments mainly come from investments in companies active in
\nthe fields of software provider, personal hygiene products, active health risks prevention and
\nsome of our subsidiaries (Sofina US, Sofina Ventures and Sofina Invest).
\nUnrealised capital losses on investments mainly relate to our holding in our subsidiary Sofina
\nCapital, and in companies active in biological crop protection and in online education.
\n\n
\n\n\n | \n | \nIN THOUSAND EUR | \n\n\n\n\n\n\n
\n\n | \n2024 | \n2023 | \n\n\n\n\n\n\n
\n\n| Investments | \n | \n | \n\n\n\n\n\n\n
\n\n| Results realised upon disposals | \n198,386 | \n67,761 | \n\n\n\n\n\n\n
\n\n| Capital gains | \n240,454 | \n67,891 | \n\n\n\n\n\n\n
\n\n| Capital losses | \n-42,068 | \n-130 | \n\n\n\n\n\n\n
\n\n| Unrealised results | \n151,965 | \n-541,138 | \n\n\n\n\n\n\n
\n\n| Capital gains | \n434,329 | \n209,934 | \n\n\n\n\n\n\n
\n\n| Capital losses | \n-282,364 | \n-751,072 | \n\n\n\n\n\n\n
\n\n| Total investments | \n350,351 | \n-473,377 | \n\n\n\n\n\n\n
\n\n| Receivables | \n | \n | \n\n\n\n\n\n\n
\n\n| Results realised upon disposals | \n1,215 | \n0 | \n\n\n\n\n\n\n
\n\n| Capital gains | \n1,215 | \n0 | \n\n\n\n\n\n\n
\n\n| Capital losses | \n0 | \n0 | \n\n\n\n\n\n\n
\n\n| Unrealised results | \n4,724 | \n-14,706 | \n\n\n\n\n\n\n
\n\n| Capital gains | \n4,724 | \n0 | \n\n\n\n\n\n\n
\n\n| Capital losses | \n0 | \n-14,706 | \n\n\n\n\n\n\n
\n\n| Total receivables | \n5,939 | \n-14,706 | \n\n\n\n\n\n\n
\n\n| Net result of the investment portfolio | \n356,290 | \n-488,083 | \n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n1 The amount for 2024 consists of money lent to subsidiaries under revolving credit facilities for EUR 218,514 thousand, a dividend receivable from a subsidiary for an amount of EUR 200,000 thousand, as well as trade receivables from subsidiaries for an
\namount of EUR 2,443 thousand.
\n2 The amount for 2024 consists of deposits made by subsidiaries for an amount of EUR 137,918 thousand, trade payables to subsidiaries for an amount of EUR 376 thousand, and purchases to be settled to a subsidiary for an amount of EUR 241 thousand.
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n3 Difference compared with the dividends presented in the consolidated cash flow statement is mainly due to cut-offs between declaration and payment periods, due to certain transactions with a counterparty of contribution in kind or to withholding
\ntaxes. It should be noted that the amount of dividends for the year 2024 is essentially derived from intragroup transfers of investments in an effort to rationalise the group\u2019s structure.
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n
\n\n4 For details, see point 3.9 above.
\n5 Composed of accrued interest related to the bonds (see point 3.7 above).
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n
\n
\n
\n
\n\n
\n
\n\n
\n\n3.13 OTHER FINANCIAL RESULTS
\n\n
\n\n\n | \n | \nIN THOUSAND EUR | \n\n\n\n\n\n\n
\n\n | \n2024 | \n2023 | \n\n\n\n\n\n\n
\n\n| Foreign exchange results | \n-243 | \n141 | \n\n\n\n\n\n\n
\n\n| Results on other current assets | \n18,743 | \n20,448 | \n\n\n\n\n\n\n
\n\n| Other financial results | \n18,500 | \n20,589 | \n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n
\n\n3.14 OTHER EXPENSES
\n\n
\n\n\n | \n | \nIN THOUSAND EUR | \n\n\n\n\n\n\n
\n\n | \n2024 | \n2023 | \n\n\n\n\n\n\n
\n\n| Other financial expenses | \n-3,588 | \n-2,358 | \n\n\n\n\n\n\n
\n\n| Services and other goods | \n-20,497 | \n-11,652 | \n\n\n\n\n\n\n
\n\n| Remuneration, social security charges and pensions | \n-35,908 | \n-21,184 | \n\n\n\n\n\n\n
\n\n| Miscellaneous | \n-3,526 | \n-5,416 | \n\n\n\n\n\n\n
\n\n| Other expenses | \n-63,519 | \n-40,610 | \n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n
Services and other goods mainly comprise consultancy services received.
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n3.15 TAXES
\n\n
\n\n\n | \n | \nIN THOUSAND EUR | \n\n\n\n\n\n\n
\n\n| INCOME TAXES | \n2024 | \n2023 | \n\n\n\n\n\n\n
\n\n| Current tax expense (+) / income (-) | \n7 | \n8 | \n\n\n\n\n\n\n
\n\n| Deferred tax expense (+) / income (-) | \n0 | \n0 | \n\n\n\n\n\n\n
\n\n | \n7 | \n8 | \n\n\n\n\n\n\n
\n\n| Reconciliation between current tax expense (+) / income (-) | \n | \n | \n\n\n\n\n\n\n
\n\n| and accounting profit | \n | \n | \n\n\n\n\n\n\n
\n\n| Accounting profit before taxes | \n1,359,512 | \n-104,259 | \n\n\n\n\n\n\n
\n\n| Taxes calculated at 25% | \n339,878 | \n0 | \n\n\n\n\n\n\n
\n\n| Impact of different tax rates used in other countries | \n0 | \n0 | \n\n\n\n\n\n\n
\n\n| Impact of tax exemption of net unrealised capital gains and non- | \n18,655 | \n79,472 | \n\n\n\n\n\n\n
\n\n| deductibility of net unrealised capital losses on investments | \n | \n | \n\n\n\n\n\n\n
\n\n| under Investment Entity status | \n | \n | \n\n\n\n\n\n\n
\n\n| Impact of tax exemption of capital gains and reversals of | \n-101,040 | \n13,972 | \n\n\n\n\n\n\n
\n\n| impairments and non-deductibility of capital losses and | \n | \n | \n\n\n\n\n\n\n
\n\n| impairments on investments | \n | \n | \n\n\n\n\n\n\n
\n\n| Impact of the exemption of dividends received | \n-257,795 | \n-93,855 | \n\n\n\n\n\n\n
\n\n| Impact of tax adjustments relating to prior years | \n0 | \n0 | \n\n\n\n\n\n\n
\n\n| Other tax adjustments (disallowed expenses) | \n309 | \n419 | \n\n\n\n\n\n\n
\n\n| Deferred tax expense (+) / income (-) | \n0 | \n0 | \n\n\n\n\n\n\n
\n\n| Income tax expense (+) / income (-) | \n7 | \n8 | \n\n\n\n\n\n\n
\n\n| Taxes on items recognised in equity | \n0 | \n0 | \n\n\n\n\n\n\n
\n\n| Deferred tax expense (+) / income (-) relating to the capital | \n0 | \n0 | \n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n
\nAs a holding company, Sofina is fully exempt from tax on most of its income (dividends and
\ncapital gains). This tax regime applicable to holding companies was introduced notably in
\nBelgium and in Luxembourg in order to avoid double taxation, a principle guided by the
\nEuropean Parent-Subsidiary Directive. No deferred tax liability is therefore recognised for
\nunrealised capital gains on investments. However, there are a few investments for which a tax
\non capital gain in the country of residence of the investee company can apply in specific sit
\n-
\nuations encountered by some of Sofina\u2019s investment subsidiaries. The impact of the deferred
\ntax liabilities for the temporary tax differences recognised by such investment subsidiaries
\nbetween the carrying amount and the tax base of such portfolio investments is reflected in
\ntheir fair value. At 31 December 2024, this impact amounts to a total of EUR 66.37 million.
\nFurthermore, Sofina does not meet the conditions to fall within the scope of the Council
\nDirective (EU) 2022/2523 of 14 December 2022 on ensuring a global minimum level of tax-
\nation for multinational enterprise groups and large-scale domestic groups in the European
\nUnion, introducing the so-called Pillar Two rules. Such rules apply to multinational groups
\nwhose ultimate parent entity reports an annual consolidated revenue of EUR 750 million or
\nmore in at least two of the four preceding fiscal years immediately preceding the tested fiscal
\nyear. Under the Investment Entity status and applicable consolidation method, Sofina does
\nnot meet the required criteria to fall in scope of such Pillar Two rules. There is therefore no
\ndeferred taxes to recognise in this respect.
\nThe reserves of Sofina SA include temporary differences arising from tax-exempt income prior
\nto 1990 and tax rules applicable at that time. No deferred tax liability is recognised because
\nSofina SA is able to control the timing of the reversal of such temporary differences and it is
\nprobable that the temporary difference will not reverse in the foreseeable future. In this respect,
\nat 31 December 2024, the deferred tax liabilities not recognised amount to EUR 54.28 million
\n(EUR 56.50 million in 2023).
\nSofina SA does not recognise deferred tax assets for tax losses (and dividend-received-de
\n-
\nduction) carried forward for an unlimited time because their recovery is deemed uncertain
\nin the foreseeable future. At 31 December 2024, these deferred tax assets not recognised
\namount to EUR 6.80 million (EUR 6.80 million in 2023).
\nAs explained in point 2.1 above, there is also some accumulated profit within Luxembourg
\ninvestment subsidiaries holding Sofina Private Funds which could all become taxable (at a
\n25% tax rate) in some very unlikely scenarios (and, moreover, scenarios over which Sofina SA
\nhas the control). Accordingly, no deferred tax liability is recognised for these amounts.
\n\n
\n\n\n | \n | \nIN THOUSAND EUR | \n\n\n\n\n\n\n\n
\n\n| OTHER TAXES | \n2024 | \n2023 | \n\n\n\n\n\n\n\n
\n\n| Various taxes related to tangible assets | \n168 | \n201 | \n\n\n\n\n\n\n\n
\n\n| Non-deductible VAT | \n2,587 | \n1,886 | \n\n\n\n\n\n\n\n
\n\n| Annual tax on securities accounts | \n90 | \n378 | \n\n\n\n\n\n\n\n
\n\n| Tax on stock exchange transactions | \n22 | \n19 | \n\n\n\n\n\n\n\n
\n\n| Other taxes | \n50 | \n93 | \n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n
\n
\n
\n\n
\n\n3.16 PUBLIC AID
\nA subsidy of EUR 349,000 was granted in 2005 by the Brussels-Capital Region. This is a
\nregional contribution to the costs of renovation work on the facades of the mansion where
\nSofina has its headquarters.
\nA subsidy of EUR 56,000 was granted in 2013 by the Brussels-Capital Region. This is a regional
\ncontribution to the costs of renovation work on the facade of our building on Boulevard
\nd\u2019Anvers.
\nA subsidy of EUR 60,000 was granted in 2016 by the Brussels-Capital Region. This is a
\nregional contribution to the costs of renovation work on the facades of the mansion where
\nSofina has its headquarters.
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n3.17 OFF-BALANCE SHEET RIGHTS AND COMMITMENTS
\n\n
\n\n\n | \n | \n | \n | \nIN THOUSAND EUR | \n\n\n\n\n\n\n\n
\n\n | \n | \n31/12/2024 | \n31/12/2023 | \n\n\n\n\n\n\n\n
\n\n | \n | \nFOREIGN | \nEUR | \nFOREIGN | \nEUR | \n\n\n\n\n\n\n\n
\n\n | \n | \nCURRENCY | \n | \nCURRENCY | \n | \n\n\n\n\n\n\n\n
\n\n| Investment portfolio, uncalled | \nEUR | \n | \n70,443 | \n | \n121,520 | \n\n\n\n\n\n\n\n
\n\n| committed amounts 1 | \nCAD | \n93 | \n62 | \n154 | \n105 | \n\n\n\n\n\n\n\n
\n\n | \nUSD | \n1,381,084 | \n1,329,371 | \n1,333,461 | \n1,206,753 | \n\n\n\n\n\n\n\n
\n\n | \nGBP | \n23,291 | \n28,089 | \n15,703 | \n18,069 | \n\n\n\n\n\n\n\n
\n\n | \nDKK | \n0 | \n0 | \n1,119,487 | \n150,208 | \n\n\n\n\n\n\n\n
\n\n | \n | \n | \n1,427,965 | \n | \n1,496,655 | \n\n\n\n\n\n\n\n
\n\n| Obtained credit lines | \n | \n | \n1,185,000 | \n | \n1,125,000 | \n\n\n\n\n\n\n\n
\n\n| Used amount | \n | \n | \n0 | \n | \n0 | \n\n\n\n\n\n\n\n
\n\n| Unused amount | \n | \n | \n1,185,000 | \n | \n1,125,000 | \n\n\n\n\n\n\n\n
\n\n| Credit lines granted to the | \n | \n | \n875,000 | \n | \n965,000 | \n\n\n\n\n\n\n\n
\n\n| investment subsidiaries | \n | \n | \n | \n | \n | \n\n\n\n\n\n\n\n
\n\n| Used amount | \n | \n | \n218,410 | \n | \n266,549 | \n\n\n\n\n\n\n\n
\n\n| Unused amount | \n | \n | \n656,590 | \n | \n698,451 | \n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n
As a reminder, Sofina has pre-emptive or preferential subscription rights in certain investments
\nof its portfolio (considered in transparency) and these are conditional to an increase in the
\ncapital of the portfolio company concerned or to the sale by a shareholder of its shares in
\nthe company. The other rights obtained relate essentially to the possibility for Sofina and its
\ninvestment subsidiaries to follow a shareholder who sells all or part of its investment (tag-along
\nright). The commitments given by Sofina and its investment subsidiaries relate to follow-on
\nobligations (transfer of shares) in the event of the disposal by certain shareholders of their
\nshares (drag-along right). The total fair value of the investments concerned by these com
\n-
\nmitments amounts to EUR 3,930,288 thousand.
\n
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n1 These amounts come mainly from subscriptions to investments by Sofina Private Funds amounting to EUR 1,422 million (see point 2.6 above). These commitments are subscribed by Sofina SA or by its investment subsidiaries (considered in transparency).
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n
\n\n
\n\n
\n\n
\n
\n3.18 RELATED PARTY TRANSACTIONS
\n\n
\n\n\n | \nIN THOUSAND EUR | \n\n\n\n\n\n\n\n
\n\n| ASSETS AND LIABILITIES | \n31/12/2024 | \n31/12/2023 | \n\n\n\n\n\n\n\n
\n\n| Long-term receivables from non-consolidated related companies | \n0 | \n0 | \n\n\n\n\n\n\n\n
\n\n| Short-term receivables from non-consolidated related companies | \n420,957 | \n495,153 | \n\n\n\n\n\n\n\n
\n\n| Payables to non-consolidated related companies | \n-138,535 | \n-55,980 | \n\n\n\n\n\n\n\n
\n\n| RESULTS FROM RELATED PARTY TRANSACTIONS | \n2024 | \n2023 | \n\n\n\n\n\n\n\n
\n\n| Dividends received from non-consolidated related companies | \n1,013,276 | \n360,000 | \n\n\n\n\n\n\n\n
\n\n| Dividends received from associated companies | \n5,614 | \n8,686 | \n\n\n\n\n\n\n\n
\n\n| Interest received from non-consolidated related companies | \n11,228 | \n23,533 | \n\n\n\n\n\n\n\n
\n\n| Interest paid to non-consolidated related companies | \n-841 | \n-850 | \n\n\n\n\n\n\n\n
\n\n| Services provided to non-consolidated related companies | \n1,827 | \n2,792 | \n\n\n\n\n\n\n\n
\n\n| Services received from non-consolidated related companies | \n-1,268 | \n-641 | \n\n\n\n\n\n\n\n
\n\n| Compensation of key executives 1 | \n | \n | \n\n\n\n\n\n\n\n
\n\n| Gross fixed compensation | \n2,585 | \n3,271 | \n\n\n\n\n\n\n\n
\n\n| Gross variable compensation | \n3,269 | \n27 | \n\n\n\n\n\n\n\n
\n\n| Director's fees | \n2,263 | \n2,176 | \n\n\n\n\n\n\n\n
\n\n| Group insurance, hospitalisation and healthcare | \n517 | \n784 | \n\n\n\n\n\n\n\n
\n\n| Share-based payment expenses | \n4,296 | \n5,296 | \n\n\n\n\n\n\n\n
\n\n| Data related to significant off-market transactions between related | \nNihil | \nNihil | \n\n\n\n\n\n\n\n
\n\n| parties | \n | \n | \n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n
The receivables from and payables to non-consolidated related companies consist mainly
\nof loans and deposits between Sofina and its subsidiaries. Their remuneration methods are
\ndetailed in point 3.9 above.
\nThe services provided mainly include investment services and investment advisory services
\nrelating to investment opportunities and portfolio investments held by the service recipient.
\nThe services received consist mainly of cash management services.
\nSofina is the guarantor of the commitments of its non-consolidated related companies (i.e.
\nits subsidiaries).
\nShareholding structure
\nUnion Financi\u00e8re Bo\u00ebl SA, Soci\u00e9t\u00e9 de Participations Industrielles SA and Mobili\u00e8re et Immo-
\nbili\u00e8re du Centre SA form a consortium within the meaning of Article 1:19 of the BCAC (together
\nthe \u201cReference Shareholder\u201d).
\n\nBased on the latest communication by the Reference Shareholder to the Company dated
\n20 August 2024, made in accordance with Article 74 of the Law of 1 April 2007 on public take-
\nover bids, the companies forming the Reference Shareholder held on 20 August 2024 shares
\nin the Company as set out in the table below:
\n\n
\n\n\n | \nNUMBER OF SHARES | \n% OWNERSHIP | \n\n\n\n\n\n\n\n
\n\n| Union Financi\u00e8re Bo\u00ebl SA | \n7,791,408 | \n22.75% | \n\n\n\n\n\n\n\n
\n\n| Soci\u00e9t\u00e9 de Participations Industrielles SA | \n8,486,320 | \n24.78% | \n\n\n\n\n\n\n\n
\n\n| Mobili\u00e8re et Immobili\u00e8re du Centre SA | \n2,535,968 | \n7.40% | \n\n\n\n\n\n\n\n
\n\n| Sub-total of the reference Shareholder | \n18,813,696 | \n54.93% | \n\n\n\n\n\n\n\n
\n\n| Sofina SA (treasury shares) | \n1,128,295 | \n3.29% | \n\n\n\n\n\n\n\n
\n\n| Total | \n19,941,991 | \n58.22% | \n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n
As at 31 December 2024 Sofina held 1,196,173 treasury shares representing 3.49% of its share
\ncapital.
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n1 Following the dissolution of the Executive Committee, the Leadership Council was set up in January 2024. The figures indicated at 31 December 2024 relate to the six members of the Leadership Council and of Sofina\u2019s non-Executive Directors, whereas
\nthe figures indicated at 31 December 2023 relate to the eight members of the Executive Committee in place at that time and the non-Executive Directors.
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n
\n
\n
\n
\n\n
\n\n
\n\n
\n\n
\n\nAuditors fee
\n\n
\n\n\n | \n | \nIN THOUSAND EUR | \n\n\n\n\n\n\n\n
\n\n | \n2024 | \n2023 | \n\n\n\n\n\n\n\n
\n\n| Audit services performed by the Auditors | \n115 | \n114 | \n\n\n\n\n\n\n\n
\n\n| Other audit services performed by the Auditors | \n16 | \n16 | \n\n\n\n\n\n\n\n
\n\n| Other non-audit services performed by the Auditors' network | \n0 | \n0 | \n\n\n\n\n\n\n\n
\n\n| Audit services performed by the Auditors' network | \n412 | \n367 | \n\n\n\n\n\n\n\n
\n\n| Tax advisory services | \n0 | \n0 | \n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n3.19 EMPLOYEE STOCK OPTION PLANS
\nNature and scope of the agreements
\nSofina offers stock option plans on Sofina shares to members of the Sofina group personnel\u2009
\n 1
\n.
\nThese options are exercisable at the earliest on 1
\nst
\n January of the fourth calendar year following
\nthe year in which the offer was made, and at the latest until the eve of the tenth anniversary
\nof the offer date.
\nThe option plans are settled exclusively in existing Sofina shares.
\nThe Company ensures that it holds the necessary number of own shares at all times to cover
\nthe various option plans.
\n\n
\n\n\n| OPTIONS GRANTED | \nNUMBER | \nWEIGHTED AVERAGE | \n\n\n\n\n\n\n\n
\n\n | \n | \nEXERCISE PRICE (IN EUR) | \n\n\n\n\n\n\n\n
\n\n| Exercisable as at 31/12/2023 | \n307,800 | \n168.65 | \n\n\n\n\n\n\n\n
\n\n| Outstanding as at 01/01/2024 | \n840,400 | \n241.00 | \n\n\n\n\n\n\n\n
\n\n| Granted 1 during the year | \n198,791 | \n196.14 | \n\n\n\n\n\n\n\n
\n\n| Exercised during the year | \n-42,850 | \n142.08 | \n\n\n\n\n\n\n\n
\n\n| Renounced during the year | \n0 | \n0.00 | \n\n\n\n\n\n\n\n
\n\n| Expired during the year | \n-6,000 | \n203.42 | \n\n\n\n\n\n\n\n
\n\n| Outstanding as at 31/12/2024 | \n990,341 | \n236.50 | \n\n\n\n\n\n\n\n
\n\n| Exercisable as at 31/12/2024 | \n391,500 | \n196.06 | \n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n
The weighted average share price at the exercise date of options exercised during the year
\nwas EUR 239.31.
\nThe range of exercise prices of the 990,341 options outstanding as at 31 December 2024 is
\nEUR 125.96 to EUR 385.40 (see table below) and the weighted average remaining contractual
\nlife is six years with a range of zero to nine years to exercise the options.
\n\n
\n\n\n| RANGE OF EXERCISE PRICE OF THE OPTIONS | \nNUMBER | \nWEIGHTED AVERAGE | \n\n\n\n\n\n\n\n
\n\n| GRANTED | \n | \nEXERCISE PRICE (IN EUR) | \n\n\n\n\n\n\n\n
\n\n| 101 EUR to 150 EUR | \n59,650 | \n125.96 | \n\n\n\n\n\n\n\n
\n\n| 151 EUR to 200 EUR | \n402,591 | \n191.69 | \n\n\n\n\n\n\n\n
\n\n| 200 EUR to 250 EUR | \n331,550 | \n222.54 | \n\n\n\n\n\n\n\n
\n\n| 350 EUR to 400 EUR | \n196,550 | \n385.40 | \n\n\n\n\n\n\n\n
\n\n| Options outstanding as at 31/12/2024 | \n990,341 | \n | \n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n
Calculation of the value
\nWeighted average value of options granted\u2009
\n 2
\n in 2024: EUR 68.97. The valuation model used
\nis the Black-Scholes model. The weighted averages of the main parameters used for the
\ncalculations are:
\n\n
\n\n\n| YEAR | \nUNDERLYING | \nDIVIDEND YIELD | \nRISK-FREE | \nEXPECTED | \nTIME TO | \n\n\n\n\n\n\n\n
\n\n | \nSHARE PRICE | \n | \nINTEREST RATE | \nVOLATILITY | \nMATURITY | \n\n\n\n\n\n\n\n
\n\n | \n(IN EUR) | \n | \n | \n | \n (IN YEARS) | \n\n\n\n\n\n\n\n
\n\n| 2024 | \n196.14 | \n1.49% | \n2.50% | \n27.31% | \n\u20056.5\u2005\u2005\u2005 | \n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n
Volatility has been calculated on the basis of historical movements in the Sofina share price
\nover the past 6.5 years (corresponding to the average time maturity of the plans).
\nEffect on the result
\nThe 2024 expense related to the stock option plans amounts to EUR 10.343 thousand (EUR
\n8,344 thousand in 2023).
\n
\n
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n3.20 POST-CLOSING DATE EVENTS
\nEvents after the end of the financial year are listed in the \u201cYear in review\u201d section, which forms
\nan integral part of the Management report.
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n1 Employees and the Chief Executive Officer.
\n2 Grant date on the last day of the sixty-days acceptance period.
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n
\n
\n3.21 LIST OF SUBSIDIARIES AND ASSOCIATED COMPANIES
\n\n
\n\n\n | \n | \nCORPORATE RIGHTS HELD | \nCORPORATE RIGHTS HELD | \n\n\n
\n\n| NAME AND HEADQUARTERS | \nLINK | \nNUMBER OF | \n% OWNERSHIP | \nNUMBER OF | \n% OWNERSHIP | \n\n\n
\n\n | \n | \nSHARES | \nAS AT 31/12/2024 | \nSHARES | \nAS AT | \n\n\n
\n\n | \n | \n | \n | \n | \n31/12/2023 | \n\n\n
\n\n\n\n\n\n
\n\n\n
\n\n\n
\n\n\n| A. INVESTMENT SUBSIDIARIES - AT FAIR VALUE | \n | \n | \n | \n | \n | \n\n\n
\n\n| Global Education Holding SA | \nIndirect | \n277,262 | \n82.01 | \n277,262 | \n82.01 | \n\n\n
\n\n| 12, rue L\u00e9on Laval - LU-3372 Leudelange | \n | \n | \n | \n | \n | \n\n\n
\n\n| Sofina Asia Private Ltd. | \nDirect | \n1,995,000 | \n100 | \n615,000 | \n100 | \n\n\n
\n\n| 108 Amoy Street # 03-01 - SG-069928 Singapore | \n | \n | \n | \n | \n | \n\n\n
\n\n| Sofina Capital SA | \nDirect | \n5,872,576 | \n100 | \n5,872,576 | \n100 | \n\n\n
\n\n| 12, rue L\u00e9on Laval - LU-3372 Leudelange | \n | \n | \n | \n | \n | \n\n\n
\n\n| Sofina Global SA SIF | \nIndirect | \n17,500,000 | \n100 | \n17,500,000 | \n100 | \n\n\n
\n\n| 12, rue L\u00e9on Laval - LU-3372 Leudelange | \n | \n | \n | \n | \n | \n\n\n
\n\n| Sofina Invest SA | \nDirect | \n30,000 | \n100 | \n0 | \n0 | \n\n\n
\n\n| 12, rue L\u00e9on Laval - LU-3372 Leudelange | \n | \n | \n | \n | \n | \n\n\n
\n\n| Sofina London Ltd. | \nDirect | \n50,000 | \n100 | \n0 | \n0 | \n\n\n
\n\n| 7th Floor, 50 Broadway - London SW1H 0DB - United Kingdom | \n | \n | \n | \n | \n | \n\n\n
\n\n| Sofina Partners SA | \nIndirect | \n0 | \n0 | \n46,668,777 | \n100 | \n\n\n
\n\n| 12, rue L\u00e9on Laval - LU-3372 Leudelange | \n | \n | \n | \n | \n | \n\n\n
\n\n| Sofina Private Equity SA SICAR | \nIndirect | \n5,910,000 | \n100 | \n5,910,000 | \n100 | \n\n\n
\n\n| 12, rue L\u00e9on Laval - LU-3372 Leudelange | \n | \n | \n | \n | \n | \n\n\n
\n\n| Sofina US, LLC | \nDirect | \n802,000 | \n100 | \n802,000 | \n100 | \n\n\n
\n\n| 160 Federal Street, 9th floor - MA 02110 Boston - USA | \n | \n | \n | \n | \n | \n\n\n
\n\n| Sofina Ventures SA | \nDirect | \n11,709 | \n100 | \n11,709 | \n100 | \n\n\n
\n\n| 29, rue de l\u2019Industrie - 1040 Brussels | \n | \n | \n | \n | \n | \n\n\n
\n\n| Company number 0423 386 786 | \n | \n | \n | \n | \n | \n\n\n
\n\n\n\n\n\n
\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n
\n\n\n| B. ASSOCIATED COMPANIES - AT FAIR VALUE | \n | \n | \n | \n | \n | \n\n\n
\n\n| Cambridge Associates | \nIndirect | \n24,242 | \n23.89 | \n24,242 | \n23.68 | \n\n\n
\n\n| 125 High Street - MA 02110 Boston - USA | \n | \n | \n | \n | \n | \n\n\n
\n\n| Dott HoldCo (Dott) | \nIndirect | \n10,143,368 | \n24.98 | \n0 | \n0.00 | \n\n\n
\n\n| Diemenstraat 292 - 1013 CR Amsterdam - Netherlands | \n | \n | \n | \n | \n | \n\n\n
\n\n| Drylock Technologies | \nDirect | \n169,782,750 | \n25.00 | \n169,782,750 | \n25.00 | \n\n\n
\n\n| Spinnerijstraat 12- 9240 Zele | \n | \n | \n | \n | \n | \n\n\n
\n\n| Company number 0479 766 057 | \n | \n | \n | \n | \n | \n\n\n
\n\n| Green E Origin (Green Energy Origin) | \nIndirect | \n400,737 | \n29.44 | \n279,851 | \n24.51 | \n\n\n
\n\n| 4, rue du Fort Wallis - LU-2714 Luxembourg | \n | \n | \n | \n | \n | \n\n\n
\n\n| Groupe Petit Forestier | \nDirect | \n0 | \n0.00 | \n976,838 | \n33.62 | \n\n\n
\n\n| 11, route de Tremblay - 93420 Villepinte - France | \n | \n | \n | \n | \n | \n\n\n
\n\n| MXP Prime Platform (SellerX) | \nIndirect | \n1,284,209 | \n26.09 | \n1,284,209 | \n26.09 | \n\n\n
\n\n| J\u00e4gerstra\u00dfe 41 - 10117 Berlin - Germany | \n | \n | \n | \n | \n | \n\n\n
\n\n| Nuxe International | \nIndirect | \n193,261,167 | \n49.00 | \n193,261,167 | \n49.00 | \n\n\n
\n\n| 127, rue d'Aguesseau - 92100 Boulogne-Billancourt - France | \n | \n | \n | \n | \n | \n\n\n
\n\n| Polygone (GL events) | \nDirect | \n0 | \n0.00 | \n221,076 | \n20.96 | \n\n\n
\n\n| 59, Quai Rambaud - 69002 Lyon - France | \n | \n | \n | \n | \n | \n\n\n
\n\n\n\n\n\n
\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\nConsidering Sofina\u2019s compliance with the conditions laid down in Article 70 of the Luxembourg law of 19 December 2002, Luxembourg subsidiaries (except Sofina Private Equity SA SICAR
\nand Sofina Global SA SIF) may be exempted from certain provisions relating to the publication of their statutory annual accounts.
\n
\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n
\n\n
\n
\n
\n
\n
\n3.22 SUMMARY OF MATERIAL ACCOUNTING POLICIES
\n\nThe following new standards and interpretations became effective in 2024:
\n\u2022 Amendments to IAS 1 - Presentation of Financial Statements: Classification of Liabilities as Current or
\nNon-current Liabilities with Covenants (applicable for annual periods beginning on or after 1
\nst
\n January
\n2024);
\n\u2022 Amendments to IFRS 16 - Leases: Lease Liability in a Sale and Leaseback (applicable for annual
\nperiods beginning on or after 1
\nst
\n January 2024); and
\n\u2022 Amendments to IAS 7 - Statement of Cash Flows and IFRS 7 - Financial Instruments: Disclosures:
\nSupplier Finance Arrangements (applicable for annual periods beginning on or after 1
\nst
\n J an uary
\n2024.
\nThe application of these standards and interpretations does not, however, have any material impact on
\nthe financial statements of Sofina.
\nSofina has not anticipated the application of the new and amended standards and interpretations not
\nyet applicable for the annual period beginning on or after 1
\nst
\n January 2024:
\n\u2022 Amendments to IAS 21 - The Effects of Changes in Foreign Exchange Rates: Lack of Exchangeability
\n(applicable for annual periods beginning on or after 1
\nst
\n January 2025, but not yet endorsed in the
\nEU);
\n\u2022 IFRS 18 - Presentation and Disclosure in Financial Statements (applicable for annual periods beginning
\non or after 1
\nst
\n January 2027, but not yet endorsed in the EU);
\n\u2022 IFRS 19 - Subsidiaries without Public Accountability \u2013 Disclosures (applicable for annual periods
\nbeginning on or after 1
\nst
\n January 2027, but not yet endorsed in the EU);
\n\u2022 Amendments to IFRS 9 and IFRS 7 - Classification and Measurement of Financial Instruments
\n(applicable for annual periods beginning on or after 1
\nst
\n January 2026, but not yet endorsed in the
\nEU);
\n\u2022 Annual Improvements \u2013 Volume 11 (applicable for annual periods beginning on or after 1
\nst
\n January
\n2026, but not yet endorsed in the EU); and
\n\u2022 Amendments to IFRS 9 and IFRS 7 - Contracts Referencing Nature-dependent Electricity (applicable
\nfor annual periods beginning on or after 1
\nst
\n January 2026, but not yet endorsed in the EU).
\nThe future application of these new standards and interpretations is not expected to have a
\nsignificant impact on the consolidated financial statements.
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\nBasis of evaluation
\n\nThe IFRS consolidated financial statements are prepared on the basis of fair value through
\nprofit and loss except for trade and employee receivables and payables, which are measured
\nat amortised cost.
\nIn order to reflect the significance of the data used in fair value measurements, the Sofina
\ngroup classifies these measurements into a hierarchy consisting of the following levels:
\n\u2022 Level 1: listed prices (unadjusted) in active markets for identical assets or liabilities;
\n\u2022 Level 2: data other than listed prices included in level 1 that are observable for the asset or liability,
\neither directly (i.e. as prices) or indirectly (i.e. derived from prices);
\n\u2022 Level 3: data for the asset or liability that are not based on observable market data (unobservable
\ndata).
\n
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nConsolidation principles
\nIn accordance with its status as an Investment Entity, Sofina does not consolidate its subsid-
\niaries and does not apply IFRS\u20053 when it acquires control of another entity.
\nAn exception to this is made for subsidiaries that only provide services related to Sofina\u2019s
\ninvestment activities. These subsidiaries are fully consolidated.
\nInvestments in other subsidiaries, which do not exclusively provide services related to Sofina\u2019s
\ninvestment activities, are also measured at fair value through profit and loss in accordance
\nwith IFRS 9.
\nInvestments in which Sofina exercises significant influence are also measured at fair value
\nthrough profit and loss in accordance with IAS 28, \u00a718 and IFRS 9.
\nThe list of subsidiaries and associated companies is presented above under point 3.21. This
\nlist does not include companies in which Sofina holds more than 20% of the capital without
\nexercising significant influence, because, for example, it has neither a representative mandate
\non the board of directors nor veto rights (other than the usual protective rights, for reorgan
\n-
\nisations, capital increases, etc.).
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nTransactions in foreign currencies
\nTransactions in foreign currencies are accounted for at the exchange rate in force on the date
\nof the transaction.
\nThe impact of foreign exchange is recognised in the income statement under \u201cOther financial
\nincome and expenses\u201d.
\nMonetary assets and liabilities denominated in foreign currencies are translated at closing
\nrates. Exchange differences arising from these transactions, as well as exchange differences
\narising from the translation of monetary assets and liabilities denominated in foreign currencies,
\nare recognised in the income statement. Non-monetary assets and liabilities denominated in
\nforeign currencies are translated at the exchange rate in force on the transaction date.
\nThe financial statements of foreign companies included in the consolidation are translated
\ninto euros at the closing rate for balance sheet accounts and at the average exchange rate for
\nthe year for income statement accounts. The difference resulting from the use of these two
\ndifferent rates is recorded in the consolidated balance sheet under \u201cReserves\u201d.
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n
\n
\n
\n
\n
\n
\n
\n
\n
\n\nMain foreign exchange rates
\n\n
\n\n\n | \n31/12/2024 | \n31/12/2023 | \n\n\n\n\n\n\n
\n\n| Closing rate | \n1 EUR = | \n1 EUR = | \n\n\n\n\n\n\n
\n\n| USD | \n1.0389 | \n1.1050 | \n\n\n\n\n\n\n
\n\n| GBP | \n0.8292 | \n0.8691 | \n\n\n\n\n\n\n
\n\n| CHF | \n0.9412 | \n0.9260 | \n\n\n\n\n\n\n
\n\n| SGD | \n1.4164 | \n1.4591 | \n\n\n\n\n\n\n
\n\n| CAD | \n1.4948 | \n1.4642 | \n\n\n\n\n\n\n
\n\n| INR | \n88.9335 | \n91.9045 | \n\n\n\n\n\n\n
\n\n| CNY | \n7.5833 | \n7.8509 | \n\n\n\n\n\n\n
\n\n| DKK | \n7.4578 | \n7.4529 | \n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n(In)tangible fixed assets
\n(In)tangible fixed assets are recorded on the assets side of the balance sheet at their
\nacquisition or production cost, less accumulated depreciation and any impairment losses.
\n
\n(In)tangible fixed assets are depreciated over their estimated useful life using the straight-
\nline method.
\n\u2022 Buildings: 30 years
\n\u2022 Equipment and furniture: 3 to 10 years
\n\u2022 Rolling stock: 5 years
\n\u2022 Licenses: 5 years
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n
\n\n
\n\n
\n\nInvestments and receivables
\nInvestments at fair value are recorded at the transaction date and are measured at fair value.
\nEquity investments at fair value consist of securities that are acquired with the aim of obtaining
\nreturns in the form of capital gains and/or investment income. They are measured at fair value
\nat each balance sheet date. Unrealised gains and losses are recognised directly in the income
\nstatement. In the event of disposal, the difference between the net sale proceeds and the
\ncarrying amount is charged or credited to the income statement.
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n
\n\n
\n\n
\n\nDeposits and other current financial assets
\nTrade receivables are measured at amortised cost. IFRS 9 requires the recognition of credit
\nlosses on all debt instruments, loans and trade receivables on the basis of their useful life.
\nThis impairment model under IFRS 9 is based on the anticipation of losses and does not have
\na significant impact on the measurement of impairment of financial assets.
\nDeposits are designated at fair value through the income statement.
\nReceivables from subsidiaries are designated at fair value through the income statement.
\nCash and cash equivalents comprise cash and term deposits with a maturity of less than
\nthree months.
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nTreasury shares
\nPurchases and sales of treasury shares are deducted from and added to equity respectively.
\nChanges during the period are explained in the statement of changes in equity. No result is
\nrecorded on these changes.
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nEmployee benefits
\nThe Sofina group\u2019s employees benefit from \u201cdefined benefit\u201d, \u201cdefined contribution\u201d and \u201ccash
\nbalance\u201d pension plans. These pension plans are financed by contributions from Sofina group
\ncompanies and subsidiaries employing staff and by contributions from the staff.
\nFor pension plans, the cost of pension obligations is determined using the \u201cProjected Unit
\nCredit\u201d actuarial method for \u201cdefined benefit\u201d plans and the \u201cTraditional Unit Credit\u201d method
\nfor \u201cdefined contribution\u201d and \u201ccash balance\u201d plans in accordance with the principles of IAS
\n19. The present value of the promised benefits is calculated. This calculated present value is
\nthen compared with the existing funding and, if necessary, generates an accounting provi
\n-
\nsion. The costs established by the actuaries are themselves compared with the premiums or
\ncontributions paid by the employer to the funding organisation and, if necessary, generate an
\nadditional expense in the consolidated income statement.
\nThe amount recognised in the balance sheet corresponds to the present value of the pension
\nobligations less the fair value of pension plan assets, in accordance with the principles of IAS
\n19. Actuarial differences, differences between the actual return on assets and the normative
\nreturn on assets, as well as the effect of the asset ceiling (excluding the interest effect) are
\nrecognised in full in equity, without subsequent reclassification to the income statement.
\nShare based incentive plans granted are accounted for in accordance with IFRS 2. Under this
\nstandard, the fair value of the options at the grant date is recognised in the income statement
\nover the vesting period. Options are valued using a generally accepted valuation model based
\non market conditions prevailing at the time of granting.
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nFinancial liabilities
\nDerivative financial instruments are initially recorded at fair value and revalued at each balance
\nsheet date. Changes in fair value are recognised in the income statement.
\nTrade payables, loans and bank overdrafts are initially measured at fair value less transaction
\ncosts directly attributable to their acquisition or issue and subsequently measured at amor
\n-
\ntised cost.
\nPayables to subsidiaries are designated at fair value through the income statement.
\nIFRS 16 \u2013 Leases: when a lease is entered into (unless it is a short-term lease or concerns a
\nlow-value asset), a liability is recognised for the related commitment, valued at amortised cost,
\nand the related asset is recognised as property, plant and equipment.
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nProvisions
\nA provision is recognised when a legal or constructive obligation exists at the balance sheet
\ndate as a result of a past event and it is probable that an outflow of resources will be required
\nto settle the obligation, the amount of which can be reliably estimated.
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n
\n
\n
\n
\n\nTa xe s
\nTaxes include income taxes and deferred taxes. Deferred taxes are recognised in the income
\nstatement except when they relate to items that have been recognised directly in equity, in
\nwhich case they are also recognised directly in this item.
\nIncome taxes consist of taxes payable on taxable income for the year, together with any
\nadjustments relating to previous years.
\nDeferred taxes consist of income taxes payable or recoverable in future years in respect of
\ntemporary differences between the carrying amount of assets and liabilities and their tax base
\nand in respect of unused tax loss carry forwards.
\nDeferred tax is not recognised on temporary differences arising from goodwill that is not
\ndeductible for tax purposes, from the initial recognition of assets or liabilities in a transaction
\nthat is not a business combination and affects neither accounting nor taxable profit at the
\ntime of the transaction, or from investments in subsidiaries, provided it is probable that the
\ntemporary difference will not be reversed in the foreseeable future.
\nDeferred taxes on unused tax losses are recognised only to the extent that taxable profits are
\nlikely to be realised, thereby enabling the losses to be utilised.
\nTaxes are calculated at the tax rates that have been enacted at the closing date.
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nIncome and expenses
\nIncome and expenses are recognised as follows:
\n\u2022 The gross amounts of dividends are recognised in the income statement at the date of allocation;
\n\u2022 Interest income is recognised when earned;
\n\u2022 Interest expense is recorded as incurred;
\n\u2022 Gains and losses on non-current assets and gains and losses on current assets are recognised at
\nthe date of the transaction that generated them;
\n\u2022 Other income and expenses are recognised at the time of the transaction;
\n\u2022 Sofina SA provides investment management services to non-consolidated subsidiaries. Each
\nresulting service obligation is covered by a service contract and the related revenue is recognised
\nas the service obligation is fulfilled (over the term of the contract). Services provided by non-
\nconsolidated subsidiaries to Sofina SA are treated in the same way;
\n\u2022 The gross amount of income and capital gains of non-consolidated foreign investments are
\nrecognised in the income statement.
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nSignificant accounting judgments and sources of uncertainty in accounting
\nestimates
\nThe main accounting estimates relate to the valuation of the investment portfolio: the signifi-
\ncant assumptions and judgments are discussed in the notes on the fair value of the portfolio
\nunder point 2.4 above.
\nThe significant judgments made by Sofina when determining its status as an Investment Entity
\nrelate to the assessment of the existence of a divestment strategy on portfolio investments, as
\nwell as the assessment of this divestment strategy on investments held by subsidiaries rather
\nthan on direct investments in these subsidiaries.
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInvestmentEntitiesExplanatory",
"language": "en",
"entity": "scheme:5493000GMVR38VUO5D39",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"Tag341": {
"value": "Sofina SA",
"dimensions": {
"concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification",
"language": "en",
"entity": "scheme:5493000GMVR38VUO5D39",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"Tag342": {
"value": "public limited liability company",
"dimensions": {
"concept": "ifrs-full:LegalFormOfEntity",
"language": "en",
"entity": "scheme:5493000GMVR38VUO5D39",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"Tag343": {
"value": "rue de l\u2019Industrie, 31, 1040 Brussels",
"dimensions": {
"concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity",
"language": "en",
"entity": "scheme:5493000GMVR38VUO5D39",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"Tag336": {
"value": "\nThe consolidated financial statements of the Sofina group as at 31 December 2024 were
\napproved by the Board of Directors held on 26 March 2025. They were prepared in accordance
\nwith IFRS (International Financial Reporting Standards) as adopted in the European Union.
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAuthorisationOfFinancialStatementsExplanatory",
"language": "en",
"entity": "scheme:5493000GMVR38VUO5D39",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"Tag337": {
"value": "\nACCOUNTING PRINCIPLES
\nThe standards, amendments and interpretations published but not yet effective in 2024 have
\nnot been adopted in advance by the Sofina group (see point 3.22 below).
\nThe valuation and consolidation principles, methods and techniques used in these consoli
\n-
\ndated financial statements are identical to those applied by the Sofina group when preparing
\nthe consolidated financial statements for the year ended 31 December 2023.
\nA summary of the main accounting policies is presented in point 3.22 below.
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n
\n
\n
\n
\n3.22 SUMMARY OF MATERIAL ACCOUNTING POLICIES
\n\nThe following new standards and interpretations became effective in 2024:
\n\u2022 Amendments to IAS 1 - Presentation of Financial Statements: Classification of Liabilities as Current or
\nNon-current Liabilities with Covenants (applicable for annual periods beginning on or after 1
\nst
\n January
\n2024);
\n\u2022 Amendments to IFRS 16 - Leases: Lease Liability in a Sale and Leaseback (applicable for annual
\nperiods beginning on or after 1
\nst
\n January 2024); and
\n\u2022 Amendments to IAS 7 - Statement of Cash Flows and IFRS 7 - Financial Instruments: Disclosures:
\nSupplier Finance Arrangements (applicable for annual periods beginning on or after 1
\nst
\n J an uary
\n2024.
\nThe application of these standards and interpretations does not, however, have any material impact on
\nthe financial statements of Sofina.
\nSofina has not anticipated the application of the new and amended standards and interpretations not
\nyet applicable for the annual period beginning on or after 1
\nst
\n January 2024:
\n\u2022 Amendments to IAS 21 - The Effects of Changes in Foreign Exchange Rates: Lack of Exchangeability
\n(applicable for annual periods beginning on or after 1
\nst
\n January 2025, but not yet endorsed in the
\nEU);
\n\u2022 IFRS 18 - Presentation and Disclosure in Financial Statements (applicable for annual periods beginning
\non or after 1
\nst
\n January 2027, but not yet endorsed in the EU);
\n\u2022 IFRS 19 - Subsidiaries without Public Accountability \u2013 Disclosures (applicable for annual periods
\nbeginning on or after 1
\nst
\n January 2027, but not yet endorsed in the EU);
\n\u2022 Amendments to IFRS 9 and IFRS 7 - Classification and Measurement of Financial Instruments
\n(applicable for annual periods beginning on or after 1
\nst
\n January 2026, but not yet endorsed in the
\nEU);
\n\u2022 Annual Improvements \u2013 Volume 11 (applicable for annual periods beginning on or after 1
\nst
\n January
\n2026, but not yet endorsed in the EU); and
\n\u2022 Amendments to IFRS 9 and IFRS 7 - Contracts Referencing Nature-dependent Electricity (applicable
\nfor annual periods beginning on or after 1
\nst
\n January 2026, but not yet endorsed in the EU).
\nThe future application of these new standards and interpretations is not expected to have a
\nsignificant impact on the consolidated financial statements.
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\nBasis of evaluation
\n\nThe IFRS consolidated financial statements are prepared on the basis of fair value through
\nprofit and loss except for trade and employee receivables and payables, which are measured
\nat amortised cost.
\nIn order to reflect the significance of the data used in fair value measurements, the Sofina
\ngroup classifies these measurements into a hierarchy consisting of the following levels:
\n\u2022 Level 1: listed prices (unadjusted) in active markets for identical assets or liabilities;
\n\u2022 Level 2: data other than listed prices included in level 1 that are observable for the asset or liability,
\neither directly (i.e. as prices) or indirectly (i.e. derived from prices);
\n\u2022 Level 3: data for the asset or liability that are not based on observable market data (unobservable
\ndata).
\n
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nConsolidation principles
\nIn accordance with its status as an Investment Entity, Sofina does not consolidate its subsid-
\niaries and does not apply IFRS\u20053 when it acquires control of another entity.
\nAn exception to this is made for subsidiaries that only provide services related to Sofina\u2019s
\ninvestment activities. These subsidiaries are fully consolidated.
\nInvestments in other subsidiaries, which do not exclusively provide services related to Sofina\u2019s
\ninvestment activities, are also measured at fair value through profit and loss in accordance
\nwith IFRS 9.
\nInvestments in which Sofina exercises significant influence are also measured at fair value
\nthrough profit and loss in accordance with IAS 28, \u00a718 and IFRS 9.
\nThe list of subsidiaries and associated companies is presented above under point 3.21. This
\nlist does not include companies in which Sofina holds more than 20% of the capital without
\nexercising significant influence, because, for example, it has neither a representative mandate
\non the board of directors nor veto rights (other than the usual protective rights, for reorgan
\n-
\nisations, capital increases, etc.).
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nTransactions in foreign currencies
\nTransactions in foreign currencies are accounted for at the exchange rate in force on the date
\nof the transaction.
\nThe impact of foreign exchange is recognised in the income statement under \u201cOther financial
\nincome and expenses\u201d.
\nMonetary assets and liabilities denominated in foreign currencies are translated at closing
\nrates. Exchange differences arising from these transactions, as well as exchange differences
\narising from the translation of monetary assets and liabilities denominated in foreign currencies,
\nare recognised in the income statement. Non-monetary assets and liabilities denominated in
\nforeign currencies are translated at the exchange rate in force on the transaction date.
\nThe financial statements of foreign companies included in the consolidation are translated
\ninto euros at the closing rate for balance sheet accounts and at the average exchange rate for
\nthe year for income statement accounts. The difference resulting from the use of these two
\ndifferent rates is recorded in the consolidated balance sheet under \u201cReserves\u201d.
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n
\n
\n
\n
\n
\n
\n
\n
\n\nMain foreign exchange rates
\n\n
\n\n\n | \n31/12/2024 | \n31/12/2023 | \n\n\n\n\n\n\n
\n\n| Closing rate | \n1 EUR = | \n1 EUR = | \n\n\n\n\n\n\n
\n\n| USD | \n1.0389 | \n1.1050 | \n\n\n\n\n\n\n
\n\n| GBP | \n0.8292 | \n0.8691 | \n\n\n\n\n\n\n
\n\n| CHF | \n0.9412 | \n0.9260 | \n\n\n\n\n\n\n
\n\n| SGD | \n1.4164 | \n1.4591 | \n\n\n\n\n\n\n
\n\n| CAD | \n1.4948 | \n1.4642 | \n\n\n\n\n\n\n
\n\n| INR | \n88.9335 | \n91.9045 | \n\n\n\n\n\n\n
\n\n| CNY | \n7.5833 | \n7.8509 | \n\n\n\n\n\n\n
\n\n| DKK | \n7.4578 | \n7.4529 | \n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n(In)tangible fixed assets
\n(In)tangible fixed assets are recorded on the assets side of the balance sheet at their
\nacquisition or production cost, less accumulated depreciation and any impairment losses.
\n
\n(In)tangible fixed assets are depreciated over their estimated useful life using the straight-
\nline method.
\n\u2022 Buildings: 30 years
\n\u2022 Equipment and furniture: 3 to 10 years
\n\u2022 Rolling stock: 5 years
\n\u2022 Licenses: 5 years
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n
\n\n
\n\n
\n\nInvestments and receivables
\nInvestments at fair value are recorded at the transaction date and are measured at fair value.
\nEquity investments at fair value consist of securities that are acquired with the aim of obtaining
\nreturns in the form of capital gains and/or investment income. They are measured at fair value
\nat each balance sheet date. Unrealised gains and losses are recognised directly in the income
\nstatement. In the event of disposal, the difference between the net sale proceeds and the
\ncarrying amount is charged or credited to the income statement.
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n
\n\n
\n\n
\n\nDeposits and other current financial assets
\nTrade receivables are measured at amortised cost. IFRS 9 requires the recognition of credit
\nlosses on all debt instruments, loans and trade receivables on the basis of their useful life.
\nThis impairment model under IFRS 9 is based on the anticipation of losses and does not have
\na significant impact on the measurement of impairment of financial assets.
\nDeposits are designated at fair value through the income statement.
\nReceivables from subsidiaries are designated at fair value through the income statement.
\nCash and cash equivalents comprise cash and term deposits with a maturity of less than
\nthree months.
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nTreasury shares
\nPurchases and sales of treasury shares are deducted from and added to equity respectively.
\nChanges during the period are explained in the statement of changes in equity. No result is
\nrecorded on these changes.
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nEmployee benefits
\nThe Sofina group\u2019s employees benefit from \u201cdefined benefit\u201d, \u201cdefined contribution\u201d and \u201ccash
\nbalance\u201d pension plans. These pension plans are financed by contributions from Sofina group
\ncompanies and subsidiaries employing staff and by contributions from the staff.
\nFor pension plans, the cost of pension obligations is determined using the \u201cProjected Unit
\nCredit\u201d actuarial method for \u201cdefined benefit\u201d plans and the \u201cTraditional Unit Credit\u201d method
\nfor \u201cdefined contribution\u201d and \u201ccash balance\u201d plans in accordance with the principles of IAS
\n19. The present value of the promised benefits is calculated. This calculated present value is
\nthen compared with the existing funding and, if necessary, generates an accounting provi
\n-
\nsion. The costs established by the actuaries are themselves compared with the premiums or
\ncontributions paid by the employer to the funding organisation and, if necessary, generate an
\nadditional expense in the consolidated income statement.
\nThe amount recognised in the balance sheet corresponds to the present value of the pension
\nobligations less the fair value of pension plan assets, in accordance with the principles of IAS
\n19. Actuarial differences, differences between the actual return on assets and the normative
\nreturn on assets, as well as the effect of the asset ceiling (excluding the interest effect) are
\nrecognised in full in equity, without subsequent reclassification to the income statement.
\nShare based incentive plans granted are accounted for in accordance with IFRS 2. Under this
\nstandard, the fair value of the options at the grant date is recognised in the income statement
\nover the vesting period. Options are valued using a generally accepted valuation model based
\non market conditions prevailing at the time of granting.
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nFinancial liabilities
\nDerivative financial instruments are initially recorded at fair value and revalued at each balance
\nsheet date. Changes in fair value are recognised in the income statement.
\nTrade payables, loans and bank overdrafts are initially measured at fair value less transaction
\ncosts directly attributable to their acquisition or issue and subsequently measured at amor
\n-
\ntised cost.
\nPayables to subsidiaries are designated at fair value through the income statement.
\nIFRS 16 \u2013 Leases: when a lease is entered into (unless it is a short-term lease or concerns a
\nlow-value asset), a liability is recognised for the related commitment, valued at amortised cost,
\nand the related asset is recognised as property, plant and equipment.
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nProvisions
\nA provision is recognised when a legal or constructive obligation exists at the balance sheet
\ndate as a result of a past event and it is probable that an outflow of resources will be required
\nto settle the obligation, the amount of which can be reliably estimated.
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n
\n
\n
\n\nTa xe s
\nTaxes include income taxes and deferred taxes. Deferred taxes are recognised in the income
\nstatement except when they relate to items that have been recognised directly in equity, in
\nwhich case they are also recognised directly in this item.
\nIncome taxes consist of taxes payable on taxable income for the year, together with any
\nadjustments relating to previous years.
\nDeferred taxes consist of income taxes payable or recoverable in future years in respect of
\ntemporary differences between the carrying amount of assets and liabilities and their tax base
\nand in respect of unused tax loss carry forwards.
\nDeferred tax is not recognised on temporary differences arising from goodwill that is not
\ndeductible for tax purposes, from the initial recognition of assets or liabilities in a transaction
\nthat is not a business combination and affects neither accounting nor taxable profit at the
\ntime of the transaction, or from investments in subsidiaries, provided it is probable that the
\ntemporary difference will not be reversed in the foreseeable future.
\nDeferred taxes on unused tax losses are recognised only to the extent that taxable profits are
\nlikely to be realised, thereby enabling the losses to be utilised.
\nTaxes are calculated at the tax rates that have been enacted at the closing date.
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nIncome and expenses
\nIncome and expenses are recognised as follows:
\n\u2022 The gross amounts of dividends are recognised in the income statement at the date of allocation;
\n\u2022 Interest income is recognised when earned;
\n\u2022 Interest expense is recorded as incurred;
\n\u2022 Gains and losses on non-current assets and gains and losses on current assets are recognised at
\nthe date of the transaction that generated them;
\n\u2022 Other income and expenses are recognised at the time of the transaction;
\n\u2022 Sofina SA provides investment management services to non-consolidated subsidiaries. Each
\nresulting service obligation is covered by a service contract and the related revenue is recognised
\nas the service obligation is fulfilled (over the term of the contract). Services provided by non-
\nconsolidated subsidiaries to Sofina SA are treated in the same way;
\n\u2022 The gross amount of income and capital gains of non-consolidated foreign investments are
\nrecognised in the income statement.
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nSignificant accounting judgments and sources of uncertainty in accounting
\nestimates
\nThe main accounting estimates relate to the valuation of the investment portfolio: the signifi-
\ncant assumptions and judgments are discussed in the notes on the fair value of the portfolio
\nunder point 2.4 above.
\nThe significant judgments made by Sofina when determining its status as an Investment Entity
\nrelate to the assessment of the existence of a divestment strategy on portfolio investments, as
\nwell as the assessment of this divestment strategy on investments held by subsidiaries rather
\nthan on direct investments in these subsidiaries.
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfMaterialAccountingPolicyInformationExplanatory",
"language": "en",
"entity": "scheme:5493000GMVR38VUO5D39",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
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"Tag345": {
"value": "\n
\n\n
\n\n\n
\n\n\n | \n | \n | \n | \n | \nIN THOUSAND EUR | \n\n\n\n\n\n\n\n\n\n\n
\n\n| COMPREHENSIVE INCOME (2024) | \nSOFINA DIRECT | \nSOFINA PRIVATE FUNDS | \nTOTAL | \nRECONCILING ITEMS | \nFINANCIAL STATEMENTS | \n\n\n\n\n\n\n\n\n\n\n
\n\n| Dividends | \n57,196 | \n2,526 | \n59,722 | \n972,324 | \n1,032,046 | \n\n\n\n\n\n\n\n\n\n\n
\n\n| Long-term minority investments | \n49,852 | \n | \n | \n | \n | \n\n\n\n\n\n\n\n\n\n\n
\n\n| Sofina Growth | \n7,34 4 | \n | \n | \n | \n | \n\n\n\n\n\n\n\n\n\n\n
\n\n| Net result of the investment portfolio | \n862,752 | \n523,248 | \n1,386,000 | \n-1,029,710 | \n356,290 | \n\n\n\n\n\n\n\n\n\n\n
\n\n| Long-term minority investments | \n537,316 | \n | \n | \n | \n | \n\n\n\n\n\n\n\n\n\n\n
\n\n| Sofina Growth | \n325,436 | \n | \n | \n | \n | \n\n\n\n\n\n\n\n\n\n\n
\n\n| Management expenses | \n | \n | \n-84,341 | \n20,822 | \n-63,519 | \n\n\n\n\n\n\n\n\n\n\n
\n\n| Other 1 | \n | \n | \n-2,559 | \n36,564 | \n34,005 | \n\n\n\n\n\n\n\n\n\n\n
\n\n| Total comprehensive income | \n | \n | \n1,358,822 | \n0 | \n1,358,822 | \n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n
\n\n\n
\n\n\n | \n | \n | \n | \n | \nIN THOUSAND EUR | \n\n\n\n\n\n\n\n\n
\n\n| COMPREHENSIVE INCOME (2023) | \nSOFINA DIRECT | \nSOFINA PRIVATE FUNDS | \nTOTAL | \nRECONCILING ITEMS | \nFINANCIAL STATEMENTS | \n\n\n\n\n\n\n\n\n
\n\n| Dividends | \n43,331 | \n896 | \n44,227 | \n333,230 | \n377,457 | \n\n\n\n\n\n\n\n\n
\n\n| Long-term minority investments | \n43,331 | \n | \n | \n | \n | \n\n\n\n\n\n\n\n\n
\n\n| Sofina Growth | \n0 | \n | \n | \n | \n | \n\n\n\n\n\n\n\n\n
\n\n| Net result of the investment portfolio | \n55,531 | \n-131,583 | \n-76,052 | \n-412,031 | \n-488,083 | \n\n\n\n\n\n\n\n\n
\n\n| Long-term minority investments | \n159,525 | \n | \n | \n | \n | \n\n\n\n\n\n\n\n\n
\n\n| Sofina Growth | \n-103,994 | \n | \n | \n | \n | \n\n\n\n\n\n\n\n\n
\n\n| Management expenses | \n | \n | \n-52,007 | \n11,397 | \n-40,610 | \n\n\n\n\n\n\n\n\n
\n\n| Other 1 | \n | \n | \n-19,775 | \n67,404 | \n47,629 | \n\n\n\n\n\n\n\n\n
\n\n| Total comprehensive income | \n | \n | \n-103,607 | \n0 | \n-103,607 | \n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfProfitLossFromOperatingActivitiesExplanatory",
"language": "en",
"entity": "scheme:5493000GMVR38VUO5D39",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"Tag346": {
"value": "\n
\n\n\n
\n\n\n | \n | \n | \n | \n | \nIN THOUSAND EUR | \n\n\n\n\n\n\n\n\n\n\n
\n\n| COMPREHENSIVE INCOME (2024) | \nSOFINA DIRECT | \nSOFINA PRIVATE FUNDS | \nTOTAL | \nRECONCILING ITEMS | \nFINANCIAL STATEMENTS | \n\n\n\n\n\n\n\n\n\n\n
\n\n| Dividends | \n57,196 | \n2,526 | \n59,722 | \n972,324 | \n1,032,046 | \n\n\n\n\n\n\n\n\n\n\n
\n\n| Long-term minority investments | \n49,852 | \n | \n | \n | \n | \n\n\n\n\n\n\n\n\n\n\n
\n\n| Sofina Growth | \n7,34 4 | \n | \n | \n | \n | \n\n\n\n\n\n\n\n\n\n\n
\n\n| Net result of the investment portfolio | \n862,752 | \n523,248 | \n1,386,000 | \n-1,029,710 | \n356,290 | \n\n\n\n\n\n\n\n\n\n\n
\n\n| Long-term minority investments | \n537,316 | \n | \n | \n | \n | \n\n\n\n\n\n\n\n\n\n\n
\n\n| Sofina Growth | \n325,436 | \n | \n | \n | \n | \n\n\n\n\n\n\n\n\n\n\n
\n\n| Management expenses | \n | \n | \n-84,341 | \n20,822 | \n-63,519 | \n\n\n\n\n\n\n\n\n\n\n
\n\n| Other 1 | \n | \n | \n-2,559 | \n36,564 | \n34,005 | \n\n\n\n\n\n\n\n\n\n\n
\n\n| Total comprehensive income | \n | \n | \n1,358,822 | \n0 | \n1,358,822 | \n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n
\n\n\n | \n | \n | \n | \n | \nIN THOUSAND EUR | \n\n\n\n\n\n\n\n\n
\n\n| COMPREHENSIVE INCOME (2023) | \nSOFINA DIRECT | \nSOFINA PRIVATE FUNDS | \nTOTAL | \nRECONCILING ITEMS | \nFINANCIAL STATEMENTS | \n\n\n\n\n\n\n\n\n
\n\n| Dividends | \n43,331 | \n896 | \n44,227 | \n333,230 | \n377,457 | \n\n\n\n\n\n\n\n\n
\n\n| Long-term minority investments | \n43,331 | \n | \n | \n | \n | \n\n\n\n\n\n\n\n\n
\n\n| Sofina Growth | \n0 | \n | \n | \n | \n | \n\n\n\n\n\n\n\n\n
\n\n| Net result of the investment portfolio | \n55,531 | \n-131,583 | \n-76,052 | \n-412,031 | \n-488,083 | \n\n\n\n\n\n\n\n\n
\n\n| Long-term minority investments | \n159,525 | \n | \n | \n | \n | \n\n\n\n\n\n\n\n\n
\n\n| Sofina Growth | \n-103,994 | \n | \n | \n | \n | \n\n\n\n\n\n\n\n\n
\n\n| Management expenses | \n | \n | \n-52,007 | \n11,397 | \n-40,610 | \n\n\n\n\n\n\n\n\n
\n\n| Other 1 | \n | \n | \n-19,775 | \n67,404 | \n47,629 | \n\n\n\n\n\n\n\n\n
\n\n| Total comprehensive income | \n | \n | \n-103,607 | \n0 | \n-103,607 | \n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n3.10 DIVIDENDS
\n\n
\n\n\n | \nIN THOUSAND EUR | \n\n\n\n\n\n\n
\n\n | \n2024 | \n2023 | \n\n\n\n\n\n\n
\n\n| Dividends received from non-consolidated related companies | \n1,013,276 | \n360,000 | \n\n\n\n\n\n\n
\n\n| Dividends received from associated companies | \n5,614 | \n8,686 | \n\n\n\n\n\n\n
\n\n| Dividends received from other companies | \n13,156 | \n3,050 | \n\n\n\n\n\n\n
\n\n| Dividends 3 | \n1,032,046 | \n371,736 | \n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n3 Difference compared with the dividends presented in the consolidated cash flow statement is mainly due to cut-offs between declaration and payment periods, due to certain transactions with a counterparty of contribution in kind or to withholding
\ntaxes. It should be noted that the amount of dividends for the year 2024 is essentially derived from intragroup transfers of investments in an effort to rationalise the group\u2019s structure.
\n
\n\n\n\n\n\n\n\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDividendsExplanatory",
"language": "en",
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"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
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"Tag347": {
"value": "\n\n
\n\n\n | \n | \n | \n | \n | \nIN THOUSAND EUR | \n\n\n\n\n\n\n\n\n\n\n
\n\n| COMPREHENSIVE INCOME (2024) | \nSOFINA DIRECT | \nSOFINA PRIVATE FUNDS | \nTOTAL | \nRECONCILING ITEMS | \nFINANCIAL STATEMENTS | \n\n\n\n\n\n\n\n\n\n\n
\n\n| Dividends | \n57,196 | \n2,526 | \n59,722 | \n972,324 | \n1,032,046 | \n\n\n\n\n\n\n\n\n\n\n
\n\n| Long-term minority investments | \n49,852 | \n | \n | \n | \n | \n\n\n\n\n\n\n\n\n\n\n
\n\n| Sofina Growth | \n7,34 4 | \n | \n | \n | \n | \n\n\n\n\n\n\n\n\n\n\n
\n\n| Net result of the investment portfolio | \n862,752 | \n523,248 | \n1,386,000 | \n-1,029,710 | \n356,290 | \n\n\n\n\n\n\n\n\n\n\n
\n\n| Long-term minority investments | \n537,316 | \n | \n | \n | \n | \n\n\n\n\n\n\n\n\n\n\n
\n\n| Sofina Growth | \n325,436 | \n | \n | \n | \n | \n\n\n\n\n\n\n\n\n\n\n
\n\n| Management expenses | \n | \n | \n-84,341 | \n20,822 | \n-63,519 | \n\n\n\n\n\n\n\n\n\n\n
\n\n| Other 1 | \n | \n | \n-2,559 | \n36,564 | \n34,005 | \n\n\n\n\n\n\n\n\n\n\n
\n\n| Total comprehensive income | \n | \n | \n1,358,822 | \n0 | \n1,358,822 | \n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n | \n | \n | \n | \n | \nIN THOUSAND EUR | \n\n\n\n\n\n\n\n\n
\n\n| COMPREHENSIVE INCOME (2023) | \nSOFINA DIRECT | \nSOFINA PRIVATE FUNDS | \nTOTAL | \nRECONCILING ITEMS | \nFINANCIAL STATEMENTS | \n\n\n\n\n\n\n\n\n
\n\n| Dividends | \n43,331 | \n896 | \n44,227 | \n333,230 | \n377,457 | \n\n\n\n\n\n\n\n\n
\n\n| Long-term minority investments | \n43,331 | \n | \n | \n | \n | \n\n\n\n\n\n\n\n\n
\n\n| Sofina Growth | \n0 | \n | \n | \n | \n | \n\n\n\n\n\n\n\n\n
\n\n| Net result of the investment portfolio | \n55,531 | \n-131,583 | \n-76,052 | \n-412,031 | \n-488,083 | \n\n\n\n\n\n\n\n\n
\n\n| Long-term minority investments | \n159,525 | \n | \n | \n | \n | \n\n\n\n\n\n\n\n\n
\n\n| Sofina Growth | \n-103,994 | \n | \n | \n | \n | \n\n\n\n\n\n\n\n\n
\n\n| Management expenses | \n | \n | \n-52,007 | \n11,397 | \n-40,610 | \n\n\n\n\n\n\n\n\n
\n\n| Other 1 | \n | \n | \n-19,775 | \n67,404 | \n47,629 | \n\n\n\n\n\n\n\n\n
\n\n| Total comprehensive income | \n | \n | \n-103,607 | \n0 | \n-103,607 | \n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfGeneralAndAdministrativeExpenseExplanatory",
"language": "en",
"entity": "scheme:5493000GMVR38VUO5D39",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"Tag348": {
"value": "\n
\n\n
\n\n
\n\n\n
\n\n\n | \n | \n | \n | \n | \nIN THOUSAND EUR | \n\n\n\n\n\n\n\n\n\n
\n\n| BALANCE SHEET (31/12/2024) | \nSOFINA DIRECT | \nSOFINA PRIVATE FUNDS | \nTOTAL | \nRECONCILING ITEMS | \nFINANCIAL STATEMENTS | \n\n\n\n\n\n\n\n\n\n
\n\n| Investment portfolio | \n5,331,222 | \n4,723,036 | \n10,054,258 | \n-213,822 | \n9,840,436 | \n\n\n\n\n\n\n\n\n\n
\n\n| Long-term minority investments | \n3,069,332 | \n | \n | \n | \n | \n\n\n\n\n\n\n\n\n\n
\n\n| Sofina Growth | \n2,261,890 | \n | \n | \n | \n | \n\n\n\n\n\n\n\n\n\n
\n\n| Net cash | \n | \n | \n333,959 | \n-146,727 | \n187,232 | \n\n\n\n\n\n\n\n\n\n
\n\n| Gross cash | \n | \n | \n1,031,033 | \n-146,727 | \n884,306 | \n\n\n\n\n\n\n\n\n\n
\n\n| Financial liabilities | \n | \n | \n-697,074 | \n0 | \n-697,074 | \n\n\n\n\n\n\n\n\n\n
\n\n| (In)tangible fixed assets | \n | \n | \n10,602 | \n-2,196 | \n8,406 | \n\n\n\n\n\n\n\n\n\n
\n\n| Other assets and liabilities 1 | \n | \n | \n-93,781 | \n362,745 | \n268,964 | \n\n\n\n\n\n\n\n\n\n
\n\n| NAV | \n | \n | \n10,305,038 | \n0 | \n10,305,038 | \n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n
1 This includes the deferred tax liabilities (EUR 29.30 million in the comprehensive income, representing a total amount of EUR 66,37 million in the liabilities) for the temporary tax differences recognised by some investment subsidiaries between the
\ncarrying amount and the tax base of portfolio investments impacting their fair value recognised in Sofina SA\u2019s investment portfolio (see point 3.15). Moreover, there are accumulated profits within Sofina Private Funds which could become taxable at a
\n25% tax rate in the theoretical scenario where the relevant investment subsidiaries holding such portfolio were to be liquidated and profit repatriated to their Sofina parent companies, which will however not materialise in the current going-concern
\ncontext. Depending on the theoretical scenarios considered (such as a sale or a liquidation of Sofina Private Funds), 0% to 59% of the Net Asset Value of the investment subsidiaries holding Sofina Private Funds could become taxable at 25%.
\nHowever, these hypothetical taxes have not been recognised because the trigger events are under the control of Sofina SA, and moreover not probable. Furthermore, the investment subsidiaries of Sofina SA do not recognise deferred tax assets for
\ntax losses carried forward because their recovery is not considered probable. Here also, since there is no deferred tax asset recognised by the investment subsidiaries in this respect, their fair value is not impacted.
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n
\n\n
\n\n\n
\n\n\n | \n | \n | \n | \n | \nIN THOUSAND EUR | \n\n\n\n\n\n\n\n\n
\n\n| BALANCE SHEET (31/12/2023) | \nSOFINA DIRECT | \nSOFINA PRIVATE FUNDS | \nTOTAL | \nRECONCILING ITEMS | \nFINANCIAL STATEMENTS | \n\n\n\n\n\n\n\n\n
\n\n| Investment portfolio | \n4,739,235\u2005 | \n4,189,006\u2005 | \n8,928,241 | \n-317,797 | \n8,610,444\u2005 | \n\n\n\n\n\n\n\n\n
\n\n| Long-term minority investments | \n2,846,919\u2005 | \n | \n | \n | \n | \n\n\n\n\n\n\n\n\n
\n\n| Sofina Growth | \n1,892,316\u2005 | \n | \n | \n | \n | \n\n\n\n\n\n\n\n\n
\n\n| Net cash | \n | \n | \n197,301 | \n-180,991 | \n16,310\u2005 | \n\n\n\n\n\n\n\n\n
\n\n| Gross cash | \n | \n | \n893,590 | \n-180,991 | \n712,599 | \n\n\n\n\n\n\n\n\n
\n\n| Financial liabilities | \n | \n | \n-696,289 | \n0\u2005 | \n-696,289\u2005 | \n\n\n\n\n\n\n\n\n
\n\n| (In)tangible fixed assets | \n | \n | \n10,223 | \n-1,297\u2005 | \n8,926\u2005 | \n\n\n\n\n\n\n\n\n
\n\n| Other assets and liabilities 1 | \n | \n | \n-52,334 | \n500,085\u2005 | \n4 47,751 | \n\n\n\n\n\n\n\n\n
\n\n| NAV | \n | \n | \n9,083,431 | \n0\u2005 | \n9,083,431 | \n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n
1 This includes the deferred tax liabilities (EUR 35.88 million in the comprehensive income, representing a total amount of EUR 37.06 million in the liabilities) for the temporary tax differences recognised by some investment subsidiaries between the
\ncarrying amount and the tax base of portfolio investments impacting their fair value recognised in Sofina SA\u2019s investment portfolio (see point 3.15). Moreover, there are accumulated profits within Sofina Private Funds which could become taxable at a 25%
\ntax rate in the theoretical scenario where the relevant investment subsidiaries holding such portfolio were to be liquidated and profit repatriated to their Sofina parent companies, which will however not materialise in the current going-concern context.
\nDepending on the theoretical scenarios considered (such as a sale or a liquidation of Sofina Private Funds), 0% to 60% of the Net Asset Value of the investment subsidiaries holding Sofina Private Funds could become taxable at 25%. However, these
\nhypothetical taxes have not been recognised because the trigger events are under the control of Sofina SA, and moreover not probable. Furthermore, the investment subsidiaries of Sofina SA do not recognise deferred tax assets for tax losses carried
\nforward because their recovery is not considered probable. Here also, since there is no deferred tax asset recognised by the investment subsidiaries in this respect, their fair value is not impacted.
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfNetAssetValueAttributableToUnitholdersExplanatory",
"language": "en",
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"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
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"value": "\n
\n\n
\n\n\n
\n\n\n | \n | \n | \n | \n | \nIN THOUSAND EUR | \n\n\n\n\n\n\n\n\n\n
\n\n| BALANCE SHEET (31/12/2024) | \nSOFINA DIRECT | \nSOFINA PRIVATE FUNDS | \nTOTAL | \nRECONCILING ITEMS | \nFINANCIAL STATEMENTS | \n\n\n\n\n\n\n\n\n\n
\n\n| Investment portfolio | \n5,331,222 | \n4,723,036 | \n10,054,258 | \n-213,822 | \n9,840,436 | \n\n\n\n\n\n\n\n\n\n
\n\n| Long-term minority investments | \n3,069,332 | \n | \n | \n | \n | \n\n\n\n\n\n\n\n\n\n
\n\n| Sofina Growth | \n2,261,890 | \n | \n | \n | \n | \n\n\n\n\n\n\n\n\n\n
\n\n| Net cash | \n | \n | \n333,959 | \n-146,727 | \n187,232 | \n\n\n\n\n\n\n\n\n\n
\n\n| Gross cash | \n | \n | \n1,031,033 | \n-146,727 | \n884,306 | \n\n\n\n\n\n\n\n\n\n
\n\n| Financial liabilities | \n | \n | \n-697,074 | \n0 | \n-697,074 | \n\n\n\n\n\n\n\n\n\n
\n\n| (In)tangible fixed assets | \n | \n | \n10,602 | \n-2,196 | \n8,406 | \n\n\n\n\n\n\n\n\n\n
\n\n| Other assets and liabilities 1 | \n | \n | \n-93,781 | \n362,745 | \n268,964 | \n\n\n\n\n\n\n\n\n\n
\n\n| NAV | \n | \n | \n10,305,038 | \n0 | \n10,305,038 | \n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n
1 This includes the deferred tax liabilities (EUR 29.30 million in the comprehensive income, representing a total amount of EUR 66,37 million in the liabilities) for the temporary tax differences recognised by some investment subsidiaries between the
\ncarrying amount and the tax base of portfolio investments impacting their fair value recognised in Sofina SA\u2019s investment portfolio (see point 3.15). Moreover, there are accumulated profits within Sofina Private Funds which could become taxable at a
\n25% tax rate in the theoretical scenario where the relevant investment subsidiaries holding such portfolio were to be liquidated and profit repatriated to their Sofina parent companies, which will however not materialise in the current going-concern
\ncontext. Depending on the theoretical scenarios considered (such as a sale or a liquidation of Sofina Private Funds), 0% to 59% of the Net Asset Value of the investment subsidiaries holding Sofina Private Funds could become taxable at 25%.
\nHowever, these hypothetical taxes have not been recognised because the trigger events are under the control of Sofina SA, and moreover not probable. Furthermore, the investment subsidiaries of Sofina SA do not recognise deferred tax assets for
\ntax losses carried forward because their recovery is not considered probable. Here also, since there is no deferred tax asset recognised by the investment subsidiaries in this respect, their fair value is not impacted.
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n
\n\n\n
\n\n\n | \n | \n | \n | \n | \nIN THOUSAND EUR | \n\n\n\n\n\n\n\n\n
\n\n| BALANCE SHEET (31/12/2023) | \nSOFINA DIRECT | \nSOFINA PRIVATE FUNDS | \nTOTAL | \nRECONCILING ITEMS | \nFINANCIAL STATEMENTS | \n\n\n\n\n\n\n\n\n
\n\n| Investment portfolio | \n4,739,235\u2005 | \n4,189,006\u2005 | \n8,928,241 | \n-317,797 | \n8,610,444\u2005 | \n\n\n\n\n\n\n\n\n
\n\n| Long-term minority investments | \n2,846,919\u2005 | \n | \n | \n | \n | \n\n\n\n\n\n\n\n\n
\n\n| Sofina Growth | \n1,892,316\u2005 | \n | \n | \n | \n | \n\n\n\n\n\n\n\n\n
\n\n| Net cash | \n | \n | \n197,301 | \n-180,991 | \n16,310\u2005 | \n\n\n\n\n\n\n\n\n
\n\n| Gross cash | \n | \n | \n893,590 | \n-180,991 | \n712,599 | \n\n\n\n\n\n\n\n\n
\n\n| Financial liabilities | \n | \n | \n-696,289 | \n0\u2005 | \n-696,289\u2005 | \n\n\n\n\n\n\n\n\n
\n\n| (In)tangible fixed assets | \n | \n | \n10,223 | \n-1,297\u2005 | \n8,926\u2005 | \n\n\n\n\n\n\n\n\n
\n\n| Other assets and liabilities 1 | \n | \n | \n-52,334 | \n500,085\u2005 | \n4 47,751 | \n\n\n\n\n\n\n\n\n
\n\n| NAV | \n | \n | \n9,083,431 | \n0\u2005 | \n9,083,431 | \n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n
1 This includes the deferred tax liabilities (EUR 35.88 million in the comprehensive income, representing a total amount of EUR 37.06 million in the liabilities) for the temporary tax differences recognised by some investment subsidiaries between the
\ncarrying amount and the tax base of portfolio investments impacting their fair value recognised in Sofina SA\u2019s investment portfolio (see point 3.15). Moreover, there are accumulated profits within Sofina Private Funds which could become taxable at a 25%
\ntax rate in the theoretical scenario where the relevant investment subsidiaries holding such portfolio were to be liquidated and profit repatriated to their Sofina parent companies, which will however not materialise in the current going-concern context.
\nDepending on the theoretical scenarios considered (such as a sale or a liquidation of Sofina Private Funds), 0% to 60% of the Net Asset Value of the investment subsidiaries holding Sofina Private Funds could become taxable at 25%. However, these
\nhypothetical taxes have not been recognised because the trigger events are under the control of Sofina SA, and moreover not probable. Furthermore, the investment subsidiaries of Sofina SA do not recognise deferred tax assets for tax losses carried
\nforward because their recovery is not considered probable. Here also, since there is no deferred tax asset recognised by the investment subsidiaries in this respect, their fair value is not impacted.
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n",
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"concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory",
"language": "en",
"entity": "scheme:5493000GMVR38VUO5D39",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
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"Tag350": {
"value": "\n
\n\n\n
\n\n\n | \n | \n | \n | \n | \nIN THOUSAND EUR | \n\n\n\n\n\n\n\n\n\n
\n\n| BALANCE SHEET (31/12/2024) | \nSOFINA DIRECT | \nSOFINA PRIVATE FUNDS | \nTOTAL | \nRECONCILING ITEMS | \nFINANCIAL STATEMENTS | \n\n\n\n\n\n\n\n\n\n
\n\n| Investment portfolio | \n5,331,222 | \n4,723,036 | \n10,054,258 | \n-213,822 | \n9,840,436 | \n\n\n\n\n\n\n\n\n\n
\n\n| Long-term minority investments | \n3,069,332 | \n | \n | \n | \n | \n\n\n\n\n\n\n\n\n\n
\n\n| Sofina Growth | \n2,261,890 | \n | \n | \n | \n | \n\n\n\n\n\n\n\n\n\n
\n\n| Net cash | \n | \n | \n333,959 | \n-146,727 | \n187,232 | \n\n\n\n\n\n\n\n\n\n
\n\n| Gross cash | \n | \n | \n1,031,033 | \n-146,727 | \n884,306 | \n\n\n\n\n\n\n\n\n\n
\n\n| Financial liabilities | \n | \n | \n-697,074 | \n0 | \n-697,074 | \n\n\n\n\n\n\n\n\n\n
\n\n| (In)tangible fixed assets | \n | \n | \n10,602 | \n-2,196 | \n8,406 | \n\n\n\n\n\n\n\n\n\n
\n\n| Other assets and liabilities 1 | \n | \n | \n-93,781 | \n362,745 | \n268,964 | \n\n\n\n\n\n\n\n\n\n
\n\n| NAV | \n | \n | \n10,305,038 | \n0 | \n10,305,038 | \n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n
1 This includes the deferred tax liabilities (EUR 29.30 million in the comprehensive income, representing a total amount of EUR 66,37 million in the liabilities) for the temporary tax differences recognised by some investment subsidiaries between the
\ncarrying amount and the tax base of portfolio investments impacting their fair value recognised in Sofina SA\u2019s investment portfolio (see point 3.15). Moreover, there are accumulated profits within Sofina Private Funds which could become taxable at a
\n25% tax rate in the theoretical scenario where the relevant investment subsidiaries holding such portfolio were to be liquidated and profit repatriated to their Sofina parent companies, which will however not materialise in the current going-concern
\ncontext. Depending on the theoretical scenarios considered (such as a sale or a liquidation of Sofina Private Funds), 0% to 59% of the Net Asset Value of the investment subsidiaries holding Sofina Private Funds could become taxable at 25%.
\nHowever, these hypothetical taxes have not been recognised because the trigger events are under the control of Sofina SA, and moreover not probable. Furthermore, the investment subsidiaries of Sofina SA do not recognise deferred tax assets for
\ntax losses carried forward because their recovery is not considered probable. Here also, since there is no deferred tax asset recognised by the investment subsidiaries in this respect, their fair value is not impacted.
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n
\n\n\n | \n | \n | \n | \n | \nIN THOUSAND EUR | \n\n\n\n\n\n\n\n\n
\n\n| BALANCE SHEET (31/12/2023) | \nSOFINA DIRECT | \nSOFINA PRIVATE FUNDS | \nTOTAL | \nRECONCILING ITEMS | \nFINANCIAL STATEMENTS | \n\n\n\n\n\n\n\n\n
\n\n| Investment portfolio | \n4,739,235\u2005 | \n4,189,006\u2005 | \n8,928,241 | \n-317,797 | \n8,610,444\u2005 | \n\n\n\n\n\n\n\n\n
\n\n| Long-term minority investments | \n2,846,919\u2005 | \n | \n | \n | \n | \n\n\n\n\n\n\n\n\n
\n\n| Sofina Growth | \n1,892,316\u2005 | \n | \n | \n | \n | \n\n\n\n\n\n\n\n\n
\n\n| Net cash | \n | \n | \n197,301 | \n-180,991 | \n16,310\u2005 | \n\n\n\n\n\n\n\n\n
\n\n| Gross cash | \n | \n | \n893,590 | \n-180,991 | \n712,599 | \n\n\n\n\n\n\n\n\n
\n\n| Financial liabilities | \n | \n | \n-696,289 | \n0\u2005 | \n-696,289\u2005 | \n\n\n\n\n\n\n\n\n
\n\n| (In)tangible fixed assets | \n | \n | \n10,223 | \n-1,297\u2005 | \n8,926\u2005 | \n\n\n\n\n\n\n\n\n
\n\n| Other assets and liabilities 1 | \n | \n | \n-52,334 | \n500,085\u2005 | \n4 47,751 | \n\n\n\n\n\n\n\n\n
\n\n| NAV | \n | \n | \n9,083,431 | \n0\u2005 | \n9,083,431 | \n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n
1 This includes the deferred tax liabilities (EUR 35.88 million in the comprehensive income, representing a total amount of EUR 37.06 million in the liabilities) for the temporary tax differences recognised by some investment subsidiaries between the
\ncarrying amount and the tax base of portfolio investments impacting their fair value recognised in Sofina SA\u2019s investment portfolio (see point 3.15). Moreover, there are accumulated profits within Sofina Private Funds which could become taxable at a 25%
\ntax rate in the theoretical scenario where the relevant investment subsidiaries holding such portfolio were to be liquidated and profit repatriated to their Sofina parent companies, which will however not materialise in the current going-concern context.
\nDepending on the theoretical scenarios considered (such as a sale or a liquidation of Sofina Private Funds), 0% to 60% of the Net Asset Value of the investment subsidiaries holding Sofina Private Funds could become taxable at 25%. However, these
\nhypothetical taxes have not been recognised because the trigger events are under the control of Sofina SA, and moreover not probable. Furthermore, the investment subsidiaries of Sofina SA do not recognise deferred tax assets for tax losses carried
\nforward because their recovery is not considered probable. Here also, since there is no deferred tax asset recognised by the investment subsidiaries in this respect, their fair value is not impacted.
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n",
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"concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory",
"language": "en",
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"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
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"value": "\n\n
\n\n\n | \n | \n | \n | \n | \nIN THOUSAND EUR | \n\n\n\n\n\n\n\n\n\n
\n\n| BALANCE SHEET (31/12/2024) | \nSOFINA DIRECT | \nSOFINA PRIVATE FUNDS | \nTOTAL | \nRECONCILING ITEMS | \nFINANCIAL STATEMENTS | \n\n\n\n\n\n\n\n\n\n
\n\n| Investment portfolio | \n5,331,222 | \n4,723,036 | \n10,054,258 | \n-213,822 | \n9,840,436 | \n\n\n\n\n\n\n\n\n\n
\n\n| Long-term minority investments | \n3,069,332 | \n | \n | \n | \n | \n\n\n\n\n\n\n\n\n\n
\n\n| Sofina Growth | \n2,261,890 | \n | \n | \n | \n | \n\n\n\n\n\n\n\n\n\n
\n\n| Net cash | \n | \n | \n333,959 | \n-146,727 | \n187,232 | \n\n\n\n\n\n\n\n\n\n
\n\n| Gross cash | \n | \n | \n1,031,033 | \n-146,727 | \n884,306 | \n\n\n\n\n\n\n\n\n\n
\n\n| Financial liabilities | \n | \n | \n-697,074 | \n0 | \n-697,074 | \n\n\n\n\n\n\n\n\n\n
\n\n| (In)tangible fixed assets | \n | \n | \n10,602 | \n-2,196 | \n8,406 | \n\n\n\n\n\n\n\n\n\n
\n\n| Other assets and liabilities 1 | \n | \n | \n-93,781 | \n362,745 | \n268,964 | \n\n\n\n\n\n\n\n\n\n
\n\n| NAV | \n | \n | \n10,305,038 | \n0 | \n10,305,038 | \n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n
1 This includes the deferred tax liabilities (EUR 29.30 million in the comprehensive income, representing a total amount of EUR 66,37 million in the liabilities) for the temporary tax differences recognised by some investment subsidiaries between the
\ncarrying amount and the tax base of portfolio investments impacting their fair value recognised in Sofina SA\u2019s investment portfolio (see point 3.15). Moreover, there are accumulated profits within Sofina Private Funds which could become taxable at a
\n25% tax rate in the theoretical scenario where the relevant investment subsidiaries holding such portfolio were to be liquidated and profit repatriated to their Sofina parent companies, which will however not materialise in the current going-concern
\ncontext. Depending on the theoretical scenarios considered (such as a sale or a liquidation of Sofina Private Funds), 0% to 59% of the Net Asset Value of the investment subsidiaries holding Sofina Private Funds could become taxable at 25%.
\nHowever, these hypothetical taxes have not been recognised because the trigger events are under the control of Sofina SA, and moreover not probable. Furthermore, the investment subsidiaries of Sofina SA do not recognise deferred tax assets for
\ntax losses carried forward because their recovery is not considered probable. Here also, since there is no deferred tax asset recognised by the investment subsidiaries in this respect, their fair value is not impacted.
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n | \n | \n | \n | \n | \nIN THOUSAND EUR | \n\n\n\n\n\n\n\n\n
\n\n| BALANCE SHEET (31/12/2023) | \nSOFINA DIRECT | \nSOFINA PRIVATE FUNDS | \nTOTAL | \nRECONCILING ITEMS | \nFINANCIAL STATEMENTS | \n\n\n\n\n\n\n\n\n
\n\n| Investment portfolio | \n4,739,235\u2005 | \n4,189,006\u2005 | \n8,928,241 | \n-317,797 | \n8,610,444\u2005 | \n\n\n\n\n\n\n\n\n
\n\n| Long-term minority investments | \n2,846,919\u2005 | \n | \n | \n | \n | \n\n\n\n\n\n\n\n\n
\n\n| Sofina Growth | \n1,892,316\u2005 | \n | \n | \n | \n | \n\n\n\n\n\n\n\n\n
\n\n| Net cash | \n | \n | \n197,301 | \n-180,991 | \n16,310\u2005 | \n\n\n\n\n\n\n\n\n
\n\n| Gross cash | \n | \n | \n893,590 | \n-180,991 | \n712,599 | \n\n\n\n\n\n\n\n\n
\n\n| Financial liabilities | \n | \n | \n-696,289 | \n0\u2005 | \n-696,289\u2005 | \n\n\n\n\n\n\n\n\n
\n\n| (In)tangible fixed assets | \n | \n | \n10,223 | \n-1,297\u2005 | \n8,926\u2005 | \n\n\n\n\n\n\n\n\n
\n\n| Other assets and liabilities 1 | \n | \n | \n-52,334 | \n500,085\u2005 | \n4 47,751 | \n\n\n\n\n\n\n\n\n
\n\n| NAV | \n | \n | \n9,083,431 | \n0\u2005 | \n9,083,431 | \n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n
1 This includes the deferred tax liabilities (EUR 35.88 million in the comprehensive income, representing a total amount of EUR 37.06 million in the liabilities) for the temporary tax differences recognised by some investment subsidiaries between the
\ncarrying amount and the tax base of portfolio investments impacting their fair value recognised in Sofina SA\u2019s investment portfolio (see point 3.15). Moreover, there are accumulated profits within Sofina Private Funds which could become taxable at a 25%
\ntax rate in the theoretical scenario where the relevant investment subsidiaries holding such portfolio were to be liquidated and profit repatriated to their Sofina parent companies, which will however not materialise in the current going-concern context.
\nDepending on the theoretical scenarios considered (such as a sale or a liquidation of Sofina Private Funds), 0% to 60% of the Net Asset Value of the investment subsidiaries holding Sofina Private Funds could become taxable at 25%. However, these
\nhypothetical taxes have not been recognised because the trigger events are under the control of Sofina SA, and moreover not probable. Furthermore, the investment subsidiaries of Sofina SA do not recognise deferred tax assets for tax losses carried
\nforward because their recovery is not considered probable. Here also, since there is no deferred tax asset recognised by the investment subsidiaries in this respect, their fair value is not impacted.
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n3.4 CASH AND CASH EQUIVALENTS
\n\n
\n\n\n | \n | \nIN THOUSAND EUR | \n\n\n\n\n\n\n\n
\n\n | \n31/12/2024 | \n31/12/2023 | \n\n\n\n\n\n\n\n
\n\n| Bank and cash | \n44,238 | \n112,908 | \n\n\n\n\n\n\n\n
\n\n| Short-term investments and deposits | \n313,143 | \n85,434 | \n\n\n\n\n\n\n\n
\n\n| Cash and cash equivalents | \n357,381 | \n198,342 | \n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n
Cash and cash equivalents consist of bank balances, cash on hand and investments in money
\nmarket instruments with a maximum term of three months.
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n
\n\n
\n\nDeposits and other current financial assets
\nTrade receivables are measured at amortised cost. IFRS 9 requires the recognition of credit
\nlosses on all debt instruments, loans and trade receivables on the basis of their useful life.
\nThis impairment model under IFRS 9 is based on the anticipation of losses and does not have
\na significant impact on the measurement of impairment of financial assets.
\nDeposits are designated at fair value through the income statement.
\nReceivables from subsidiaries are designated at fair value through the income statement.
\nCash and cash equivalents comprise cash and term deposits with a maturity of less than
\nthree months.
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory",
"language": "en",
"entity": "scheme:5493000GMVR38VUO5D39",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
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"value": "\n\n
\n\n\n | \n | \n | \n | \n | \nIN THOUSAND EUR | \n\n\n\n\n\n\n\n\n\n
\n\n| MANAGEMENT CASH FLOW STATEMENT (2024) | \nSOFINA DIRECT | \nSOFINA PRIVATE FUNDS | \nTOTAL GROSS CASH | \nFINANCIAL LIABILITIES | \nTOTAL NET CASH | \n\n\n\n\n\n\n\n\n\n
\n\n| Net cash at the beginning of the year | \n | \n | \n893,590 | \n-696,289 | \n197,301 | \n\n\n\n\n\n\n\n\n\n
\n\n| Dividends 1 | \n57,455 | \n2,182 | \n59,637 | \n0 | \n59,637 | \n\n\n\n\n\n\n\n\n\n
\n\n| Management expenses 2 | \n | \n | \n-61,158 | \n0 | \n-61,158 | \n\n\n\n\n\n\n\n\n\n
\n\n| Investments in portfolio | \n-566,907 | \n-383,919 | \n-950,826 | \n0 | \n-950,826 | \n\n\n\n\n\n\n\n\n\n
\n\n| Divestments from portfolio | \n836,729 | \n374,602 | \n1,211,331 | \n0 | \n1,211,331 | \n\n\n\n\n\n\n\n\n\n
\n\n| Dividends paid | \n | \n | \n-111,236 | \n0 | \n-111,236 | \n\n\n\n\n\n\n\n\n\n
\n\n| Other items | \n | \n | \n-10,305 | \n-785 | \n-11,090 | \n\n\n\n\n\n\n\n\n\n
\n\n| Repayment of financial liabilities | \n | \n | \n0 | \n0 | \n0 | \n\n\n\n\n\n\n\n\n\n
\n\n| Net cash at the end of the year | \n | \n | \n1,031,033 | \n-697,074 | \n333,959 | \n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n1 Difference with the dividends presented in the comprehensive income is mainly due to cut-offs (i.e. differences when the declaration of a dividend and its cash impact occur in two different financial years) and withholding taxes.
\n2 Difference with the management expenses presented in the comprehensive income is mainly due to the non-cash expenses associated with debts towards suppliers, deferred payment of the Long-Term Incentive Plan (LTIP) and stock options granted.
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\nThe management cash flow statement below provides cash flow information in transparency for all group subsidiaries.
\n\n
\n\n\n | \n | \n | \n | \n | \nIN THOUSAND EUR | \n\n\n\n\n\n\n\n\n
\n\n| MANAGEMENT CASH FLOW STATEMENT (2023) | \nSOFINA DIRECT | \nSOFINA PRIVATE FUNDS | \nTOTAL GROSS CASH | \nFINANCIAL LIABILITIES | \nTOTAL NET CASH | \n\n\n\n\n\n\n\n\n
\n\n| Net cash at the beginning for the year | \n | \n | \n928,558 | \n-695,507 | \n233,051 | \n\n\n\n\n\n\n\n\n
\n\n| Dividends 1 | \n43,268 | \n896 | \n44,164 | \n | \n44,164 | \n\n\n\n\n\n\n\n\n
\n\n| Management expenses 2 | \n | \n | \n-46,690 | \n | \n-46,690 | \n\n\n\n\n\n\n\n\n
\n\n| Investments in portfolio | \n-223,259 | \n-293,539 | \n-516,798 | \n | \n-516,798 | \n\n\n\n\n\n\n\n\n
\n\n| Divestments from portfolio | \n309,048 | \n280,743 | \n589,791 | \n | \n589,791 | \n\n\n\n\n\n\n\n\n
\n\n| Dividends paid | \n | \n | \n-108,030 | \n | \n-108,030 | \n\n\n\n\n\n\n\n\n
\n\n| Other items | \n | \n | \n2,595 | \n-782 | \n1,813 | \n\n\n\n\n\n\n\n\n
\n\n| Repayment of financial liabilities | \n | \n | \n0 | \n0 | \n0 | \n\n\n\n\n\n\n\n\n
\n\n| Net cash at the end of the year | \n | \n | \n893,590 | \n-696,289 | \n197,301 | \n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n1 Difference with the dividends presented in the comprehensive income is mainly due to cut-offs (i.e. differences when the declaration of a dividend and its cash impact occur in two different financial years) and withholding taxes.
\n2 Difference with the management expenses presented in the comprehensive income is mainly due to the non-cash expenses of the stock options granted
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCashFlowStatementExplanatory",
"language": "en",
"entity": "scheme:5493000GMVR38VUO5D39",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"Tag364": {
"value": "\n2.2 COMMENTS ON THE EVOLUTION OF THE PORTFOLIO IN TRANSPARENCY
\nThe main movements in acquisitions and disposals relating to the Sofina Direct portfolio in the
\nyear of 2024 (with a fair value in excess of EUR 10 million) concern the following financial assets:
\n\n
\n\n\n | \nCORPORATE RIGHTS | \n\n\n\n\n\n\n\n\n
\n\n | \n% OWNERSHIP | \n% OWNERSHIP | \n\n\n\n\n\n\n\n\n
\n\n | \nINVESTED 1 | \nSOLD 1 | \n\n\n\n\n\n\n\n\n
\n\n| Biobest Group (BioFirst) | \n0.00% | \n | \n\n\n\n\n\n\n\n\n
\n\n| Cyera | \n1.10% | \n | \n\n\n\n\n\n\n\n\n
\n\n| Finova Capital | \n6.99% | \n | \n\n\n\n\n\n\n\n\n
\n\n| GoldIron (First Eagle) | \n22.41% | \n | \n\n\n\n\n\n\n\n\n
\n\n| Green E Origin | \n8.88% | \n | \n\n\n\n\n\n\n\n\n
\n\n| HSG Alliance D | \n63.49% | \n | \n\n\n\n\n\n\n\n\n
\n\n| Lancelot UK HoldCo (EG Software) | \n14.50% | \n | \n\n\n\n\n\n\n\n\n
\n\n| MNH (M\u00e9rieux NutriSciences) | \n15.50% | \n | \n\n\n\n\n\n\n\n\n
\n\n| team.blue | \n3.98% | \n | \n\n\n\n\n\n\n\n\n
\n\n| Vivobarefoot | \n14.27% | \n | \n\n\n\n\n\n\n\n\n
\n\n| Colruyt Group | \n | \n0.29% | \n\n\n\n\n\n\n\n\n
\n\n| Drylock Technologies | \n | \n0.00% | \n\n\n\n\n\n\n\n\n
\n\n| GL events | \n | \n8.89% | \n\n\n\n\n\n\n\n\n
\n\n| Graphcore | \n | \n2.67% | \n\n\n\n\n\n\n\n\n
\n\n| Groupe Petit Forestier | \n | \n33.62% | \n\n\n\n\n\n\n\n\n
\n\n| Honasa Consumer (Mamaearth) | \n | \n2.86% | \n\n\n\n\n\n\n\n\n
\n\n| HSG Co-Investment 2016-A (ByteDance) | \n | \n0.00% | \n\n\n\n\n\n\n\n\n
\n\n| K12 Techno Services | \n | \n4.47% | \n\n\n\n\n\n\n\n\n
\n\n| M\u00e9rieux NutriSciences | \n | \n15.45% | \n\n\n\n\n\n\n\n\n
\n\n| Polygone (GL events) | \n | \n20.96% | \n\n\n\n\n\n\n\n\n
\n\n| SCR - Sibelco | \n | \n1.32% | \n\n\n\n\n\n\n\n\n
\n\n| TA Vogue Holdings (TCNS) | \n | \n48.72% | \n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n
The main net movements of more than EUR 10 million relating to the Sofina Private Funds\u2019
\nportfolio in the year of 2024 concern investments in Accel, Founders Fund, General Atlantic,
\nLightspeed, Sequoia and Thrive funds, and partial disposals of Chryscapital, DST, Insight and
\nSequoia.
\nThe main Sofina Direct level 1
\n\u20052
\n
\n
\ninvestments (with a fair value in excess of EUR 10 million) held
\nby the Sofina group as at 31\u2005December 2024 are as follows:
\n
\n\n
\n\n\n | \nYEAR OF | \nCORPORATE RIGHTS HELD | \nFAIR VALUE | \n\n\n\n\n\n\n\n\n
\n\n | \nTHE 1ST | \nNUMBER OF | \n | \n(IN THOUSAND | \n\n\n\n\n\n\n\n\n
\n\n | \nINVESTMENT | \nSHARES | \n% OWNERSHIP | \nEUR) | \n\n\n\n\n\n\n\n\n
\n\n| bioM\u00e9rieux | \n2009 | \n2,282,513 | \n1.93% | \n236,240 | \n\n\n\n\n\n\n\n\n
\n\n| GL events | \n2012 | \n2,102,729 | \n7.01% | \n38,690 | \n\n\n\n\n\n\n\n\n
\n\n| Honasa Consumer | \n2021 | \n10,715,978 | \n3.30% | \n30,750 | \n\n\n\n\n\n\n\n\n
\n\n| (Mamaearth) | \n | \n | \n | \n | \n\n\n\n\n\n\n\n\n
\n\n| Luxempart | \n1992 | \n1,257,500 | \n6.07% | \n88,654 | \n\n\n\n\n\n\n\n\n
\n\n| The Hut Group (THG) | \n2016 | \n127,494,951 | \n7.58% | \n69,161 | \n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n
1 Changes in undiluted ownership percentage as at 31 December 2024 due to new acquisitions and disposals during the year. In the case of Biobest Group (BioFirst), the movement is a capital call that did not involve an acquisition of shares and
\ntherefore does not alter the ownership percentage. In the case of Drylock Technologies, the movement is a capital reduction that did not involve a disposal of shares and therefore does not alter the ownership percentage. In the case of HSG Co-
\nInvestment 2016-A (ByteDance), the movement is a distribution that does not involve any disposal of shares and therefore did not alter the ownership percentage.
\n2 For the definitions of levels, see point 2.3 below.
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\nThe main Sofina Direct level 2 and level 3
\n\u20051
\n investments (with a fair value in excess of EUR\u200510\u2005million)
\nheld by the Sofina group as at 31 December 2024 are as follows:
\n
\n\n
\n\n\n | \nYEAR OF | \nCORPORATE RIGHTS HELD | \n\n\n\n\n\n\n\n\n
\n\n | \nTHE 1ST | \nNUMBER OF | \n | \n\n\n\n\n\n\n\n\n
\n\n | \nINVESTMENT | \nSHARES | \n% OWNERSHIP | \n\n\n\n\n\n\n\n\n
\n\n| Biobest Group (BioFirst) | \n2022 | \n162,012 | \n11.11% | \n\n\n\n\n\n\n\n\n
\n\n| Birdie Care Services | \n2022 | \n3,924,379 | \n15.46% | \n\n\n\n\n\n\n\n\n
\n\n| Cambridge Associates | \n2018 | \n24,242 | \n23.89% | \n\n\n\n\n\n\n\n\n
\n\n| Carebridge Holdings | \n2016 | \n16,837,016 | \n4.18% | \n\n\n\n\n\n\n\n\n
\n\n| Cleo AI | \n2022 | \n4,237,499 | \n13.05% | \n\n\n\n\n\n\n\n\n
\n\n| CoachHub | \n2022 | \n15,089 | \n9.32% | \n\n\n\n\n\n\n\n\n
\n\n| Collibra | \n2020 | \n6,936,516 | \n2.88% | \n\n\n\n\n\n\n\n\n
\n\n| Cyera | \n2024 | \n4,175,882 | \n1.10% | \n\n\n\n\n\n\n\n\n
\n\n| Dott HoldCo | \n2021 | \n10,143,368 | \n24.98% | \n\n\n\n\n\n\n\n\n
\n\n| Dreamplug Technologies (Cred) | \n2021 | \n57,596 | \n1.93% | \n\n\n\n\n\n\n\n\n
\n\n| Drylock Technologies | \n2019 | \n169,782,750 | \n25.00% | \n\n\n\n\n\n\n\n\n
\n\n| Everdrop | \n2022 | \n5,669 | \n10.79% | \n\n\n\n\n\n\n\n\n
\n\n| Finova Capital | \n2024 | \n1,424,100 | \n6.99% | \n\n\n\n\n\n\n\n\n
\n\n| Grand Rounds (Included Health) | \n2018 | \n11,358,956 | \n1.86% | \n\n\n\n\n\n\n\n\n
\n\n| Grasper Global (Skillmatics) | \n2022 | \n379,198 | \n10.34% | \n\n\n\n\n\n\n\n\n
\n\n| Green Agrevolution (DeHaat) | \n2021 | \n479,611 | \n12.56% | \n\n\n\n\n\n\n\n\n
\n\n| Green E Origin (Green Energy Origin) | \n2023 | \n400,737 | \n29.44% | \n\n\n\n\n\n\n\n\n
\n\n| Hector Beverages | \n2015 | \n3,576,234 | \n18.10% | \n\n\n\n\n\n\n\n\n
\n\n| K12 Techno Services | \n2020 | \n3,024,360 | \n15.69% | \n\n\n\n\n\n\n\n\n
\n\n| Labster Group | \n2022 | \n2,870,989 | \n4.46% | \n\n\n\n\n\n\n\n\n
\n\n| Lancelot UK HoldCo (EG Software) | \n2024 | \n41,914,362 | \n14.50% | \n\n\n\n\n\n\n\n\n
\n\n| Lillydoo | \n2019 | \n6,753 | \n6.65% | \n\n\n\n\n\n\n\n\n
\n\n| M.Chapoutier | \n2007 | \n3,124 | \n14.20% | \n\n\n\n\n\n\n\n\n
\n\n| MedGenome | \n2017 | \n8,150,293 | \n16.85% | \n\n\n\n\n\n\n\n\n
\n\n| Mistral AI | \n2023 | \n1,097,282 | \n0.38% | \n\n\n\n\n\n\n\n\n
\n\n| MNH (M\u00e9rieux NutriSciences) | \n2014 | \n89,467 | \n15.50% | \n\n\n\n\n\n\n\n\n
\n\n| Moody E-Commerce Group | \n2021 | \n95,610 | \n3.63% | \n\n\n\n\n\n\n\n\n
\n\n| Nuxe International | \n2019 | \n193,261,167 | \n49.00% | \n\n\n\n\n\n\n\n\n
\n\n| Oviva | \n2021 | \n101,207 | \n11.44% | \n\n\n\n\n\n\n\n\n
\n\n| Petkit Technology | \n2021 | \n10,746,355 | \n5.06% | \n\n\n\n\n\n\n\n\n
\n\n| Pine Labs | \n2015 | \n147,582 | \n1.89% | \n\n\n\n\n\n\n\n\n
\n\n| Rohlik | \n2022 | \n52,678 | \n8.75% | \n\n\n\n\n\n\n\n\n
\n\n| Salto Systems | \n2020 | \n22,293 | \n12.17% | \n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n
\n
\n\n\n| Shenzhen Shuye Innovative Technology | \n2023 | \n403,752 | \n5.11% | \n\n\n\n\n\n\n\n\n
\n\n| (Laifen) | \n | \n | \n | \n\n\n\n\n\n\n\n\n
\n\n| team.blue | \n2024 | \n61,422,840 | \n3.98% | \n\n\n\n\n\n\n\n\n
\n\n| ThoughtSpot | \n2017 | \n3,263,785 | \n2.55% | \n\n\n\n\n\n\n\n\n
\n\n| Twin Health | \n2021 | \n2,253,562 | \n4.07% | \n\n\n\n\n\n\n\n\n
\n\n| Typeform | \n2022 | \n69,208 | \n6.93% | \n\n\n\n\n\n\n\n\n
\n\n| Veepee | \n2016 | \n3,756,786 | \n5.64% | \n\n\n\n\n\n\n\n\n
\n\n| Ver Se Innovation | \n2019 | \n1,144,790 | \n4.64% | \n\n\n\n\n\n\n\n\n
\n\n| Vinted | \n2019 | \n3,260,082 | \n3.36% | \n\n\n\n\n\n\n\n\n
\n\n| Vivobarefoot | \n2024 | \n2,498,118 | \n14.27% | \n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n
1 For the definition of levels, see point 2.3 below.
\n
\n\n\n\n\n\n\n\n\n\n\n\nThe main Sofina Direct level 2 and level 3
\n 1
\n investments (with a fair value in excess of EUR\u200510\u2005mil-
\nlion) held through a (or several) syndication vehicle(s) gathering part of the shareholder
\nbase\u2005as at 31 December 2024 are as follows:
\n
\n\n
\n\n\n | \n | \nCORPORATE RIGHTS HELD | \nESTIMATED | \n\n\n\n\n\n\n\n\n
\n\n | \nYEAR OF | \n | \n | \nECONOMIC | \n\n\n\n\n\n\n\n\n
\n\n | \nTHE 1ST | \n | \n% OWNERSHIP | \nINTEREST | \n\n\n\n\n\n\n\n\n
\n\n | \nINVESTMENT | \nNUMBER OF | \nIN THE | \nIN THE | \n\n\n\n\n\n\n\n\n
\n\n | \n | \nSHARES | \nINTERMEDIARY | \nUNDERLYING | \n\n\n\n\n\n\n\n\n
\n\n | \n | \n | \nVEHICLE | \nINVESTMENT | \n\n\n\n\n\n\n\n\n
\n\n| Aevum Investments (Xinyu) | \n2018 | \n- | \n100.00% | \n4.90% | \n\n\n\n\n\n\n\n\n
\n\n| BA-K1 (Too Good To Go) | \n2023 | \n1,667 | \n89.24% | \n1.47% | \n\n\n\n\n\n\n\n\n
\n\n| Ergon opseo Long Term | \n2019 | \n- | \n8.82% | \n7.34% | \n\n\n\n\n\n\n\n\n
\n\n| Value Fund (opseo) | \n | \n | \n | \n | \n\n\n\n\n\n\n\n\n
\n\n| GoldIron (First Eagle) | \n2016 | \n33,921 | \n62.30% | \n6.26% | \n\n\n\n\n\n\n\n\n
\n\n| HSG Alliance D | \n2024 | \n- | \n63.49% | \n1.96% | \n\n\n\n\n\n\n\n\n
\n\n| HSG Co-Investment 2016-A | \n2016 | \n- | \n41.67% | \n0.17% | \n\n\n\n\n\n\n\n\n
\n\n| (ByteDance) | \n | \n | \n | \n | \n\n\n\n\n\n\n\n\n
\n\n| Iconiq Strategic Partners III | \n2018 | \n- | \n7.15% | \n0.26% | \n\n\n\n\n\n\n\n\n
\n\n| Co-Invest (Series RV) | \n | \n | \n | \n | \n\n\n\n\n\n\n\n\n
\n\n| Kedaara Norfolk Holdings | \n2019 | \n158,355 | \n50.00% | \n0.72% | \n\n\n\n\n\n\n\n\n
\n\n| (Lenskart) | \n | \n | \n | \n | \n\n\n\n\n\n\n\n\n
\n\n| Lernen Midco 1 (Cognita) | \n2019 | \n252,517,893 | \n15.55% | \n13.41% | \n\n\n\n\n\n\n\n\n
\n\n| M.M.C. (Chapoutier) | \n2009 | \n15,256 | \n19.83% | \n15.33% | \n\n\n\n\n\n\n\n\n
\n\n| MxBee (BioFirst) | \n2022 | \n7,820,093 | \n26.64% | \n1.48% | \n\n\n\n\n\n\n\n\n
\n\n| TA Action Holdings (ACT) | \n2016 | \n19,304,057 | \n44.44% | \n3.65% | \n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n
The General Partners that manage investment funds on our behalf, whose individual value
\nexceeded EUR 10 million as at 31 December 2024 are Accel, Andreessen Horowitz, Archipel-
\nago, Ares, Ascendent, Astorg, Atlantic Labs, Atomico, Bain, Battery, Bessemer, Bling, Blossom,
\nBond, Chryscapital, Draper Fisher Jurvetson, DST, Everstone, Falcon House, Felix, Formation
\n8, Founders Fund, Foundry, Francisco, General Atlantic, General Catalyst, Genesis, GGV,
\nHighland, HongShan, Iconiq, Insight, Institutional Venture Partners, InvAscent, Isola, Kedaara,
\nKleiner Perkins, Lakestar, Lightspeed, Lyfe, Multiples, New Enterprise Associates, Northzone,
\nOpenView, Peak XV, Phoenix Court, Polychain, Qiming, Redpoint, Ribbit, Sequoia, Social+Cap-
\nital, Sofindev, Source Code, Spark, Summit, TA Associates, Thoma Bravo, Thrive, Tiger Global,
\nTrustbridge and Venrock.
\n1 For the definition of levels, see point 2.3 below.
\n
\n\n\n\n\n\n\n\n\n\n\n\n
\n\n1 Long-term deposits with 32 days\u2019 notice.
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n3.12 NET RESULT OF THE INVESTMENT PORTFOLIO
\nRealised capital gains on investments come mainly from sales of shares in companies active
\nin the fields of industrial minerals and the rental of refrigerated vehicles.
\nRealised capital losses on investments come mainly from the sale of shares in companies
\nactive in the rental of refrigerated vehicle and health risks prevention.
\nUnrealised capital gains on investments mainly come from investments in companies active in
\nthe fields of software provider, personal hygiene products, active health risks prevention and
\nsome of our subsidiaries (Sofina US, Sofina Ventures and Sofina Invest).
\nUnrealised capital losses on investments mainly relate to our holding in our subsidiary Sofina
\nCapital, and in companies active in biological crop protection and in online education.
\n\n
\n\n\n | \n | \nIN THOUSAND EUR | \n\n\n\n\n\n\n
\n\n | \n2024 | \n2023 | \n\n\n\n\n\n\n
\n\n| Investments | \n | \n | \n\n\n\n\n\n\n
\n\n| Results realised upon disposals | \n198,386 | \n67,761 | \n\n\n\n\n\n\n
\n\n| Capital gains | \n240,454 | \n67,891 | \n\n\n\n\n\n\n
\n\n| Capital losses | \n-42,068 | \n-130 | \n\n\n\n\n\n\n
\n\n| Unrealised results | \n151,965 | \n-541,138 | \n\n\n\n\n\n\n
\n\n| Capital gains | \n434,329 | \n209,934 | \n\n\n\n\n\n\n
\n\n| Capital losses | \n-282,364 | \n-751,072 | \n\n\n\n\n\n\n
\n\n| Total investments | \n350,351 | \n-473,377 | \n\n\n\n\n\n\n
\n\n| Receivables | \n | \n | \n\n\n\n\n\n\n
\n\n| Results realised upon disposals | \n1,215 | \n0 | \n\n\n\n\n\n\n
\n\n| Capital gains | \n1,215 | \n0 | \n\n\n\n\n\n\n
\n\n| Capital losses | \n0 | \n0 | \n\n\n\n\n\n\n
\n\n| Unrealised results | \n4,724 | \n-14,706 | \n\n\n\n\n\n\n
\n\n| Capital gains | \n4,724 | \n0 | \n\n\n\n\n\n\n
\n\n| Capital losses | \n0 | \n-14,706 | \n\n\n\n\n\n\n
\n\n| Total receivables | \n5,939 | \n-14,706 | \n\n\n\n\n\n\n
\n\n| Net result of the investment portfolio | \n356,290 | \n-488,083 | \n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n
\n\n
\n\n
\n\nDeposits and other current financial assets
\nTrade receivables are measured at amortised cost. IFRS 9 requires the recognition of credit
\nlosses on all debt instruments, loans and trade receivables on the basis of their useful life.
\nThis impairment model under IFRS 9 is based on the anticipation of losses and does not have
\na significant impact on the measurement of impairment of financial assets.
\nDeposits are designated at fair value through the income statement.
\nReceivables from subsidiaries are designated at fair value through the income statement.
\nCash and cash equivalents comprise cash and term deposits with a maturity of less than
\nthree months.
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinancialAssetsExplanatory",
"language": "en",
"entity": "scheme:5493000GMVR38VUO5D39",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"Tag242": {
"value": "\n
\n\n
\n\n2.3 INVESTMENT PORTFOLIO IN TRANSPARENCY
\nMain valuation rules for the investment portfolio
\nThe Sofina group uses a fair value hierarchy that reflects the significance of the data used
\nfor valuation purposes:
\n\u2022 Level 1 \u2013 Assets valued under level 1 are valued at the market price at the closing date;
\n\u2022 Level 2 \u2013 Assets valued under level 2 are valued based on observable data such as the
\nmarket price of the main asset held by the company;
\n\u2022 Level 3 \u2013 Assets valued under level 3 are valued at fair value using principles derived from
\nthe International Private Equity and Venture Capital Valuation Guidelines (\u201cIPEV\u201d Valuation
\nGuidelines of December 2022).
\nUnlisted securities are valued at each reporting date using a commonly accepted valuation
\nmethod in these IPEV Valuation Guidelines, or at net asset value.
\nThe different valuation methods are detailed in the table on the methods applied in accordance
\nwith IFRS 13 to determine the fair value of unlisted level 3 assets of the investment portfolio
\nin transparency (Sofina Direct, i.e. Long-term minority investments and Sofina Growth, and
\nSofina Private Funds).
\nNote that the IPEV Valuation Guidelines no longer consider the recent transaction price as
\na default valuation technique but rather a starting point for estimating fair value. The recent
\ntransaction price as a valuation technique is therefore only used when the recent transaction
\nis sufficiently close to the balance sheet closing date (and meets the market and market
\nparticipant criteria). It should also be noted that the context of the transaction is analysed
\nand could therefore consider not only the primary components of a transaction but also the
\nsecondary components of the same transaction (e.g., retaining a blended price instead of the
\nprimary round price only).
\nThe principle of calibration, which consists of testing or calibrating the valuation techniques to
\nbe used at subsequent valuation dates, using valuation parameters derived from the initial or
\nmost recent transaction, is applied as appropriate to all our valuations of unlisted investments
\n(Sofina Direct, i.e. Long-term minority investments and Sofina Growth), provided that the price
\nof the initial or most recent transaction is representative of the fair value at the time of the
\ntransaction and can be calibrated. The calibration makes it possible to derive from the entry
\nprice the discount or the premium against the group of comparable companies by comparing
\nthe rate of return expected by Sofina with the theoretical cost of capital for a given investment
\nin the context of the implementation of the discounted cash flow method. The calibration also
\nmakes it possible to determine, directly at the transaction date, the discount or the premium
\nagainst the group of comparable companies in the context of the implementation of the market
\nmultiples method. This technique explains the wide range of discounts, costs of capital or
\ndiscount factors, as these are the result of the calibration.
\nThis being said, Sofina may have to change the valuation technique depending on the cir
\n-
\ncumstances from one valuation exercise to another (e.g. due to a new type of data available,
\na new recent transaction), with the objective of maximising the use of observable data and
\nminimising the use of non-observable data.
\nIn this respect, the table following provides information on the methods applied in accordance
\nwith IFRS 13 \u2013 Fair Value Measurement \u2013 to determine the fair value of unlisted level 3 assets.
\nIt should also be noted that Sofina uses the option pricing method (OPM) to allocate the
\nestimated equity fair value to various classes of equity shares considering their rights and
\npreferences (if applicable). This allocation approach may significantly reduce the valuation
\nof earlier equity rounds with reduced rights and preferences compared to the latest round.
\nIt is worth mentioning that the current economic situation and recent crises have heightened
\nthe uncertainty surrounding the future performance of Sofina\u2019s investments. This uncertainty
\ncontributes to a higher degree of subjectivity in determining level 3 fair values within the
\nIFRS\u200513 hierarchy. Consequently, Sofina has incorporated a higher degree of vigilance into
\nits valuation process. The following points are particularly noteworthy given the current eco
\n-
\nnomic situation:
\n\u2022 Particular vigilance regarding the consistency between the estimates of the portfolio com
\n-
\npanies and the use of these estimates compared to the use of the multiples of comparable
\ncompanies;
\n\u2022 Particular vigilance regarding the validation of the most recent transaction by ensuring that
\nthis recent transaction takes into account the current context of the economic crisis (while
\nrespecting the other validation criteria of the most recent transaction such as being suffi
\n-
\nciently close to the closing date) as well as ensuring that the context of the recent trans-
\naction is properly understood by considering both primary and secondary components (if
\napplicable);
\n\u2022 Particular vigilance regarding the financial situation of the portfolio companies (e.g., cash
\nburn estimates).
\nWe also took into account the IPEV Board Special Valuation Guidance of December 2022.
\nIt should be noted that Sofina has engaged Kroll, an independent valuation firm, to assist in
\nthe valuation of the unlisted investments within the Sofina Direct portfolio. Kroll\u2019s assistance
\ndoes not therefore cover Sofina Private Funds. All these unlisted investments covered by Kroll\u2019s
\nassistance (the \u201cInvestments\u201d) represent 48% of the fair value of the portfolio in transparency,
\nas illustrated below
\n\u20051
\n.
\n\n
\n\n\n | \nLONG-TERM | \nSOFINA | \nSOFINA | \n% OF KROLL | \n\n\n\n\n\n\n\n\n
\n\n| FAIR VALUE HIERARCHY | \nMINORITY | \nGROWTH | \nPRIVATE | \nCOVERAGE ON | \n\n\n\n\n\n\n\n\n
\n\n | \nINVESTMENTS | \n | \nFUNDS | \nTOTAL LEVEL | \n\n\n\n\n\n\n\n\n
\n\n| Level 1 | \nNot covered | \nNot covered | \nNot applicable | \n0% | \n\n\n\n\n\n\n\n\n
\n\n| Level 2 | \nCovered | \nCovered | \nNot applicable | \n100% | \n\n\n\n\n\n\n\n\n
\n\n| Level 3 | \nCovered | \nCovered | \nNot covered | \n51% | \n\n\n\n\n\n\n\n\n
\n\n| Total portfolio in transparency | \n | \n | \n | \n48% | \n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n
1 Covered: covered by Kroll\u2019s assistance; Not covered: not covered by Kroll\u2019s assistance; Not applicable: no value present at this level in the relevant investment style.
\n
\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n
\n\n
\n\nThis assistance included various limited procedures that Sofina identified and requested Kroll
\nto perform. In connection with and as a result of these limited procedures
\n 1
\n, Kroll concluded
\nthat the fair value of the \u201cInvestments\u201d, as determined by Sofina, was reasonable.
\nSofina Private Funds\u2019 investments in venture and growth capital funds are valued on the basis
\nof the latest reports obtained from the General Partners of these investment funds until mid-
\nMarch, and their valuation is therefore based either on a report as at 31 December 2024 or on
\na report as at 30 September 2024. The values of the reports as at 30\u2005September 2024 are
\nadjusted to take into account (i) capital calls and distributions that have occurred since the date
\nof issuance of the last report, (ii) changes in the stock market prices of the listed companies
\nheld by these funds and (iii) significant events that have occurred since this last valuation date
\nand the closing date of 31 December 2024. The values as at 31 December 2024 are not adjusted
\nas they reflect the fair value at the closing date. Finally, the values retained are converted into
\neuro using the closing exchange rate. The funds for which a purchase and sale agreement
\nwas signed as at the date of this Annual report are valued in accordance with the terms of the
\npurchase and sale agreement. As at 31 December 2024, more than 66% of the Sofina Private
\nFunds\u2019 fair value is based either on reports as at 31 December 2024 or valuations based on
\nmarket prices or transaction prices.
\n1 Limited procedures are not an audit, review, compilation or other form of examination or certification in accordance with generally accepted auditing standards. In addition, the limited procedures were not performed in anticipation of or in connection
\nwith any investment made or contemplated by Sofina. Accordingly, any party contemplating an investment in these \u201cInvestments\u201d or any party contemplating an investment directly in the capital of Sofina should not consider the performance of these
\nlimited procedures by Kroll to be sufficient in light of the aforementioned investments. The results of Kroll\u2019s analysis should not be construed as a fairness opinion on any transaction or as a statement of creditworthiness. The limited procedures
\nperformed by Kroll are in addition to the procedures that Sofina is required to perform to estimate the fair value of the \u201cInvestments\u201d. The result of the analyses conducted by Kroll was taken into account by Sofina in its assessment of the fair value
\nof the \u201cInvestments\u201d.
\n
\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n
\n\n
\n\nMethods applied in accordance with IFRS 13 to determine the fair value of unlisted level 3 assets in the investment portfolio in transparency
\n\n
\n\n\n| VALUATION TECHNIQUE | \nUSE OF THE TECHNIQUE | \nSIGNIFICANT | \nLINKS BETWEEN UNOBSERVABLE | \n\n\n\n
\n\n | \n | \nUNOBSERVABLE DATA | \nDATA AND FAIR VALUE | \n\n\n\n
\n\n | \nWhenever a recent and significant transaction has taken place for the investment at the balance sheet | \n | \n | \n\n\n\n
\n\n | \ndate and provided that the transaction meets the market and market participant criteria. Note that the IPEV | \n | \n | \n\n\n\n
\n\n | \nValuation Guidelines no longer consider the recent transaction price to be a default valuation technique | \nThe fair value of the most | \n | \n\n\n\n
\n\n| Price of the most recent | \nbut rather a starting point for estimating fair value. The recent transaction price as a valuation technique | \nrecent transaction is | \nAs the unobservable data increases, | \n\n\n\n
\n\n| investment (PORI) | \nis therefore only used when the recent transaction is sufficiently close to the closing date (and meets the | \nconsidered unobservable | \nthe fair value increases. | \n\n\n\n
\n\n | \nmarket and market participant criteria). | \ndata. | \n | \n\n\n\n
\n\n | \nAs part of this investment technique, an investment for which a purchase and sale agreement was signed is | \n | \n | \n\n\n\n
\n\n | \nvalued based on the terms of the purchase and sale agreement. Depending on the closing conditions set | \n | \n | \n\n\n\n
\n\n | \nout under purchase and sale agreement, closing probabilities can be taken into account in the valuation. | \n | \n | \n\n\n\n
\n\n | \n | \nCost of capital from | \nThe higher the cost of capital, the | \n\n\n\n
\n\n | \n | \ncalibration. | \nlower the fair value. | \n\n\n\n
\n\n| Discounted Cash Flow | \nApplied for mature companies or for companies where sufficient information is available. | \nTerminal value based on a | \nThe higher the long-term growth rate, | \n\n\n\n
\n\n| model | \nThis method consists in discounting future expected cash flows. | \nlong-term growth rate. | \nthe higher the fair value. | \n\n\n\n
\n\n | \n | \nTerminal value based on an | \nThe higher the exit multiple, the | \n\n\n\n
\n\n | \n | \nexit multiple. | \nhigher the fair value. | \n\n\n\n
\n\n| Market multiples | \n | \n | \n | \n\n\n\n
\n\n| - sales or a gross profit | \n | \nDiscount 1 resulting from | \n | \n\n\n\n
\n\n| or EBITDA or earnings | \nIn the absence of a recent transaction on the investment at the closing date and when the Discounted | \nthe calibration against | \nThe higher the discount, the lower the | \n\n\n\n
\n\n| multiples or a mix of | \nCash Flow model is not applied. The calibration principle is used to determine the discount to the group of | \nthe group of comparable | \nfair value. | \n\n\n\n
\n\n| these multiples (based | \ncomparable listed companies. | \ncompanies. | \n | \n\n\n\n
\n\n| on comparable listed | \n | \n | \n | \n\n\n\n
\n\n| companies) | \n | \n | \n | \n\n\n\n
\n\n | \n | \nDiscount factor from the | \nThe higher the discount factor, the | \n\n\n\n
\n\n | \n | \ncalibration. | \nlower the fair value. | \n\n\n\n
\n\n| Probability Weighted | \nStart-ups or \"early stage\" companies or certain companies for which significantly different scenarios remain | \nWeights attributed to | \n | \n\n\n\n
\n\n| Expected Returns Model | \npossible, when other methods cannot be applied (recent transaction, Discounted Cash Flow model, market | \nthe different scenarios | \nThe higher the weight of the | \n\n\n\n
\n\n| or Scenario Methods | \nmultiples), are valued according to scenarios. | \n(generally 3 to 4 scenarios, | \npessimistic scenario, the lower the | \n\n\n\n
\n\n| (PWERM) | \nSuch companies are valued on the basis of different possible future scenarios (probability\u2013weighted fair | \nfrom extremely pessimistic | \nfair value. | \n\n\n\n
\n\n | \nvalue of future outcomes). | \nto optimistic). | \n | \n\n\n\n
\n\n | \n | \nExit value based on an exit | \nThe higher the exit multiple, the | \n\n\n\n
\n\n | \n | \nmultiple. | \nhigher the fair value. | \n\n\n\n
\n\n | \nThis valuation method is applied to start-ups or \u201cearly-stage\u201d companies or companies for which important | \n | \n | \n\n\n\n
\n\n | \nmilestones must be achieved and when other methods (i.e. recent transaction, discounted cash flow model, | \n | \n | \n\n\n\n
\n\n | \nmarket multiples and PWERM) are not applicable. | \n | \nA discount is applied per milestone. | \n\n\n\n
\n\n | \nSuch companies are valued using the milestone approach. This method consists of assessing whether there | \n | \nIf a milestone is achieved, the more | \n\n\n\n
\n\n | \nis an indication of change in fair value based on a consideration of one or more milestones. One or several | \n | \nthe unobservable data increases or | \n\n\n\n
\n\n | \nkey milestones are commonly established in accordance with function of the stage of development of the | \nDiscount applied per | \ndecreases, the more the fair value | \n\n\n\n
\n\n| Milestones approach | \ncompany. Milestones may include, for example, financial measures, technical measures and marketing and | \nlevel according to the | \nincreases or decreases. If the first | \n\n\n\n
\n\n | \nsales measures. | \npredefined milestones. | \nmilestone is not achieved, the more | \n\n\n\n
\n\n | \nSuch companies are valued using the milestone approach. This method consists of assessing whether there | \n | \nthe unobservable data decreases, the | \n\n\n\n
\n\n | \nis an indication of change in fair value based on a consideration of one or more milestones. One or several | \n | \nmore the fair value decreases. | \n\n\n\n
\n\n | \nkey milestones are commonly established in accordance with function of the stage of development of the | \n | \n | \n\n\n\n
\n\n | \ncompany. Milestones may include, for example, financial measures, technical measures and marketing and | \n | \n | \n\n\n\n
\n\n | \nsales measures. | \n | \n | \n\n\n\n
\n\n\n\n\n\n\n\n
\n\n\n\n
1 In some cases, a premium is applied against the group of comparable companies, also based on the calibration principle. In some exceptional cases, the discount is estimated on the basis of methods other than calibration.
\n
\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n
\n\n
\n\n\n
\n\n\n | \nThis valuation method is based on the latest available statements from the General Partners. | \nFair value based on | \n | \n\n\n\n\n\n\n\n
\n\n| Revalued net assets | \nThis method consists of using the reported net assets value of a fund interest which is adjusted for (i) | \nGeneral Partners\u2019 reports | \nAs the unobservable data increases, | \n\n\n\n\n\n\n\n
\n\n| recognised at fair value | \nthe capital calls and distributions that took place after the last statement received and the measurement | \nis considered to be | \nthe fair value increases. | \n\n\n\n\n\n\n\n
\n\n | \ndate, (ii) the evolution of the listed companies held by the funds and (iii) any other significant events. The | \nunobservable data. | \n | \n\n\n\n\n\n\n\n
\n\n | \nunderlying investments of the fund must be reported at fair value. | \n | \n | \n\n\n\n\n\n\n\n
\n\n | \n | \nFair value based on expert | \n | \n\n\n\n\n\n\n\n
\n\n | \nIn exceptional cases, another methodology is considered to better reflect the fair value of the investment | \nreports is considered to | \nAs the unobservable data increases, | \n\n\n\n\n\n\n\n
\n\n | \nor a portion of the investment (e.g. an appraisal report on the value of land or property). The fair value of a | \nbe unobservable data. | \nthe fair value increases. For the yield | \n\n\n\n\n\n\n\n
\n\n| Other methods | \ndebt investment, in the absence of actively traded prices, is generally derived from a yield analysis taking | \nFor the yield approach | \napproach, the higher the yield, the | \n\n\n\n\n\n\n\n
\n\n | \ninto account credit quality, coupon and term as well as applying the calibration principle (yield approach). | \nfor a debt investment, the | \nlower the fair value. | \n\n\n\n\n\n\n\n
\n\n | \n | \nyield is considered to be | \n | \n\n\n\n\n\n\n\n
\n\n | \n | \nunobservable data. | \n | \n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n
Method applied to allocate the estimated equity fair value to various classes of equity shares considering their respective rights and preferences
\n\n
\n\n\n| VALUATION TECHNIQUE | \nUSE OF THE TECHNIQUE | \nSIGNIFICANT UNOBSERVABLE DATA | \nLINKS BETWEEN UNOBSERVABLE DATA AND FAIR VALUE | \n\n\n\n\n\n\n\n
\n\n | \n | \n | \nAn increase of the volatility can either increase or | \n\n\n\n\n\n\n\n
\n\n | \n | \nVolatility, | \ndecrease the fair value depending on the classes of | \n\n\n\n\n\n\n\n
\n\n | \nApplied for companies where rights and preferences may | \n | \nshares held, | \n\n\n\n\n\n\n\n
\n\n | \ndiffer significantly between the classes of shares. Applied | \nTime to expiration (e.g. time of exit or | \nAn increase of the time to expiration can either increase | \n\n\n\n\n\n\n\n
\n\n| Option pricing model (OPM) | \nwhen applicable and relevant (e.g. different rights and | \nliquidity event), | \nor decrease the fair value depending on the classes of | \n\n\n\n\n\n\n\n
\n\n | \npreferences exist per class of shares and market participant | \n | \nshares held, | \n\n\n\n\n\n\n\n
\n\n | \nwould consider those rights and preferences). | \n | \nAn increase of the interest rate can either increase or | \n\n\n\n\n\n\n\n
\n\n | \n | \nInterest rate in local currency, | \ndecrease the fair value depending on the classes of | \n\n\n\n\n\n\n\n
\n\n | \n | \n | \nshares held, | \n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n
\n\n2.4 FAIR VALUE OF THE TOTAL INVESTMENT
\nPORTFOLIO IN TRANSPARENCY
\n\n
\n\n\n | \n | \n | \nIN THOUSAND EUR | \n\n\n\n\n
\n\n | \nTOTAL AS AT | \nLEVEL 1 | \nLEVEL 2 | \nLEVEL 3 | \n\n\n\n\n
\n\n | \n31/12/2024 | \n | \n | \n | \n\n\n\n\n
\n\n| Investment portfolio 1 | \n10,054,258 | \n491,443 | \n0 | \n9,562,815 | \n\n\n\n\n
\n\n| Sofina Direct | \n5,331,222 | \n491,443 | \n0 | \n4,839,779 | \n\n\n\n\n
\n\n| Long-term minority investments | \n3,069,332 | \n441,219 | \n0 | \n2,628,113 | \n\n\n\n\n
\n\n| Sofina Growth | \n2,261,889 | \n50,224 | \n0 | \n2,211,665 | \n\n\n\n\n
\n\n| Sofina Private Funds | \n4,723,036 | \n0 | \n0 | \n4,723,036 | \n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n
\n
\n\n\n | \nTOTAL AS AT | \nLEVEL 1 | \nLEVEL 2 | \nLEVEL 3 | \n\n\n\n\n
\n\n | \n31/12/2023 | \n | \n | \n | \n\n\n\n\n
\n\n| Investment portfolio | \n8,928,241 | \n566,192 | \n155,962 | \n8,206,087 | \n\n\n\n\n
\n\n| Sofina Direct | \n4,739,235 | \n566,192 | \n155,962 | \n4,017,081 | \n\n\n\n\n
\n\n| Long-term minority investments | \n2,846,919 | \n539,696 | \n44,135 | \n2,263,088 | \n\n\n\n\n
\n\n| Sofina Growth | \n1,892,315 | \n26,496 | \n111,827 | \n1,753,992 | \n\n\n\n\n
\n\n| Sofina Private Funds | \n4,189,006 | \n0 | \n0 | \n4,189,006 | \n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n
The underlying portfolio of the funds held in Sofina Private Funds is composed of listed and
\nunlisted assets. The fair value of the listed assets
\n 2
\n is estimated at EUR 443,073 thousand as
\nat 31/12/2024 and at EUR 483,162 thousand as at 31/12/2023.
\nDuring the year our investment in Honasa Consumer (Mamaearth) was transferred from
\nlevel\u20052 to level 1.
\nSensitivity analysis of level 3
\nLevel 3 consists of unlisted securities subject to price risk, but this risk is mitigated by the wide
\nvariety of investments made by the Sofina group. The objective of long-term value creation
\npursued by the Sofina group contributes towards mitigating this risk.
\nIn the case of investments in venture and growth capital funds of Sofina Private Funds, the
\nGeneral Partners may decide more quickly to modify a negative spread. Market risk may also
\nhave an indirect impact on unlisted securities compared to securities listed on stock markets.
\nMoreover, liquidity risk has a greater impact on unlisted securities than on listed securities,
\nwhich can make their value difficult to estimate. This risk may have an impact on the holding
\nperiod of unlisted securities as well as on the exit price. It is difficult to quantify the influence
\nof these risks on unlisted securities in level 3.
\n1 Information on the investment portfolio in the balance sheet as at 31 December 2024 can be found under point 2.1 above.
\n2 Estimated fair value based on available information provided by the General Partners.
\n
\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n
\n\nSensitivity analysis for the level 3 investment portfolio in transparency as at 31\u2005December 2024
\n\n
\n\n\n | \n | \n | \n | \n | \n | \n | \n | \nIN MILLION EUR | \n\n\n\n\n\n\n\n
\n\n| VALUATION TECHNIQUE | \nFAIR | \nOPM | \n | \nUNOBSERVABLE DATA (WEIGHTED AVERAGE) | \nSENSITIVITY | \nIMPACT VALUE | \nSENSITIVITY | \nIMPACT VALUE | \n\n\n\n\n\n\n\n
\n\n | \nVALUE | \nAPPLIED? | \n | \n | \n | \n | \n | \n | \n\n\n\n\n\n\n\n
\n\n| Price of the most recent investment | \n17\u2005 | \nNo | \n | \nThe fair value of the most recent transaction is considered to be | \n+10% | \n2\u2005 | \n-10% | \n-2\u2005 | \n\n\n\n\n\n\n\n
\n\n| (PORI) | \n | \n | \n | \nunobservable data | \n | \n | \n | \n | \n\n\n\n\n\n\n\n
\n\n | \n | \n | \n | \nCost of capital from calibration between 8% and 18% (13%) | \n+10% | \n-117\u2005 | \n-10% | \n127\u2005 | \n\n\n\n\n\n\n\n
\n\n| Discounted Cash Flow model | \n1,694\u2005 | \nNo | \n | \nPerpetual growth rate not applied | \n+10% | \n0\u2005 | \n-10% | \n0\u2005 | \n\n\n\n\n\n\n\n
\n\n | \n | \n | \n | \nExit multiple between 8.6x and 17.2 (12.3x) | \n+10% | \n120\u2005 | \n-10% | \n-118\u2005 | \n\n\n\n\n\n\n\n
\n\n | \n | \n | \n | \nMedian peers revenue multiple between 0.7x and 17.6x (4.1x) | \n+10% | \n45\u2005 | \n-10% | \n-45\u2005 | \n\n\n\n\n\n\n\n
\n\n | \n | \n | \n | \nMedian peers gross profit multiple (3.7x) | \n+10% | \n0\u2005 | \n-10% | \n-1\u2005 | \n\n\n\n\n\n\n\n
\n\n | \n1,899\u2005 | \nNo | \n | \nMedian peers EBITDA multiple between 6.4x and 28.9x (14.5x) | \n+10% | \n116\u2005 | \n-10% | \n-126\u2005 | \n\n\n\n\n\n\n\n
\n\n | \n | \n | \n | \nMedian peers earnings multiple between 3.3x and 11.6x (11x) | \n+10% | \n6\u2005 | \n-10% | \n-6\u2005 | \n\n\n\n\n\n\n\n
\n\n | \n | \n | \n | \nDiscount resulting from calibration between 0% and 52% 1 (9%) | \n+10% | \n-24 | \n-10% | \n24 | \n\n\n\n\n\n\n\n
\n\n | \n | \n | \n | \nMedian peers revenue multiple between 0.5x and 10.7x (5.1x) | \n+10% | \n55\u2005 | \n-10% | \n-66\u2005 | \n\n\n\n\n\n\n\n
\n\n| Market multiples | \n | \n | \n | \n | \n | \n | \n | \n | \n\n\n\n\n\n\n\n
\n\n | \n | \n | \n | \nMedian peers gross profit multiple between 6x and 6.6x (6.5x) | \n+10% | \n3\u2005 | \n-10% | \n-3\u2005 | \n\n\n\n\n\n\n\n
\n\n | \n | \n | \n | \nMedian peers price earnings multiple between 16,3x and 25,9x (19,7x) | \n+10% | \n2\u2005 | \n-10% | \n-2\u2005 | \n\n\n\n\n\n\n\n
\n\n | \n1,080 | \nYes | \n | \nDiscount resulting from calibration between 4% and 58% 2 (24%) | \n+10% | \n-39\u2005 | \n-10% | \n28 | \n\n\n\n\n\n\n\n
\n\n | \n | \n | \n | \nVolatility between 23% and 73% (44%) | \n+10% | \n-7\u2005 | \n-10% | \n-5\u2005 | \n\n\n\n\n\n\n\n
\n\n | \n | \n | \n | \nTime to expiration between 0.5 years and 6.6 years (3.3 years) | \n+10% | \n-9\u2005 | \n-10% | \n-2\u2005 | \n\n\n\n\n\n\n\n
\n\n | \n | \n | \n | \nInterest rate between 0% and 7% (4%) | \n+10% | \n-8\u2005 | \n-10% | \n-3\u2005 | \n\n\n\n\n\n\n\n
\n\n| Revalued net assets recognised at fair | \n4,761\u2005 | \nNo | \n | \nThe fair value based on General Partners\u2019 reports is considered to be | \n+10% | \n476\u2005 | \n-10% | \n-476\u2005 | \n\n\n\n\n\n\n\n
\n\n| value 3 | \n | \n | \n | \nunobservable data | \n | \n | \n | \n | \n\n\n\n\n\n\n\n
\n\n| Milestone approach | \n41\u2005 | \nNo | \n | \nDiscount of 20% per level (20%) | \nUpper level 4 | \n4\u2005 | \nLower level | \n-4\u2005 | \n\n\n\n\n\n\n\n
\n\n| Other methods | \n71\u2005 | \nNo | \n | \nFair value is considered to be unobservable data. For the yield approach, | \n+10% | \n7\u2005 | \n-10% | \n-7\u2005 | \n\n\n\n\n\n\n\n
\n\n | \n | \n | \n | \nthe yield is considered as unobservable data (4,9%) | \n | \n | \n | \n | \n\n\n\n\n\n\n\n
\n\n| Total level 3 (in transparency) | \n9,563 | \n | \n | \n | \n | \n | \n | \n | \n\n\n\n\n\n\n\n
\n\n| Reconciling items | \n-72\u2005 | \n | \n | \n | \n | \n | \n | \n | \n\n\n\n\n\n\n\n
\n\n| Total level 3 (financial statements) | \n9,491\u2005 | \n | \n | \n | \n | \n | \n | \n | \n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n
The reconciling items between the presentation in transparency and the balance sheet presentation are detailed, at all levels, in point 2.1 above.
\n1 In some cases, a premium is applied against the group of comparable companies. The premiums applied range from 1% to 1,132% (weighted average of 53%). In certain exceptional cases, the discount is estimated based on methods other than
\ncalibration.
\n2 In some cases, a premium is applied against the group of comparable companies. The premiums applied range from 7% to 1,492% (weighted average of 176%). In certain exceptional cases, the discount is estimated based on methods other than
\ncalibration.
\n3 Mainly concerns the portfolio of Sofina Private Funds and to a limited extent investments by Sofina Growth.
\n4 No upper level was reached.
\n
\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n
\n\nSensitivity analysis for the level 3 investment portfolio in transparency as at 31\u2005December 2023
\n\n
\n\n\n | \n | \n | \n | \n | \n | \n | \n | \nIN MILLION EUR | \n\n\n\n\n\n\n
\n\n| VALUATION TECHNIQUE | \nFAIR | \nOPM | \n | \nUNOBSERVABLE DATA (WEIGHTED AVERAGE) | \nSENSITIVITY | \nIMPACT VALUE | \nSENSITIVITY | \nIMPACT | \n\n\n\n\n\n\n
\n\n | \nVALUE | \nAPPLIED? | \n | \n | \n | \n | \n | \nVALUE | \n\n\n\n\n\n\n
\n\n| Price of the most recent investment (PORI) | \n153\u2005 | \nNo | \n | \nThe fair value of the most recent transaction is considered to be | \n+10% | \n8\u2005 | \n-10% | \n-8\u2005 | \n\n\n\n\n\n\n
\n\n | \n | \n | \n | \nunobservable data | \n | \n | \n | \n | \n\n\n\n\n\n\n
\n\n | \n | \n | \n | \nCost of capital from calibration between 7% and 18% (13%) | \n+10% | \n-250\u2005 | \n-10% | \n325 | \n\n\n\n\n\n\n
\n\n| Discounted Cash Flow model | \n1,876\u2005 | \nNo | \n | \nPerpetual growth rate of 3% and 4% (3%) | \n+10% | \n50\u2005 | \n-10% | \n-42\u2005 | \n\n\n\n\n\n\n
\n\n | \n | \n | \n | \nOutput multiple between 5.4x and 17x (11.4x) | \n+10% | \n141\u2005 | \n-10% | \n-141\u2005 | \n\n\n\n\n\n\n
\n\n | \n | \n | \n | \nMedian peers revenue multiple between 0.9x and 6.4x (2.8x) | \n+10% | \n57\u2005 | \n-10% | \n-57 | \n\n\n\n\n\n\n
\n\n | \n | \n | \n | \nMedian peers gross profit multiple between 3.7x and 3.7x (3.7x) | \n+10% | \n0\u2005 | \n-10% | \n-1\u2005 | \n\n\n\n\n\n\n
\n\n | \n1,129\u2005 | \nNo | \n | \nMedian peers EBITDA multiple between 7.9x and 18.1x (16.1x) | \n+10% | \n29 | \n-10% | \n-24 | \n\n\n\n\n\n\n
\n\n | \n | \n | \n | \nMedian peers earnings multiple between 13.3x and 20.6x (14.2x) | \n+10% | \n9\u2005 | \n-10% | \n-9\u2005 | \n\n\n\n\n\n\n
\n\n | \n | \n | \n | \nDiscount resulting from calibration between 0% and 89% 1 (24%) | \n+10% | \n-13\u2005 | \n-10% | \n17\u2005 | \n\n\n\n\n\n\n
\n\n| Market multiples | \n | \n | \n | \nMedian peers revenue multiple between 0.5x and 13.1x (5.4x) | \n+10% | \n45\u2005 | \n-10% | \n-45\u2005 | \n\n\n\n\n\n\n
\n\n | \n | \n | \n | \nMedian peers gross profit multiple between 7.7x and 11.4x (7.7x) | \n+10% | \n3\u2005 | \n-10% | \n-3\u2005 | \n\n\n\n\n\n\n
\n\n | \n | \n | \n | \nDiscount resulting from calibration between 23% and 58% 2 (40%) | \n+10% | \n-8\u2005 | \n-10% | \n8\u2005 | \n\n\n\n\n\n\n
\n\n | \n745 | \nYes | \n | \n | \n | \n | \n | \n | \n\n\n\n\n\n\n
\n\n | \n | \n | \n | \nVolatility between 23% and 88% (45%) | \n+10% | \n-5\u2005 | \n-10% | \n4\u2005 | \n\n\n\n\n\n\n
\n\n | \n | \n | \n | \nTime to expiration between 0.4 years and 7 years (3.7 years) | \n+10% | \n-5\u2005 | \n-10% | \n5\u2005 | \n\n\n\n\n\n\n
\n\n | \n | \n | \n | \nInterest rate between 1% and 7% (4%) | \n+10% | \n-3\u2005 | \n-10% | \n3\u2005 | \n\n\n\n\n\n\n
\n\n| Revalued net assets recognised at fair value 3 | \n4,233\u2005 | \nNo | \n | \nThe fair value based on General Partners\u2019 reports is considered to | \n+10% | \n423 | \n-10% | \n-423\u2005 | \n\n\n\n\n\n\n
\n\n | \n | \n | \n | \nbe unobservable data | \n | \n | \n | \n | \n\n\n\n\n\n\n
\n\n| Milestone approach | \n0\u2005 | \nNo | \n | \nDiscount of 20% per level (20%) | \nUpper level 4 | \n0\u2005 | \nLower level | \n0\u2005 | \n\n\n\n\n\n\n
\n\n| Other methods | \n70\u2005 | \nNo | \n | \nFair value is considered to be unobservable data. For the yield | \n+10% | \n6\u2005 | \n-10% | \n-6\u2005 | \n\n\n\n\n\n\n
\n\n | \n | \n | \n | \napproach, the yield is considered as unobservable data (4.9%) | \n | \n | \n | \n | \n\n\n\n\n\n\n
\n\n| Total level 3 (in transparency) | \n8,206 | \n | \n | \n | \n | \n | \n | \n | \n\n\n\n\n\n\n
\n\n| Reconciling items | \n23\u2005 | \n | \n | \n | \n | \n | \n | \n | \n\n\n\n\n\n\n
\n\n| Total level 3 (financial statements) | \n8,229\u2005 | \n | \n | \n | \n | \n | \n | \n | \n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n
The reconciling items between the presentation in transparency and the balance sheet presentation are detailed, at all levels, in point 2.1 above.
\n1 In some cases, a premium is applied against the group of comparable companies. The premiums applied range from 13% to 626% (weighted average of 177%). In certain exceptional cases, the discount is estimated based on methods other than
\ncalibration.
\n2 In some cases, a premium is applied against the group of comparable companies. The premiums applied range from 0% to 652% (weighted average of 181%). In certain exceptional cases, the discount is estimated based on methods other than
\ncalibration.
\n3 Mainly concerns the portfolio of Sofina Private Funds and to a limited extent investments by Sofina Growth.
\n4 No upper level was reached.
\n
\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\nThe IFRS consolidated financial statements are prepared on the basis of fair value through
\nprofit and loss except for trade and employee receivables and payables, which are measured
\nat amortised cost.
\nIn order to reflect the significance of the data used in fair value measurements, the Sofina
\ngroup classifies these measurements into a hierarchy consisting of the following levels:
\n\u2022 Level 1: listed prices (unadjusted) in active markets for identical assets or liabilities;
\n\u2022 Level 2: data other than listed prices included in level 1 that are observable for the asset or liability,
\neither directly (i.e. as prices) or indirectly (i.e. derived from prices);
\n\u2022 Level 3: data for the asset or liability that are not based on observable market data (unobservable
\ndata).
\n
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFairValueMeasurementExplanatory",
"language": "en",
"entity": "scheme:5493000GMVR38VUO5D39",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"Tag243": {
"value": "\n
\n\n2.3 INVESTMENT PORTFOLIO IN TRANSPARENCY
\nMain valuation rules for the investment portfolio
\nThe Sofina group uses a fair value hierarchy that reflects the significance of the data used
\nfor valuation purposes:
\n\u2022 Level 1 \u2013 Assets valued under level 1 are valued at the market price at the closing date;
\n\u2022 Level 2 \u2013 Assets valued under level 2 are valued based on observable data such as the
\nmarket price of the main asset held by the company;
\n\u2022 Level 3 \u2013 Assets valued under level 3 are valued at fair value using principles derived from
\nthe International Private Equity and Venture Capital Valuation Guidelines (\u201cIPEV\u201d Valuation
\nGuidelines of December 2022).
\nUnlisted securities are valued at each reporting date using a commonly accepted valuation
\nmethod in these IPEV Valuation Guidelines, or at net asset value.
\nThe different valuation methods are detailed in the table on the methods applied in accordance
\nwith IFRS 13 to determine the fair value of unlisted level 3 assets of the investment portfolio
\nin transparency (Sofina Direct, i.e. Long-term minority investments and Sofina Growth, and
\nSofina Private Funds).
\nNote that the IPEV Valuation Guidelines no longer consider the recent transaction price as
\na default valuation technique but rather a starting point for estimating fair value. The recent
\ntransaction price as a valuation technique is therefore only used when the recent transaction
\nis sufficiently close to the balance sheet closing date (and meets the market and market
\nparticipant criteria). It should also be noted that the context of the transaction is analysed
\nand could therefore consider not only the primary components of a transaction but also the
\nsecondary components of the same transaction (e.g., retaining a blended price instead of the
\nprimary round price only).
\nThe principle of calibration, which consists of testing or calibrating the valuation techniques to
\nbe used at subsequent valuation dates, using valuation parameters derived from the initial or
\nmost recent transaction, is applied as appropriate to all our valuations of unlisted investments
\n(Sofina Direct, i.e. Long-term minority investments and Sofina Growth), provided that the price
\nof the initial or most recent transaction is representative of the fair value at the time of the
\ntransaction and can be calibrated. The calibration makes it possible to derive from the entry
\nprice the discount or the premium against the group of comparable companies by comparing
\nthe rate of return expected by Sofina with the theoretical cost of capital for a given investment
\nin the context of the implementation of the discounted cash flow method. The calibration also
\nmakes it possible to determine, directly at the transaction date, the discount or the premium
\nagainst the group of comparable companies in the context of the implementation of the market
\nmultiples method. This technique explains the wide range of discounts, costs of capital or
\ndiscount factors, as these are the result of the calibration.
\nThis being said, Sofina may have to change the valuation technique depending on the cir
\n-
\ncumstances from one valuation exercise to another (e.g. due to a new type of data available,
\na new recent transaction), with the objective of maximising the use of observable data and
\nminimising the use of non-observable data.
\nIn this respect, the table following provides information on the methods applied in accordance
\nwith IFRS 13 \u2013 Fair Value Measurement \u2013 to determine the fair value of unlisted level 3 assets.
\nIt should also be noted that Sofina uses the option pricing method (OPM) to allocate the
\nestimated equity fair value to various classes of equity shares considering their rights and
\npreferences (if applicable). This allocation approach may significantly reduce the valuation
\nof earlier equity rounds with reduced rights and preferences compared to the latest round.
\nIt is worth mentioning that the current economic situation and recent crises have heightened
\nthe uncertainty surrounding the future performance of Sofina\u2019s investments. This uncertainty
\ncontributes to a higher degree of subjectivity in determining level 3 fair values within the
\nIFRS\u200513 hierarchy. Consequently, Sofina has incorporated a higher degree of vigilance into
\nits valuation process. The following points are particularly noteworthy given the current eco
\n-
\nnomic situation:
\n\u2022 Particular vigilance regarding the consistency between the estimates of the portfolio com
\n-
\npanies and the use of these estimates compared to the use of the multiples of comparable
\ncompanies;
\n\u2022 Particular vigilance regarding the validation of the most recent transaction by ensuring that
\nthis recent transaction takes into account the current context of the economic crisis (while
\nrespecting the other validation criteria of the most recent transaction such as being suffi
\n-
\nciently close to the closing date) as well as ensuring that the context of the recent trans-
\naction is properly understood by considering both primary and secondary components (if
\napplicable);
\n\u2022 Particular vigilance regarding the financial situation of the portfolio companies (e.g., cash
\nburn estimates).
\nWe also took into account the IPEV Board Special Valuation Guidance of December 2022.
\nIt should be noted that Sofina has engaged Kroll, an independent valuation firm, to assist in
\nthe valuation of the unlisted investments within the Sofina Direct portfolio. Kroll\u2019s assistance
\ndoes not therefore cover Sofina Private Funds. All these unlisted investments covered by Kroll\u2019s
\nassistance (the \u201cInvestments\u201d) represent 48% of the fair value of the portfolio in transparency,
\nas illustrated below
\n\u20051
\n.
\n\n
\n\n\n | \nLONG-TERM | \nSOFINA | \nSOFINA | \n% OF KROLL | \n\n\n\n\n\n\n\n\n
\n\n| FAIR VALUE HIERARCHY | \nMINORITY | \nGROWTH | \nPRIVATE | \nCOVERAGE ON | \n\n\n\n\n\n\n\n\n
\n\n | \nINVESTMENTS | \n | \nFUNDS | \nTOTAL LEVEL | \n\n\n\n\n\n\n\n\n
\n\n| Level 1 | \nNot covered | \nNot covered | \nNot applicable | \n0% | \n\n\n\n\n\n\n\n\n
\n\n| Level 2 | \nCovered | \nCovered | \nNot applicable | \n100% | \n\n\n\n\n\n\n\n\n
\n\n| Level 3 | \nCovered | \nCovered | \nNot covered | \n51% | \n\n\n\n\n\n\n\n\n
\n\n| Total portfolio in transparency | \n | \n | \n | \n48% | \n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n
1 Covered: covered by Kroll\u2019s assistance; Not covered: not covered by Kroll\u2019s assistance; Not applicable: no value present at this level in the relevant investment style.
\n
\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n
\n\nThis assistance included various limited procedures that Sofina identified and requested Kroll
\nto perform. In connection with and as a result of these limited procedures
\n 1
\n, Kroll concluded
\nthat the fair value of the \u201cInvestments\u201d, as determined by Sofina, was reasonable.
\nSofina Private Funds\u2019 investments in venture and growth capital funds are valued on the basis
\nof the latest reports obtained from the General Partners of these investment funds until mid-
\nMarch, and their valuation is therefore based either on a report as at 31 December 2024 or on
\na report as at 30 September 2024. The values of the reports as at 30\u2005September 2024 are
\nadjusted to take into account (i) capital calls and distributions that have occurred since the date
\nof issuance of the last report, (ii) changes in the stock market prices of the listed companies
\nheld by these funds and (iii) significant events that have occurred since this last valuation date
\nand the closing date of 31 December 2024. The values as at 31 December 2024 are not adjusted
\nas they reflect the fair value at the closing date. Finally, the values retained are converted into
\neuro using the closing exchange rate. The funds for which a purchase and sale agreement
\nwas signed as at the date of this Annual report are valued in accordance with the terms of the
\npurchase and sale agreement. As at 31 December 2024, more than 66% of the Sofina Private
\nFunds\u2019 fair value is based either on reports as at 31 December 2024 or valuations based on
\nmarket prices or transaction prices.
\n1 Limited procedures are not an audit, review, compilation or other form of examination or certification in accordance with generally accepted auditing standards. In addition, the limited procedures were not performed in anticipation of or in connection
\nwith any investment made or contemplated by Sofina. Accordingly, any party contemplating an investment in these \u201cInvestments\u201d or any party contemplating an investment directly in the capital of Sofina should not consider the performance of these
\nlimited procedures by Kroll to be sufficient in light of the aforementioned investments. The results of Kroll\u2019s analysis should not be construed as a fairness opinion on any transaction or as a statement of creditworthiness. The limited procedures
\nperformed by Kroll are in addition to the procedures that Sofina is required to perform to estimate the fair value of the \u201cInvestments\u201d. The result of the analyses conducted by Kroll was taken into account by Sofina in its assessment of the fair value
\nof the \u201cInvestments\u201d.
\n
\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n
\n\nMethods applied in accordance with IFRS 13 to determine the fair value of unlisted level 3 assets in the investment portfolio in transparency
\n\n
\n\n\n| VALUATION TECHNIQUE | \nUSE OF THE TECHNIQUE | \nSIGNIFICANT | \nLINKS BETWEEN UNOBSERVABLE | \n\n\n\n
\n\n | \n | \nUNOBSERVABLE DATA | \nDATA AND FAIR VALUE | \n\n\n\n
\n\n | \nWhenever a recent and significant transaction has taken place for the investment at the balance sheet | \n | \n | \n\n\n\n
\n\n | \ndate and provided that the transaction meets the market and market participant criteria. Note that the IPEV | \n | \n | \n\n\n\n
\n\n | \nValuation Guidelines no longer consider the recent transaction price to be a default valuation technique | \nThe fair value of the most | \n | \n\n\n\n
\n\n| Price of the most recent | \nbut rather a starting point for estimating fair value. The recent transaction price as a valuation technique | \nrecent transaction is | \nAs the unobservable data increases, | \n\n\n\n
\n\n| investment (PORI) | \nis therefore only used when the recent transaction is sufficiently close to the closing date (and meets the | \nconsidered unobservable | \nthe fair value increases. | \n\n\n\n
\n\n | \nmarket and market participant criteria). | \ndata. | \n | \n\n\n\n
\n\n | \nAs part of this investment technique, an investment for which a purchase and sale agreement was signed is | \n | \n | \n\n\n\n
\n\n | \nvalued based on the terms of the purchase and sale agreement. Depending on the closing conditions set | \n | \n | \n\n\n\n
\n\n | \nout under purchase and sale agreement, closing probabilities can be taken into account in the valuation. | \n | \n | \n\n\n\n
\n\n | \n | \nCost of capital from | \nThe higher the cost of capital, the | \n\n\n\n
\n\n | \n | \ncalibration. | \nlower the fair value. | \n\n\n\n
\n\n| Discounted Cash Flow | \nApplied for mature companies or for companies where sufficient information is available. | \nTerminal value based on a | \nThe higher the long-term growth rate, | \n\n\n\n
\n\n| model | \nThis method consists in discounting future expected cash flows. | \nlong-term growth rate. | \nthe higher the fair value. | \n\n\n\n
\n\n | \n | \nTerminal value based on an | \nThe higher the exit multiple, the | \n\n\n\n
\n\n | \n | \nexit multiple. | \nhigher the fair value. | \n\n\n\n
\n\n| Market multiples | \n | \n | \n | \n\n\n\n
\n\n| - sales or a gross profit | \n | \nDiscount 1 resulting from | \n | \n\n\n\n
\n\n| or EBITDA or earnings | \nIn the absence of a recent transaction on the investment at the closing date and when the Discounted | \nthe calibration against | \nThe higher the discount, the lower the | \n\n\n\n
\n\n| multiples or a mix of | \nCash Flow model is not applied. The calibration principle is used to determine the discount to the group of | \nthe group of comparable | \nfair value. | \n\n\n\n
\n\n| these multiples (based | \ncomparable listed companies. | \ncompanies. | \n | \n\n\n\n
\n\n| on comparable listed | \n | \n | \n | \n\n\n\n
\n\n| companies) | \n | \n | \n | \n\n\n\n
\n\n | \n | \nDiscount factor from the | \nThe higher the discount factor, the | \n\n\n\n
\n\n | \n | \ncalibration. | \nlower the fair value. | \n\n\n\n
\n\n| Probability Weighted | \nStart-ups or \"early stage\" companies or certain companies for which significantly different scenarios remain | \nWeights attributed to | \n | \n\n\n\n
\n\n| Expected Returns Model | \npossible, when other methods cannot be applied (recent transaction, Discounted Cash Flow model, market | \nthe different scenarios | \nThe higher the weight of the | \n\n\n\n
\n\n| or Scenario Methods | \nmultiples), are valued according to scenarios. | \n(generally 3 to 4 scenarios, | \npessimistic scenario, the lower the | \n\n\n\n
\n\n| (PWERM) | \nSuch companies are valued on the basis of different possible future scenarios (probability\u2013weighted fair | \nfrom extremely pessimistic | \nfair value. | \n\n\n\n
\n\n | \nvalue of future outcomes). | \nto optimistic). | \n | \n\n\n\n
\n\n | \n | \nExit value based on an exit | \nThe higher the exit multiple, the | \n\n\n\n
\n\n | \n | \nmultiple. | \nhigher the fair value. | \n\n\n\n
\n\n | \nThis valuation method is applied to start-ups or \u201cearly-stage\u201d companies or companies for which important | \n | \n | \n\n\n\n
\n\n | \nmilestones must be achieved and when other methods (i.e. recent transaction, discounted cash flow model, | \n | \n | \n\n\n\n
\n\n | \nmarket multiples and PWERM) are not applicable. | \n | \nA discount is applied per milestone. | \n\n\n\n
\n\n | \nSuch companies are valued using the milestone approach. This method consists of assessing whether there | \n | \nIf a milestone is achieved, the more | \n\n\n\n
\n\n | \nis an indication of change in fair value based on a consideration of one or more milestones. One or several | \n | \nthe unobservable data increases or | \n\n\n\n
\n\n | \nkey milestones are commonly established in accordance with function of the stage of development of the | \nDiscount applied per | \ndecreases, the more the fair value | \n\n\n\n
\n\n| Milestones approach | \ncompany. Milestones may include, for example, financial measures, technical measures and marketing and | \nlevel according to the | \nincreases or decreases. If the first | \n\n\n\n
\n\n | \nsales measures. | \npredefined milestones. | \nmilestone is not achieved, the more | \n\n\n\n
\n\n | \nSuch companies are valued using the milestone approach. This method consists of assessing whether there | \n | \nthe unobservable data decreases, the | \n\n\n\n
\n\n | \nis an indication of change in fair value based on a consideration of one or more milestones. One or several | \n | \nmore the fair value decreases. | \n\n\n\n
\n\n | \nkey milestones are commonly established in accordance with function of the stage of development of the | \n | \n | \n\n\n\n
\n\n | \ncompany. Milestones may include, for example, financial measures, technical measures and marketing and | \n | \n | \n\n\n\n
\n\n | \nsales measures. | \n | \n | \n\n\n\n
\n\n\n\n\n\n\n\n
\n\n\n\n
1 In some cases, a premium is applied against the group of comparable companies, also based on the calibration principle. In some exceptional cases, the discount is estimated on the basis of methods other than calibration.
\n
\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n
\n\n\n | \nThis valuation method is based on the latest available statements from the General Partners. | \nFair value based on | \n | \n\n\n\n\n\n\n\n
\n\n| Revalued net assets | \nThis method consists of using the reported net assets value of a fund interest which is adjusted for (i) | \nGeneral Partners\u2019 reports | \nAs the unobservable data increases, | \n\n\n\n\n\n\n\n
\n\n| recognised at fair value | \nthe capital calls and distributions that took place after the last statement received and the measurement | \nis considered to be | \nthe fair value increases. | \n\n\n\n\n\n\n\n
\n\n | \ndate, (ii) the evolution of the listed companies held by the funds and (iii) any other significant events. The | \nunobservable data. | \n | \n\n\n\n\n\n\n\n
\n\n | \nunderlying investments of the fund must be reported at fair value. | \n | \n | \n\n\n\n\n\n\n\n
\n\n | \n | \nFair value based on expert | \n | \n\n\n\n\n\n\n\n
\n\n | \nIn exceptional cases, another methodology is considered to better reflect the fair value of the investment | \nreports is considered to | \nAs the unobservable data increases, | \n\n\n\n\n\n\n\n
\n\n | \nor a portion of the investment (e.g. an appraisal report on the value of land or property). The fair value of a | \nbe unobservable data. | \nthe fair value increases. For the yield | \n\n\n\n\n\n\n\n
\n\n| Other methods | \ndebt investment, in the absence of actively traded prices, is generally derived from a yield analysis taking | \nFor the yield approach | \napproach, the higher the yield, the | \n\n\n\n\n\n\n\n
\n\n | \ninto account credit quality, coupon and term as well as applying the calibration principle (yield approach). | \nfor a debt investment, the | \nlower the fair value. | \n\n\n\n\n\n\n\n
\n\n | \n | \nyield is considered to be | \n | \n\n\n\n\n\n\n\n
\n\n | \n | \nunobservable data. | \n | \n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n
Method applied to allocate the estimated equity fair value to various classes of equity shares considering their respective rights and preferences
\n\n
\n\n\n| VALUATION TECHNIQUE | \nUSE OF THE TECHNIQUE | \nSIGNIFICANT UNOBSERVABLE DATA | \nLINKS BETWEEN UNOBSERVABLE DATA AND FAIR VALUE | \n\n\n\n\n\n\n\n
\n\n | \n | \n | \nAn increase of the volatility can either increase or | \n\n\n\n\n\n\n\n
\n\n | \n | \nVolatility, | \ndecrease the fair value depending on the classes of | \n\n\n\n\n\n\n\n
\n\n | \nApplied for companies where rights and preferences may | \n | \nshares held, | \n\n\n\n\n\n\n\n
\n\n | \ndiffer significantly between the classes of shares. Applied | \nTime to expiration (e.g. time of exit or | \nAn increase of the time to expiration can either increase | \n\n\n\n\n\n\n\n
\n\n| Option pricing model (OPM) | \nwhen applicable and relevant (e.g. different rights and | \nliquidity event), | \nor decrease the fair value depending on the classes of | \n\n\n\n\n\n\n\n
\n\n | \npreferences exist per class of shares and market participant | \n | \nshares held, | \n\n\n\n\n\n\n\n
\n\n | \nwould consider those rights and preferences). | \n | \nAn increase of the interest rate can either increase or | \n\n\n\n\n\n\n\n
\n\n | \n | \nInterest rate in local currency, | \ndecrease the fair value depending on the classes of | \n\n\n\n\n\n\n\n
\n\n | \n | \n | \nshares held, | \n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFairValueMeasurementOfAssetsExplanatory",
"language": "en",
"entity": "scheme:5493000GMVR38VUO5D39",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"Tag244": {
"value": "\n2.3 INVESTMENT PORTFOLIO IN TRANSPARENCY
\nMain valuation rules for the investment portfolio
\nThe Sofina group uses a fair value hierarchy that reflects the significance of the data used
\nfor valuation purposes:
\n\u2022 Level 1 \u2013 Assets valued under level 1 are valued at the market price at the closing date;
\n\u2022 Level 2 \u2013 Assets valued under level 2 are valued based on observable data such as the
\nmarket price of the main asset held by the company;
\n\u2022 Level 3 \u2013 Assets valued under level 3 are valued at fair value using principles derived from
\nthe International Private Equity and Venture Capital Valuation Guidelines (\u201cIPEV\u201d Valuation
\nGuidelines of December 2022).
\nUnlisted securities are valued at each reporting date using a commonly accepted valuation
\nmethod in these IPEV Valuation Guidelines, or at net asset value.
\nThe different valuation methods are detailed in the table on the methods applied in accordance
\nwith IFRS 13 to determine the fair value of unlisted level 3 assets of the investment portfolio
\nin transparency (Sofina Direct, i.e. Long-term minority investments and Sofina Growth, and
\nSofina Private Funds).
\nNote that the IPEV Valuation Guidelines no longer consider the recent transaction price as
\na default valuation technique but rather a starting point for estimating fair value. The recent
\ntransaction price as a valuation technique is therefore only used when the recent transaction
\nis sufficiently close to the balance sheet closing date (and meets the market and market
\nparticipant criteria). It should also be noted that the context of the transaction is analysed
\nand could therefore consider not only the primary components of a transaction but also the
\nsecondary components of the same transaction (e.g., retaining a blended price instead of the
\nprimary round price only).
\nThe principle of calibration, which consists of testing or calibrating the valuation techniques to
\nbe used at subsequent valuation dates, using valuation parameters derived from the initial or
\nmost recent transaction, is applied as appropriate to all our valuations of unlisted investments
\n(Sofina Direct, i.e. Long-term minority investments and Sofina Growth), provided that the price
\nof the initial or most recent transaction is representative of the fair value at the time of the
\ntransaction and can be calibrated. The calibration makes it possible to derive from the entry
\nprice the discount or the premium against the group of comparable companies by comparing
\nthe rate of return expected by Sofina with the theoretical cost of capital for a given investment
\nin the context of the implementation of the discounted cash flow method. The calibration also
\nmakes it possible to determine, directly at the transaction date, the discount or the premium
\nagainst the group of comparable companies in the context of the implementation of the market
\nmultiples method. This technique explains the wide range of discounts, costs of capital or
\ndiscount factors, as these are the result of the calibration.
\nThis being said, Sofina may have to change the valuation technique depending on the cir
\n-
\ncumstances from one valuation exercise to another (e.g. due to a new type of data available,
\na new recent transaction), with the objective of maximising the use of observable data and
\nminimising the use of non-observable data.
\nIn this respect, the table following provides information on the methods applied in accordance
\nwith IFRS 13 \u2013 Fair Value Measurement \u2013 to determine the fair value of unlisted level 3 assets.
\nIt should also be noted that Sofina uses the option pricing method (OPM) to allocate the
\nestimated equity fair value to various classes of equity shares considering their rights and
\npreferences (if applicable). This allocation approach may significantly reduce the valuation
\nof earlier equity rounds with reduced rights and preferences compared to the latest round.
\nIt is worth mentioning that the current economic situation and recent crises have heightened
\nthe uncertainty surrounding the future performance of Sofina\u2019s investments. This uncertainty
\ncontributes to a higher degree of subjectivity in determining level 3 fair values within the
\nIFRS\u200513 hierarchy. Consequently, Sofina has incorporated a higher degree of vigilance into
\nits valuation process. The following points are particularly noteworthy given the current eco
\n-
\nnomic situation:
\n\u2022 Particular vigilance regarding the consistency between the estimates of the portfolio com
\n-
\npanies and the use of these estimates compared to the use of the multiples of comparable
\ncompanies;
\n\u2022 Particular vigilance regarding the validation of the most recent transaction by ensuring that
\nthis recent transaction takes into account the current context of the economic crisis (while
\nrespecting the other validation criteria of the most recent transaction such as being suffi
\n-
\nciently close to the closing date) as well as ensuring that the context of the recent trans-
\naction is properly understood by considering both primary and secondary components (if
\napplicable);
\n\u2022 Particular vigilance regarding the financial situation of the portfolio companies (e.g., cash
\nburn estimates).
\nWe also took into account the IPEV Board Special Valuation Guidance of December 2022.
\nIt should be noted that Sofina has engaged Kroll, an independent valuation firm, to assist in
\nthe valuation of the unlisted investments within the Sofina Direct portfolio. Kroll\u2019s assistance
\ndoes not therefore cover Sofina Private Funds. All these unlisted investments covered by Kroll\u2019s
\nassistance (the \u201cInvestments\u201d) represent 48% of the fair value of the portfolio in transparency,
\nas illustrated below
\n\u20051
\n.
\n\n
\n\n\n | \nLONG-TERM | \nSOFINA | \nSOFINA | \n% OF KROLL | \n\n\n\n\n\n\n\n\n
\n\n| FAIR VALUE HIERARCHY | \nMINORITY | \nGROWTH | \nPRIVATE | \nCOVERAGE ON | \n\n\n\n\n\n\n\n\n
\n\n | \nINVESTMENTS | \n | \nFUNDS | \nTOTAL LEVEL | \n\n\n\n\n\n\n\n\n
\n\n| Level 1 | \nNot covered | \nNot covered | \nNot applicable | \n0% | \n\n\n\n\n\n\n\n\n
\n\n| Level 2 | \nCovered | \nCovered | \nNot applicable | \n100% | \n\n\n\n\n\n\n\n\n
\n\n| Level 3 | \nCovered | \nCovered | \nNot covered | \n51% | \n\n\n\n\n\n\n\n\n
\n\n| Total portfolio in transparency | \n | \n | \n | \n48% | \n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n
1 Covered: covered by Kroll\u2019s assistance; Not covered: not covered by Kroll\u2019s assistance; Not applicable: no value present at this level in the relevant investment style.
\n
\n\n\n\n\n\n\n\n\n\n\n\nThis assistance included various limited procedures that Sofina identified and requested Kroll
\nto perform. In connection with and as a result of these limited procedures
\n 1
\n, Kroll concluded
\nthat the fair value of the \u201cInvestments\u201d, as determined by Sofina, was reasonable.
\nSofina Private Funds\u2019 investments in venture and growth capital funds are valued on the basis
\nof the latest reports obtained from the General Partners of these investment funds until mid-
\nMarch, and their valuation is therefore based either on a report as at 31 December 2024 or on
\na report as at 30 September 2024. The values of the reports as at 30\u2005September 2024 are
\nadjusted to take into account (i) capital calls and distributions that have occurred since the date
\nof issuance of the last report, (ii) changes in the stock market prices of the listed companies
\nheld by these funds and (iii) significant events that have occurred since this last valuation date
\nand the closing date of 31 December 2024. The values as at 31 December 2024 are not adjusted
\nas they reflect the fair value at the closing date. Finally, the values retained are converted into
\neuro using the closing exchange rate. The funds for which a purchase and sale agreement
\nwas signed as at the date of this Annual report are valued in accordance with the terms of the
\npurchase and sale agreement. As at 31 December 2024, more than 66% of the Sofina Private
\nFunds\u2019 fair value is based either on reports as at 31 December 2024 or valuations based on
\nmarket prices or transaction prices.
\n1 Limited procedures are not an audit, review, compilation or other form of examination or certification in accordance with generally accepted auditing standards. In addition, the limited procedures were not performed in anticipation of or in connection
\nwith any investment made or contemplated by Sofina. Accordingly, any party contemplating an investment in these \u201cInvestments\u201d or any party contemplating an investment directly in the capital of Sofina should not consider the performance of these
\nlimited procedures by Kroll to be sufficient in light of the aforementioned investments. The results of Kroll\u2019s analysis should not be construed as a fairness opinion on any transaction or as a statement of creditworthiness. The limited procedures
\nperformed by Kroll are in addition to the procedures that Sofina is required to perform to estimate the fair value of the \u201cInvestments\u201d. The result of the analyses conducted by Kroll was taken into account by Sofina in its assessment of the fair value
\nof the \u201cInvestments\u201d.
\n
\n\n\n\n\n\n\n\n\n\n\n\nMethods applied in accordance with IFRS 13 to determine the fair value of unlisted level 3 assets in the investment portfolio in transparency
\n\n
\n\n\n| VALUATION TECHNIQUE | \nUSE OF THE TECHNIQUE | \nSIGNIFICANT | \nLINKS BETWEEN UNOBSERVABLE | \n\n\n\n
\n\n | \n | \nUNOBSERVABLE DATA | \nDATA AND FAIR VALUE | \n\n\n\n
\n\n | \nWhenever a recent and significant transaction has taken place for the investment at the balance sheet | \n | \n | \n\n\n\n
\n\n | \ndate and provided that the transaction meets the market and market participant criteria. Note that the IPEV | \n | \n | \n\n\n\n
\n\n | \nValuation Guidelines no longer consider the recent transaction price to be a default valuation technique | \nThe fair value of the most | \n | \n\n\n\n
\n\n| Price of the most recent | \nbut rather a starting point for estimating fair value. The recent transaction price as a valuation technique | \nrecent transaction is | \nAs the unobservable data increases, | \n\n\n\n
\n\n| investment (PORI) | \nis therefore only used when the recent transaction is sufficiently close to the closing date (and meets the | \nconsidered unobservable | \nthe fair value increases. | \n\n\n\n
\n\n | \nmarket and market participant criteria). | \ndata. | \n | \n\n\n\n
\n\n | \nAs part of this investment technique, an investment for which a purchase and sale agreement was signed is | \n | \n | \n\n\n\n
\n\n | \nvalued based on the terms of the purchase and sale agreement. Depending on the closing conditions set | \n | \n | \n\n\n\n
\n\n | \nout under purchase and sale agreement, closing probabilities can be taken into account in the valuation. | \n | \n | \n\n\n\n
\n\n | \n | \nCost of capital from | \nThe higher the cost of capital, the | \n\n\n\n
\n\n | \n | \ncalibration. | \nlower the fair value. | \n\n\n\n
\n\n| Discounted Cash Flow | \nApplied for mature companies or for companies where sufficient information is available. | \nTerminal value based on a | \nThe higher the long-term growth rate, | \n\n\n\n
\n\n| model | \nThis method consists in discounting future expected cash flows. | \nlong-term growth rate. | \nthe higher the fair value. | \n\n\n\n
\n\n | \n | \nTerminal value based on an | \nThe higher the exit multiple, the | \n\n\n\n
\n\n | \n | \nexit multiple. | \nhigher the fair value. | \n\n\n\n
\n\n| Market multiples | \n | \n | \n | \n\n\n\n
\n\n| - sales or a gross profit | \n | \nDiscount 1 resulting from | \n | \n\n\n\n
\n\n| or EBITDA or earnings | \nIn the absence of a recent transaction on the investment at the closing date and when the Discounted | \nthe calibration against | \nThe higher the discount, the lower the | \n\n\n\n
\n\n| multiples or a mix of | \nCash Flow model is not applied. The calibration principle is used to determine the discount to the group of | \nthe group of comparable | \nfair value. | \n\n\n\n
\n\n| these multiples (based | \ncomparable listed companies. | \ncompanies. | \n | \n\n\n\n
\n\n| on comparable listed | \n | \n | \n | \n\n\n\n
\n\n| companies) | \n | \n | \n | \n\n\n\n
\n\n | \n | \nDiscount factor from the | \nThe higher the discount factor, the | \n\n\n\n
\n\n | \n | \ncalibration. | \nlower the fair value. | \n\n\n\n
\n\n| Probability Weighted | \nStart-ups or \"early stage\" companies or certain companies for which significantly different scenarios remain | \nWeights attributed to | \n | \n\n\n\n
\n\n| Expected Returns Model | \npossible, when other methods cannot be applied (recent transaction, Discounted Cash Flow model, market | \nthe different scenarios | \nThe higher the weight of the | \n\n\n\n
\n\n| or Scenario Methods | \nmultiples), are valued according to scenarios. | \n(generally 3 to 4 scenarios, | \npessimistic scenario, the lower the | \n\n\n\n
\n\n| (PWERM) | \nSuch companies are valued on the basis of different possible future scenarios (probability\u2013weighted fair | \nfrom extremely pessimistic | \nfair value. | \n\n\n\n
\n\n | \nvalue of future outcomes). | \nto optimistic). | \n | \n\n\n\n
\n\n | \n | \nExit value based on an exit | \nThe higher the exit multiple, the | \n\n\n\n
\n\n | \n | \nmultiple. | \nhigher the fair value. | \n\n\n\n
\n\n | \nThis valuation method is applied to start-ups or \u201cearly-stage\u201d companies or companies for which important | \n | \n | \n\n\n\n
\n\n | \nmilestones must be achieved and when other methods (i.e. recent transaction, discounted cash flow model, | \n | \n | \n\n\n\n
\n\n | \nmarket multiples and PWERM) are not applicable. | \n | \nA discount is applied per milestone. | \n\n\n\n
\n\n | \nSuch companies are valued using the milestone approach. This method consists of assessing whether there | \n | \nIf a milestone is achieved, the more | \n\n\n\n
\n\n | \nis an indication of change in fair value based on a consideration of one or more milestones. One or several | \n | \nthe unobservable data increases or | \n\n\n\n
\n\n | \nkey milestones are commonly established in accordance with function of the stage of development of the | \nDiscount applied per | \ndecreases, the more the fair value | \n\n\n\n
\n\n| Milestones approach | \ncompany. Milestones may include, for example, financial measures, technical measures and marketing and | \nlevel according to the | \nincreases or decreases. If the first | \n\n\n\n
\n\n | \nsales measures. | \npredefined milestones. | \nmilestone is not achieved, the more | \n\n\n\n
\n\n | \nSuch companies are valued using the milestone approach. This method consists of assessing whether there | \n | \nthe unobservable data decreases, the | \n\n\n\n
\n\n | \nis an indication of change in fair value based on a consideration of one or more milestones. One or several | \n | \nmore the fair value decreases. | \n\n\n\n
\n\n | \nkey milestones are commonly established in accordance with function of the stage of development of the | \n | \n | \n\n\n\n
\n\n | \ncompany. Milestones may include, for example, financial measures, technical measures and marketing and | \n | \n | \n\n\n\n
\n\n | \nsales measures. | \n | \n | \n\n\n\n
\n\n\n\n\n\n\n\n
\n\n\n\n
1 In some cases, a premium is applied against the group of comparable companies, also based on the calibration principle. In some exceptional cases, the discount is estimated on the basis of methods other than calibration.
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n | \nThis valuation method is based on the latest available statements from the General Partners. | \nFair value based on | \n | \n\n\n\n\n\n\n\n
\n\n| Revalued net assets | \nThis method consists of using the reported net assets value of a fund interest which is adjusted for (i) | \nGeneral Partners\u2019 reports | \nAs the unobservable data increases, | \n\n\n\n\n\n\n\n
\n\n| recognised at fair value | \nthe capital calls and distributions that took place after the last statement received and the measurement | \nis considered to be | \nthe fair value increases. | \n\n\n\n\n\n\n\n
\n\n | \ndate, (ii) the evolution of the listed companies held by the funds and (iii) any other significant events. The | \nunobservable data. | \n | \n\n\n\n\n\n\n\n
\n\n | \nunderlying investments of the fund must be reported at fair value. | \n | \n | \n\n\n\n\n\n\n\n
\n\n | \n | \nFair value based on expert | \n | \n\n\n\n\n\n\n\n
\n\n | \nIn exceptional cases, another methodology is considered to better reflect the fair value of the investment | \nreports is considered to | \nAs the unobservable data increases, | \n\n\n\n\n\n\n\n
\n\n | \nor a portion of the investment (e.g. an appraisal report on the value of land or property). The fair value of a | \nbe unobservable data. | \nthe fair value increases. For the yield | \n\n\n\n\n\n\n\n
\n\n| Other methods | \ndebt investment, in the absence of actively traded prices, is generally derived from a yield analysis taking | \nFor the yield approach | \napproach, the higher the yield, the | \n\n\n\n\n\n\n\n
\n\n | \ninto account credit quality, coupon and term as well as applying the calibration principle (yield approach). | \nfor a debt investment, the | \nlower the fair value. | \n\n\n\n\n\n\n\n
\n\n | \n | \nyield is considered to be | \n | \n\n\n\n\n\n\n\n
\n\n | \n | \nunobservable data. | \n | \n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n
Method applied to allocate the estimated equity fair value to various classes of equity shares considering their respective rights and preferences
\n\n
\n\n\n| VALUATION TECHNIQUE | \nUSE OF THE TECHNIQUE | \nSIGNIFICANT UNOBSERVABLE DATA | \nLINKS BETWEEN UNOBSERVABLE DATA AND FAIR VALUE | \n\n\n\n\n\n\n\n
\n\n | \n | \n | \nAn increase of the volatility can either increase or | \n\n\n\n\n\n\n\n
\n\n | \n | \nVolatility, | \ndecrease the fair value depending on the classes of | \n\n\n\n\n\n\n\n
\n\n | \nApplied for companies where rights and preferences may | \n | \nshares held, | \n\n\n\n\n\n\n\n
\n\n | \ndiffer significantly between the classes of shares. Applied | \nTime to expiration (e.g. time of exit or | \nAn increase of the time to expiration can either increase | \n\n\n\n\n\n\n\n
\n\n| Option pricing model (OPM) | \nwhen applicable and relevant (e.g. different rights and | \nliquidity event), | \nor decrease the fair value depending on the classes of | \n\n\n\n\n\n\n\n
\n\n | \npreferences exist per class of shares and market participant | \n | \nshares held, | \n\n\n\n\n\n\n\n
\n\n | \nwould consider those rights and preferences). | \n | \nAn increase of the interest rate can either increase or | \n\n\n\n\n\n\n\n
\n\n | \n | \nInterest rate in local currency, | \ndecrease the fair value depending on the classes of | \n\n\n\n\n\n\n\n
\n\n | \n | \n | \nshares held, | \n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n2.4 FAIR VALUE OF THE TOTAL INVESTMENT
\nPORTFOLIO IN TRANSPARENCY
\n\n
\n\n\n | \n | \n | \nIN THOUSAND EUR | \n\n\n\n\n
\n\n | \nTOTAL AS AT | \nLEVEL 1 | \nLEVEL 2 | \nLEVEL 3 | \n\n\n\n\n
\n\n | \n31/12/2024 | \n | \n | \n | \n\n\n\n\n
\n\n| Investment portfolio 1 | \n10,054,258 | \n491,443 | \n0 | \n9,562,815 | \n\n\n\n\n
\n\n| Sofina Direct | \n5,331,222 | \n491,443 | \n0 | \n4,839,779 | \n\n\n\n\n
\n\n| Long-term minority investments | \n3,069,332 | \n441,219 | \n0 | \n2,628,113 | \n\n\n\n\n
\n\n| Sofina Growth | \n2,261,889 | \n50,224 | \n0 | \n2,211,665 | \n\n\n\n\n
\n\n| Sofina Private Funds | \n4,723,036 | \n0 | \n0 | \n4,723,036 | \n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n
\n
\n\n\n | \nTOTAL AS AT | \nLEVEL 1 | \nLEVEL 2 | \nLEVEL 3 | \n\n\n\n\n
\n\n | \n31/12/2023 | \n | \n | \n | \n\n\n\n\n
\n\n| Investment portfolio | \n8,928,241 | \n566,192 | \n155,962 | \n8,206,087 | \n\n\n\n\n
\n\n| Sofina Direct | \n4,739,235 | \n566,192 | \n155,962 | \n4,017,081 | \n\n\n\n\n
\n\n| Long-term minority investments | \n2,846,919 | \n539,696 | \n44,135 | \n2,263,088 | \n\n\n\n\n
\n\n| Sofina Growth | \n1,892,315 | \n26,496 | \n111,827 | \n1,753,992 | \n\n\n\n\n
\n\n| Sofina Private Funds | \n4,189,006 | \n0 | \n0 | \n4,189,006 | \n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n
The underlying portfolio of the funds held in Sofina Private Funds is composed of listed and
\nunlisted assets. The fair value of the listed assets
\n 2
\n is estimated at EUR 443,073 thousand as
\nat 31/12/2024 and at EUR 483,162 thousand as at 31/12/2023.
\nDuring the year our investment in Honasa Consumer (Mamaearth) was transferred from
\nlevel\u20052 to level 1.
\nSensitivity analysis of level 3
\nLevel 3 consists of unlisted securities subject to price risk, but this risk is mitigated by the wide
\nvariety of investments made by the Sofina group. The objective of long-term value creation
\npursued by the Sofina group contributes towards mitigating this risk.
\nIn the case of investments in venture and growth capital funds of Sofina Private Funds, the
\nGeneral Partners may decide more quickly to modify a negative spread. Market risk may also
\nhave an indirect impact on unlisted securities compared to securities listed on stock markets.
\nMoreover, liquidity risk has a greater impact on unlisted securities than on listed securities,
\nwhich can make their value difficult to estimate. This risk may have an impact on the holding
\nperiod of unlisted securities as well as on the exit price. It is difficult to quantify the influence
\nof these risks on unlisted securities in level 3.
\n1 Information on the investment portfolio in the balance sheet as at 31 December 2024 can be found under point 2.1 above.
\n2 Estimated fair value based on available information provided by the General Partners.
\n
\n\n\n\n\n\n\n\n\n\n\n\nSensitivity analysis for the level 3 investment portfolio in transparency as at 31\u2005December 2024
\n\n
\n\n\n | \n | \n | \n | \n | \n | \n | \n | \nIN MILLION EUR | \n\n\n\n\n\n\n\n
\n\n| VALUATION TECHNIQUE | \nFAIR | \nOPM | \n | \nUNOBSERVABLE DATA (WEIGHTED AVERAGE) | \nSENSITIVITY | \nIMPACT VALUE | \nSENSITIVITY | \nIMPACT VALUE | \n\n\n\n\n\n\n\n
\n\n | \nVALUE | \nAPPLIED? | \n | \n | \n | \n | \n | \n | \n\n\n\n\n\n\n\n
\n\n| Price of the most recent investment | \n17\u2005 | \nNo | \n | \nThe fair value of the most recent transaction is considered to be | \n+10% | \n2\u2005 | \n-10% | \n-2\u2005 | \n\n\n\n\n\n\n\n
\n\n| (PORI) | \n | \n | \n | \nunobservable data | \n | \n | \n | \n | \n\n\n\n\n\n\n\n
\n\n | \n | \n | \n | \nCost of capital from calibration between 8% and 18% (13%) | \n+10% | \n-117\u2005 | \n-10% | \n127\u2005 | \n\n\n\n\n\n\n\n
\n\n| Discounted Cash Flow model | \n1,694\u2005 | \nNo | \n | \nPerpetual growth rate not applied | \n+10% | \n0\u2005 | \n-10% | \n0\u2005 | \n\n\n\n\n\n\n\n
\n\n | \n | \n | \n | \nExit multiple between 8.6x and 17.2 (12.3x) | \n+10% | \n120\u2005 | \n-10% | \n-118\u2005 | \n\n\n\n\n\n\n\n
\n\n | \n | \n | \n | \nMedian peers revenue multiple between 0.7x and 17.6x (4.1x) | \n+10% | \n45\u2005 | \n-10% | \n-45\u2005 | \n\n\n\n\n\n\n\n
\n\n | \n | \n | \n | \nMedian peers gross profit multiple (3.7x) | \n+10% | \n0\u2005 | \n-10% | \n-1\u2005 | \n\n\n\n\n\n\n\n
\n\n | \n1,899\u2005 | \nNo | \n | \nMedian peers EBITDA multiple between 6.4x and 28.9x (14.5x) | \n+10% | \n116\u2005 | \n-10% | \n-126\u2005 | \n\n\n\n\n\n\n\n
\n\n | \n | \n | \n | \nMedian peers earnings multiple between 3.3x and 11.6x (11x) | \n+10% | \n6\u2005 | \n-10% | \n-6\u2005 | \n\n\n\n\n\n\n\n
\n\n | \n | \n | \n | \nDiscount resulting from calibration between 0% and 52% 1 (9%) | \n+10% | \n-24 | \n-10% | \n24 | \n\n\n\n\n\n\n\n
\n\n | \n | \n | \n | \nMedian peers revenue multiple between 0.5x and 10.7x (5.1x) | \n+10% | \n55\u2005 | \n-10% | \n-66\u2005 | \n\n\n\n\n\n\n\n
\n\n| Market multiples | \n | \n | \n | \n | \n | \n | \n | \n | \n\n\n\n\n\n\n\n
\n\n | \n | \n | \n | \nMedian peers gross profit multiple between 6x and 6.6x (6.5x) | \n+10% | \n3\u2005 | \n-10% | \n-3\u2005 | \n\n\n\n\n\n\n\n
\n\n | \n | \n | \n | \nMedian peers price earnings multiple between 16,3x and 25,9x (19,7x) | \n+10% | \n2\u2005 | \n-10% | \n-2\u2005 | \n\n\n\n\n\n\n\n
\n\n | \n1,080 | \nYes | \n | \nDiscount resulting from calibration between 4% and 58% 2 (24%) | \n+10% | \n-39\u2005 | \n-10% | \n28 | \n\n\n\n\n\n\n\n
\n\n | \n | \n | \n | \nVolatility between 23% and 73% (44%) | \n+10% | \n-7\u2005 | \n-10% | \n-5\u2005 | \n\n\n\n\n\n\n\n
\n\n | \n | \n | \n | \nTime to expiration between 0.5 years and 6.6 years (3.3 years) | \n+10% | \n-9\u2005 | \n-10% | \n-2\u2005 | \n\n\n\n\n\n\n\n
\n\n | \n | \n | \n | \nInterest rate between 0% and 7% (4%) | \n+10% | \n-8\u2005 | \n-10% | \n-3\u2005 | \n\n\n\n\n\n\n\n
\n\n| Revalued net assets recognised at fair | \n4,761\u2005 | \nNo | \n | \nThe fair value based on General Partners\u2019 reports is considered to be | \n+10% | \n476\u2005 | \n-10% | \n-476\u2005 | \n\n\n\n\n\n\n\n
\n\n| value 3 | \n | \n | \n | \nunobservable data | \n | \n | \n | \n | \n\n\n\n\n\n\n\n
\n\n| Milestone approach | \n41\u2005 | \nNo | \n | \nDiscount of 20% per level (20%) | \nUpper level 4 | \n4\u2005 | \nLower level | \n-4\u2005 | \n\n\n\n\n\n\n\n
\n\n| Other methods | \n71\u2005 | \nNo | \n | \nFair value is considered to be unobservable data. For the yield approach, | \n+10% | \n7\u2005 | \n-10% | \n-7\u2005 | \n\n\n\n\n\n\n\n
\n\n | \n | \n | \n | \nthe yield is considered as unobservable data (4,9%) | \n | \n | \n | \n | \n\n\n\n\n\n\n\n
\n\n| Total level 3 (in transparency) | \n9,563 | \n | \n | \n | \n | \n | \n | \n | \n\n\n\n\n\n\n\n
\n\n| Reconciling items | \n-72\u2005 | \n | \n | \n | \n | \n | \n | \n | \n\n\n\n\n\n\n\n
\n\n| Total level 3 (financial statements) | \n9,491\u2005 | \n | \n | \n | \n | \n | \n | \n | \n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n
The reconciling items between the presentation in transparency and the balance sheet presentation are detailed, at all levels, in point 2.1 above.
\n1 In some cases, a premium is applied against the group of comparable companies. The premiums applied range from 1% to 1,132% (weighted average of 53%). In certain exceptional cases, the discount is estimated based on methods other than
\ncalibration.
\n2 In some cases, a premium is applied against the group of comparable companies. The premiums applied range from 7% to 1,492% (weighted average of 176%). In certain exceptional cases, the discount is estimated based on methods other than
\ncalibration.
\n3 Mainly concerns the portfolio of Sofina Private Funds and to a limited extent investments by Sofina Growth.
\n4 No upper level was reached.
\n
\n\n\n\n\n\n\n\n\n\n\n\nSensitivity analysis for the level 3 investment portfolio in transparency as at 31\u2005December 2023
\n\n
\n\n\n | \n | \n | \n | \n | \n | \n | \n | \nIN MILLION EUR | \n\n\n\n\n\n\n
\n\n| VALUATION TECHNIQUE | \nFAIR | \nOPM | \n | \nUNOBSERVABLE DATA (WEIGHTED AVERAGE) | \nSENSITIVITY | \nIMPACT VALUE | \nSENSITIVITY | \nIMPACT | \n\n\n\n\n\n\n
\n\n | \nVALUE | \nAPPLIED? | \n | \n | \n | \n | \n | \nVALUE | \n\n\n\n\n\n\n
\n\n| Price of the most recent investment (PORI) | \n153\u2005 | \nNo | \n | \nThe fair value of the most recent transaction is considered to be | \n+10% | \n8\u2005 | \n-10% | \n-8\u2005 | \n\n\n\n\n\n\n
\n\n | \n | \n | \n | \nunobservable data | \n | \n | \n | \n | \n\n\n\n\n\n\n
\n\n | \n | \n | \n | \nCost of capital from calibration between 7% and 18% (13%) | \n+10% | \n-250\u2005 | \n-10% | \n325 | \n\n\n\n\n\n\n
\n\n| Discounted Cash Flow model | \n1,876\u2005 | \nNo | \n | \nPerpetual growth rate of 3% and 4% (3%) | \n+10% | \n50\u2005 | \n-10% | \n-42\u2005 | \n\n\n\n\n\n\n
\n\n | \n | \n | \n | \nOutput multiple between 5.4x and 17x (11.4x) | \n+10% | \n141\u2005 | \n-10% | \n-141\u2005 | \n\n\n\n\n\n\n
\n\n | \n | \n | \n | \nMedian peers revenue multiple between 0.9x and 6.4x (2.8x) | \n+10% | \n57\u2005 | \n-10% | \n-57 | \n\n\n\n\n\n\n
\n\n | \n | \n | \n | \nMedian peers gross profit multiple between 3.7x and 3.7x (3.7x) | \n+10% | \n0\u2005 | \n-10% | \n-1\u2005 | \n\n\n\n\n\n\n
\n\n | \n1,129\u2005 | \nNo | \n | \nMedian peers EBITDA multiple between 7.9x and 18.1x (16.1x) | \n+10% | \n29 | \n-10% | \n-24 | \n\n\n\n\n\n\n
\n\n | \n | \n | \n | \nMedian peers earnings multiple between 13.3x and 20.6x (14.2x) | \n+10% | \n9\u2005 | \n-10% | \n-9\u2005 | \n\n\n\n\n\n\n
\n\n | \n | \n | \n | \nDiscount resulting from calibration between 0% and 89% 1 (24%) | \n+10% | \n-13\u2005 | \n-10% | \n17\u2005 | \n\n\n\n\n\n\n
\n\n| Market multiples | \n | \n | \n | \nMedian peers revenue multiple between 0.5x and 13.1x (5.4x) | \n+10% | \n45\u2005 | \n-10% | \n-45\u2005 | \n\n\n\n\n\n\n
\n\n | \n | \n | \n | \nMedian peers gross profit multiple between 7.7x and 11.4x (7.7x) | \n+10% | \n3\u2005 | \n-10% | \n-3\u2005 | \n\n\n\n\n\n\n
\n\n | \n | \n | \n | \nDiscount resulting from calibration between 23% and 58% 2 (40%) | \n+10% | \n-8\u2005 | \n-10% | \n8\u2005 | \n\n\n\n\n\n\n
\n\n | \n745 | \nYes | \n | \n | \n | \n | \n | \n | \n\n\n\n\n\n\n
\n\n | \n | \n | \n | \nVolatility between 23% and 88% (45%) | \n+10% | \n-5\u2005 | \n-10% | \n4\u2005 | \n\n\n\n\n\n\n
\n\n | \n | \n | \n | \nTime to expiration between 0.4 years and 7 years (3.7 years) | \n+10% | \n-5\u2005 | \n-10% | \n5\u2005 | \n\n\n\n\n\n\n
\n\n | \n | \n | \n | \nInterest rate between 1% and 7% (4%) | \n+10% | \n-3\u2005 | \n-10% | \n3\u2005 | \n\n\n\n\n\n\n
\n\n| Revalued net assets recognised at fair value 3 | \n4,233\u2005 | \nNo | \n | \nThe fair value based on General Partners\u2019 reports is considered to | \n+10% | \n423 | \n-10% | \n-423\u2005 | \n\n\n\n\n\n\n
\n\n | \n | \n | \n | \nbe unobservable data | \n | \n | \n | \n | \n\n\n\n\n\n\n
\n\n| Milestone approach | \n0\u2005 | \nNo | \n | \nDiscount of 20% per level (20%) | \nUpper level 4 | \n0\u2005 | \nLower level | \n0\u2005 | \n\n\n\n\n\n\n
\n\n| Other methods | \n70\u2005 | \nNo | \n | \nFair value is considered to be unobservable data. For the yield | \n+10% | \n6\u2005 | \n-10% | \n-6\u2005 | \n\n\n\n\n\n\n
\n\n | \n | \n | \n | \napproach, the yield is considered as unobservable data (4.9%) | \n | \n | \n | \n | \n\n\n\n\n\n\n
\n\n| Total level 3 (in transparency) | \n8,206 | \n | \n | \n | \n | \n | \n | \n | \n\n\n\n\n\n\n
\n\n| Reconciling items | \n23\u2005 | \n | \n | \n | \n | \n | \n | \n | \n\n\n\n\n\n\n
\n\n| Total level 3 (financial statements) | \n8,229\u2005 | \n | \n | \n | \n | \n | \n | \n | \n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n
The reconciling items between the presentation in transparency and the balance sheet presentation are detailed, at all levels, in point 2.1 above.
\n1 In some cases, a premium is applied against the group of comparable companies. The premiums applied range from 13% to 626% (weighted average of 177%). In certain exceptional cases, the discount is estimated based on methods other than
\ncalibration.
\n2 In some cases, a premium is applied against the group of comparable companies. The premiums applied range from 0% to 652% (weighted average of 181%). In certain exceptional cases, the discount is estimated based on methods other than
\ncalibration.
\n3 Mainly concerns the portfolio of Sofina Private Funds and to a limited extent investments by Sofina Growth.
\n4 No upper level was reached.
\n
\n\n\n\n\n\n\n\n\n\n\n\n
\n\n
\n\n3.3 DEPOSITS AND OTHER CURRENT FINANCIAL ASSETS
\n\n
\n\n\n | \n | \nIN THOUSAND EUR | \n\n\n\n\n\n\n\n
\n\n | \n31/12/2024 | \n31/12/2023 | \n\n\n\n\n\n\n\n
\n\n| Deposits 1 | \n75,000 | \n0 | \n\n\n\n\n\n\n\n
\n\n| Current financial investments | \n451,925 | \n514,257 | \n\n\n\n\n\n\n\n
\n\n| Other receivables | \n3,544 | \n13,713 | \n\n\n\n\n\n\n\n
\n\n| Deposits and other current financial assets | \n530,469 | \n527,970 | \n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n
Current financial assets are measured at fair value through profit and loss.
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n
\n\n
\n\n
\n\nInvestments and receivables
\nInvestments at fair value are recorded at the transaction date and are measured at fair value.
\nEquity investments at fair value consist of securities that are acquired with the aim of obtaining
\nreturns in the form of capital gains and/or investment income. They are measured at fair value
\nat each balance sheet date. Unrealised gains and losses are recognised directly in the income
\nstatement. In the event of disposal, the difference between the net sale proceeds and the
\ncarrying amount is charged or credited to the income statement.
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n",
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"Tag260": {
"value": "\n
\n
\n
\n
\n
\n
\n2.5 FINANCIAL RISKS IN TRANSPARENCY
\n\nForeign exchange risk
\nThe investment portfolio is subject, among other things, to foreign exchange risks. The main
\nforeign exchange risk relates to assets denominated in US dollars, British pounds, Indian
\nrupees, Danish kroner and Chinese yuan renminbi. For information purposes, a 10% increase
\nor decrease in the exchange rate of these five currencies as at 31 December 2024 would result
\nin a variation in the fair value of the portfolio as shown in the table below:
\n\n
\n\n\n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \nIN MILLION EUR | \n\n\n\n\n\n\n
\n\n | \nUSD | \nGBP | \nINR | \nDKK | \nCNY | \n\n\n\n\n\n\n
\n\n| Exchange | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\n\n\n\n\n\n
\n\n| rate | \n-10% | \n0% | \n+10% | \n-10% | \n0% | \n | \n-10% | \n0% | \n+10% | \n-10% | \n0% | \n | \n-10% | \n0% | \n+10% | \n\n\n\n\n\n\n
\n\n| sensitivity | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\n\n\n\n\n\n
\n\n| Fair value | \n6,728 | \n6,056 | \n5,505 | \n815 | \n734 | \n667 | \n510 | \n459 | \n417 | \n193 | \n174 | \n158 | \n28 | \n25 | \n23 | \n\n\n\n\n\n\n
\n\n| Impact on | \n672 | \n0 | \n-551 | \n81 | \n0 | \n-67 | \n51 | \n0 | \n-42 | \n19 | \n0 | \n-16 | \n3 | \n0 | \n-2 | \n\n\n\n\n\n\n
\n\n| revenue | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n
\nPrice risk\u2005
\nPrice risk is defined as the risk that unfavourable changes in stock prices impact Sofina\u2019s
\nportfolio. Sofina is exposed to market fluctuations in its portfolio.
\nThe risk analysis of level 1 and level 2 investments is shown below. A variation interval of -10%
\nand +10% has been applied to the valuation as at 31 December 2024. This variance influences
\nthe result.
\n\n
\n\n\n | \n | \n | \n | \n | \nIN MILLION EUR | \n\n\n\n\n\n
\n\n | \nLEVEL 1 | \nLEVEL 2 | \n\n\n\n\n\n
\n\n| Stock price sensitivity | \n-10% | \n0% | \n+10% | \n-10% | \n0% | \n+10% | \n\n\n\n\n\n
\n\n| Fair value | \n442 | \n491 | \n541 | \n0 | \n0 | \n0 | \n\n\n\n\n\n
\n\n| Impact on revenue | \n-49 | \n0 | \n49 | \n0 | \n0 | \n0 | \n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n
Interest rate risk and liquidity risk
\nThe interest rate risk is the risk that the interest flow on the financial debt and the gross cash
\nflow may be adversely affected by an unfavourable change in interest rates. In the case at
\nhand, the risk is limited as the financial liabilities are mainly at fixed rates. Moreover, Sofina\u2019s
\nnet cash position is positive. However, Sofina has commitments to disburse funds in relation
\n\nto the Sofina Private Funds investments. Considering its positive Net cash position, the exist
\n-
\nence of bank credit lines (unused \u2013 please refer to point 3.17), the investments in shares listed
\non liquid markets and therefore easily realisable (in the Sofina Direct investments and Sofina
\nPrivate Funds portfolios), and if need be the ability to transact on the secondary market for
\nSofina Private Funds, the liquidity risk faced by Sofina is extremely moderate.
\n
\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n | \n | \nIN MILLION EUR | \n\n\n\n\n\n\n\n
\n\n| PRIVATE FUNDS RESIDUAL COMMITMENT BRIDGE | \n31/12/2024 | \n31/12/2023 | \n\n\n\n\n\n\n\n
\n\n| Beginning of the year | \n1,300 | \n1,336 | \n\n\n\n\n\n\n\n
\n\n| New commitments | \n420 | \n306 | \n\n\n\n\n\n\n\n
\n\n| Investments | \n-406 | \n-291 | \n\n\n\n\n\n\n\n
\n\n| Other 1 | \n33 | \n-25 | \n\n\n\n\n\n\n\n
\n\n| FX impact | \n75 | \n-26 | \n\n\n\n\n\n\n\n
\n\n| End of the year 2 | \n1,422 | \n1,300 | \n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\nCredit risk
\n The credit risk is the counterparty risk on gross cash. It is mitigated by an adequate coun-
\nterparty diversification (credit rating and duration, counterparty, issuer, sector limit exposure).
\n
\n\n\n\n\n\n\n\n\n\n\n\nConcentration risk
\nThe 10 largest investments of Sofina Direct represent 29% of the fair value of the portfolio
\nin transparency
\n 3
\n:
\n\n
\n\n\n| 1 | \nHSG Co-Investment 2016-A (ByteDance) | \n\n\n\n\n\n\n\n
\n\n| 2 | \nLernen Midco 1 (Cognita) | \n\n\n\n\n\n\n\n
\n\n| 3 | \nDrylock Technologies | \n\n\n\n\n\n\n\n
\n\n| 4 | \nNuxe International | \n\n\n\n\n\n\n\n
\n\n| 5 | \nCambridge Associates | \n\n\n\n\n\n\n\n
\n\n| 6 | \nbioM\u00e9rieux | \n\n\n\n\n\n\n\n
\n\n| 7 | \nMNH (M\u00e9rieux NutriSciences) | \n\n\n\n\n\n\n\n
\n\n| 8 | \nBiobest Group (BioFirst) | \n\n\n\n\n\n\n\n
\n\n| 9 | \nLancelot UK HoldCo (EG Software) | \n\n\n\n\n\n\n\n
\n\n| 10 | \nSalto Systems | \n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n
1 This category mainly comprises recallable distributions, disposals and termination of funds with residual uncalled commitments.
\n2 Additional residual commitments in relation to Sofina Direct investments of EUR 6 million as at 31 December 2024 and of EUR 196 million as at 31 December 2023 bring the total uncalled commitments to EUR 1,428 million and
\nEUR 1,496 million respectively.
\n
\n\n\n\n\n\n\n\n\n\n\n\n3 Listed in decreasing order of fair value as at 31 December 2024 (portfolio in transparency). The ranking of our Sofina Direct investments does not take into consideration indirect exposures on these entities, held through some funds
\nof Sofina Private Funds.
\n
\n\n\n\n\n\n\n\n\n\n\n\nIt should be noted that:
\n\u2022 the 4 largest investments of Sofina Direct represent more than 15% but less than 20% of the
\ntotal portfolio in transparency
\n 1
\n.
\n\u2022 the 6 largest investments of Sofina Direct represent more than 20% of the total portfolio in
\ntransparency
\n 1
\n.
\n\u2022 out of the above-listed investments taken individually, Bytedance
\n 2
\n is the sole asset repre-
\nsenting more than 5% of the fair value of the portfolio in transparency
\n 1
\n.
\nThere are no dominant positions. The level 3 investments in the top 10 are valued according
\nto the Discounted Cash Flow model, market multiples or the most recent transaction method
\nas described in point 2.3 above.
\nThe 10 largest General Partners of Sofina Private Funds represent 22%
\n
\nof the fair value of the
\nportfolio in transparency
\n 3
\n:
\n\n
\n\n\n| 1 | \nSequoia Capital | \n\n\n\n\n\n\n\n\n\n
\n\n| 2 | \nHongShan | \n\n\n\n\n\n\n\n\n\n
\n\n| 3 | \nLightspeed | \n\n\n\n\n\n\n\n\n\n
\n\n| 4 | \nPeak XV | \n\n\n\n\n\n\n\n\n\n
\n\n| 5 | \nInsight Partners | \n\n\n\n\n\n\n\n\n\n
\n\n| 6 | \nThoma Bravo | \n\n\n\n\n\n\n\n\n\n
\n\n| 7 | \nBattery | \n\n\n\n\n\n\n\n\n\n
\n\n| 8 | \nAndreessen Horowitz | \n\n\n\n\n\n\n\n\n\n
\n\n| 9 | \nIconiq Capital | \n\n\n\n\n\n\n\n\n\n
\n\n| 10 | \nTA Associates | \n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n
War in Ukraine
\nAs per ESMA\u2019s recommendation of 14 March 2022 Public Statement of 13 May 2022 on Impli-
\ncations of Russia\u2019s invasion of Ukraine on annual financial reports, and Public Statement of
\n28 October 2022 on the European common enforcement priorities for 2022 annual financial
\nreports, Sofina can confirm that it has very limited specific exposure to the Ukraine crisis,
\nwhich has had no material direct impact on its activities. The group is not impacted by the
\neconomic sanctions enforced by the European Union. Sofina Direct portfolio companies with
\nnotable operations or exposure in Ukraine or Russia and Belarus represent less than 4%
\n
\nof
\nthe total portfolio\u2019s fair value in transparency as at 31 December 2024. Sofina Private Funds is
\nmarginally exposed to underlying companies with some presence in Ukraine or in Russia and
\nBelarus, which are estimated to represent a small proportion of total number of companies in
\nthe underlying portfolio. General Partners have investigated their potential Russian ties includ-
\ning tracing Russian money in their investors base and they have not reported any significant
\nissue in this respect. The main potential economic consequences of the Ukraine crisis on the
\nportfolio are not specific in nature as they relate to its impact on raw material prices including
\nenergy, potential supply chain disruptions, concerns about an increasing risk of cyber-attacks
\nand more generally, the macroeconomic impact on GDP growth, inflation and interest rates. A
\nlarge number of portfolio companies and General Partners and their employees are engaged
\nin a variety of initiatives to support Ukraine in line with that which Sofina has been doing.
\n1 Largest investments in terms of representation in the fair value of the portfolio in transparency. Listed in decreasing order of fair value at 31 December 2024 (portfolio in transparency). The ranking of our Sofina Direct investments does not take into consideration
\nindirect holdings in these entities through certain partnerships of Sofina Private Funds.
\n2 Sofina values its holding in HSC Co-Investment 2016-A on the basis of the market multiples valuation method with an illiquidity discount. Its holding in ByteDance at Sofina Private Funds level is valued on the basis of the latest reports (where the information is
\navailable) obtained from the General Partners.
\n3 Largest General Partners in terms of estimated representation of their funds in the fair value of Sofina\u2019s portfolio in transparency. Listed in decreasing order of fair value at 31 December 2024.
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n",
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"Tag261": {
"value": "\nForeign exchange risk
\nThe investment portfolio is subject, among other things, to foreign exchange risks. The main
\nforeign exchange risk relates to assets denominated in US dollars, British pounds, Indian
\nrupees, Danish kroner and Chinese yuan renminbi. For information purposes, a 10% increase
\nor decrease in the exchange rate of these five currencies as at 31 December 2024 would result
\nin a variation in the fair value of the portfolio as shown in the table below:
\n\n
\n\n\n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \nIN MILLION EUR | \n\n\n\n\n\n\n
\n\n | \nUSD | \nGBP | \nINR | \nDKK | \nCNY | \n\n\n\n\n\n\n
\n\n| Exchange | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\n\n\n\n\n\n
\n\n| rate | \n-10% | \n0% | \n+10% | \n-10% | \n0% | \n | \n-10% | \n0% | \n+10% | \n-10% | \n0% | \n | \n-10% | \n0% | \n+10% | \n\n\n\n\n\n\n
\n\n| sensitivity | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\n\n\n\n\n\n
\n\n| Fair value | \n6,728 | \n6,056 | \n5,505 | \n815 | \n734 | \n667 | \n510 | \n459 | \n417 | \n193 | \n174 | \n158 | \n28 | \n25 | \n23 | \n\n\n\n\n\n\n
\n\n| Impact on | \n672 | \n0 | \n-551 | \n81 | \n0 | \n-67 | \n51 | \n0 | \n-42 | \n19 | \n0 | \n-16 | \n3 | \n0 | \n-2 | \n\n\n\n\n\n\n
\n\n| revenue | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n
\n
\n\n\n\n\n\n\n\n\n\n\n",
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"Tag262": {
"value": "\n
\nPrice risk\u2005
\nPrice risk is defined as the risk that unfavourable changes in stock prices impact Sofina\u2019s
\nportfolio. Sofina is exposed to market fluctuations in its portfolio.
\nThe risk analysis of level 1 and level 2 investments is shown below. A variation interval of -10%
\nand +10% has been applied to the valuation as at 31 December 2024. This variance influences
\nthe result.
\n\n
\n\n\n | \n | \n | \n | \n | \nIN MILLION EUR | \n\n\n\n\n\n
\n\n | \nLEVEL 1 | \nLEVEL 2 | \n\n\n\n\n\n
\n\n| Stock price sensitivity | \n-10% | \n0% | \n+10% | \n-10% | \n0% | \n+10% | \n\n\n\n\n\n
\n\n| Fair value | \n442 | \n491 | \n541 | \n0 | \n0 | \n0 | \n\n\n\n\n\n
\n\n| Impact on revenue | \n-49 | \n0 | \n49 | \n0 | \n0 | \n0 | \n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n
Interest rate risk and liquidity risk
\nThe interest rate risk is the risk that the interest flow on the financial debt and the gross cash
\nflow may be adversely affected by an unfavourable change in interest rates. In the case at
\nhand, the risk is limited as the financial liabilities are mainly at fixed rates. Moreover, Sofina\u2019s
\nnet cash position is positive. However, Sofina has commitments to disburse funds in relation
\n\nto the Sofina Private Funds investments. Considering its positive Net cash position, the exist
\n-
\nence of bank credit lines (unused \u2013 please refer to point 3.17), the investments in shares listed
\non liquid markets and therefore easily realisable (in the Sofina Direct investments and Sofina
\nPrivate Funds portfolios), and if need be the ability to transact on the secondary market for
\nSofina Private Funds, the liquidity risk faced by Sofina is extremely moderate.
\n
\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n | \n | \nIN MILLION EUR | \n\n\n\n\n\n\n\n
\n\n| PRIVATE FUNDS RESIDUAL COMMITMENT BRIDGE | \n31/12/2024 | \n31/12/2023 | \n\n\n\n\n\n\n\n
\n\n| Beginning of the year | \n1,300 | \n1,336 | \n\n\n\n\n\n\n\n
\n\n| New commitments | \n420 | \n306 | \n\n\n\n\n\n\n\n
\n\n| Investments | \n-406 | \n-291 | \n\n\n\n\n\n\n\n
\n\n| Other 1 | \n33 | \n-25 | \n\n\n\n\n\n\n\n
\n\n| FX impact | \n75 | \n-26 | \n\n\n\n\n\n\n\n
\n\n| End of the year 2 | \n1,422 | \n1,300 | \n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n1 This category mainly comprises recallable distributions, disposals and termination of funds with residual uncalled commitments.
\n2 Additional residual commitments in relation to Sofina Direct investments of EUR 6 million as at 31 December 2024 and of EUR 196 million as at 31 December 2023 bring the total uncalled commitments to EUR 1,428 million and
\nEUR 1,496 million respectively.
\n
\n\n\n\n\n\n\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfMarketRiskExplanatory",
"language": "en",
"entity": "scheme:5493000GMVR38VUO5D39",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"Tag263": {
"value": "However, Sofina has commitments to disburse funds in relation\nto the Sofina Private Funds investments. Considering its positive Net cash position, the exist
\n-
\nence of bank credit lines (unused \u2013 please refer to point 3.17), the investments in shares listed
\non liquid markets and therefore easily realisable (in the Sofina Direct investments and Sofina
\nPrivate Funds portfolios), and if need be the ability to transact on the secondary market for
\nSofina Private Funds, the liquidity risk faced by Sofina is extremely moderate.
\n
\n\n\n\n\n\n\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory",
"language": "en",
"entity": "scheme:5493000GMVR38VUO5D39",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"Tag267": {
"value": "\nCredit risk
\n The credit risk is the counterparty risk on gross cash. It is mitigated by an adequate coun-
\nterparty diversification (credit rating and duration, counterparty, issuer, sector limit exposure).
\n
\n\n\n\n\n\n\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCreditRiskExplanatory",
"language": "en",
"entity": "scheme:5493000GMVR38VUO5D39",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"Tag403": {
"value": "\n2.6 GEOGRAPHICAL, SECTORAL AND STRATEGY SPLIT OF
\nTHE\u2005PORTFOLIO\u2005IN\u2005TRANSPARENCY\u2009
\nPortfolio split by geographic region
\n 1
\n\n
\n\n\n | \n | \n | \n | \n | \n | \n | \nIN MILLION EUR | \n\n\n\n\n\n\n\n\n
\n\n | \n | \n31/12/2024 | \n | \n | \n31/12/2023 | \n | \n\n\n\n\n\n\n\n\n
\n\n| GEOGRAPHIC REGION | \nPORTFOLIO | \nRESIDUAL | \nPORTFOLIO | \n | \nRESIDUAL | \n\n\n\n\n\n\n\n\n
\n\n | \nFAIR VALUE | \nCOMMITMENTS 2 | \nFAIR VALUE | \nCOMMITMENTS | \n\n\n\n\n\n\n\n\n
\n\n| Sofina Direct | \n | \n | \n | \n | \n | \n | \n | \n | \n\n\n\n\n\n\n\n\n
\n\n| North America | \n690 | \n13% | \n2 | \n33% | \n538 | \n11% | \n2 | \n1% | \n\n\n\n\n\n\n\n\n
\n\n| Western Europe | \n3,209 | \n60% | \n3 | \n50% | \n2,960 | \n63% | \n193 | \n98% | \n\n\n\n\n\n\n\n\n
\n\n| Asia | \n1,422 | \n27% | \n1 | \n17% | \n1,227 | \n26% | \n1 | \n1% | \n\n\n\n\n\n\n\n\n
\n\n| Other | \n10 | \n0% | \n0 | \n0% | \n14 | \n0% | \n0 | \n0% | \n\n\n\n\n\n\n\n\n
\n\n| Total Sofina Direct | \n5,331 | \n100% | \n6 | \n100% | \n4,739 | \n100% | \n196 | \n100% | \n\n\n\n\n\n\n\n\n
\n\n| Sofina Private Funds | \n | \n | \n | \n | \n | \n | \n | \n | \n\n\n\n\n\n\n\n\n
\n\n| North America | \n3,045 | \n64% | \n885 | \n62% | \n2,608 | \n62% | \n785 | \n60% | \n\n\n\n\n\n\n\n\n
\n\n| Western Europe | \n467 | \n10% | \n191 | \n14% | \n419 | \n10% | \n181 | \n14% | \n\n\n\n\n\n\n\n\n
\n\n| Asia | \n1,211 | \n26% | \n367 | \n24% | \n1,162 | \n28% | \n334 | \n26% | \n\n\n\n\n\n\n\n\n
\n\n| Total Sofina Private Funds | \n4,723 | \n100% | \n1,422 | \n100% | \n4,189 | \n100% | \n | \n100% | \n\n\n\n\n\n\n\n\n
\n\n| TOTAL SOFINA DIRECT | \n | \n | \n | \n | \n | \n | \n | \n | \n\n\n\n\n\n\n\n\n
\n\n| AND SOFINA PRIVATE | \n | \n | \n | \n | \n | \n | \n | \n | \n\n\n\n\n\n\n\n\n
\n\n| FUNDS | \n | \n | \n | \n | \n | \n | \n | \n | \n\n\n\n\n\n\n\n\n
\n\n| North America | \n3,735 | \n37% | \n887 | \n62% | \n3,146 | \n35% | \n787 | \n53% | \n\n\n\n\n\n\n\n\n
\n\n| Western Europe | \n3,676 | \n37% | \n205 | \n14% | \n3,379 | \n38% | \n374 | \n25% | \n\n\n\n\n\n\n\n\n
\n\n| Asia | \n2,633 | \n26% | \n336 | \n24% | \n2,389 | \n27% | \n335 | \n22% | \n\n\n\n\n\n\n\n\n
\n\n| Other | \n10 | \n0% | \n0 | \n0% | \n14 | \n0% | \n0 | \n0% | \n\n\n\n\n\n\n\n\n
\n\n| TOTAL OF THE | \n10,054 | \n100% | \n1,428 | \n100% | \n8,928 | \n100% | \n1,496 | \n100% | \n\n\n\n\n\n\n\n\n
\n\n| PORTFOLIO 3 | \n | \n | \n | \n | \n | \n | \n | \n | \n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n
Split of Sofina Direct by sector
\n 3
\n\n
\n\n\n | \n | \n | \n | \nIN MILLION EUR | \n\n\n\n\n\n\n\n\n
\n\n | \n31/12/2024 | \n31/12/2023 | \n\n\n\n\n\n\n\n\n
\n\n| SECTOR | \nPORTFOLIO FAIR VALUE | \nPORTFOLIO FAIR VALUE | \n\n\n\n\n\n\n\n\n
\n\n| Consumer and retail | \n1,431 | \n27% | \n1,415 | \n30% | \n\n\n\n\n\n\n\n\n
\n\n| Digital transformation | \n1,623 | \n30% | \n976 | \n21% | \n\n\n\n\n\n\n\n\n
\n\n| Education | \n590 | \n11% | \n526 | \n11% | \n\n\n\n\n\n\n\n\n
\n\n| Healthcare and life sciences | \n708 | \n13% | \n607 | \n13% | \n\n\n\n\n\n\n\n\n
\n\n| Sustainable supply chain | \n346 | \n7% | \n253 | \n5% | \n\n\n\n\n\n\n\n\n
\n\n| Other | \n633 | \n12% | \n962 | \n20% | \n\n\n\n\n\n\n\n\n
\n\n| Total | \n5,331 | \n100% | \n4,739 | \n100% | \n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n
Split of Sofina Private Funds by strategy
\n\n
\n\n\n | \n | \n | \n | \n | \n | \n | \nIN MILLION EUR | \n\n\n\n\n\n\n\n\n
\n\n | \n31/12/2024 | \n31/12/2023 | \n\n\n\n\n\n\n\n\n
\n\n| STRATEGY | \nPORTFOLIO FAIR | \n | \nRESIDUAL | \nPORTFOLIO FAIR | \nRESIDUAL | \n\n\n\n\n\n\n\n\n
\n\n | \n | \nVALUE | \nCOMMITMENTS 4 | \n | \nVALUE | \nCOMMITMENTS | \n\n\n\n\n\n\n\n\n
\n\n| Venture capital | \n3,345 | \n71% | \n825 | \n58% | \n2,913 | \n70% | \n769 | \n59% | \n\n\n\n\n\n\n\n\n
\n\n| Growth equity | \n1,106 | \n23% | \n494 | \n35% | \n1,042 | \n25% | \n465 | \n36% | \n\n\n\n\n\n\n\n\n
\n\n| LBO | \n258 | \n6% | \n95 | \n7% | \n228 | \n5% | \n58 | \n4% | \n\n\n\n\n\n\n\n\n
\n\n| Other | \n14 | \n0% | \n8 | \n1% | \n6 | \n0% | \n8 | \n1% | \n\n\n\n\n\n\n\n\n
\n\n| Total 5 | \n4,723 | \n100% | \n1,422 | \n100% | \n4,189 | \n100% | \n1,300 | \n100% | \n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n
1 Based on the portfolio in transparency considering the country of the main or historical headquarters of the investment.
\n2 These amounts come mainly from subscriptions to investments by Sofina Private Funds amounting to EUR 1,422 million (see point 3.17 below). These commitments are subscribed by Sofina SA or by its investment subsidiaries (seen in transparency).
\n3 Based on the fair value of the Sofina group\u2019s investments as at 31 December 2024 and as at 31 December 2023 (portfolio in transparency \u2013 see point 2.4 above).
\n4 Sofina is committed to responding to capital calls by certain private funds (see point 3.17 below).
\n5 Information on the Sofina Private Funds portfolio shown in the balance sheet as at 31 December 2024 can be found under point 2.1 above.
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nPortfolio split by vintage
\n\n
\n\n\n | \n | \n | \n | \n | \n | \n | \nIN MILLION EUR | \n\n\n\n\n\n\n\n
\n\n | \n | \n31/12/2024 | \n | \n | \n31/12/2023 | \n | \n\n\n\n\n\n\n\n
\n\n| VINTAG E | \nPORTFOLIO | \nRESIDUAL | \nPORTFOLIO FAIR | \nRESIDUAL | \n\n\n\n\n\n\n\n
\n\n | \nFAIR VALUE | \nCOMMITMENTS 1 | \nVALUE | \nCOMMITMENTS | \n\n\n\n\n\n\n\n
\n\n| Sofina Direct | \n | \n | \n | \n | \n | \n | \n | \n | \n\n\n\n\n\n\n\n
\n\n| 0-3 | \n1,602 | \n30% | \n0 | \n0% | \n950 | \n20% | \n190 | \n97% | \n\n\n\n\n\n\n\n
\n\n| 4-7 | \n2,097 | \n39% | \n3 | \n50% | \n1,931 | \n41% | \n3 | \n1% | \n\n\n\n\n\n\n\n
\n\n| 8-10 | \n1,229 | \n23% | \n3 | \n50% | \n950 | \n20% | \n3 | \n2% | \n\n\n\n\n\n\n\n
\n\n| >10 | \n403 | \n8% | \n0 | \n0% | \n908 | \n19% | \n0 | \n0% | \n\n\n\n\n\n\n\n
\n\n| Total Sofina Direct | \n5,331 | \n100% | \n6 | \n100% | \n4,739 | \n100% | \n196 | \n100% | \n\n\n\n\n\n\n\n
\n\n| Sofina Private | \n | \n | \n | \n | \n | \n | \n | \n | \n\n\n\n\n\n\n\n
\n\n| Funds | \n | \n | \n | \n | \n | \n | \n | \n | \n\n\n\n\n\n\n\n
\n\n| 0-3 | \n1,295 | \n27% | \n1,204 | \n85% | \n768 | \n18% | \n1,050 | \n81% | \n\n\n\n\n\n\n\n
\n\n| 4-7 | \n2,008 | \n43% | \n151 | \n11% | \n1,927 | \n46% | \n182 | \n14% | \n\n\n\n\n\n\n\n
\n\n| 8-10 | \n916 | \n19% | \n36 | \n3% | \n984 | \n24% | \n36 | \n3% | \n\n\n\n\n\n\n\n
\n\n| >10 | \n504 | \n11% | \n31 | \n2% | \n510 | \n12% | \n32 | \n2% | \n\n\n\n\n\n\n\n
\n\n| Total Sofina Private | \n4,723 | \n100% | \n1,422 | \n100% | \n4,189 | \n100% | \n1,300 | \n100% | \n\n\n\n\n\n\n\n
\n\n| Funds | \n | \n | \n | \n | \n | \n | \n | \n | \n\n\n\n\n\n\n\n
\n\n| TOTAL SOFINA | \n | \n | \n | \n | \n | \n | \n | \n | \n\n\n\n\n\n\n\n
\n\n| DIRECT AND | \n | \n | \n | \n | \n | \n | \n | \n | \n\n\n\n\n\n\n\n
\n\n| SOFINA PRIVATE | \n | \n | \n | \n | \n | \n | \n | \n | \n\n\n\n\n\n\n\n
\n\n| FUNDS | \n | \n | \n | \n | \n | \n | \n | \n | \n\n\n\n\n\n\n\n
\n\n| 0-3 | \n2,897 | \n29% | \n1,204 | \n84% | \n1,718 | \n19% | \n1,240 | \n83% | \n\n\n\n\n\n\n\n
\n\n| 4-7 | \n4,105 | \n41% | \n154 | \n11% | \n3,858 | \n43% | \n185 | \n12% | \n\n\n\n\n\n\n\n
\n\n| 8-10 | \n2,145 | \n21% | \n39 | \n3% | \n1,934 | \n22% | \n39 | \n3% | \n\n\n\n\n\n\n\n
\n\n| >10 | \n907 | \n9% | \n31 | \n2% | \n1,418 | \n16% | \n32 | \n2% | \n\n\n\n\n\n\n\n
\n\n| TOTAL OF THE | \n10,054 | \n100% | \n1,428 | \n100% | \n8,928 | \n100% | \n1,496 | \n100% | \n\n\n\n\n\n\n\n
\n\n| PORTFOLIO 2 | \n | \n | \n | \n | \n | \n | \n | \n | \n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n
1 Sofina is committed to responding to capital calls by certain private funds (see point 3.17 below).
\n2 Information on the Sofina Private Funds portfolio shown in the balance sheet as at 31 December 2024 can be found under point 2.1 above.
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n3.17 OFF-BALANCE SHEET RIGHTS AND COMMITMENTS
\n\n
\n\n\n | \n | \n | \n | \nIN THOUSAND EUR | \n\n\n\n\n\n\n\n
\n\n | \n | \n31/12/2024 | \n31/12/2023 | \n\n\n\n\n\n\n\n
\n\n | \n | \nFOREIGN | \nEUR | \nFOREIGN | \nEUR | \n\n\n\n\n\n\n\n
\n\n | \n | \nCURRENCY | \n | \nCURRENCY | \n | \n\n\n\n\n\n\n\n
\n\n| Investment portfolio, uncalled | \nEUR | \n | \n70,443 | \n | \n121,520 | \n\n\n\n\n\n\n\n
\n\n| committed amounts 1 | \nCAD | \n93 | \n62 | \n154 | \n105 | \n\n\n\n\n\n\n\n
\n\n | \nUSD | \n1,381,084 | \n1,329,371 | \n1,333,461 | \n1,206,753 | \n\n\n\n\n\n\n\n
\n\n | \nGBP | \n23,291 | \n28,089 | \n15,703 | \n18,069 | \n\n\n\n\n\n\n\n
\n\n | \nDKK | \n0 | \n0 | \n1,119,487 | \n150,208 | \n\n\n\n\n\n\n\n
\n\n | \n | \n | \n1,427,965 | \n | \n1,496,655 | \n\n\n\n\n\n\n\n
\n\n| Obtained credit lines | \n | \n | \n1,185,000 | \n | \n1,125,000 | \n\n\n\n\n\n\n\n
\n\n| Used amount | \n | \n | \n0 | \n | \n0 | \n\n\n\n\n\n\n\n
\n\n| Unused amount | \n | \n | \n1,185,000 | \n | \n1,125,000 | \n\n\n\n\n\n\n\n
\n\n| Credit lines granted to the | \n | \n | \n875,000 | \n | \n965,000 | \n\n\n\n\n\n\n\n
\n\n| investment subsidiaries | \n | \n | \n | \n | \n | \n\n\n\n\n\n\n\n
\n\n| Used amount | \n | \n | \n218,410 | \n | \n266,549 | \n\n\n\n\n\n\n\n
\n\n| Unused amount | \n | \n | \n656,590 | \n | \n698,451 | \n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n
As a reminder, Sofina has pre-emptive or preferential subscription rights in certain investments
\nof its portfolio (considered in transparency) and these are conditional to an increase in the
\ncapital of the portfolio company concerned or to the sale by a shareholder of its shares in
\nthe company. The other rights obtained relate essentially to the possibility for Sofina and its
\ninvestment subsidiaries to follow a shareholder who sells all or part of its investment (tag-along
\nright). The commitments given by Sofina and its investment subsidiaries relate to follow-on
\nobligations (transfer of shares) in the event of the disposal by certain shareholders of their
\nshares (drag-along right). The total fair value of the investments concerned by these com
\n-
\nmitments amounts to EUR 3,930,288 thousand.
\n
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n1 These amounts come mainly from subscriptions to investments by Sofina Private Funds amounting to EUR 1,422 million (see point 2.6 above). These commitments are subscribed by Sofina SA or by its investment subsidiaries (considered in transparency).
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfGeographicalAreasExplanatory",
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},
"Tag407": {
"value": "\n3.2 CLASSIFICATION OF FINANCIAL INSTRUMENTS
\n\n
\n\n\n | \n | \n | \n | \n | \n | \n | \n | \n | \nIN THOUSAND EUR | \n\n\n\n\n\n\n
\n\n | \n | \nBOOK VALUE | \nFAIR VALUE | \n | \nBOOK VALUE | \n | \nFAIR VALUE | \n | \n\n\n\n\n\n\n
\n\n | \nIFRS 9 CLASSIFICATION | \nTOTAL AS AT | \nLEVEL 1 | \nLEVEL 2 | \nLEVEL 3 | \nTOTAL AS AT | \nLEVEL 1 | \nLEVEL 2 | \nLEVEL 3 | \n\n\n\n\n\n\n
\n\n | \n | \n31/12/2024 | \n | \n | \n | \n31/12/2023 | \n | \n | \n | \n\n\n\n\n\n\n
\n\n| Investment portfolio | \n | \n9,840,436 | \n349,851 | \n0 | \n9,490,585 | \n8,610,444 | \n337,441 | \n44,135 | \n8,228,868 | \n\n\n\n\n\n\n
\n\n| Investments | \nFair value through profit and loss | \n9,778,585 | \n349,851 | \n0 | \n9,428,734 | \n8,548,378 | \n337,441 | \n44,135 | \n8,166,802 | \n\n\n\n\n\n\n
\n\n| Receivables | \nDesignated at fair value through profit and loss | \n61,851 | \n0 | \n0 | \n61,851 | \n62,066 | \n0 | \n0 | \n62,066 | \n\n\n\n\n\n\n
\n\n| Receivables from subsidiaries 1 | \nDesignated at fair value through profit and loss | \n420,957 | \n0 | \n420,957 | \n0 | \n495,153 | \n0 | \n495,153 | \n0 | \n\n\n\n\n\n\n
\n\n| Deposits and other current | \n | \n530,469 | \n0 | \n530,469 | \n0 | \n527,970 | \n0 | \n527,970 | \n0 | \n\n\n\n\n\n\n
\n\n| financial assets | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\n\n\n\n\n\n
\n\n| Deposits | \nDesignated at fair value through profit and loss | \n75,000 | \n0 | \n75,000 | \n0 | \n0 | \n0 | \n0 | \n0 | \n\n\n\n\n\n\n
\n\n| Current financial investments | \nFair value through profit and loss | \n451,925 | \n0 | \n451,925 | \n0 | \n514,257 | \n0 | \n514,257 | \n0 | \n\n\n\n\n\n\n
\n\n| Other receivables | \nDesignated at fair value through profit and loss | \n3,544 | \n0 | \n3,544 | \n0 | \n13,713 | \n0 | \n13,713 | \n0 | \n\n\n\n\n\n\n
\n\n| Cash and cash equivalents | \nDesignated at fair value through profit and loss | \n357,381 | \n0 | \n357,381 | \n0 | \n198,342 | \n0 | \n198,342 | \n0 | \n\n\n\n\n\n\n
\n\n| Non-current financial liabilities | \nAt amortised cost | \n697,074 | \n0 | \n634,375 | \n0 | \n696,289 | \n0 | \n590,772 | \n0 | \n\n\n\n\n\n\n
\n\n| Current financial liabilities | \nAt amortised cost | \n2,268 | \n0 | \n2,268 | \n0 | \n2,109 | \n0 | \n2,109 | \n0 | \n\n\n\n\n\n\n
\n\n| Other current receivables | \nAt amortised cost | \n98 | \n0 | \n98 | \n0 | \n101 | \n0 | \n101 | \n0 | \n\n\n\n\n\n\n
\n\n| Payables to subsidiaries 1 | \nDesignated at fair value through profit and loss | \n138,535 | \n0 | \n138,535 | \n0 | \n55,980 | \n0 | \n55,980 | \n0 | \n\n\n\n\n\n\n
\n\n| Trade and other current payables | \nAt amortised cost | \n15,273 | \n0 | \n15,273 | \n0 | \n4,396 | \n0 | \n4,396 | \n0 | \n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n
During the year, the were no level transfers.
\n1 Receivables from and payables to subsidiaries are designated at fair value but as they are very short-term receivables and payables, there is no change in fair value to record.
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nThe fair value of the items of the investment portfolio can be prioritised as follows:
\nAssets valued under level 1 are valued at the stock market price at the balance sheet closing
\ndate. Level 2 data are data on the assets or liabilities other than listed prices included in level
\n1 data which are observable either directly or indirectly. Level 3 data are unobservable data
\non the assets or liabilities.
\nDirect shareholdings in investment subsidiaries are considered to be level 3 and are valued
\nbased on the fair value of their own portfolio (level 1, 2 or 3) and the fair value of their other
\nassets and liabilities. A detailed description of the valuation methods and the sensitivity of the
\nfair value is given in points 2.3 and 2.4 above. The portfolio held in transparency is described
\nunder point 2.2 above.
\nThe fair value of the other financial instruments has been determined using the
\nfollowing methods:
\n\u2022 for short-term financial instruments, such as trade receivables and payables, the fair value is considered
\nnot to be significantly different from the carrying amount at amortised cost;
\n\u2022 for short-term loans and borrowings, such as deposits or receivables from or payables to subsidiaries,
\nthe fair value is considered not to be significantly different from the carrying amount at amortised
\ncost;
\n\u2022 for long-term loans, the fair value of a debt investment, in the absence of actively traded prices, is
\ngenerally derived from a yield analysis taking into account credit quality, coupon and term as well as
\napplying the calibration principle;
\n\u2022 for foreign exchange rate or interest rate derivatives, fair value is determined based on models that
\ndiscount future cash flows based on future interest rate curves or foreign exchange rates or other
\nforward prices.
\nFinancial risks
\nA description of the financial risks can be found in point 2.5 above.
\nDetails of movements for financial investments recognised at fair value in level 3
\n\n
\n\n\n | \n | \nIN THOUSAND EUR | \n\n\n\n\n\n\n\n
\n\n| INVESTMENT PORTFOLIO | \n31/12/2024 | \n31/12/2023 | \n\n\n\n\n\n\n\n
\n\n| Net value at the beginning of the year | \n8,228,868 | \n8,150,888 | \n\n\n\n\n\n\n\n
\n\n| Acquisitions during the year | \n1,623,915 | \n849,226 | \n\n\n\n\n\n\n\n
\n\n| Disposals during the year | \n-547,501 | \n-181,751 | \n\n\n\n\n\n\n\n
\n\n| Changes in unrealised gains in profit and loss | \n430,738 | \n174,873 | \n\n\n\n\n\n\n\n
\n\n| Changes in unrealised losses in profit and loss | \n-245,411 | \n-764,692 | \n\n\n\n\n\n\n\n
\n\n| Changes in accrued interest not yet due | \n-24 | \n324 | \n\n\n\n\n\n\n\n
\n\n| Transfer to level 3 | \n0 | \n0 | \n\n\n\n\n\n\n\n
\n\n| Transfer from level 3 | \n0 | \n0 | \n\n\n\n\n\n\n\n
\n\n| Net value at the end of the year | \n9,490,585 | \n8,228,868 | \n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n",
"dimensions": {
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"language": "en",
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"Tag395": {
"value": "\n
\n\n3.3 DEPOSITS AND OTHER CURRENT FINANCIAL ASSETS
\n\n
\n\n\n | \n | \nIN THOUSAND EUR | \n\n\n\n\n\n\n\n
\n\n | \n31/12/2024 | \n31/12/2023 | \n\n\n\n\n\n\n\n
\n\n| Deposits 1 | \n75,000 | \n0 | \n\n\n\n\n\n\n\n
\n\n| Current financial investments | \n451,925 | \n514,257 | \n\n\n\n\n\n\n\n
\n\n| Other receivables | \n3,544 | \n13,713 | \n\n\n\n\n\n\n\n
\n\n| Deposits and other current financial assets | \n530,469 | \n527,970 | \n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n
Current financial assets are measured at fair value through profit and loss.
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n1 Long-term deposits with 32 days\u2019 notice.
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\nDeposits and other current financial assets
\nTrade receivables are measured at amortised cost. IFRS 9 requires the recognition of credit
\nlosses on all debt instruments, loans and trade receivables on the basis of their useful life.
\nThis impairment model under IFRS 9 is based on the anticipation of losses and does not have
\na significant impact on the measurement of impairment of financial assets.
\nDeposits are designated at fair value through the income statement.
\nReceivables from subsidiaries are designated at fair value through the income statement.
\nCash and cash equivalents comprise cash and term deposits with a maturity of less than
\nthree months.
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory",
"language": "en",
"entity": "scheme:5493000GMVR38VUO5D39",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
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"Tag396": {
"value": "\n3.3 DEPOSITS AND OTHER CURRENT FINANCIAL ASSETS
\n\n
\n\n\n | \n | \nIN THOUSAND EUR | \n\n\n\n\n\n\n\n
\n\n | \n31/12/2024 | \n31/12/2023 | \n\n\n\n\n\n\n\n
\n\n| Deposits 1 | \n75,000 | \n0 | \n\n\n\n\n\n\n\n
\n\n| Current financial investments | \n451,925 | \n514,257 | \n\n\n\n\n\n\n\n
\n\n| Other receivables | \n3,544 | \n13,713 | \n\n\n\n\n\n\n\n
\n\n| Deposits and other current financial assets | \n530,469 | \n527,970 | \n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n
Current financial assets are measured at fair value through profit and loss.
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n
\n\n1 Long-term deposits with 32 days\u2019 notice.
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n
\n\nDeposits and other current financial assets
\nTrade receivables are measured at amortised cost. IFRS 9 requires the recognition of credit
\nlosses on all debt instruments, loans and trade receivables on the basis of their useful life.
\nThis impairment model under IFRS 9 is based on the anticipation of losses and does not have
\na significant impact on the measurement of impairment of financial assets.
\nDeposits are designated at fair value through the income statement.
\nReceivables from subsidiaries are designated at fair value through the income statement.
\nCash and cash equivalents comprise cash and term deposits with a maturity of less than
\nthree months.
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDepositsFromBanksExplanatory",
"language": "en",
"entity": "scheme:5493000GMVR38VUO5D39",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"Tag398": {
"value": "\n
\n\n3.5 SHARE CAPITAL
\nIN THOUSAND EUR
\n\n
\n\n\n | \nSHARE CAPITALSHARES | \nTRE ASURY | \n\n\n\n\n\n\n\n
\n\n | \nNUMBER OF | \nAMOUNT OF | \nNUMBER OF | \nAMOUNT OF | \n\n\n\n\n\n\n\n
\n\n | \nSHARES | \nCAPITAL | \nSHARES | \nCAPITAL HELD | \n\n\n\n\n\n\n\n
\n\n| Balances as at 31/12/2022 | \n34,250,000 | \n79,735 | \n917,928 | \n2,137 | \n\n\n\n\n\n\n\n
\n\n| Changes during the year | \n0 | \n0 | \n135,000 | \n314 | \n\n\n\n\n\n\n\n
\n\n| Balances as at 31/12/2023 | \n34,250,000 | \n79,735 | \n1,052,928 | \n2,451 | \n\n\n\n\n\n\n\n
\n\n| Changes during the year | \n0 | \n0 | \n143,245 | \n334 | \n\n\n\n\n\n\n\n
\n\n| Balances as at 31/12/2024 | \n34,250,000 | \n79,735 | \n1,196,173 | \n2,785 | \n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n
The subscribed and fully paid-up capital consists of ordinary shares without nominal value.
\nThe owners of ordinary shares are entitled to receive dividends and are entitled to one
\nvote per share at the Company\u2019s general meetings of shareholders. The gross dividend for
\nthe financial year 2023, paid in 2024, was EUR 3.35 per share, i.e. a total gross amount of
\nEUR\u2005111,236 thousand. As at 31 December 2024, Sofina SA held 1,196,173 own shares, compared
\nwith 1,052,928 own shares held as at 31 December 2023. During the year 2024, 422,655 own
\nshares were acquired, and 279,410 own shares were disposed of. The proposed gross dividend
\nfor the year 2024 is EUR 3.50 per share.
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory",
"language": "en",
"entity": "scheme:5493000GMVR38VUO5D39",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"Tag399": {
"value": "\n3.5 SHARE CAPITAL
\nIN THOUSAND EUR
\n\n
\n\n\n | \nSHARE CAPITALSHARES | \nTRE ASURY | \n\n\n\n\n\n\n\n
\n\n | \nNUMBER OF | \nAMOUNT OF | \nNUMBER OF | \nAMOUNT OF | \n\n\n\n\n\n\n\n
\n\n | \nSHARES | \nCAPITAL | \nSHARES | \nCAPITAL HELD | \n\n\n\n\n\n\n\n
\n\n| Balances as at 31/12/2022 | \n34,250,000 | \n79,735 | \n917,928 | \n2,137 | \n\n\n\n\n\n\n\n
\n\n| Changes during the year | \n0 | \n0 | \n135,000 | \n314 | \n\n\n\n\n\n\n\n
\n\n| Balances as at 31/12/2023 | \n34,250,000 | \n79,735 | \n1,052,928 | \n2,451 | \n\n\n\n\n\n\n\n
\n\n| Changes during the year | \n0 | \n0 | \n143,245 | \n334 | \n\n\n\n\n\n\n\n
\n\n| Balances as at 31/12/2024 | \n34,250,000 | \n79,735 | \n1,196,173 | \n2,785 | \n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n
The subscribed and fully paid-up capital consists of ordinary shares without nominal value.
\nThe owners of ordinary shares are entitled to receive dividends and are entitled to one
\nvote per share at the Company\u2019s general meetings of shareholders. The gross dividend for
\nthe financial year 2023, paid in 2024, was EUR 3.35 per share, i.e. a total gross amount of
\nEUR\u2005111,236 thousand. As at 31 December 2024, Sofina SA held 1,196,173 own shares, compared
\nwith 1,052,928 own shares held as at 31 December 2023. During the year 2024, 422,655 own
\nshares were acquired, and 279,410 own shares were disposed of. The proposed gross dividend
\nfor the year 2024 is EUR 3.50 per share.
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory",
"language": "en",
"entity": "scheme:5493000GMVR38VUO5D39",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"Tag415": {
"value": "3.35",
"decimals": 2,
"dimensions": {
"concept": "ifrs-full:DividendsRecognisedAsDistributionsToOwnersPerShare",
"entity": "scheme:5493000GMVR38VUO5D39",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00",
"unit": "iso4217:EUR/xbrli:shares"
}
},
"Tag390": {
"value": "\n
\n
\n
\n\n
\n\n3.6 RETIREMENT COMMITMENTS AND SIMILAR BENEFITS
\nSofina SA provides retirement and death benefits which are financed through group insurance
\ncontracts of the \u201cdefined benefit\u201d, \u201cdefined contributions\u201d and \u201ccash balance\u201d types.
\nThe benefits granted to employees in the cash balance pension plan are capitalised at a return
\nof three percent. The pension plan is financed through a group insurance plan with collective
\ncapitalisation in branch 23, whose assets are mainly invested in investment funds. The assets
\nof the pension plans are not invested in the Sofina securities.
\nThere are only two members continuing the \u201cdefined benefit\u201d plan.
\nThe \u201ccash balance\u201d and \u201cdefined contributions\u201d plans are subject to a guaranteed minimum
\nreturn and are therefore considered as \u201cdefined benefit\u201d plans under IAS 19. They have been
\nvalued using the \u201cTraditional Unit Credit\u201d method without forecasting future premiums. The
\n\u201cdefined benefit\u201d plan has been valued on the basis of the \u201cProjected Unit Credit\u201d method (in
\napplication of IAS 19).
\nThe pension plan at Sofina Invest and Sofina Capital in the Grand Duchy of Luxembourg is a
\n\u201cdefined contributions\u201d plan with no minimum return guaranteed by the employer. There is no
\nsimilar pension plan provided by Sofina Asia in Singapore. The related cost of the Luxembourg
\ncompanies\u2019 plan is not reflected directly in the result of Sofina as an Investment Entity, but
\nin the result of these subsidiaries, which are included in the accounts of Sofina at fair value.
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n | \n | \nIN THOUSAND EUR | \n\n\n\n\n\n\n\n
\n\n | \n31/12/2024 | \n31/12/2023 | \n\n\n\n\n\n\n\n
\n\n| Amounts recognised in the balance sheet | \n | \n | \n\n\n\n\n\n\n\n
\n\n| \u201cDefined benefit\" plan 1 | \n | \n | \n\n\n\n\n\n\n\n
\n\n| Present value of the pension obligations | \n6,678 | \n8,639 | \n\n\n\n\n\n\n\n
\n\n| Amount not recognised as asset | \n0 | \n0 | \n\n\n\n\n\n\n\n
\n\n| Fair value of the assets | \n-6,145 | \n-8,075 | \n\n\n\n\n\n\n\n
\n\n| Net present value of the pension obligations | \n533 | \n564 | \n\n\n\n\n\n\n\n
\n\n| \u201cDefined contributions\" plan | \n | \n | \n\n\n\n\n\n\n\n
\n\n| Present value of the pension obligations | \n4,348 | \n4,728 | \n\n\n\n\n\n\n\n
\n\n| Amount not recognised as asset | \n0 | \n0 | \n\n\n\n\n\n\n\n
\n\n| Fair value of the assets | \n-4,270 | \n-4,617 | \n\n\n\n\n\n\n\n
\n\n| Net present value of the pension obligations | \n78 | \n111 | \n\n\n\n\n\n\n\n
\n\n| \u201cCash balance\" plan | \n | \n | \n\n\n\n\n\n\n\n
\n\n| Present value of the pension obligations | \n9,683 | \n8,495 | \n\n\n\n\n\n\n\n
\n\n| Amount not recognised as asset | \n1,911 | \n181 | \n\n\n\n\n\n\n\n
\n\n| Fair value of the assets | \n-11,594 | \n-8,676 | \n\n\n\n\n\n\n\n
\n\n| Net present value of the pension obligations | \n0 | \n0 | \n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n
\n
\n\n\n| Total of the plans | \n | \n | \n\n\n\n\n\n\n\n
\n\n| Present value of the pension obligations | \n20,709 | \n21,862 | \n\n\n\n\n\n\n\n
\n\n| Amount not recognised as asset | \n1,911 | \n181 | \n\n\n\n\n\n\n\n
\n\n| Fair value of the assets | \n-22,009 | \n-21,368 | \n\n\n\n\n\n\n\n
\n\n| Net present value of the pension obligations | \n611 | \n675 | \n\n\n\n\n\n\n\n
\n\n| Fair value of the assets | \n | \n | \n\n\n\n\n\n\n\n
\n\n| Heritage collective investment fund | \n12,961 | \n10,022 | \n\n\n\n\n\n\n\n
\n\n| Assets managed by the insurer | \n9,048 | \n11,346 | \n\n\n\n\n\n\n\n
\n\n| Fair value of the assets | \n22,009 | \n21,368 | \n\n\n\n\n\n\n\n
\n\n| Movements of the liabilities during the year | \n | \n | \n\n\n\n\n\n\n\n
\n\n| Net liabilities at the beginning of the year | \n675 | \n2,235 | \n\n\n\n\n\n\n\n
\n\n| Amount recognised in equity | \n683 | \n-661 | \n\n\n\n\n\n\n\n
\n\n| Net income or expense recognised in the income statement | \n1,420 | \n1,380 | \n\n\n\n\n\n\n\n
\n\n| Contributions paid | \n-2,167 | \n-2,279 | \n\n\n\n\n\n\n\n
\n\n| Amount recognised at the end of the year | \n611 | \n675 | \n\n\n\n\n\n\n\n
\n\n| Pension cost recognised in the income statement | \n | \n | \n\n\n\n\n\n\n\n
\n\n| Current service cost | \n-1,415 | \n-1,314 | \n\n\n\n\n\n\n\n
\n\n| Net interest on pension obligations | \n4 | \n-52 | \n\n\n\n\n\n\n\n
\n\n| Interest income | \n0 | \n0 | \n\n\n\n\n\n\n\n
\n\n| Administration costs | \n-9 | \n-14 | \n\n\n\n\n\n\n\n
\n\n| Reversal of past service costs | \n0 | \n0 | \n\n\n\n\n\n\n\n
\n\n| Recognised actuarial gains (-) / losses (+) | \n0 | \n0 | \n\n\n\n\n\n\n\n
\n\n| Net expense | \n-1,420 | \n-1,380 | \n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n
1 These amounts include the obligations and assets relating to the \u201cdefined benefit\u201d pension plans for members who have chosen to continue their career in these plans, but also the obligations and historical assets of these same plans for all those who
\nhave chosen to move to the \u201ccash balance\u201d plan.
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nPension expenses are included in the Other expenses in the income statement.
\n\n
\n\n\n | \n | \nIN THOUSAND EUR | \n\n\n\n\n\n\n
\n\n | \n31/12/2024 | \n31/12/2023 | \n\n\n\n\n\n\n
\n\n| Main actuarial assumptions at the end of the year | \n | \n | \n\n\n\n\n\n\n
\n\n| Discount rate 1 | \n | \n | \n\n\n\n\n\n\n
\n\n| \u201cDefined benefit\" plans | \n | \n | \n\n\n\n\n\n\n
\n\n| - Old plan | \n3.15% | \n4.10% | \n\n\n\n\n\n\n
\n\n| - New plan | \n3.45% | \n4.25% | \n\n\n\n\n\n\n
\n\n| \u201cDefined contributions\" plans | \n | \n | \n\n\n\n\n\n\n
\n\n| - Old plan | \n3.15% | \n4.10% | \n\n\n\n\n\n\n
\n\n| - New plan | \n3.25% | \n4.15% | \n\n\n\n\n\n\n
\n\n| \u201cCash balance\" plan | \n3.45% | \n4.25% | \n\n\n\n\n\n\n
\n\n| Salary increase rate | \n5.00% | \n5.10% | \n\n\n\n\n\n\n
\n\n| Inflation rate | \n2.00% | \n2.10% | \n\n\n\n\n\n\n
\n\n| Mortality table | \nMR-5/FR-5 | \nMR-5/FR-5 | \n\n\n\n\n\n\n
\n\n| Change of the present value of pension benefits | \n | \n | \n\n\n\n\n\n\n
\n\n| Present value of benefits at the beginning of the year | \n21,862 | \n20,998 | \n\n\n\n\n\n\n
\n\n| Service cost (employer) | \n1,414 | \n1,314 | \n\n\n\n\n\n\n
\n\n| Service cost (employee) | \n104 | \n111 | \n\n\n\n\n\n\n
\n\n| Interest cost | \n898 | \n769 | \n\n\n\n\n\n\n
\n\n| Benefits paid during the year | \n-3,040 | \n0 | \n\n\n\n\n\n\n
\n\n| Taxes on contributions paid | \n-258 | \n-270 | \n\n\n\n\n\n\n
\n\n| Actuarial gain (-) / loss (+) for the year 2 | \n-271 | \n-1,060 | \n\n\n\n\n\n\n
\n\n| Past services cost (+) and reversal (-) | \n0 | \n0 | \n\n\n\n\n\n\n
\n\n| Present value of promised benefits at the end of the year | \n20,709 | \n21,862 | \n\n\n\n\n\n\n
\n\n| Change in fair value of the assets in the plans | \n | \n | \n\n\n\n\n\n\n
\n\n| Fair value of the assets in the plans at the beginning of year | \n21,368 | \n18,763 | \n\n\n\n\n\n\n
\n\n| Benefits paid during the year | \n-3,040 | \n0 | \n\n\n\n\n\n\n
\n\n| Contributions received during the year (employer) | \n2,167 | \n2,281 | \n\n\n\n\n\n\n
\n\n| Contributions received during the year (employee) | \n103 | \n111 | \n\n\n\n\n\n\n
\n\n| Interest income | \n912 | \n717 | \n\n\n\n\n\n\n
\n\n| Taxes on contributions paid | \n-258 | \n-270 | \n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n
\n
\n\n\n| Administration costs | \n-9 | \n-13 | \n\n\n\n\n\n\n\n
\n\n| Return in excess of interest income | \n883 | \n-160 | \n\n\n\n\n\n\n\n
\n\n| Actuarial gain (+) / loss (-) related to experience adjustments | \n-117 | \n-61 | \n\n\n\n\n\n\n\n
\n\n| Present value of the assets in the plans at the end of the year | \n22,009 | \n21,368 | \n\n\n\n\n\n\n\n
\n\n| Personnel costs | \n35,908 | \n21,184 | \n\n\n\n\n\n\n\n
\n\n| Average number of full-time equivalent employees, incl. the CEO | \n | \n | \n\n\n\n\n\n\n\n
\n\n| Employees | \n18 | \n22 | \n\n\n\n\n\n\n\n
\n\n| Management staff | \n27 | \n27 | \n\n\n\n\n\n\n\n
\n\n | \n45 | \n49 | \n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n
\n
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n1 A sensitivity analysis of + or - 0.25% is applied to the discount rates, which would have an impact on the present value of EUR -178 thousand and EUR +188 thousand.
\n2 Changes in demographic assumptions (EUR 0 thousand), changes in financial assumptions (EUR -485 thousand) and changes in experience assumptions (EUR 757 thousand).
\n
\n\n\n\n\n\n\n\n\n\n\n\n
\n\n3.19 EMPLOYEE STOCK OPTION PLANS
\nNature and scope of the agreements
\nSofina offers stock option plans on Sofina shares to members of the Sofina group personnel\u2009
\n 1
\n.
\nThese options are exercisable at the earliest on 1
\nst
\n January of the fourth calendar year following
\nthe year in which the offer was made, and at the latest until the eve of the tenth anniversary
\nof the offer date.
\nThe option plans are settled exclusively in existing Sofina shares.
\nThe Company ensures that it holds the necessary number of own shares at all times to cover
\nthe various option plans.
\n\n
\n\n\n| OPTIONS GRANTED | \nNUMBER | \nWEIGHTED AVERAGE | \n\n\n\n\n\n\n\n
\n\n | \n | \nEXERCISE PRICE (IN EUR) | \n\n\n\n\n\n\n\n
\n\n| Exercisable as at 31/12/2023 | \n307,800 | \n168.65 | \n\n\n\n\n\n\n\n
\n\n| Outstanding as at 01/01/2024 | \n840,400 | \n241.00 | \n\n\n\n\n\n\n\n
\n\n| Granted 1 during the year | \n198,791 | \n196.14 | \n\n\n\n\n\n\n\n
\n\n| Exercised during the year | \n-42,850 | \n142.08 | \n\n\n\n\n\n\n\n
\n\n| Renounced during the year | \n0 | \n0.00 | \n\n\n\n\n\n\n\n
\n\n| Expired during the year | \n-6,000 | \n203.42 | \n\n\n\n\n\n\n\n
\n\n| Outstanding as at 31/12/2024 | \n990,341 | \n236.50 | \n\n\n\n\n\n\n\n
\n\n| Exercisable as at 31/12/2024 | \n391,500 | \n196.06 | \n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n
The weighted average share price at the exercise date of options exercised during the year
\nwas EUR 239.31.
\nThe range of exercise prices of the 990,341 options outstanding as at 31 December 2024 is
\nEUR 125.96 to EUR 385.40 (see table below) and the weighted average remaining contractual
\nlife is six years with a range of zero to nine years to exercise the options.
\n\n
\n\n\n| RANGE OF EXERCISE PRICE OF THE OPTIONS | \nNUMBER | \nWEIGHTED AVERAGE | \n\n\n\n\n\n\n\n
\n\n| GRANTED | \n | \nEXERCISE PRICE (IN EUR) | \n\n\n\n\n\n\n\n
\n\n| 101 EUR to 150 EUR | \n59,650 | \n125.96 | \n\n\n\n\n\n\n\n
\n\n| 151 EUR to 200 EUR | \n402,591 | \n191.69 | \n\n\n\n\n\n\n\n
\n\n| 200 EUR to 250 EUR | \n331,550 | \n222.54 | \n\n\n\n\n\n\n\n
\n\n| 350 EUR to 400 EUR | \n196,550 | \n385.40 | \n\n\n\n\n\n\n\n
\n\n| Options outstanding as at 31/12/2024 | \n990,341 | \n | \n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n
Calculation of the value
\nWeighted average value of options granted\u2009
\n 2
\n in 2024: EUR 68.97. The valuation model used
\nis the Black-Scholes model. The weighted averages of the main parameters used for the
\ncalculations are:
\n\n
\n\n\n| YEAR | \nUNDERLYING | \nDIVIDEND YIELD | \nRISK-FREE | \nEXPECTED | \nTIME TO | \n\n\n\n\n\n\n\n
\n\n | \nSHARE PRICE | \n | \nINTEREST RATE | \nVOLATILITY | \nMATURITY | \n\n\n\n\n\n\n\n
\n\n | \n(IN EUR) | \n | \n | \n | \n (IN YEARS) | \n\n\n\n\n\n\n\n
\n\n| 2024 | \n196.14 | \n1.49% | \n2.50% | \n27.31% | \n\u20056.5\u2005\u2005\u2005 | \n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n
Volatility has been calculated on the basis of historical movements in the Sofina share price
\nover the past 6.5 years (corresponding to the average time maturity of the plans).
\nEffect on the result
\nThe 2024 expense related to the stock option plans amounts to EUR 10.343 thousand (EUR
\n8,344 thousand in 2023).
\n
\n
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n1 Employees and the Chief Executive Officer.
\n2 Grant date on the last day of the sixty-days acceptance period.
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory",
"language": "en",
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"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"Tag391": {
"value": "\n
\n\n3.6 RETIREMENT COMMITMENTS AND SIMILAR BENEFITS
\nSofina SA provides retirement and death benefits which are financed through group insurance
\ncontracts of the \u201cdefined benefit\u201d, \u201cdefined contributions\u201d and \u201ccash balance\u201d types.
\nThe benefits granted to employees in the cash balance pension plan are capitalised at a return
\nof three percent. The pension plan is financed through a group insurance plan with collective
\ncapitalisation in branch 23, whose assets are mainly invested in investment funds. The assets
\nof the pension plans are not invested in the Sofina securities.
\nThere are only two members continuing the \u201cdefined benefit\u201d plan.
\nThe \u201ccash balance\u201d and \u201cdefined contributions\u201d plans are subject to a guaranteed minimum
\nreturn and are therefore considered as \u201cdefined benefit\u201d plans under IAS 19. They have been
\nvalued using the \u201cTraditional Unit Credit\u201d method without forecasting future premiums. The
\n\u201cdefined benefit\u201d plan has been valued on the basis of the \u201cProjected Unit Credit\u201d method (in
\napplication of IAS 19).
\nThe pension plan at Sofina Invest and Sofina Capital in the Grand Duchy of Luxembourg is a
\n\u201cdefined contributions\u201d plan with no minimum return guaranteed by the employer. There is no
\nsimilar pension plan provided by Sofina Asia in Singapore. The related cost of the Luxembourg
\ncompanies\u2019 plan is not reflected directly in the result of Sofina as an Investment Entity, but
\nin the result of these subsidiaries, which are included in the accounts of Sofina at fair value.
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n3.14 OTHER EXPENSES
\n\n
\n\n\n | \n | \nIN THOUSAND EUR | \n\n\n\n\n\n\n
\n\n | \n2024 | \n2023 | \n\n\n\n\n\n\n
\n\n| Other financial expenses | \n-3,588 | \n-2,358 | \n\n\n\n\n\n\n
\n\n| Services and other goods | \n-20,497 | \n-11,652 | \n\n\n\n\n\n\n
\n\n| Remuneration, social security charges and pensions | \n-35,908 | \n-21,184 | \n\n\n\n\n\n\n
\n\n| Miscellaneous | \n-3,526 | \n-5,416 | \n\n\n\n\n\n\n
\n\n| Other expenses | \n-63,519 | \n-40,610 | \n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n
Services and other goods mainly comprise consultancy services received.
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfExpensesExplanatory",
"language": "en",
"entity": "scheme:5493000GMVR38VUO5D39",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"Tag392": {
"value": "\n3.6 RETIREMENT COMMITMENTS AND SIMILAR BENEFITS
\nSofina SA provides retirement and death benefits which are financed through group insurance
\ncontracts of the \u201cdefined benefit\u201d, \u201cdefined contributions\u201d and \u201ccash balance\u201d types.
\nThe benefits granted to employees in the cash balance pension plan are capitalised at a return
\nof three percent. The pension plan is financed through a group insurance plan with collective
\ncapitalisation in branch 23, whose assets are mainly invested in investment funds. The assets
\nof the pension plans are not invested in the Sofina securities.
\nThere are only two members continuing the \u201cdefined benefit\u201d plan.
\nThe \u201ccash balance\u201d and \u201cdefined contributions\u201d plans are subject to a guaranteed minimum
\nreturn and are therefore considered as \u201cdefined benefit\u201d plans under IAS 19. They have been
\nvalued using the \u201cTraditional Unit Credit\u201d method without forecasting future premiums. The
\n\u201cdefined benefit\u201d plan has been valued on the basis of the \u201cProjected Unit Credit\u201d method (in
\napplication of IAS 19).
\nThe pension plan at Sofina Invest and Sofina Capital in the Grand Duchy of Luxembourg is a
\n\u201cdefined contributions\u201d plan with no minimum return guaranteed by the employer. There is no
\nsimilar pension plan provided by Sofina Asia in Singapore. The related cost of the Luxembourg
\ncompanies\u2019 plan is not reflected directly in the result of Sofina as an Investment Entity, but
\nin the result of these subsidiaries, which are included in the accounts of Sofina at fair value.
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInsuranceContractsExplanatory",
"language": "en",
"entity": "scheme:5493000GMVR38VUO5D39",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"Tag386": {
"value": "\n
\n
\n\n3.7 NON-CURRENT FINANCIAL LIABILITIES
\n\n
\n\n\n | \n | \nIN THOUSAND EUR | \n\n\n\n\n\n\n\n
\n\n | \n31/12/2024 | \n31/12/2023 | \n\n\n\n\n\n\n\n
\n\n| Bonds issued | \n697,074 | \n696,289 | \n\n\n\n\n\n\n\n
\n\n| Non-current financial liabilities | \n697,074 | \n696,289 | \n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n
The non-current financial liabilities result from a bond issuance amounting to EUR 700,000 thou-
\nsand, maturing in 2028. The bonds bear an annual interest rate of 1% payable annually on the
\ncoupon due date.
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n3.8 FINANCIAL LIABILITIES, TRADE AND OTHER CURRENT PAYABLES
\n\n
\n\n\n | \nIN THOUSAND EUR | \n\n\n\n\n\n\n
\n\n | \n31/12/2024 | \n31/12/2023 | \n\n\n\n\n\n\n
\n\n| Bank loans | \n0 | \n0 | \n\n\n\n\n\n\n
\n\n| Payables to subsidiaries | \n138,535 | \n\u200555,980\u2005\u2005\u2005 | \n\n\n\n\n\n\n
\n\n| Trade payables | \n2,768 | \n\u20051,398\u2005\u2005\u2005 | \n\n\n\n\n\n\n
\n\n| Wage and social security payables | \n10,662 | \n\u20051,646\u2005\u2005\u2005 | \n\n\n\n\n\n\n
\n\n| Current financial liabilities 3 | \n2,268 | \n2,109\u2005 | \n\n\n\n\n\n\n
\n\n| Other miscellaneous liabilities | \n593 | \n162\u2005 | \n\n\n\n\n\n\n
\n\n| Dividends relating to previous years | \n862 | \n\u2005868\u2005\u2005\u2005 | \n\n\n\n\n\n\n
\n\n| Miscellaneous taxes | \n\u2005388\u2005\u2005\u2005 | \n\u2005322\u2005\u2005\u2005 | \n\n\n\n\n\n\n
\n\n| Financial liabilities, trade and other current payables | \n156,076 | \n62,485 | \n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinancialLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:5493000GMVR38VUO5D39",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"Tag387": {
"value": "\n3.7 NON-CURRENT FINANCIAL LIABILITIES
\n\n
\n\n\n | \n | \nIN THOUSAND EUR | \n\n\n\n\n\n\n\n
\n\n | \n31/12/2024 | \n31/12/2023 | \n\n\n\n\n\n\n\n
\n\n| Bonds issued | \n697,074 | \n696,289 | \n\n\n\n\n\n\n\n
\n\n| Non-current financial liabilities | \n697,074 | \n696,289 | \n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n
The non-current financial liabilities result from a bond issuance amounting to EUR 700,000 thou-
\nsand, maturing in 2028. The bonds bear an annual interest rate of 1% payable annually on the
\ncoupon due date.
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherNoncurrentLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:5493000GMVR38VUO5D39",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"Tag388": {
"value": "\n3.8 FINANCIAL LIABILITIES, TRADE AND OTHER CURRENT PAYABLES
\n\n
\n\n\n | \nIN THOUSAND EUR | \n\n\n\n\n\n\n
\n\n | \n31/12/2024 | \n31/12/2023 | \n\n\n\n\n\n\n
\n\n| Bank loans | \n0 | \n0 | \n\n\n\n\n\n\n
\n\n| Payables to subsidiaries | \n138,535 | \n\u200555,980\u2005\u2005\u2005 | \n\n\n\n\n\n\n
\n\n| Trade payables | \n2,768 | \n\u20051,398\u2005\u2005\u2005 | \n\n\n\n\n\n\n
\n\n| Wage and social security payables | \n10,662 | \n\u20051,646\u2005\u2005\u2005 | \n\n\n\n\n\n\n
\n\n| Current financial liabilities 3 | \n2,268 | \n2,109\u2005 | \n\n\n\n\n\n\n
\n\n| Other miscellaneous liabilities | \n593 | \n162\u2005 | \n\n\n\n\n\n\n
\n\n| Dividends relating to previous years | \n862 | \n\u2005868\u2005\u2005\u2005 | \n\n\n\n\n\n\n
\n\n| Miscellaneous taxes | \n\u2005388\u2005\u2005\u2005 | \n\u2005322\u2005\u2005\u2005 | \n\n\n\n\n\n\n
\n\n| Financial liabilities, trade and other current payables | \n156,076 | \n62,485 | \n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n3 Composed of accrued interest related to the bonds (see point 3.7 above).
\n
\n\n\n\n\n\n\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherCurrentLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:5493000GMVR38VUO5D39",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"Tag376": {
"value": "\n3.9 RECEIVABLES FROM AND PAYABLES TO SUBSIDIARIES
\n\n
\n\n\n | \nIN THOUSAND EUR | \n\n\n\n\n\n\n
\n\n | \n31/12/2024 | \n31/12/2023 | \n\n\n\n\n\n\n
\n\n| Receivables from subsidiaries 1 | \n420,957 | \n495,153 | \n\n\n\n\n\n\n
\n\n| Debts to subsidiaries 2 | \n-138,535 | \n-55,980 | \n\n\n\n\n\n\n
\n\n| Receivables from and debts to subsidiaries | \n282,422 | \n439,173 | \n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n
Sofina SA has signed revolving credit facilities agreements with commitment with several of
\nits subsidiaries. The loans thereby granted by Sofina SA to these subsidiaries bear interest at
\nEuribor +3 months plus a margin.
\nWith regard to its payables (deposits made by subsidiaries), Sofina SA remunerates them at
\na market deposit rate that is reviewed regularly.
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n1 The amount for 2024 consists of money lent to subsidiaries under revolving credit facilities for EUR 218,514 thousand, a dividend receivable from a subsidiary for an amount of EUR 200,000 thousand, as well as trade receivables from subsidiaries for an
\namount of EUR 2,443 thousand.
\n2 The amount for 2024 consists of deposits made by subsidiaries for an amount of EUR 137,918 thousand, trade payables to subsidiaries for an amount of EUR 376 thousand, and purchases to be settled to a subsidiary for an amount of EUR 241 thousand.
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n| A. INVESTMENT SUBSIDIARIES - AT FAIR VALUE | \n | \n | \n | \n | \n | \n\n\n
\n\n| Global Education Holding SA | \nIndirect | \n277,262 | \n82.01 | \n277,262 | \n82.01 | \n\n\n
\n\n| 12, rue L\u00e9on Laval - LU-3372 Leudelange | \n | \n | \n | \n | \n | \n\n\n
\n\n| Sofina Asia Private Ltd. | \nDirect | \n1,995,000 | \n100 | \n615,000 | \n100 | \n\n\n
\n\n| 108 Amoy Street # 03-01 - SG-069928 Singapore | \n | \n | \n | \n | \n | \n\n\n
\n\n| Sofina Capital SA | \nDirect | \n5,872,576 | \n100 | \n5,872,576 | \n100 | \n\n\n
\n\n| 12, rue L\u00e9on Laval - LU-3372 Leudelange | \n | \n | \n | \n | \n | \n\n\n
\n\n| Sofina Global SA SIF | \nIndirect | \n17,500,000 | \n100 | \n17,500,000 | \n100 | \n\n\n
\n\n| 12, rue L\u00e9on Laval - LU-3372 Leudelange | \n | \n | \n | \n | \n | \n\n\n
\n\n| Sofina Invest SA | \nDirect | \n30,000 | \n100 | \n0 | \n0 | \n\n\n
\n\n| 12, rue L\u00e9on Laval - LU-3372 Leudelange | \n | \n | \n | \n | \n | \n\n\n
\n\n| Sofina London Ltd. | \nDirect | \n50,000 | \n100 | \n0 | \n0 | \n\n\n
\n\n| 7th Floor, 50 Broadway - London SW1H 0DB - United Kingdom | \n | \n | \n | \n | \n | \n\n\n
\n\n| Sofina Partners SA | \nIndirect | \n0 | \n0 | \n46,668,777 | \n100 | \n\n\n
\n\n| 12, rue L\u00e9on Laval - LU-3372 Leudelange | \n | \n | \n | \n | \n | \n\n\n
\n\n| Sofina Private Equity SA SICAR | \nIndirect | \n5,910,000 | \n100 | \n5,910,000 | \n100 | \n\n\n
\n\n| 12, rue L\u00e9on Laval - LU-3372 Leudelange | \n | \n | \n | \n | \n | \n\n\n
\n\n| Sofina US, LLC | \nDirect | \n802,000 | \n100 | \n802,000 | \n100 | \n\n\n
\n\n| 160 Federal Street, 9th floor - MA 02110 Boston - USA | \n | \n | \n | \n | \n | \n\n\n
\n\n| Sofina Ventures SA | \nDirect | \n11,709 | \n100 | \n11,709 | \n100 | \n\n\n
\n\n| 29, rue de l\u2019Industrie - 1040 Brussels | \n | \n | \n | \n | \n | \n\n\n
\n\n| Company number 0423 386 786 | \n | \n | \n | \n | \n | \n\n\n
\n\n\n\n\n\n
\n\n\n
\n\n\n\n\n\n\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory",
"language": "en",
"entity": "scheme:5493000GMVR38VUO5D39",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"Tag377": {
"value": "\n
\n\n
\n\n3.11 INTEREST INCOME AND EXPENSES
\n\n
\n\n\n | \nIN THOUSAND EUR | \n\n\n\n\n\n\n
\n\n | \n2024 | \n2023 | \n\n\n\n\n\n\n
\n\n| Interest on non-current assets | \n796 | \n392 | \n\n\n\n\n\n\n
\n\n| Interest on receivables from subsidiaries 4 | \n11,228 | \n23,533 | \n\n\n\n\n\n\n
\n\n| Interest on current assets | \n10,828 | \n5,673 | \n\n\n\n\n\n\n
\n\n| Interest on debts to subsidiaries | \n-841 | \n-850 | \n\n\n\n\n\n\n
\n\n| Interest to banks | \n-169 | \n-10 | \n\n\n\n\n\n\n
\n\n| Interest on other liabilities 5 | \n-7,785 | \n-7,782 | \n\n\n\n\n\n\n
\n\n| Interest income and expenses | \n14,057 | \n20,956 | \n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n
\n\n4 For details, see point 3.9 above.
\n5 Composed of accrued interest related to the bonds (see point 3.7 above).
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInterestIncomeExpenseExplanatory",
"language": "en",
"entity": "scheme:5493000GMVR38VUO5D39",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"Tag378": {
"value": "\n
\n\n3.11 INTEREST INCOME AND EXPENSES
\n\n
\n\n\n | \nIN THOUSAND EUR | \n\n\n\n\n\n\n
\n\n | \n2024 | \n2023 | \n\n\n\n\n\n\n
\n\n| Interest on non-current assets | \n796 | \n392 | \n\n\n\n\n\n\n
\n\n| Interest on receivables from subsidiaries 4 | \n11,228 | \n23,533 | \n\n\n\n\n\n\n
\n\n| Interest on current assets | \n10,828 | \n5,673 | \n\n\n\n\n\n\n
\n\n| Interest on debts to subsidiaries | \n-841 | \n-850 | \n\n\n\n\n\n\n
\n\n| Interest to banks | \n-169 | \n-10 | \n\n\n\n\n\n\n
\n\n| Interest on other liabilities 5 | \n-7,785 | \n-7,782 | \n\n\n\n\n\n\n
\n\n| Interest income and expenses | \n14,057 | \n20,956 | \n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n4 For details, see point 3.9 above.
\n5 Composed of accrued interest related to the bonds (see point 3.7 above).
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInterestExpenseExplanatory",
"language": "en",
"entity": "scheme:5493000GMVR38VUO5D39",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"Tag379": {
"value": "\n3.11 INTEREST INCOME AND EXPENSES
\n\n
\n\n\n | \nIN THOUSAND EUR | \n\n\n\n\n\n\n
\n\n | \n2024 | \n2023 | \n\n\n\n\n\n\n
\n\n| Interest on non-current assets | \n796 | \n392 | \n\n\n\n\n\n\n
\n\n| Interest on receivables from subsidiaries 4 | \n11,228 | \n23,533 | \n\n\n\n\n\n\n
\n\n| Interest on current assets | \n10,828 | \n5,673 | \n\n\n\n\n\n\n
\n\n| Interest on debts to subsidiaries | \n-841 | \n-850 | \n\n\n\n\n\n\n
\n\n| Interest to banks | \n-169 | \n-10 | \n\n\n\n\n\n\n
\n\n| Interest on other liabilities 5 | \n-7,785 | \n-7,782 | \n\n\n\n\n\n\n
\n\n| Interest income and expenses | \n14,057 | \n20,956 | \n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n4 For details, see point 3.9 above.
\n5 Composed of accrued interest related to the bonds (see point 3.7 above).
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInterestIncomeExplanatory",
"language": "en",
"entity": "scheme:5493000GMVR38VUO5D39",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"Tag369": {
"value": "\n
\n
\n\n
\n\n3.13 OTHER FINANCIAL RESULTS
\n\n
\n\n\n | \n | \nIN THOUSAND EUR | \n\n\n\n\n\n\n
\n\n | \n2024 | \n2023 | \n\n\n\n\n\n\n
\n\n| Foreign exchange results | \n-243 | \n141 | \n\n\n\n\n\n\n
\n\n| Results on other current assets | \n18,743 | \n20,448 | \n\n\n\n\n\n\n
\n\n| Other financial results | \n18,500 | \n20,589 | \n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n
\n\n3.14 OTHER EXPENSES
\n\n
\n\n\n | \n | \nIN THOUSAND EUR | \n\n\n\n\n\n\n
\n\n | \n2024 | \n2023 | \n\n\n\n\n\n\n
\n\n| Other financial expenses | \n-3,588 | \n-2,358 | \n\n\n\n\n\n\n
\n\n| Services and other goods | \n-20,497 | \n-11,652 | \n\n\n\n\n\n\n
\n\n| Remuneration, social security charges and pensions | \n-35,908 | \n-21,184 | \n\n\n\n\n\n\n
\n\n| Miscellaneous | \n-3,526 | \n-5,416 | \n\n\n\n\n\n\n
\n\n| Other expenses | \n-63,519 | \n-40,610 | \n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n
Services and other goods mainly comprise consultancy services received.
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceCostExplanatory",
"language": "en",
"entity": "scheme:5493000GMVR38VUO5D39",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"Tag370": {
"value": "\n
\n\n3.13 OTHER FINANCIAL RESULTS
\n\n
\n\n\n | \n | \nIN THOUSAND EUR | \n\n\n\n\n\n\n
\n\n | \n2024 | \n2023 | \n\n\n\n\n\n\n
\n\n| Foreign exchange results | \n-243 | \n141 | \n\n\n\n\n\n\n
\n\n| Results on other current assets | \n18,743 | \n20,448 | \n\n\n\n\n\n\n
\n\n| Other financial results | \n18,500 | \n20,589 | \n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory",
"language": "en",
"entity": "scheme:5493000GMVR38VUO5D39",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"Tag368": {
"value": "\n3.13 OTHER FINANCIAL RESULTS
\n\n
\n\n\n | \n | \nIN THOUSAND EUR | \n\n\n\n\n\n\n
\n\n | \n2024 | \n2023 | \n\n\n\n\n\n\n
\n\n| Foreign exchange results | \n-243 | \n141 | \n\n\n\n\n\n\n
\n\n| Results on other current assets | \n18,743 | \n20,448 | \n\n\n\n\n\n\n
\n\n| Other financial results | \n18,500 | \n20,589 | \n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory",
"language": "en",
"entity": "scheme:5493000GMVR38VUO5D39",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"Tag371": {
"value": "\n
\n\n
\n\n3.14 OTHER EXPENSES
\n\n
\n\n\n | \n | \nIN THOUSAND EUR | \n\n\n\n\n\n\n
\n\n | \n2024 | \n2023 | \n\n\n\n\n\n\n
\n\n| Other financial expenses | \n-3,588 | \n-2,358 | \n\n\n\n\n\n\n
\n\n| Services and other goods | \n-20,497 | \n-11,652 | \n\n\n\n\n\n\n
\n\n| Remuneration, social security charges and pensions | \n-35,908 | \n-21,184 | \n\n\n\n\n\n\n
\n\n| Miscellaneous | \n-3,526 | \n-5,416 | \n\n\n\n\n\n\n
\n\n| Other expenses | \n-63,519 | \n-40,610 | \n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n
Services and other goods mainly comprise consultancy services received.
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherOperatingExpenseExplanatory",
"language": "en",
"entity": "scheme:5493000GMVR38VUO5D39",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"Tag372": {
"value": "\n
\n\n3.14 OTHER EXPENSES
\n\n
\n\n\n | \n | \nIN THOUSAND EUR | \n\n\n\n\n\n\n
\n\n | \n2024 | \n2023 | \n\n\n\n\n\n\n
\n\n| Other financial expenses | \n-3,588 | \n-2,358 | \n\n\n\n\n\n\n
\n\n| Services and other goods | \n-20,497 | \n-11,652 | \n\n\n\n\n\n\n
\n\n| Remuneration, social security charges and pensions | \n-35,908 | \n-21,184 | \n\n\n\n\n\n\n
\n\n| Miscellaneous | \n-3,526 | \n-5,416 | \n\n\n\n\n\n\n
\n\n| Other expenses | \n-63,519 | \n-40,610 | \n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n
Services and other goods mainly comprise consultancy services received.
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFeeAndCommissionIncomeExpenseExplanatory",
"language": "en",
"entity": "scheme:5493000GMVR38VUO5D39",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"Tag374": {
"value": "\n3.15 TAXES
\n\n
\n\n\n | \n | \nIN THOUSAND EUR | \n\n\n\n\n\n\n
\n\n| INCOME TAXES | \n2024 | \n2023 | \n\n\n\n\n\n\n
\n\n| Current tax expense (+) / income (-) | \n7 | \n8 | \n\n\n\n\n\n\n
\n\n| Deferred tax expense (+) / income (-) | \n0 | \n0 | \n\n\n\n\n\n\n
\n\n | \n7 | \n8 | \n\n\n\n\n\n\n
\n\n| Reconciliation between current tax expense (+) / income (-) | \n | \n | \n\n\n\n\n\n\n
\n\n| and accounting profit | \n | \n | \n\n\n\n\n\n\n
\n\n| Accounting profit before taxes | \n1,359,512 | \n-104,259 | \n\n\n\n\n\n\n
\n\n| Taxes calculated at 25% | \n339,878 | \n0 | \n\n\n\n\n\n\n
\n\n| Impact of different tax rates used in other countries | \n0 | \n0 | \n\n\n\n\n\n\n
\n\n| Impact of tax exemption of net unrealised capital gains and non- | \n18,655 | \n79,472 | \n\n\n\n\n\n\n
\n\n| deductibility of net unrealised capital losses on investments | \n | \n | \n\n\n\n\n\n\n
\n\n| under Investment Entity status | \n | \n | \n\n\n\n\n\n\n
\n\n| Impact of tax exemption of capital gains and reversals of | \n-101,040 | \n13,972 | \n\n\n\n\n\n\n
\n\n| impairments and non-deductibility of capital losses and | \n | \n | \n\n\n\n\n\n\n
\n\n| impairments on investments | \n | \n | \n\n\n\n\n\n\n
\n\n| Impact of the exemption of dividends received | \n-257,795 | \n-93,855 | \n\n\n\n\n\n\n
\n\n| Impact of tax adjustments relating to prior years | \n0 | \n0 | \n\n\n\n\n\n\n
\n\n| Other tax adjustments (disallowed expenses) | \n309 | \n419 | \n\n\n\n\n\n\n
\n\n| Deferred tax expense (+) / income (-) | \n0 | \n0 | \n\n\n\n\n\n\n
\n\n| Income tax expense (+) / income (-) | \n7 | \n8 | \n\n\n\n\n\n\n
\n\n| Taxes on items recognised in equity | \n0 | \n0 | \n\n\n\n\n\n\n
\n\n| Deferred tax expense (+) / income (-) relating to the capital | \n0 | \n0 | \n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\nAs a holding company, Sofina is fully exempt from tax on most of its income (dividends and
\ncapital gains). This tax regime applicable to holding companies was introduced notably in
\nBelgium and in Luxembourg in order to avoid double taxation, a principle guided by the
\nEuropean Parent-Subsidiary Directive. No deferred tax liability is therefore recognised for
\nunrealised capital gains on investments. However, there are a few investments for which a tax
\non capital gain in the country of residence of the investee company can apply in specific sit
\n-
\nuations encountered by some of Sofina\u2019s investment subsidiaries. The impact of the deferred
\ntax liabilities for the temporary tax differences recognised by such investment subsidiaries
\nbetween the carrying amount and the tax base of such portfolio investments is reflected in
\ntheir fair value. At 31 December 2024, this impact amounts to a total of EUR 66.37 million.
\nFurthermore, Sofina does not meet the conditions to fall within the scope of the Council
\nDirective (EU) 2022/2523 of 14 December 2022 on ensuring a global minimum level of tax-
\nation for multinational enterprise groups and large-scale domestic groups in the European
\nUnion, introducing the so-called Pillar Two rules. Such rules apply to multinational groups
\nwhose ultimate parent entity reports an annual consolidated revenue of EUR 750 million or
\nmore in at least two of the four preceding fiscal years immediately preceding the tested fiscal
\nyear. Under the Investment Entity status and applicable consolidation method, Sofina does
\nnot meet the required criteria to fall in scope of such Pillar Two rules. There is therefore no
\ndeferred taxes to recognise in this respect.
\nThe reserves of Sofina SA include temporary differences arising from tax-exempt income prior
\nto 1990 and tax rules applicable at that time. No deferred tax liability is recognised because
\nSofina SA is able to control the timing of the reversal of such temporary differences and it is
\nprobable that the temporary difference will not reverse in the foreseeable future. In this respect,
\nat 31 December 2024, the deferred tax liabilities not recognised amount to EUR 54.28 million
\n(EUR 56.50 million in 2023).
\nSofina SA does not recognise deferred tax assets for tax losses (and dividend-received-de
\n-
\nduction) carried forward for an unlimited time because their recovery is deemed uncertain
\nin the foreseeable future. At 31 December 2024, these deferred tax assets not recognised
\namount to EUR 6.80 million (EUR 6.80 million in 2023).
\nAs explained in point 2.1 above, there is also some accumulated profit within Luxembourg
\ninvestment subsidiaries holding Sofina Private Funds which could all become taxable (at a
\n25% tax rate) in some very unlikely scenarios (and, moreover, scenarios over which Sofina SA
\nhas the control). Accordingly, no deferred tax liability is recognised for these amounts.
\n\n
\n\n\n | \n | \nIN THOUSAND EUR | \n\n\n\n\n\n\n\n
\n\n| OTHER TAXES | \n2024 | \n2023 | \n\n\n\n\n\n\n\n
\n\n| Various taxes related to tangible assets | \n168 | \n201 | \n\n\n\n\n\n\n\n
\n\n| Non-deductible VAT | \n2,587 | \n1,886 | \n\n\n\n\n\n\n\n
\n\n| Annual tax on securities accounts | \n90 | \n378 | \n\n\n\n\n\n\n\n
\n\n| Tax on stock exchange transactions | \n22 | \n19 | \n\n\n\n\n\n\n\n
\n\n| Other taxes | \n50 | \n93 | \n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:5493000GMVR38VUO5D39",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"Tag321": {
"value": "\n
\n\n3.16 PUBLIC AID
\nA subsidy of EUR 349,000 was granted in 2005 by the Brussels-Capital Region. This is a
\nregional contribution to the costs of renovation work on the facades of the mansion where
\nSofina has its headquarters.
\nA subsidy of EUR 56,000 was granted in 2013 by the Brussels-Capital Region. This is a regional
\ncontribution to the costs of renovation work on the facade of our building on Boulevard
\nd\u2019Anvers.
\nA subsidy of EUR 60,000 was granted in 2016 by the Brussels-Capital Region. This is a
\nregional contribution to the costs of renovation work on the facades of the mansion where
\nSofina has its headquarters.
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfGovernmentGrantsExplanatory",
"language": "en",
"entity": "scheme:5493000GMVR38VUO5D39",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"Tag322": {
"value": "\n3.16 PUBLIC AID
\nA subsidy of EUR 349,000 was granted in 2005 by the Brussels-Capital Region. This is a
\nregional contribution to the costs of renovation work on the facades of the mansion where
\nSofina has its headquarters.
\nA subsidy of EUR 56,000 was granted in 2013 by the Brussels-Capital Region. This is a regional
\ncontribution to the costs of renovation work on the facade of our building on Boulevard
\nd\u2019Anvers.
\nA subsidy of EUR 60,000 was granted in 2016 by the Brussels-Capital Region. This is a
\nregional contribution to the costs of renovation work on the facades of the mansion where
\nSofina has its headquarters.
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDeferredIncomeExplanatory",
"language": "en",
"entity": "scheme:5493000GMVR38VUO5D39",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"Tag324": {
"value": "\n3.17 OFF-BALANCE SHEET RIGHTS AND COMMITMENTS
\n\n
\n\n\n | \n | \n | \n | \nIN THOUSAND EUR | \n\n\n\n\n\n\n\n
\n\n | \n | \n31/12/2024 | \n31/12/2023 | \n\n\n\n\n\n\n\n
\n\n | \n | \nFOREIGN | \nEUR | \nFOREIGN | \nEUR | \n\n\n\n\n\n\n\n
\n\n | \n | \nCURRENCY | \n | \nCURRENCY | \n | \n\n\n\n\n\n\n\n
\n\n| Investment portfolio, uncalled | \nEUR | \n | \n70,443 | \n | \n121,520 | \n\n\n\n\n\n\n\n
\n\n| committed amounts 1 | \nCAD | \n93 | \n62 | \n154 | \n105 | \n\n\n\n\n\n\n\n
\n\n | \nUSD | \n1,381,084 | \n1,329,371 | \n1,333,461 | \n1,206,753 | \n\n\n\n\n\n\n\n
\n\n | \nGBP | \n23,291 | \n28,089 | \n15,703 | \n18,069 | \n\n\n\n\n\n\n\n
\n\n | \nDKK | \n0 | \n0 | \n1,119,487 | \n150,208 | \n\n\n\n\n\n\n\n
\n\n | \n | \n | \n1,427,965 | \n | \n1,496,655 | \n\n\n\n\n\n\n\n
\n\n| Obtained credit lines | \n | \n | \n1,185,000 | \n | \n1,125,000 | \n\n\n\n\n\n\n\n
\n\n| Used amount | \n | \n | \n0 | \n | \n0 | \n\n\n\n\n\n\n\n
\n\n| Unused amount | \n | \n | \n1,185,000 | \n | \n1,125,000 | \n\n\n\n\n\n\n\n
\n\n| Credit lines granted to the | \n | \n | \n875,000 | \n | \n965,000 | \n\n\n\n\n\n\n\n
\n\n| investment subsidiaries | \n | \n | \n | \n | \n | \n\n\n\n\n\n\n\n
\n\n| Used amount | \n | \n | \n218,410 | \n | \n266,549 | \n\n\n\n\n\n\n\n
\n\n| Unused amount | \n | \n | \n656,590 | \n | \n698,451 | \n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n
As a reminder, Sofina has pre-emptive or preferential subscription rights in certain investments
\nof its portfolio (considered in transparency) and these are conditional to an increase in the
\ncapital of the portfolio company concerned or to the sale by a shareholder of its shares in
\nthe company. The other rights obtained relate essentially to the possibility for Sofina and its
\ninvestment subsidiaries to follow a shareholder who sells all or part of its investment (tag-along
\nright). The commitments given by Sofina and its investment subsidiaries relate to follow-on
\nobligations (transfer of shares) in the event of the disposal by certain shareholders of their
\nshares (drag-along right). The total fair value of the investments concerned by these com
\n-
\nmitments amounts to EUR 3,930,288 thousand.
\n
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n1 These amounts come mainly from subscriptions to investments by Sofina Private Funds amounting to EUR 1,422 million (see point 2.6 above). These commitments are subscribed by Sofina SA or by its investment subsidiaries (considered in transparency).
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:5493000GMVR38VUO5D39",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"Tag315": {
"value": "\n
\n\n
\n\n
\n\n
\n
\n3.18 RELATED PARTY TRANSACTIONS
\n\n
\n\n\n | \nIN THOUSAND EUR | \n\n\n\n\n\n\n\n
\n\n| ASSETS AND LIABILITIES | \n31/12/2024 | \n31/12/2023 | \n\n\n\n\n\n\n\n
\n\n| Long-term receivables from non-consolidated related companies | \n0 | \n0 | \n\n\n\n\n\n\n\n
\n\n| Short-term receivables from non-consolidated related companies | \n420,957 | \n495,153 | \n\n\n\n\n\n\n\n
\n\n| Payables to non-consolidated related companies | \n-138,535 | \n-55,980 | \n\n\n\n\n\n\n\n
\n\n| RESULTS FROM RELATED PARTY TRANSACTIONS | \n2024 | \n2023 | \n\n\n\n\n\n\n\n
\n\n| Dividends received from non-consolidated related companies | \n1,013,276 | \n360,000 | \n\n\n\n\n\n\n\n
\n\n| Dividends received from associated companies | \n5,614 | \n8,686 | \n\n\n\n\n\n\n\n
\n\n| Interest received from non-consolidated related companies | \n11,228 | \n23,533 | \n\n\n\n\n\n\n\n
\n\n| Interest paid to non-consolidated related companies | \n-841 | \n-850 | \n\n\n\n\n\n\n\n
\n\n| Services provided to non-consolidated related companies | \n1,827 | \n2,792 | \n\n\n\n\n\n\n\n
\n\n| Services received from non-consolidated related companies | \n-1,268 | \n-641 | \n\n\n\n\n\n\n\n
\n\n| Compensation of key executives 1 | \n | \n | \n\n\n\n\n\n\n\n
\n\n| Gross fixed compensation | \n2,585 | \n3,271 | \n\n\n\n\n\n\n\n
\n\n| Gross variable compensation | \n3,269 | \n27 | \n\n\n\n\n\n\n\n
\n\n| Director's fees | \n2,263 | \n2,176 | \n\n\n\n\n\n\n\n
\n\n| Group insurance, hospitalisation and healthcare | \n517 | \n784 | \n\n\n\n\n\n\n\n
\n\n| Share-based payment expenses | \n4,296 | \n5,296 | \n\n\n\n\n\n\n\n
\n\n| Data related to significant off-market transactions between related | \nNihil | \nNihil | \n\n\n\n\n\n\n\n
\n\n| parties | \n | \n | \n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n
The receivables from and payables to non-consolidated related companies consist mainly
\nof loans and deposits between Sofina and its subsidiaries. Their remuneration methods are
\ndetailed in point 3.9 above.
\nThe services provided mainly include investment services and investment advisory services
\nrelating to investment opportunities and portfolio investments held by the service recipient.
\nThe services received consist mainly of cash management services.
\nSofina is the guarantor of the commitments of its non-consolidated related companies (i.e.
\nits subsidiaries).
\nShareholding structure
\nUnion Financi\u00e8re Bo\u00ebl SA, Soci\u00e9t\u00e9 de Participations Industrielles SA and Mobili\u00e8re et Immo-
\nbili\u00e8re du Centre SA form a consortium within the meaning of Article 1:19 of the BCAC (together
\nthe \u201cReference Shareholder\u201d).
\n\nBased on the latest communication by the Reference Shareholder to the Company dated
\n20 August 2024, made in accordance with Article 74 of the Law of 1 April 2007 on public take-
\nover bids, the companies forming the Reference Shareholder held on 20 August 2024 shares
\nin the Company as set out in the table below:
\n\n
\n\n\n | \nNUMBER OF SHARES | \n% OWNERSHIP | \n\n\n\n\n\n\n\n
\n\n| Union Financi\u00e8re Bo\u00ebl SA | \n7,791,408 | \n22.75% | \n\n\n\n\n\n\n\n
\n\n| Soci\u00e9t\u00e9 de Participations Industrielles SA | \n8,486,320 | \n24.78% | \n\n\n\n\n\n\n\n
\n\n| Mobili\u00e8re et Immobili\u00e8re du Centre SA | \n2,535,968 | \n7.40% | \n\n\n\n\n\n\n\n
\n\n| Sub-total of the reference Shareholder | \n18,813,696 | \n54.93% | \n\n\n\n\n\n\n\n
\n\n| Sofina SA (treasury shares) | \n1,128,295 | \n3.29% | \n\n\n\n\n\n\n\n
\n\n| Total | \n19,941,991 | \n58.22% | \n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n
As at 31 December 2024 Sofina held 1,196,173 treasury shares representing 3.49% of its share
\ncapital.
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n1 Following the dissolution of the Executive Committee, the Leadership Council was set up in January 2024. The figures indicated at 31 December 2024 relate to the six members of the Leadership Council and of Sofina\u2019s non-Executive Directors, whereas
\nthe figures indicated at 31 December 2023 relate to the eight members of the Executive Committee in place at that time and the non-Executive Directors.
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n
\n\n
\n\n
\n\nAuditors fee
\n\n
\n\n\n | \n | \nIN THOUSAND EUR | \n\n\n\n\n\n\n\n
\n\n | \n2024 | \n2023 | \n\n\n\n\n\n\n\n
\n\n| Audit services performed by the Auditors | \n115 | \n114 | \n\n\n\n\n\n\n\n
\n\n| Other audit services performed by the Auditors | \n16 | \n16 | \n\n\n\n\n\n\n\n
\n\n| Other non-audit services performed by the Auditors' network | \n0 | \n0 | \n\n\n\n\n\n\n\n
\n\n| Audit services performed by the Auditors' network | \n412 | \n367 | \n\n\n\n\n\n\n\n
\n\n| Tax advisory services | \n0 | \n0 | \n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n",
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"Tag316": {
"value": "\n
\n\n
\n\n
\n
\n3.18 RELATED PARTY TRANSACTIONS
\n\n
\n\n\n | \nIN THOUSAND EUR | \n\n\n\n\n\n\n\n
\n\n| ASSETS AND LIABILITIES | \n31/12/2024 | \n31/12/2023 | \n\n\n\n\n\n\n\n
\n\n| Long-term receivables from non-consolidated related companies | \n0 | \n0 | \n\n\n\n\n\n\n\n
\n\n| Short-term receivables from non-consolidated related companies | \n420,957 | \n495,153 | \n\n\n\n\n\n\n\n
\n\n| Payables to non-consolidated related companies | \n-138,535 | \n-55,980 | \n\n\n\n\n\n\n\n
\n\n| RESULTS FROM RELATED PARTY TRANSACTIONS | \n2024 | \n2023 | \n\n\n\n\n\n\n\n
\n\n| Dividends received from non-consolidated related companies | \n1,013,276 | \n360,000 | \n\n\n\n\n\n\n\n
\n\n| Dividends received from associated companies | \n5,614 | \n8,686 | \n\n\n\n\n\n\n\n
\n\n| Interest received from non-consolidated related companies | \n11,228 | \n23,533 | \n\n\n\n\n\n\n\n
\n\n| Interest paid to non-consolidated related companies | \n-841 | \n-850 | \n\n\n\n\n\n\n\n
\n\n| Services provided to non-consolidated related companies | \n1,827 | \n2,792 | \n\n\n\n\n\n\n\n
\n\n| Services received from non-consolidated related companies | \n-1,268 | \n-641 | \n\n\n\n\n\n\n\n
\n\n| Compensation of key executives 1 | \n | \n | \n\n\n\n\n\n\n\n
\n\n| Gross fixed compensation | \n2,585 | \n3,271 | \n\n\n\n\n\n\n\n
\n\n| Gross variable compensation | \n3,269 | \n27 | \n\n\n\n\n\n\n\n
\n\n| Director's fees | \n2,263 | \n2,176 | \n\n\n\n\n\n\n\n
\n\n| Group insurance, hospitalisation and healthcare | \n517 | \n784 | \n\n\n\n\n\n\n\n
\n\n| Share-based payment expenses | \n4,296 | \n5,296 | \n\n\n\n\n\n\n\n
\n\n| Data related to significant off-market transactions between related | \nNihil | \nNihil | \n\n\n\n\n\n\n\n
\n\n| parties | \n | \n | \n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n
The receivables from and payables to non-consolidated related companies consist mainly
\nof loans and deposits between Sofina and its subsidiaries. Their remuneration methods are
\ndetailed in point 3.9 above.
\nThe services provided mainly include investment services and investment advisory services
\nrelating to investment opportunities and portfolio investments held by the service recipient.
\nThe services received consist mainly of cash management services.
\nSofina is the guarantor of the commitments of its non-consolidated related companies (i.e.
\nits subsidiaries).
\nShareholding structure
\nUnion Financi\u00e8re Bo\u00ebl SA, Soci\u00e9t\u00e9 de Participations Industrielles SA and Mobili\u00e8re et Immo-
\nbili\u00e8re du Centre SA form a consortium within the meaning of Article 1:19 of the BCAC (together
\nthe \u201cReference Shareholder\u201d).
\n\nBased on the latest communication by the Reference Shareholder to the Company dated
\n20 August 2024, made in accordance with Article 74 of the Law of 1 April 2007 on public take-
\nover bids, the companies forming the Reference Shareholder held on 20 August 2024 shares
\nin the Company as set out in the table below:
\n\n
\n\n\n | \nNUMBER OF SHARES | \n% OWNERSHIP | \n\n\n\n\n\n\n\n
\n\n| Union Financi\u00e8re Bo\u00ebl SA | \n7,791,408 | \n22.75% | \n\n\n\n\n\n\n\n
\n\n| Soci\u00e9t\u00e9 de Participations Industrielles SA | \n8,486,320 | \n24.78% | \n\n\n\n\n\n\n\n
\n\n| Mobili\u00e8re et Immobili\u00e8re du Centre SA | \n2,535,968 | \n7.40% | \n\n\n\n\n\n\n\n
\n\n| Sub-total of the reference Shareholder | \n18,813,696 | \n54.93% | \n\n\n\n\n\n\n\n
\n\n| Sofina SA (treasury shares) | \n1,128,295 | \n3.29% | \n\n\n\n\n\n\n\n
\n\n| Total | \n19,941,991 | \n58.22% | \n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n
As at 31 December 2024 Sofina held 1,196,173 treasury shares representing 3.49% of its share
\ncapital.
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n1 Following the dissolution of the Executive Committee, the Leadership Council was set up in January 2024. The figures indicated at 31 December 2024 relate to the six members of the Leadership Council and of Sofina\u2019s non-Executive Directors, whereas
\nthe figures indicated at 31 December 2023 relate to the eight members of the Executive Committee in place at that time and the non-Executive Directors.
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n
\n\n
\n\nAuditors fee
\n\n
\n\n\n | \n | \nIN THOUSAND EUR | \n\n\n\n\n\n\n\n
\n\n | \n2024 | \n2023 | \n\n\n\n\n\n\n\n
\n\n| Audit services performed by the Auditors | \n115 | \n114 | \n\n\n\n\n\n\n\n
\n\n| Other audit services performed by the Auditors | \n16 | \n16 | \n\n\n\n\n\n\n\n
\n\n| Other non-audit services performed by the Auditors' network | \n0 | \n0 | \n\n\n\n\n\n\n\n
\n\n| Audit services performed by the Auditors' network | \n412 | \n367 | \n\n\n\n\n\n\n\n
\n\n| Tax advisory services | \n0 | \n0 | \n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n",
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"concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociatesAndJointVenturesExplanatory",
"language": "en",
"entity": "scheme:5493000GMVR38VUO5D39",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"Tag317": {
"value": "\n
\n\n
\n
\n3.18 RELATED PARTY TRANSACTIONS
\n\n
\n\n\n | \nIN THOUSAND EUR | \n\n\n\n\n\n\n\n
\n\n| ASSETS AND LIABILITIES | \n31/12/2024 | \n31/12/2023 | \n\n\n\n\n\n\n\n
\n\n| Long-term receivables from non-consolidated related companies | \n0 | \n0 | \n\n\n\n\n\n\n\n
\n\n| Short-term receivables from non-consolidated related companies | \n420,957 | \n495,153 | \n\n\n\n\n\n\n\n
\n\n| Payables to non-consolidated related companies | \n-138,535 | \n-55,980 | \n\n\n\n\n\n\n\n
\n\n| RESULTS FROM RELATED PARTY TRANSACTIONS | \n2024 | \n2023 | \n\n\n\n\n\n\n\n
\n\n| Dividends received from non-consolidated related companies | \n1,013,276 | \n360,000 | \n\n\n\n\n\n\n\n
\n\n| Dividends received from associated companies | \n5,614 | \n8,686 | \n\n\n\n\n\n\n\n
\n\n| Interest received from non-consolidated related companies | \n11,228 | \n23,533 | \n\n\n\n\n\n\n\n
\n\n| Interest paid to non-consolidated related companies | \n-841 | \n-850 | \n\n\n\n\n\n\n\n
\n\n| Services provided to non-consolidated related companies | \n1,827 | \n2,792 | \n\n\n\n\n\n\n\n
\n\n| Services received from non-consolidated related companies | \n-1,268 | \n-641 | \n\n\n\n\n\n\n\n
\n\n| Compensation of key executives 1 | \n | \n | \n\n\n\n\n\n\n\n
\n\n| Gross fixed compensation | \n2,585 | \n3,271 | \n\n\n\n\n\n\n\n
\n\n| Gross variable compensation | \n3,269 | \n27 | \n\n\n\n\n\n\n\n
\n\n| Director's fees | \n2,263 | \n2,176 | \n\n\n\n\n\n\n\n
\n\n| Group insurance, hospitalisation and healthcare | \n517 | \n784 | \n\n\n\n\n\n\n\n
\n\n| Share-based payment expenses | \n4,296 | \n5,296 | \n\n\n\n\n\n\n\n
\n\n| Data related to significant off-market transactions between related | \nNihil | \nNihil | \n\n\n\n\n\n\n\n
\n\n| parties | \n | \n | \n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n
The receivables from and payables to non-consolidated related companies consist mainly
\nof loans and deposits between Sofina and its subsidiaries. Their remuneration methods are
\ndetailed in point 3.9 above.
\nThe services provided mainly include investment services and investment advisory services
\nrelating to investment opportunities and portfolio investments held by the service recipient.
\nThe services received consist mainly of cash management services.
\nSofina is the guarantor of the commitments of its non-consolidated related companies (i.e.
\nits subsidiaries).
\nShareholding structure
\nUnion Financi\u00e8re Bo\u00ebl SA, Soci\u00e9t\u00e9 de Participations Industrielles SA and Mobili\u00e8re et Immo-
\nbili\u00e8re du Centre SA form a consortium within the meaning of Article 1:19 of the BCAC (together
\nthe \u201cReference Shareholder\u201d).
\n\nBased on the latest communication by the Reference Shareholder to the Company dated
\n20 August 2024, made in accordance with Article 74 of the Law of 1 April 2007 on public take-
\nover bids, the companies forming the Reference Shareholder held on 20 August 2024 shares
\nin the Company as set out in the table below:
\n\n
\n\n\n | \nNUMBER OF SHARES | \n% OWNERSHIP | \n\n\n\n\n\n\n\n
\n\n| Union Financi\u00e8re Bo\u00ebl SA | \n7,791,408 | \n22.75% | \n\n\n\n\n\n\n\n
\n\n| Soci\u00e9t\u00e9 de Participations Industrielles SA | \n8,486,320 | \n24.78% | \n\n\n\n\n\n\n\n
\n\n| Mobili\u00e8re et Immobili\u00e8re du Centre SA | \n2,535,968 | \n7.40% | \n\n\n\n\n\n\n\n
\n\n| Sub-total of the reference Shareholder | \n18,813,696 | \n54.93% | \n\n\n\n\n\n\n\n
\n\n| Sofina SA (treasury shares) | \n1,128,295 | \n3.29% | \n\n\n\n\n\n\n\n
\n\n| Total | \n19,941,991 | \n58.22% | \n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n
As at 31 December 2024 Sofina held 1,196,173 treasury shares representing 3.49% of its share
\ncapital.
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n1 Following the dissolution of the Executive Committee, the Leadership Council was set up in January 2024. The figures indicated at 31 December 2024 relate to the six members of the Leadership Council and of Sofina\u2019s non-Executive Directors, whereas
\nthe figures indicated at 31 December 2023 relate to the eight members of the Executive Committee in place at that time and the non-Executive Directors.
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\nAuditors fee
\n\n
\n\n\n | \n | \nIN THOUSAND EUR | \n\n\n\n\n\n\n\n
\n\n | \n2024 | \n2023 | \n\n\n\n\n\n\n\n
\n\n| Audit services performed by the Auditors | \n115 | \n114 | \n\n\n\n\n\n\n\n
\n\n| Other audit services performed by the Auditors | \n16 | \n16 | \n\n\n\n\n\n\n\n
\n\n| Other non-audit services performed by the Auditors' network | \n0 | \n0 | \n\n\n\n\n\n\n\n
\n\n| Audit services performed by the Auditors' network | \n412 | \n367 | \n\n\n\n\n\n\n\n
\n\n| Tax advisory services | \n0 | \n0 | \n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n
\n\nInvestments and receivables
\nInvestments at fair value are recorded at the transaction date and are measured at fair value.
\nEquity investments at fair value consist of securities that are acquired with the aim of obtaining
\nreturns in the form of capital gains and/or investment income. They are measured at fair value
\nat each balance sheet date. Unrealised gains and losses are recognised directly in the income
\nstatement. In the event of disposal, the difference between the net sale proceeds and the
\ncarrying amount is charged or credited to the income statement.
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociates",
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"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
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"Tag318": {
"value": "\n
\n
\n3.18 RELATED PARTY TRANSACTIONS
\n\n
\n\n\n | \nIN THOUSAND EUR | \n\n\n\n\n\n\n\n
\n\n| ASSETS AND LIABILITIES | \n31/12/2024 | \n31/12/2023 | \n\n\n\n\n\n\n\n
\n\n| Long-term receivables from non-consolidated related companies | \n0 | \n0 | \n\n\n\n\n\n\n\n
\n\n| Short-term receivables from non-consolidated related companies | \n420,957 | \n495,153 | \n\n\n\n\n\n\n\n
\n\n| Payables to non-consolidated related companies | \n-138,535 | \n-55,980 | \n\n\n\n\n\n\n\n
\n\n| RESULTS FROM RELATED PARTY TRANSACTIONS | \n2024 | \n2023 | \n\n\n\n\n\n\n\n
\n\n| Dividends received from non-consolidated related companies | \n1,013,276 | \n360,000 | \n\n\n\n\n\n\n\n
\n\n| Dividends received from associated companies | \n5,614 | \n8,686 | \n\n\n\n\n\n\n\n
\n\n| Interest received from non-consolidated related companies | \n11,228 | \n23,533 | \n\n\n\n\n\n\n\n
\n\n| Interest paid to non-consolidated related companies | \n-841 | \n-850 | \n\n\n\n\n\n\n\n
\n\n| Services provided to non-consolidated related companies | \n1,827 | \n2,792 | \n\n\n\n\n\n\n\n
\n\n| Services received from non-consolidated related companies | \n-1,268 | \n-641 | \n\n\n\n\n\n\n\n
\n\n| Compensation of key executives 1 | \n | \n | \n\n\n\n\n\n\n\n
\n\n| Gross fixed compensation | \n2,585 | \n3,271 | \n\n\n\n\n\n\n\n
\n\n| Gross variable compensation | \n3,269 | \n27 | \n\n\n\n\n\n\n\n
\n\n| Director's fees | \n2,263 | \n2,176 | \n\n\n\n\n\n\n\n
\n\n| Group insurance, hospitalisation and healthcare | \n517 | \n784 | \n\n\n\n\n\n\n\n
\n\n| Share-based payment expenses | \n4,296 | \n5,296 | \n\n\n\n\n\n\n\n
\n\n| Data related to significant off-market transactions between related | \nNihil | \nNihil | \n\n\n\n\n\n\n\n
\n\n| parties | \n | \n | \n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n
The receivables from and payables to non-consolidated related companies consist mainly
\nof loans and deposits between Sofina and its subsidiaries. Their remuneration methods are
\ndetailed in point 3.9 above.
\nThe services provided mainly include investment services and investment advisory services
\nrelating to investment opportunities and portfolio investments held by the service recipient.
\nThe services received consist mainly of cash management services.
\nSofina is the guarantor of the commitments of its non-consolidated related companies (i.e.
\nits subsidiaries).
\nShareholding structure
\nUnion Financi\u00e8re Bo\u00ebl SA, Soci\u00e9t\u00e9 de Participations Industrielles SA and Mobili\u00e8re et Immo-
\nbili\u00e8re du Centre SA form a consortium within the meaning of Article 1:19 of the BCAC (together
\nthe \u201cReference Shareholder\u201d).
\n\nBased on the latest communication by the Reference Shareholder to the Company dated
\n20 August 2024, made in accordance with Article 74 of the Law of 1 April 2007 on public take-
\nover bids, the companies forming the Reference Shareholder held on 20 August 2024 shares
\nin the Company as set out in the table below:
\n\n
\n\n\n | \nNUMBER OF SHARES | \n% OWNERSHIP | \n\n\n\n\n\n\n\n
\n\n| Union Financi\u00e8re Bo\u00ebl SA | \n7,791,408 | \n22.75% | \n\n\n\n\n\n\n\n
\n\n| Soci\u00e9t\u00e9 de Participations Industrielles SA | \n8,486,320 | \n24.78% | \n\n\n\n\n\n\n\n
\n\n| Mobili\u00e8re et Immobili\u00e8re du Centre SA | \n2,535,968 | \n7.40% | \n\n\n\n\n\n\n\n
\n\n| Sub-total of the reference Shareholder | \n18,813,696 | \n54.93% | \n\n\n\n\n\n\n\n
\n\n| Sofina SA (treasury shares) | \n1,128,295 | \n3.29% | \n\n\n\n\n\n\n\n
\n\n| Total | \n19,941,991 | \n58.22% | \n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n
As at 31 December 2024 Sofina held 1,196,173 treasury shares representing 3.49% of its share
\ncapital.
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n1 Following the dissolution of the Executive Committee, the Leadership Council was set up in January 2024. The figures indicated at 31 December 2024 relate to the six members of the Leadership Council and of Sofina\u2019s non-Executive Directors, whereas
\nthe figures indicated at 31 December 2023 relate to the eight members of the Executive Committee in place at that time and the non-Executive Directors.
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n
\n\nAuditors fee
\n\n
\n\n\n | \n | \nIN THOUSAND EUR | \n\n\n\n\n\n\n\n
\n\n | \n2024 | \n2023 | \n\n\n\n\n\n\n\n
\n\n| Audit services performed by the Auditors | \n115 | \n114 | \n\n\n\n\n\n\n\n
\n\n| Other audit services performed by the Auditors | \n16 | \n16 | \n\n\n\n\n\n\n\n
\n\n| Other non-audit services performed by the Auditors' network | \n0 | \n0 | \n\n\n\n\n\n\n\n
\n\n| Audit services performed by the Auditors' network | \n412 | \n367 | \n\n\n\n\n\n\n\n
\n\n| Tax advisory services | \n0 | \n0 | \n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n| B. ASSOCIATED COMPANIES - AT FAIR VALUE | \n | \n | \n | \n | \n | \n\n\n
\n\n| Cambridge Associates | \nIndirect | \n24,242 | \n23.89 | \n24,242 | \n23.68 | \n\n\n
\n\n| 125 High Street - MA 02110 Boston - USA | \n | \n | \n | \n | \n | \n\n\n
\n\n| Dott HoldCo (Dott) | \nIndirect | \n10,143,368 | \n24.98 | \n0 | \n0.00 | \n\n\n
\n\n| Diemenstraat 292 - 1013 CR Amsterdam - Netherlands | \n | \n | \n | \n | \n | \n\n\n
\n\n| Drylock Technologies | \nDirect | \n169,782,750 | \n25.00 | \n169,782,750 | \n25.00 | \n\n\n
\n\n| Spinnerijstraat 12- 9240 Zele | \n | \n | \n | \n | \n | \n\n\n
\n\n| Company number 0479 766 057 | \n | \n | \n | \n | \n | \n\n\n
\n\n| Green E Origin (Green Energy Origin) | \nIndirect | \n400,737 | \n29.44 | \n279,851 | \n24.51 | \n\n\n
\n\n| 4, rue du Fort Wallis - LU-2714 Luxembourg | \n | \n | \n | \n | \n | \n\n\n
\n\n| Groupe Petit Forestier | \nDirect | \n0 | \n0.00 | \n976,838 | \n33.62 | \n\n\n
\n\n| 11, route de Tremblay - 93420 Villepinte - France | \n | \n | \n | \n | \n | \n\n\n
\n\n| MXP Prime Platform (SellerX) | \nIndirect | \n1,284,209 | \n26.09 | \n1,284,209 | \n26.09 | \n\n\n
\n\n| J\u00e4gerstra\u00dfe 41 - 10117 Berlin - Germany | \n | \n | \n | \n | \n | \n\n\n
\n\n| Nuxe International | \nIndirect | \n193,261,167 | \n49.00 | \n193,261,167 | \n49.00 | \n\n\n
\n\n| 127, rue d'Aguesseau - 92100 Boulogne-Billancourt - France | \n | \n | \n | \n | \n | \n\n\n
\n\n| Polygone (GL events) | \nDirect | \n0 | \n0.00 | \n221,076 | \n20.96 | \n\n\n
\n\n| 59, Quai Rambaud - 69002 Lyon - France | \n | \n | \n | \n | \n | \n\n\n
\n\n\n\n\n\n
\n\n\n
\n\n\n\n\n\n\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfSignificantInvestmentsInAssociatesExplanatory",
"language": "en",
"entity": "scheme:5493000GMVR38VUO5D39",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
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"Tag319": {
"value": "\nBased on the latest communication by the Reference Shareholder to the Company dated
\n20 August 2024, made in accordance with Article 74 of the Law of 1 April 2007 on public take-
\nover bids, the companies forming the Reference Shareholder held on 20 August 2024 shares
\nin the Company as set out in the table below:
\n\n
\n\n\n | \nNUMBER OF SHARES | \n% OWNERSHIP | \n\n\n\n\n\n\n\n
\n\n| Union Financi\u00e8re Bo\u00ebl SA | \n7,791,408 | \n22.75% | \n\n\n\n\n\n\n\n
\n\n| Soci\u00e9t\u00e9 de Participations Industrielles SA | \n8,486,320 | \n24.78% | \n\n\n\n\n\n\n\n
\n\n| Mobili\u00e8re et Immobili\u00e8re du Centre SA | \n2,535,968 | \n7.40% | \n\n\n\n\n\n\n\n
\n\n| Sub-total of the reference Shareholder | \n18,813,696 | \n54.93% | \n\n\n\n\n\n\n\n
\n\n| Sofina SA (treasury shares) | \n1,128,295 | \n3.29% | \n\n\n\n\n\n\n\n
\n\n| Total | \n19,941,991 | \n58.22% | \n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n
As at 31 December 2024 Sofina held 1,196,173 treasury shares representing 3.49% of its share
\ncapital.
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTreasurySharesExplanatory",
"language": "en",
"entity": "scheme:5493000GMVR38VUO5D39",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"Tag313": {
"value": "\nAuditors fee
\n\n
\n\n\n | \n | \nIN THOUSAND EUR | \n\n\n\n\n\n\n\n
\n\n | \n2024 | \n2023 | \n\n\n\n\n\n\n\n
\n\n| Audit services performed by the Auditors | \n115 | \n114 | \n\n\n\n\n\n\n\n
\n\n| Other audit services performed by the Auditors | \n16 | \n16 | \n\n\n\n\n\n\n\n
\n\n| Other non-audit services performed by the Auditors' network | \n0 | \n0 | \n\n\n\n\n\n\n\n
\n\n| Audit services performed by the Auditors' network | \n412 | \n367 | \n\n\n\n\n\n\n\n
\n\n| Tax advisory services | \n0 | \n0 | \n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory",
"language": "en",
"entity": "scheme:5493000GMVR38VUO5D39",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"Tag305": {
"value": "\n3.19 EMPLOYEE STOCK OPTION PLANS
\nNature and scope of the agreements
\nSofina offers stock option plans on Sofina shares to members of the Sofina group personnel\u2009
\n 1
\n.
\nThese options are exercisable at the earliest on 1
\nst
\n January of the fourth calendar year following
\nthe year in which the offer was made, and at the latest until the eve of the tenth anniversary
\nof the offer date.
\nThe option plans are settled exclusively in existing Sofina shares.
\nThe Company ensures that it holds the necessary number of own shares at all times to cover
\nthe various option plans.
\n\n
\n\n\n| OPTIONS GRANTED | \nNUMBER | \nWEIGHTED AVERAGE | \n\n\n\n\n\n\n\n
\n\n | \n | \nEXERCISE PRICE (IN EUR) | \n\n\n\n\n\n\n\n
\n\n| Exercisable as at 31/12/2023 | \n307,800 | \n168.65 | \n\n\n\n\n\n\n\n
\n\n| Outstanding as at 01/01/2024 | \n840,400 | \n241.00 | \n\n\n\n\n\n\n\n
\n\n| Granted 1 during the year | \n198,791 | \n196.14 | \n\n\n\n\n\n\n\n
\n\n| Exercised during the year | \n-42,850 | \n142.08 | \n\n\n\n\n\n\n\n
\n\n| Renounced during the year | \n0 | \n0.00 | \n\n\n\n\n\n\n\n
\n\n| Expired during the year | \n-6,000 | \n203.42 | \n\n\n\n\n\n\n\n
\n\n| Outstanding as at 31/12/2024 | \n990,341 | \n236.50 | \n\n\n\n\n\n\n\n
\n\n| Exercisable as at 31/12/2024 | \n391,500 | \n196.06 | \n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n
The weighted average share price at the exercise date of options exercised during the year
\nwas EUR 239.31.
\nThe range of exercise prices of the 990,341 options outstanding as at 31 December 2024 is
\nEUR 125.96 to EUR 385.40 (see table below) and the weighted average remaining contractual
\nlife is six years with a range of zero to nine years to exercise the options.
\n\n
\n\n\n| RANGE OF EXERCISE PRICE OF THE OPTIONS | \nNUMBER | \nWEIGHTED AVERAGE | \n\n\n\n\n\n\n\n
\n\n| GRANTED | \n | \nEXERCISE PRICE (IN EUR) | \n\n\n\n\n\n\n\n
\n\n| 101 EUR to 150 EUR | \n59,650 | \n125.96 | \n\n\n\n\n\n\n\n
\n\n| 151 EUR to 200 EUR | \n402,591 | \n191.69 | \n\n\n\n\n\n\n\n
\n\n| 200 EUR to 250 EUR | \n331,550 | \n222.54 | \n\n\n\n\n\n\n\n
\n\n| 350 EUR to 400 EUR | \n196,550 | \n385.40 | \n\n\n\n\n\n\n\n
\n\n| Options outstanding as at 31/12/2024 | \n990,341 | \n | \n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n
Calculation of the value
\nWeighted average value of options granted\u2009
\n 2
\n in 2024: EUR 68.97. The valuation model used
\nis the Black-Scholes model. The weighted averages of the main parameters used for the
\ncalculations are:
\n\n
\n\n\n| YEAR | \nUNDERLYING | \nDIVIDEND YIELD | \nRISK-FREE | \nEXPECTED | \nTIME TO | \n\n\n\n\n\n\n\n
\n\n | \nSHARE PRICE | \n | \nINTEREST RATE | \nVOLATILITY | \nMATURITY | \n\n\n\n\n\n\n\n
\n\n | \n(IN EUR) | \n | \n | \n | \n (IN YEARS) | \n\n\n\n\n\n\n\n
\n\n| 2024 | \n196.14 | \n1.49% | \n2.50% | \n27.31% | \n\u20056.5\u2005\u2005\u2005 | \n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n
Volatility has been calculated on the basis of historical movements in the Sofina share price
\nover the past 6.5 years (corresponding to the average time maturity of the plans).
\nEffect on the result
\nThe 2024 expense related to the stock option plans amounts to EUR 10.343 thousand (EUR
\n8,344 thousand in 2023).
\n
\n
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n1 Employees and the Chief Executive Officer.
\n2 Grant date on the last day of the sixty-days acceptance period.
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory",
"language": "en",
"entity": "scheme:5493000GMVR38VUO5D39",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"Tag308": {
"value": "\n3.20 POST-CLOSING DATE EVENTS
\nEvents after the end of the financial year are listed in the \u201cYear in review\u201d section, which forms
\nan integral part of the Management report.
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory",
"language": "en",
"entity": "scheme:5493000GMVR38VUO5D39",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"Tag329": {
"value": "\n
\n
\n3.21 LIST OF SUBSIDIARIES AND ASSOCIATED COMPANIES
\n\n
\n\n\n | \n | \nCORPORATE RIGHTS HELD | \nCORPORATE RIGHTS HELD | \n\n\n
\n\n| NAME AND HEADQUARTERS | \nLINK | \nNUMBER OF | \n% OWNERSHIP | \nNUMBER OF | \n% OWNERSHIP | \n\n\n
\n\n | \n | \nSHARES | \nAS AT 31/12/2024 | \nSHARES | \nAS AT | \n\n\n
\n\n | \n | \n | \n | \n | \n31/12/2023 | \n\n\n
\n\n\n\n\n\n
\n\n\n
\n\n\n
\n\n\n| A. INVESTMENT SUBSIDIARIES - AT FAIR VALUE | \n | \n | \n | \n | \n | \n\n\n
\n\n| Global Education Holding SA | \nIndirect | \n277,262 | \n82.01 | \n277,262 | \n82.01 | \n\n\n
\n\n| 12, rue L\u00e9on Laval - LU-3372 Leudelange | \n | \n | \n | \n | \n | \n\n\n
\n\n| Sofina Asia Private Ltd. | \nDirect | \n1,995,000 | \n100 | \n615,000 | \n100 | \n\n\n
\n\n| 108 Amoy Street # 03-01 - SG-069928 Singapore | \n | \n | \n | \n | \n | \n\n\n
\n\n| Sofina Capital SA | \nDirect | \n5,872,576 | \n100 | \n5,872,576 | \n100 | \n\n\n
\n\n| 12, rue L\u00e9on Laval - LU-3372 Leudelange | \n | \n | \n | \n | \n | \n\n\n
\n\n| Sofina Global SA SIF | \nIndirect | \n17,500,000 | \n100 | \n17,500,000 | \n100 | \n\n\n
\n\n| 12, rue L\u00e9on Laval - LU-3372 Leudelange | \n | \n | \n | \n | \n | \n\n\n
\n\n| Sofina Invest SA | \nDirect | \n30,000 | \n100 | \n0 | \n0 | \n\n\n
\n\n| 12, rue L\u00e9on Laval - LU-3372 Leudelange | \n | \n | \n | \n | \n | \n\n\n
\n\n| Sofina London Ltd. | \nDirect | \n50,000 | \n100 | \n0 | \n0 | \n\n\n
\n\n| 7th Floor, 50 Broadway - London SW1H 0DB - United Kingdom | \n | \n | \n | \n | \n | \n\n\n
\n\n| Sofina Partners SA | \nIndirect | \n0 | \n0 | \n46,668,777 | \n100 | \n\n\n
\n\n| 12, rue L\u00e9on Laval - LU-3372 Leudelange | \n | \n | \n | \n | \n | \n\n\n
\n\n| Sofina Private Equity SA SICAR | \nIndirect | \n5,910,000 | \n100 | \n5,910,000 | \n100 | \n\n\n
\n\n| 12, rue L\u00e9on Laval - LU-3372 Leudelange | \n | \n | \n | \n | \n | \n\n\n
\n\n| Sofina US, LLC | \nDirect | \n802,000 | \n100 | \n802,000 | \n100 | \n\n\n
\n\n| 160 Federal Street, 9th floor - MA 02110 Boston - USA | \n | \n | \n | \n | \n | \n\n\n
\n\n| Sofina Ventures SA | \nDirect | \n11,709 | \n100 | \n11,709 | \n100 | \n\n\n
\n\n| 29, rue de l\u2019Industrie - 1040 Brussels | \n | \n | \n | \n | \n | \n\n\n
\n\n| Company number 0423 386 786 | \n | \n | \n | \n | \n | \n\n\n
\n\n\n\n\n\n
\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n
\n\n\n| B. ASSOCIATED COMPANIES - AT FAIR VALUE | \n | \n | \n | \n | \n | \n\n\n
\n\n| Cambridge Associates | \nIndirect | \n24,242 | \n23.89 | \n24,242 | \n23.68 | \n\n\n
\n\n| 125 High Street - MA 02110 Boston - USA | \n | \n | \n | \n | \n | \n\n\n
\n\n| Dott HoldCo (Dott) | \nIndirect | \n10,143,368 | \n24.98 | \n0 | \n0.00 | \n\n\n
\n\n| Diemenstraat 292 - 1013 CR Amsterdam - Netherlands | \n | \n | \n | \n | \n | \n\n\n
\n\n| Drylock Technologies | \nDirect | \n169,782,750 | \n25.00 | \n169,782,750 | \n25.00 | \n\n\n
\n\n| Spinnerijstraat 12- 9240 Zele | \n | \n | \n | \n | \n | \n\n\n
\n\n| Company number 0479 766 057 | \n | \n | \n | \n | \n | \n\n\n
\n\n| Green E Origin (Green Energy Origin) | \nIndirect | \n400,737 | \n29.44 | \n279,851 | \n24.51 | \n\n\n
\n\n| 4, rue du Fort Wallis - LU-2714 Luxembourg | \n | \n | \n | \n | \n | \n\n\n
\n\n| Groupe Petit Forestier | \nDirect | \n0 | \n0.00 | \n976,838 | \n33.62 | \n\n\n
\n\n| 11, route de Tremblay - 93420 Villepinte - France | \n | \n | \n | \n | \n | \n\n\n
\n\n| MXP Prime Platform (SellerX) | \nIndirect | \n1,284,209 | \n26.09 | \n1,284,209 | \n26.09 | \n\n\n
\n\n| J\u00e4gerstra\u00dfe 41 - 10117 Berlin - Germany | \n | \n | \n | \n | \n | \n\n\n
\n\n| Nuxe International | \nIndirect | \n193,261,167 | \n49.00 | \n193,261,167 | \n49.00 | \n\n\n
\n\n| 127, rue d'Aguesseau - 92100 Boulogne-Billancourt - France | \n | \n | \n | \n | \n | \n\n\n
\n\n| Polygone (GL events) | \nDirect | \n0 | \n0.00 | \n221,076 | \n20.96 | \n\n\n
\n\n| 59, Quai Rambaud - 69002 Lyon - France | \n | \n | \n | \n | \n | \n\n\n
\n\n\n\n\n\n
\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\nConsidering Sofina\u2019s compliance with the conditions laid down in Article 70 of the Luxembourg law of 19 December 2002, Luxembourg subsidiaries (except Sofina Private Equity SA SICAR
\nand Sofina Global SA SIF) may be exempted from certain provisions relating to the publication of their statutory annual accounts.
\n
\n\n\n\n\n\n\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInterestsInOtherEntitiesExplanatory",
"language": "en",
"entity": "scheme:5493000GMVR38VUO5D39",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"Tag330": {
"value": "\n
\n\n\n
\n\n\n| A. INVESTMENT SUBSIDIARIES - AT FAIR VALUE | \n | \n | \n | \n | \n | \n\n\n
\n\n| Global Education Holding SA | \nIndirect | \n277,262 | \n82.01 | \n277,262 | \n82.01 | \n\n\n
\n\n| 12, rue L\u00e9on Laval - LU-3372 Leudelange | \n | \n | \n | \n | \n | \n\n\n
\n\n| Sofina Asia Private Ltd. | \nDirect | \n1,995,000 | \n100 | \n615,000 | \n100 | \n\n\n
\n\n| 108 Amoy Street # 03-01 - SG-069928 Singapore | \n | \n | \n | \n | \n | \n\n\n
\n\n| Sofina Capital SA | \nDirect | \n5,872,576 | \n100 | \n5,872,576 | \n100 | \n\n\n
\n\n| 12, rue L\u00e9on Laval - LU-3372 Leudelange | \n | \n | \n | \n | \n | \n\n\n
\n\n| Sofina Global SA SIF | \nIndirect | \n17,500,000 | \n100 | \n17,500,000 | \n100 | \n\n\n
\n\n| 12, rue L\u00e9on Laval - LU-3372 Leudelange | \n | \n | \n | \n | \n | \n\n\n
\n\n| Sofina Invest SA | \nDirect | \n30,000 | \n100 | \n0 | \n0 | \n\n\n
\n\n| 12, rue L\u00e9on Laval - LU-3372 Leudelange | \n | \n | \n | \n | \n | \n\n\n
\n\n| Sofina London Ltd. | \nDirect | \n50,000 | \n100 | \n0 | \n0 | \n\n\n
\n\n| 7th Floor, 50 Broadway - London SW1H 0DB - United Kingdom | \n | \n | \n | \n | \n | \n\n\n
\n\n| Sofina Partners SA | \nIndirect | \n0 | \n0 | \n46,668,777 | \n100 | \n\n\n
\n\n| 12, rue L\u00e9on Laval - LU-3372 Leudelange | \n | \n | \n | \n | \n | \n\n\n
\n\n| Sofina Private Equity SA SICAR | \nIndirect | \n5,910,000 | \n100 | \n5,910,000 | \n100 | \n\n\n
\n\n| 12, rue L\u00e9on Laval - LU-3372 Leudelange | \n | \n | \n | \n | \n | \n\n\n
\n\n| Sofina US, LLC | \nDirect | \n802,000 | \n100 | \n802,000 | \n100 | \n\n\n
\n\n| 160 Federal Street, 9th floor - MA 02110 Boston - USA | \n | \n | \n | \n | \n | \n\n\n
\n\n| Sofina Ventures SA | \nDirect | \n11,709 | \n100 | \n11,709 | \n100 | \n\n\n
\n\n| 29, rue de l\u2019Industrie - 1040 Brussels | \n | \n | \n | \n | \n | \n\n\n
\n\n| Company number 0423 386 786 | \n | \n | \n | \n | \n | \n\n\n
\n\n\n\n\n\n
\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n
\n\n\n| B. ASSOCIATED COMPANIES - AT FAIR VALUE | \n | \n | \n | \n | \n | \n\n\n
\n\n| Cambridge Associates | \nIndirect | \n24,242 | \n23.89 | \n24,242 | \n23.68 | \n\n\n
\n\n| 125 High Street - MA 02110 Boston - USA | \n | \n | \n | \n | \n | \n\n\n
\n\n| Dott HoldCo (Dott) | \nIndirect | \n10,143,368 | \n24.98 | \n0 | \n0.00 | \n\n\n
\n\n| Diemenstraat 292 - 1013 CR Amsterdam - Netherlands | \n | \n | \n | \n | \n | \n\n\n
\n\n| Drylock Technologies | \nDirect | \n169,782,750 | \n25.00 | \n169,782,750 | \n25.00 | \n\n\n
\n\n| Spinnerijstraat 12- 9240 Zele | \n | \n | \n | \n | \n | \n\n\n
\n\n| Company number 0479 766 057 | \n | \n | \n | \n | \n | \n\n\n
\n\n| Green E Origin (Green Energy Origin) | \nIndirect | \n400,737 | \n29.44 | \n279,851 | \n24.51 | \n\n\n
\n\n| 4, rue du Fort Wallis - LU-2714 Luxembourg | \n | \n | \n | \n | \n | \n\n\n
\n\n| Groupe Petit Forestier | \nDirect | \n0 | \n0.00 | \n976,838 | \n33.62 | \n\n\n
\n\n| 11, route de Tremblay - 93420 Villepinte - France | \n | \n | \n | \n | \n | \n\n\n
\n\n| MXP Prime Platform (SellerX) | \nIndirect | \n1,284,209 | \n26.09 | \n1,284,209 | \n26.09 | \n\n\n
\n\n| J\u00e4gerstra\u00dfe 41 - 10117 Berlin - Germany | \n | \n | \n | \n | \n | \n\n\n
\n\n| Nuxe International | \nIndirect | \n193,261,167 | \n49.00 | \n193,261,167 | \n49.00 | \n\n\n
\n\n| 127, rue d'Aguesseau - 92100 Boulogne-Billancourt - France | \n | \n | \n | \n | \n | \n\n\n
\n\n| Polygone (GL events) | \nDirect | \n0 | \n0.00 | \n221,076 | \n20.96 | \n\n\n
\n\n| 59, Quai Rambaud - 69002 Lyon - France | \n | \n | \n | \n | \n | \n\n\n
\n\n\n\n\n\n
\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFairValueMeasurementExplanatory",
"language": "en",
"entity": "scheme:5493000GMVR38VUO5D39",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"Tag275": {
"value": "\nThe following new standards and interpretations became effective in 2024:
\n\u2022 Amendments to IAS 1 - Presentation of Financial Statements: Classification of Liabilities as Current or
\nNon-current Liabilities with Covenants (applicable for annual periods beginning on or after 1
\nst
\n January
\n2024);
\n\u2022 Amendments to IFRS 16 - Leases: Lease Liability in a Sale and Leaseback (applicable for annual
\nperiods beginning on or after 1
\nst
\n January 2024); and
\n\u2022 Amendments to IAS 7 - Statement of Cash Flows and IFRS 7 - Financial Instruments: Disclosures:
\nSupplier Finance Arrangements (applicable for annual periods beginning on or after 1
\nst
\n J an uary
\n2024.
\nThe application of these standards and interpretations does not, however, have any material impact on
\nthe financial statements of Sofina.
\nSofina has not anticipated the application of the new and amended standards and interpretations not
\nyet applicable for the annual period beginning on or after 1
\nst
\n January 2024:
\n\u2022 Amendments to IAS 21 - The Effects of Changes in Foreign Exchange Rates: Lack of Exchangeability
\n(applicable for annual periods beginning on or after 1
\nst
\n January 2025, but not yet endorsed in the
\nEU);
\n\u2022 IFRS 18 - Presentation and Disclosure in Financial Statements (applicable for annual periods beginning
\non or after 1
\nst
\n January 2027, but not yet endorsed in the EU);
\n\u2022 IFRS 19 - Subsidiaries without Public Accountability \u2013 Disclosures (applicable for annual periods
\nbeginning on or after 1
\nst
\n January 2027, but not yet endorsed in the EU);
\n\u2022 Amendments to IFRS 9 and IFRS 7 - Classification and Measurement of Financial Instruments
\n(applicable for annual periods beginning on or after 1
\nst
\n January 2026, but not yet endorsed in the
\nEU);
\n\u2022 Annual Improvements \u2013 Volume 11 (applicable for annual periods beginning on or after 1
\nst
\n January
\n2026, but not yet endorsed in the EU); and
\n\u2022 Amendments to IFRS 9 and IFRS 7 - Contracts Referencing Nature-dependent Electricity (applicable
\nfor annual periods beginning on or after 1
\nst
\n January 2026, but not yet endorsed in the EU).
\nThe future application of these new standards and interpretations is not expected to have a
\nsignificant impact on the consolidated financial statements.
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesExplanatory",
"language": "en",
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"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"Tag276": {
"value": "\n
\nBasis of evaluation
\n\nThe IFRS consolidated financial statements are prepared on the basis of fair value through
\nprofit and loss except for trade and employee receivables and payables, which are measured
\nat amortised cost.
\nIn order to reflect the significance of the data used in fair value measurements, the Sofina
\ngroup classifies these measurements into a hierarchy consisting of the following levels:
\n\u2022 Level 1: listed prices (unadjusted) in active markets for identical assets or liabilities;
\n\u2022 Level 2: data other than listed prices included in level 1 that are observable for the asset or liability,
\neither directly (i.e. as prices) or indirectly (i.e. derived from prices);
\n\u2022 Level 3: data for the asset or liability that are not based on observable market data (unobservable
\ndata).
\n
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory",
"language": "en",
"entity": "scheme:5493000GMVR38VUO5D39",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"Tag278": {
"value": "\nConsolidation principles
\nIn accordance with its status as an Investment Entity, Sofina does not consolidate its subsid-
\niaries and does not apply IFRS\u20053 when it acquires control of another entity.
\nAn exception to this is made for subsidiaries that only provide services related to Sofina\u2019s
\ninvestment activities. These subsidiaries are fully consolidated.
\nInvestments in other subsidiaries, which do not exclusively provide services related to Sofina\u2019s
\ninvestment activities, are also measured at fair value through profit and loss in accordance
\nwith IFRS 9.
\nInvestments in which Sofina exercises significant influence are also measured at fair value
\nthrough profit and loss in accordance with IAS 28, \u00a718 and IFRS 9.
\nThe list of subsidiaries and associated companies is presented above under point 3.21. This
\nlist does not include companies in which Sofina holds more than 20% of the capital without
\nexercising significant influence, because, for example, it has neither a representative mandate
\non the board of directors nor veto rights (other than the usual protective rights, for reorgan
\n-
\nisations, capital increases, etc.).
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory",
"language": "en",
"entity": "scheme:5493000GMVR38VUO5D39",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"Tag279": {
"value": "\nTransactions in foreign currencies
\nTransactions in foreign currencies are accounted for at the exchange rate in force on the date
\nof the transaction.
\nThe impact of foreign exchange is recognised in the income statement under \u201cOther financial
\nincome and expenses\u201d.
\nMonetary assets and liabilities denominated in foreign currencies are translated at closing
\nrates. Exchange differences arising from these transactions, as well as exchange differences
\narising from the translation of monetary assets and liabilities denominated in foreign currencies,
\nare recognised in the income statement. Non-monetary assets and liabilities denominated in
\nforeign currencies are translated at the exchange rate in force on the transaction date.
\nThe financial statements of foreign companies included in the consolidation are translated
\ninto euros at the closing rate for balance sheet accounts and at the average exchange rate for
\nthe year for income statement accounts. The difference resulting from the use of these two
\ndifferent rates is recorded in the consolidated balance sheet under \u201cReserves\u201d.
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nMain foreign exchange rates
\n\n
\n\n\n | \n31/12/2024 | \n31/12/2023 | \n\n\n\n\n\n\n
\n\n| Closing rate | \n1 EUR = | \n1 EUR = | \n\n\n\n\n\n\n
\n\n| USD | \n1.0389 | \n1.1050 | \n\n\n\n\n\n\n
\n\n| GBP | \n0.8292 | \n0.8691 | \n\n\n\n\n\n\n
\n\n| CHF | \n0.9412 | \n0.9260 | \n\n\n\n\n\n\n
\n\n| SGD | \n1.4164 | \n1.4591 | \n\n\n\n\n\n\n
\n\n| CAD | \n1.4948 | \n1.4642 | \n\n\n\n\n\n\n
\n\n| INR | \n88.9335 | \n91.9045 | \n\n\n\n\n\n\n
\n\n| CNY | \n7.5833 | \n7.8509 | \n\n\n\n\n\n\n
\n\n| DKK | \n7.4578 | \n7.4529 | \n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory",
"language": "en",
"entity": "scheme:5493000GMVR38VUO5D39",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"Tag281": {
"value": "\n
\n\n(In)tangible fixed assets
\n(In)tangible fixed assets are recorded on the assets side of the balance sheet at their
\nacquisition or production cost, less accumulated depreciation and any impairment losses.
\n
\n(In)tangible fixed assets are depreciated over their estimated useful life using the straight-
\nline method.
\n\u2022 Buildings: 30 years
\n\u2022 Equipment and furniture: 3 to 10 years
\n\u2022 Rolling stock: 5 years
\n\u2022 Licenses: 5 years
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory",
"language": "en",
"entity": "scheme:5493000GMVR38VUO5D39",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"Tag282": {
"value": "\n(In)tangible fixed assets
\n(In)tangible fixed assets are recorded on the assets side of the balance sheet at their
\nacquisition or production cost, less accumulated depreciation and any impairment losses.
\n
\n(In)tangible fixed assets are depreciated over their estimated useful life using the straight-
\nline method.
\n\u2022 Buildings: 30 years
\n\u2022 Equipment and furniture: 3 to 10 years
\n\u2022 Rolling stock: 5 years
\n\u2022 Licenses: 5 years
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory",
"language": "en",
"entity": "scheme:5493000GMVR38VUO5D39",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"Tag284": {
"value": "\n
\n\n
\n\n
\n\nInvestments and receivables
\nInvestments at fair value are recorded at the transaction date and are measured at fair value.
\nEquity investments at fair value consist of securities that are acquired with the aim of obtaining
\nreturns in the form of capital gains and/or investment income. They are measured at fair value
\nat each balance sheet date. Unrealised gains and losses are recognised directly in the income
\nstatement. In the event of disposal, the difference between the net sale proceeds and the
\ncarrying amount is charged or credited to the income statement.
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForTransactionsWithRelatedPartiesExplanatory",
"language": "en",
"entity": "scheme:5493000GMVR38VUO5D39",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"Tag287": {
"value": "\n
\n\nInvestments and receivables
\nInvestments at fair value are recorded at the transaction date and are measured at fair value.
\nEquity investments at fair value consist of securities that are acquired with the aim of obtaining
\nreturns in the form of capital gains and/or investment income. They are measured at fair value
\nat each balance sheet date. Unrealised gains and losses are recognised directly in the income
\nstatement. In the event of disposal, the difference between the net sale proceeds and the
\ncarrying amount is charged or credited to the income statement.
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForTransactionsWithNoncontrollingInterestsExplanatory",
"language": "en",
"entity": "scheme:5493000GMVR38VUO5D39",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"Tag286": {
"value": "\nInvestments and receivables
\nInvestments at fair value are recorded at the transaction date and are measured at fair value.
\nEquity investments at fair value consist of securities that are acquired with the aim of obtaining
\nreturns in the form of capital gains and/or investment income. They are measured at fair value
\nat each balance sheet date. Unrealised gains and losses are recognised directly in the income
\nstatement. In the event of disposal, the difference between the net sale proceeds and the
\ncarrying amount is charged or credited to the income statement.
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory",
"language": "en",
"entity": "scheme:5493000GMVR38VUO5D39",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"Tag292": {
"value": "\nDeposits and other current financial assets
\nTrade receivables are measured at amortised cost. IFRS 9 requires the recognition of credit
\nlosses on all debt instruments, loans and trade receivables on the basis of their useful life.
\nThis impairment model under IFRS 9 is based on the anticipation of losses and does not have
\na significant impact on the measurement of impairment of financial assets.
\nDeposits are designated at fair value through the income statement.
\nReceivables from subsidiaries are designated at fair value through the income statement.
\nCash and cash equivalents comprise cash and term deposits with a maturity of less than
\nthree months.
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory",
"language": "en",
"entity": "scheme:5493000GMVR38VUO5D39",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"Tag293": {
"value": "\nTreasury shares
\nPurchases and sales of treasury shares are deducted from and added to equity respectively.
\nChanges during the period are explained in the statement of changes in equity. No result is
\nrecorded on these changes.
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForTreasurySharesExplanatory",
"language": "en",
"entity": "scheme:5493000GMVR38VUO5D39",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"Tag294": {
"value": "\nEmployee benefits
\nThe Sofina group\u2019s employees benefit from \u201cdefined benefit\u201d, \u201cdefined contribution\u201d and \u201ccash
\nbalance\u201d pension plans. These pension plans are financed by contributions from Sofina group
\ncompanies and subsidiaries employing staff and by contributions from the staff.
\nFor pension plans, the cost of pension obligations is determined using the \u201cProjected Unit
\nCredit\u201d actuarial method for \u201cdefined benefit\u201d plans and the \u201cTraditional Unit Credit\u201d method
\nfor \u201cdefined contribution\u201d and \u201ccash balance\u201d plans in accordance with the principles of IAS
\n19. The present value of the promised benefits is calculated. This calculated present value is
\nthen compared with the existing funding and, if necessary, generates an accounting provi
\n-
\nsion. The costs established by the actuaries are themselves compared with the premiums or
\ncontributions paid by the employer to the funding organisation and, if necessary, generate an
\nadditional expense in the consolidated income statement.
\nThe amount recognised in the balance sheet corresponds to the present value of the pension
\nobligations less the fair value of pension plan assets, in accordance with the principles of IAS
\n19. Actuarial differences, differences between the actual return on assets and the normative
\nreturn on assets, as well as the effect of the asset ceiling (excluding the interest effect) are
\nrecognised in full in equity, without subsequent reclassification to the income statement.
\nShare based incentive plans granted are accounted for in accordance with IFRS 2. Under this
\nstandard, the fair value of the options at the grant date is recognised in the income statement
\nover the vesting period. Options are valued using a generally accepted valuation model based
\non market conditions prevailing at the time of granting.
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory",
"language": "en",
"entity": "scheme:5493000GMVR38VUO5D39",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"Tag295": {
"value": "\nFinancial liabilities
\nDerivative financial instruments are initially recorded at fair value and revalued at each balance
\nsheet date. Changes in fair value are recognised in the income statement.
\nTrade payables, loans and bank overdrafts are initially measured at fair value less transaction
\ncosts directly attributable to their acquisition or issue and subsequently measured at amor
\n-
\ntised cost.
\nPayables to subsidiaries are designated at fair value through the income statement.
\nIFRS 16 \u2013 Leases: when a lease is entered into (unless it is a short-term lease or concerns a
\nlow-value asset), a liability is recognised for the related commitment, valued at amortised cost,
\nand the related asset is recognised as property, plant and equipment.
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:5493000GMVR38VUO5D39",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"Tag296": {
"value": "\nProvisions
\nA provision is recognised when a legal or constructive obligation exists at the balance sheet
\ndate as a result of a past event and it is probable that an outflow of resources will be required
\nto settle the obligation, the amount of which can be reliably estimated.
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory",
"language": "en",
"entity": "scheme:5493000GMVR38VUO5D39",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"Tag297": {
"value": "\nTa xe s
\nTaxes include income taxes and deferred taxes. Deferred taxes are recognised in the income
\nstatement except when they relate to items that have been recognised directly in equity, in
\nwhich case they are also recognised directly in this item.
\nIncome taxes consist of taxes payable on taxable income for the year, together with any
\nadjustments relating to previous years.
\nDeferred taxes consist of income taxes payable or recoverable in future years in respect of
\ntemporary differences between the carrying amount of assets and liabilities and their tax base
\nand in respect of unused tax loss carry forwards.
\nDeferred tax is not recognised on temporary differences arising from goodwill that is not
\ndeductible for tax purposes, from the initial recognition of assets or liabilities in a transaction
\nthat is not a business combination and affects neither accounting nor taxable profit at the
\ntime of the transaction, or from investments in subsidiaries, provided it is probable that the
\ntemporary difference will not be reversed in the foreseeable future.
\nDeferred taxes on unused tax losses are recognised only to the extent that taxable profits are
\nlikely to be realised, thereby enabling the losses to be utilised.
\nTaxes are calculated at the tax rates that have been enacted at the closing date.
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:5493000GMVR38VUO5D39",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"Tag298": {
"value": "\nIncome and expenses
\nIncome and expenses are recognised as follows:
\n\u2022 The gross amounts of dividends are recognised in the income statement at the date of allocation;
\n\u2022 Interest income is recognised when earned;
\n\u2022 Interest expense is recorded as incurred;
\n\u2022 Gains and losses on non-current assets and gains and losses on current assets are recognised at
\nthe date of the transaction that generated them;
\n\u2022 Other income and expenses are recognised at the time of the transaction;
\n\u2022 Sofina SA provides investment management services to non-consolidated subsidiaries. Each
\nresulting service obligation is covered by a service contract and the related revenue is recognised
\nas the service obligation is fulfilled (over the term of the contract). Services provided by non-
\nconsolidated subsidiaries to Sofina SA are treated in the same way;
\n\u2022 The gross amount of income and capital gains of non-consolidated foreign investments are
\nrecognised in the income statement.
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceIncomeAndCostsExplanatory",
"language": "en",
"entity": "scheme:5493000GMVR38VUO5D39",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"Tag299": {
"value": "\nSignificant accounting judgments and sources of uncertainty in accounting
\nestimates
\nThe main accounting estimates relate to the valuation of the investment portfolio: the signifi-
\ncant assumptions and judgments are discussed in the notes on the fair value of the portfolio
\nunder point 2.4 above.
\nThe significant judgments made by Sofina when determining its status as an Investment Entity
\nrelate to the assessment of the existence of a divestment strategy on portfolio investments, as
\nwell as the assessment of this divestment strategy on investments held by subsidiaries rather
\nthan on direct investments in these subsidiaries.
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory",
"language": "en",
"entity": "scheme:5493000GMVR38VUO5D39",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"Tag268": {
"value": "Belgium",
"dimensions": {
"concept": "ifrs-full:DomicileOfEntity",
"language": "en",
"entity": "scheme:5493000GMVR38VUO5D39",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"Tag1": {
"value": "Belgium",
"dimensions": {
"concept": "ifrs-full:CountryOfIncorporation",
"language": "en",
"entity": "scheme:5493000GMVR38VUO5D39",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"Tag2": {
"value": "Belgium",
"dimensions": {
"concept": "ifrs-full:PrincipalPlaceOfBusiness",
"language": "en",
"entity": "scheme:5493000GMVR38VUO5D39",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
}
}
}