ldc-2024-12-31-en



	8



Year in Review	Business Performance & Value Creation	Sustainability, Strategy & Performance	Financial Performance	Appendix

Message From

Our CFO

In 2024, our diverse business portfolio

and the excellence of our teams in

managing operations efficiently

allowed LDC to once again deliver

resilient financial results in an

increasingly challenging business

environment, while pursuing our

growth plans and advancing our

sustainability roadmap. Our

performance and progress position

LDC well to meet challenges ahead.

Our diverse business lines as well as our global

presence at both origin and destination, supported

the delivery of increased volumes to customers

around the world, and drove resilient 2024 financial

results for the Group, with Segment Operating

Results and EBITDA at US$2,348 million and

US$1,883 million respectively. In an unstable

business context marked by geopolitical crises

disrupting trade flows, weather events and plant

diseases affecting crop size and quality in certain

product lines and geographies, continued stakeholder

focus and engagement with business partners

allowed us to grow our volumes shipped and meet

our commitments across supply chains.

While continually working to optimize our

organization and resources, increased commercial

and administrative expenses in 2024 primarily

resulted from accelerated spending to support

business expansion both organically and through

acquisitions. We also intensified resource allocation

in support of sustainable value chain efforts and

initiatives.

In a context of higher interest rates, we leveraged

our diversified and efficient funding model to contain

the rise in financial costs, supporting increased

business cash needs and significant investments in

2024. In addition to long term debt raised in the past

at competitive interest rates, in October 2024 we

successfully closed the issuance of a €650 million

seven-year bond at 3.50%, supported by our S&P

Global Ratings investment-grade rating, which was

upgraded in June 2024 to BBB+. We closely

monitored our funding needs, as we also benefited

from strong funds from operations, reflecting the

quality of our results.

Our 2024 operating results, combined with well-

managed cost of financing, led to resilient net income

with a return on equity at 11.0%.



		9



	LDC Integrated Report 2024 >	Financial Performance

In 2024, we also significantly accelerated capital expenditure,

which reached US$1,005 million for the year, as part of

ambitious organic investment programs and acquisitions in

different business lines.

We made sizeable investments in projects to expand our

processing capabilities, particularly in North America,

supporting both core merchandizing and downstream

business growth plans. In Yorkton, Saskatchewan, Canada,

we made significant progress in this sense - expanding our

existing oilseeds processing capacity and starting

construction of a pea protein isolate facility. In the US, we

advanced the construction of a new soybean processing plant

in Upper Sandusky, Ohio. In 2024, we also completed

acquisitions supporting our core and downstream growth

plans: a major soluble coffee business in Brazil, Companhia

Cacique de Café Solúvel, as well as additional cotton ginning

and warehousing capabilities in Australia, with Namoi Cotton

Limited. We also expanded our portfolio with new product

lines, including through our newly-created Pulses business.

We also continued to invest in the improvement of existing

facilities across our businesses - for example, in cogeneration

projects supporting decarbonization at our soybean

processing facilities in Grand Junction, Iowa, US and in

General Lagos, Santa Fe Province, Argentina.

Our strong operational performance and cash flow in 2024

allowed the Group to both invest for the long run and grow

daily operations, as evidenced by the increase in our working

capital usage. We maintained a sound balance sheet

structure, with adjusted leverage ratio at 0.5x and adjusted

net gearing at 0.15 as of December 31, 2024. Our liquidity

position increased year on year, with US$13.4 billion

of available liquidity at the end of the year, resulting in a

coverage of 2.7x the current portion of debt.

Thanks to a resilient operating performance in a challenging

business environment, driven by our teams’ expertise and

excellent delivery, we grew the Group’s equity to US$6.7

billion as of December 31, 2024.

Our financial resilience combined with operational strength,

further enhanced through recent investments and ongoing

business transformation, position LDC as a partner of choice

for stakeholders across our value chains, today and for the

long term.

Patrick Treuer

Chief Financial Officer



	10



Year in Review	Business Performance & Value Creation	Sustainability, Strategy & Performance	Financial Performance	Appendix

Foreword

The following discussion of the Group’s operating results and

financial position should be read in conjunction with the

Group’s consolidated financial statements as of, and for the

years ended December 31, 2024 and December 31, 2023,

prepared in accordance with IFRS® Accounting Standards.

The results presented include certain financial performance

indicators, not defined by IFRS, that are used by LDC’s

management to assess the Group’s financial performance. A

definition based on the consolidated financial statements of

each of these indicators can be found in the footnotes of the

following discussion. The reconciliation of EBITDA, Adjusted

Net Debt and Working Capital Usage with the consolidated

financial statements, as of and for the years ended December

31, 2024 and December 31, 2023, are provided as an

appendix at the end of the following discussion.

The Value Chain Segment includes the Grains & Oilseeds,

Food & Feed Solutions and Juice platforms, along with

Freight and Global Markets. The Merchandizing Segment

comprises the Coffee, Cotton, Rice and Sugar platforms.

Markets remained disrupted over the year ended December

31, 2024, fueled by the ongoing geopolitical crises in different

geographies, as well as concerns about the slowdown in

global growth and uncertain crop size prospects linked to

climatic hazards and crop diseases impacting certain

commodities merchandized by the Group.

Average market prices of cotton, grains, edible oils (except

palm oil), soy and sugar products decreased throughout the

year 2024, while market prices increased for Arabica and

Robusta coffees as well as citrus juices. The foreign

exchange market was marked by an overall appreciation of

the US Dollar, particularly against the Argentine Peso and

Brazilian Real.

In this context, LDC focused on fulfilling its role as a leading

global merchant and processor of agricultural goods, bridging

supply and demand gaps across essential food and feed value

chains, from farmers to end-consumers. The Group continued

to take steps to ensure efficient and reliable operations, and

minimize disruptions at our facilities and in our logistics,

always with employee safety and well-being as a priority.



		11



	LDC Integrated Report 2024 >	Financial Performance

The Group maintained its reinforced risk management

framework, continuing to hold both regular and ad hoc

meetings to examine and mitigate risks, and actively

monitoring counterparty risks across all business lines in an

uncertain environment. LDC also continued to follow strict

compliance procedures to protect the Group, its stakeholders

and assets in a global trade environment marked by

sanctions.

In 2024, the Group also continued to take significant and

concrete steps to advance its commitment to shaping more

sustainable value chains. Importantly, LDC reinforced its

sustainability governance with the creation of a dedicated

Sustainability Committee to support the Group’s Supervisory

Board in overseeing LDC’s goals, strategies and activities

related to sustainability.

In January 2024, the Group announced a collaboration with

The Nature Conservancy to promote and implement

regenerative agriculture and habitat conservation practices in

strategic supply chains, as part of a shared goal to mitigate

climate change from food and agricultural production, and

improve biodiversity and ecosystem services.

In the first half of 2024, the Group also announced

collaborations to promote camelina cultivation in Argentina

and Uruguay, in line with the companies’ efforts to drive

supply chain decarbonization and, ultimately, more efficient

and sustainable agricultural production.

As part of the Group’s decarbonization journey, LDC also

announced in March 2023 a 33.6% reduction target for its

Scope 1 & 2 greenhouse gas emissions by 2030, compared

to its 2022 baseline year. In line with this trajectory, in 2024,

the Group achieved an 8.3% reduction in Scope 1 & 2

emissions year on year.

Additionally, LDC recently adopted its near-term Scope 3

emissions reduction target, which calls for a 20% reduction in

emissions intensity for all agricultural commodities purchased

by LDC by 2030, and a 30% reduction of emissions intensity

associated with Land Use Change, in both cases compared to

a 2022 baseline.



	12



Year in Review	Business Performance & Value Creation	Sustainability, Strategy & Performance	Financial Performance	Appendix

Income Statement Analysis

In a global trade environment of persistent geopolitical,

macroeconomic and environmental challenges, LDC delivered

resilient 2024 results thanks to its expertise and experience,

diversified business portfolio, global presence and network,

supported by ongoing efforts to drive process and cost

optimization and efficiency.

Segment Operating Results amounted to US$2,348 million

for the year ended December 31, 2024, compared to

US$2,607 million for the year ended December 31, 2023, and

EBITDA reached US$1,883 million, compared to US$2,222

million for the year ended December 31, 2023.

Income Before Tax for the year ended December 31, 2024

reached US$866 million, while Net Income, Group Share

landed at US$726 million, compared to US$1,208 million and

US$1,013 million respectively in 2023.

Net Sales

Net Sales amounted to US$50.6 billion for the year ended

December 31, 2024, stable compared to 2023. Lower

average sales prices of the main commodities merchandized

by the Group were offset by higher prices of Arabica and

Robusta coffees and citrus juices, as well as an overall

increase in volumes of 17.4% year on year.

• The Value Chain Segment’s net sales decreased 2.6%

year on year, mainly owing to the lower price environment

throughout the period for grains and oilseeds products,

with the exception of palm oil. The Grains & Oilseeds

Platform shipped higher volumes year on year, especially

wheat and soy, supported by recovery in crop sizes in

Argentina. The Freight Platform’s net sales increased year

on year, driven by both increased activities and higher

average prices. Higher Juice Platform net sales were also

fueled by higher average prices.

• The Merchandizing Segment’s net sales increased by

6.6% year on year. Coffee and Rice Platform net sales

increased thanks to both higher volumes shipped and

average sales prices compared to 2023. The Cotton

Platform’s net sales decreased mainly due to lower

average sales prices combined with weaker shipping

demand. Sugar Platform net sales also decreased, as

average sales prices and volumes reduced compared to

2023.

Segment Operating Results

Segment Operating Results amounted to US$2,348 million

for the year ended December 31, 2024, compared to

US$2,607 million in 2023. LDC’s performance remained

resilient thanks to its diverse business portfolio and ability to

adapt to changing market conditions, supporting growth in

volumes shipped. In a business context with lower volatility

year on year in some of the markets in which the Group

operates, LDC once again leveraged its global presence and

market insights to capture profitable origination and sales

opportunities, successfully manage risks, and meet customer

demand in a persistently uncertain and complex global trade

environment.

Value Chain Segment

The Segment’s Operating Results amounted to

US$1,672 million for the year ended December 31, 2024,

compared to US$1,910 million in 2023.

The Grains & Oilseeds Platform delivered lower operating

results compared to a strong 2023, but performance

remained robust thanks to customer base expansion, a global

footprint, product diversification and integrated value chain

management from origin to destination. The contribution of

our wheat business to Platform performance improved, with

higher volumes sold and strong margins at destination,

supported by a larger crop in Argentina. Our global beans and

corn businesses were negatively impacted by fewer

opportunities in a context of low volatility, partially offset by

higher volumes sold. In Brazil, record low farmer selling

combined with crop failures weighed on origination margins,

while in Argentina, activities and margins recovered from

lower levels in 2023. The vegetable oils business delivered

resilient results thanks to efficient hedging strategies in a

challenging year. Processing margins decreased in China, in a

context of stagnant demand, as well as in North America, due

to substitution for low carbon intensity feedstocks in

renewable diesel processing and uncertainties about

continuity of the US biofuel tax credit.

The Juice Platform achieved significantly improved operating

results for the year ended December 31, 2024, thanks to

supportive market prices, enhanced processing margins,

process improvements and lower energy costs. The global

orange crop was notably impacted by weather conditions and

citrus greening, leading to lower yields. The Platform partially

compensated the decrease in shipped volumes by

diversifying revenue towards other juices, such as apple,

lemon and lime, as well as citrus ingredients.

In its second year of operations, the Food & Feed Solutions

Platform continued to positively contribute to the Segment’s

results, demonstrating the resilience of its global business

model, based on a multi-origin, multi-product approach. In a

context marked by a challenging environment that weighed

on both margins and demand, the Platform leveraged

upstream integration and its global footprint to make

significant strides in expanding its product and customer

portfolio.



		13



	LDC Integrated Report 2024 >	Financial Performance

The Freight Platform delivered steady operating results for

the year ended December 31, 2024, which was marked by a

challenging geopolitical environment and a sharp Baltic

Drybulk Index decline in the last quarter of the year.

Uncertainties in global manufacturing growth, especially in

China, and disruptions in the Red Sea drove market rate

volatility. The Platform’s performance was supported by

increased activities year on year, successful fleet positioning

and timely hedging strategies, as well as continued

innovation to optimize its operational model.

The Global Markets Platform continued to provide strong

support to the Group through efficient interest rate and

foreign exchange risk management across all significant

currencies in LDC’s business, while keeping pace with the

market’s constant evolution and needs.

Merchandizing Segment

Segment Operating Results reached US$676 million for the

year ended December 31, 2024, compared to US$697 million

in 2023.

The Cotton Platform delivered lower operating results

compared to 2023, largely due to reduced merchandizing

opportunities amid diminished global demand. Throughout

the period, easing concerns over exportable supply and

uncertainty over future Chinese import demand weighed on

cotton prices. Contributions from the Platform’s assets were

lower compared to the same period in 2023, due to a smaller

crop in the US with lower inventories on hand in LDC

warehouses. In this challenging environment, Platform

earnings were supported by a successful hedging strategy

combined with solid merchandizing margins in certain

markets, particularly India.

For the year ended December 31, 2024, the Coffee Platform

grew its operating results year on year, thanks to higher

volumes shipped combined with improved origination

margins, especially in Brazil and Vietnam. Coffee prices and

volatility increased in 2024 on the back of crop disruptions

linked to climate challenges in both countries, increasing

global demand, combined with logistics constraints in the

Red Sea and Brazil. Over the last months of 2024,

uncertainties about EU deforestation regulation

implementation date, as well as potential tariff increases in

the US also impacted coffee prices and volatility. In this

complex environment, the Platform’s performance was

supported by a successful hedging strategy.

The Sugar Platform’s operating results decreased year on

9 Interest income, Interest expense and Other financial income and expense.

year. Amid concerns over global supply due to lack of rainfall

in Brazil at the beginning of the period, the size of the

Brazilian crop decreased, weighing on origination margins. In

2024, the market behaved within a more range-bound price

environment compared to 2023.

Commercial opportunities diminished, as sugar flows to

destination markets became further reliant on Brazilian

exports, and the Platform also faced execution challenges

that adversely affected operational margins.

The Rice Platform continued to improve its operating results

year on year, increasing volumes sold compared to 2023, by

leveraging additional commercial opportunities at destination

thanks to its global network and strong reputation. The

Platform successfully anticipated market volatility, mainly

fueled by uncertainties about Indian export restrictions. The

Platform’s financial performance was further consolidated

through continued optimization of logistical costs.

Commercial and Administrative Expenses

Commercial and administrative expenses increased year on

year, due to inflation and higher personnel costs related

mainly to business growth and expansion downstream, as

well as additional sustainability and digital transformation

efforts.

Net Finance Costs

Net finance costs9 amounted to US$(329) million for the year

ended December 31, 2024, up from US$(266) million in 2023.

The increase in interest expenses of US$(74) million was

driven by a combination of higher Working Capital Usage and

a rise in the Secured Overnight Financing Rate (SOFR): an

average 15bps increase over 2024 for the SOFR 1M,

compared to 2023.

Income Before Tax

Income before tax decreased to US$866 million for the year

ended December 31, 2024, compared to US$1,208 million for

2023.

Taxes

Taxes amounted to US$(138) million for the year ended

December 31, 2024, resulting in a 15.9% effective tax rate,

compared to 16.4% for the same period in 2023. This was

mainly due to a favorable functional currency impact

combined with improved prospects of recoverability of

deferred tax assets on net operating losses in Brazil.

Net Income, Group Share

Net income, Group Share, settled at US$726 million for the

year ended December 31, 2024, compared to US$1,013

million in 2023. Return on equity reached 11.0% for the 12-

month period ended December 31, 2024, compared to 16.6%

for the 12-month period ended December 31, 2023.



	14



Year in Review	Business Performance & Value Creation	Sustainability, Strategy & Performance	Financial Performance	Appendix

Balance Sheet Analysis

Non-Current Assets

As of December 31, 2024, non-current assets amounted to

US$6,006 million, up from US$5,383 million as of December

31, 2023:

• Fixed assets landed at US$5,023 million, compared to

US$4,275 million as of December 31, 2023. The increase

was mainly due to the acceleration in capital expenditure

on new projects and constructions, as well as acquisitions

in Brazil and Australia.

• Investments in associates and joint ventures decreased

from US$291 million as of December 31, 2023, to US$266

million as of December 31, 2024 mainly due to the change

in consolidation method of Namoi Cotton Alliance as a

consequence of the Namoi Cotton Limited acquisition.

• Non-current financial assets increased from US$311

million as of December 31, 2023, to US$358 million as of

December 31, 2024, mainly due to an increase in margin

deposits linked to non-current derivatives.

• Other non-current assets amounted to US$193 million as

of December 31, 2024, down from US$253 million as of

December 31, 2023, mainly due to the collection of tax

credits.

Capital Expenditure

Maintaining its highly selective investment policy, LDC

invested US$1,005 million during the year ended December

31, 2024, up from US$636 million for the year ended

December 31, 2023, supporting its strategic ambitions while

securing solid cash flows and remaining prudent in capital

deployment, as a volatile and uncertain market environment

persisted. With a significant part of capital expenditure

remaining discretionary as per the Group’s investment policy,

LDC is well-positioned to adapt to and capture emerging

opportunities as they arise.

The Group invested in planned and custom maintenance and

enhancements to ensure the continued operational

performance and safety of its existing facilities. LDC also

moved forward with strategic long-term projects for the

expansion of its processing capacity and diversification

downstream.

System developments and improvements remained an

important investment area for the Group, particularly the roll-

out of its global back-office enterprise resource planning

(ERP) system and the deployment of an upgraded version of

its existing front-office system. System harmonization and

enhancement through AI formed part of the Group’s

digitalization efforts, aiming to drive efficiency and support

cost-effective business management in an increasingly

complex environment.

Value Chain Segment

The Segment invested US$766 million over the year ended

December 31, 2024, mostly to expand oilseeds processing

capacity and support developments downstream.

In North America, the Grains & Oilseeds Platform continued

to invest in the expansion of its canola processing complex in

Yorkton, Saskatchewan, Canada, aiming to reinforce its

capacity to supply food, feed and energy customers. The

Platform also invested further in the construction of its new

soybean processing complex in Upper Sandusky, Ohio, US,

with integrated crushing and vegetable oil refining

capabilities. The new plant will also be equipped to process

renewable energy feedstock, further enabling LDC to help

meet growing demand for renewables. In addition, the Group

initiated the installation of a cogeneration unit at its ethanol

plant in Grand Junction, Iowa, US, with a goal to reduce

greenhouse gas emissions and optimize future energy costs.

LDC also advanced the expansion of its refining complex in

Lampung, Indonesia, with the addition of glycerin refining and

edible oil packaging capabilities. The Platform also invested in

logistic assets in Argentina, Paraguay and Uruguay.

As announced in February 2024, the Food & Feed Solutions

Platform also started the construction of a pea protein isolate

production plant in Yorkton, Saskatchewan, Canada,

dedicated to its plant proteins business.

The Juice Platform accelerated investments in replanting

citrus groves, improving operational performance and

optimizing production costs through increased capacity. The

Platform’s focus was on industrial asset maintenance and

continuous improvements, mainly in Brazil, as well as

operational safety enhancements.



		15



	LDC Integrated Report 2024 >	Financial Performance

Merchandizing Segment

Over the year ended December 31, 2024, platforms in the

Segment invested US$239 million.

In 2024, the Group successfully acquired the remaining

issued shares in Namoi Cotton Limited to support our vertical

diversification, while further enhancing and balancing the

global footprint of our cotton business.

In Brazil, the Sugar Platform invested in the construction of a

transshipment terminal in Pederneiras, São Paulo, and

injected additional capital in TEAG - Terminal de Exportação

de Açúcar do Guarujá Ltda, a joint venture terminal for sugar

exports.

In November 2024, the Group completed the acquisition of

100% of the shares in Companhia Cacique de Café Solúvel, in

line with LDC’s strategy to diversify revenue streams through

value-added product lines. This acquisition adds two

processing assets in Brazil for the production of soluble

coffee. In addition, the Coffee Platform continued to invest in

storage capacity at its facility in Lampung, Indonesia.

The Group also invested in the expansion of its logistic

facilities at the port of Antwerp, Belgium, managed by its

subsidiary Ilomar Holding N.V.

In August 2024, the Group also started the construction of a

logistics hub in Rondonópolis, Mato Grosso State, Brazil,

supporting both fertilizers and cotton operations in the region.

Working Capital

Working Capital Usage (WCU) amounted to US$8.8 billion as

of December 31, 2024, up from US$7.3 billion as of

December 31, 2023, as both segments increased their

working capital needs:

• Value Chain Segment working capital needs increased

compared to December 31, 2023, mainly driven by the

Juice Platform, as a result of higher market prices leading

to increased inventories.

• Merchandizing Segment working capital needs also

increased compared to December 31, 2023, driven mostly

by the Coffee Platform, as a result of higher inventory

volumes combined with an increase in valuation due to the

price increase of Arabica and Robusta. This increase was

partially compensated by decreased Cotton Platform

WCU, as a result of lower inventories and prices.

Due to their highly liquid nature, certain agricultural

inventories are treated as Readily Marketable Inventories

(RMIs), which are readily convertible into cash due to widely

available markets and international pricing mechanisms. LDC

considers that trading inventories with a liquidity horizon of

less than three months qualify as RMIs if they can be sold

without discount. As of December 31, 2024, RMIs

represented 96.6% of the Group’s trading inventories,

compared to 95.6% as of December 31, 2023.

Financing

LDC’s funding model supports its long-term strategy by using

long-term debt for investments and short-term debt for

working capital. In 2021 and 2022, LDC secured long-term

financing at competitive rates, temporarily using excess funds

for short-term needs. As of December 31, 2024, the balance

sheet shows a significant excess of long-term sources

compared to the amount of long-lived assets and the less

liquid part of the Working Capital Usage, supporting growth

and cost-efficient operations.

LDC’s operations to originate, store, transform and distribute

agricultural commodities throughout the world require

sizeable amounts of capital, and its funding model is flexible

enough to allow the Group to adapt funding to volatile market

conditions. To guarantee continued access to capital, LDC

implemented a funding strategy based on the following

pillars:

• Diversified sources of funds: 39.5% of long-term financing

came from debt capital markets as of December 31, 2024,

and 20.3% from a Farm Credit System loan;

• Increased debt maturity profile: average maturity of non-

current portion of long-term financing was 5.0 years as of

December 31, 2024;

• Sizeable proportion of committed facilities: 42.7% of total

Group facilities were committed, of which US$4.4 billion

with maturities beyond one year remained undrawn as of

December 31, 2024; and

• the Group’s public investment grade rating by S&P Global

Ratings was upgraded in June 2024, from 'BBB/A-2' to

‘BBB+/A-2’ with stable outlook, underlining LDC’s solid

operating and financial performance.

Financing Arrangements

Long Term Financing

In October 2024, Louis Dreyfus Company Finance B.V. issued

a €650 million rated (‘BBB+’ from S&P Global Ratings) senior

unsecured bond with a seven-year tenor and a coupon of

3.50%. The offer met with strong demand from more than

160 investors with a final order book totaling over €2.4 billion.

The bond is listed on the Luxembourg Stock Exchange

regulated market.

Revolving Credit Facilities (RCFs)

The Group has six syndicated RCFs in three of its regional

hubs (Singapore, Switzerland and US), as well as one with the

European Bank for Reconstruction and Development, for a

total amount of US$4.4 billion as of December 31, 2024. The

Group mitigates the risk of refinancing by maintaining

geographical diversification and staggered maturity dates. To

that end, each of its three regional hubs usually refinances

one of its RCFs each year, one year ahead of maturity, when

market conditions are deemed favorable.



	16



Year in Review	Business Performance & Value Creation	Sustainability, Strategy & Performance	Financial Performance	Appendix

Balance Sheet Analysis

Continued

In May 2024, Louis Dreyfus Company LLC refinanced its

US$800 million RCF into a three-year RCF for the same size,

maturing in May 2027.

In August 2024, Louis Dreyfus Company Asia Pte. Ltd.

refinanced and increased its US$700 million RCF one year

ahead of its maturity, into a three-year US$730 million facility

maturing in August 2027.

In December 2024, Louis Dreyfus Company Suisse S.A.

refinanced and increased its US$455 million RCF into a three-

year US$660 million facility maturing in December 2027.

Consequently, as of December 31, 2024, all committed RCFs

were maturing above one year. All Group RCFs are

guaranteed by Louis Dreyfus Company B.V. and all

syndicated RCFs included a sustainability-linked pricing

mechanism.

EU Commercial Paper Program

Louis Dreyfus Company B.V.'s rated EU Commercial Paper

Program allows the Group to benefit from access to

diversified sources of short-term financing at competitive

rates, with an outstanding amount of US$260 million as of

December 31, 2024 (versus US$233 million as of December

31, 2023), and a yearly average of US$329 million across

maturities ranging up to 12 months in 2024.

Debt and Leverage

As of December 31, 2024, long-term debt10 stood at US$5.5

billion, up by US$0.5 billion compared to December 31, 2023.

The increase mostly comprises the €650 million rated senior

unsecured bond issuance.

Short-term debt11 increased by US$1.3 billion, standing at

US$3.2 billion as of December 31, 2024. The increase

reflected an increased working capital level by US$1.5 billion.

Cash and cash equivalents decreased by US$0.2 billion, to

US$1.3 billion as of December 31, 2024.

10 Current and non-current portion of the long-term debt.

11 Short-term debt plus financial advances from related parties, net of repurchase agreements and securities short positions.

In line with common practice in the agribusiness sector,

short-term debt should be netted against RMIs, as those

inventories can be considered as quasi-cash due to their

highly liquid nature. Adjusted net debt reached US$1.0 billion

as of December 31, 2024, with an adjusted leverage ratio of

0.5x, remaining low as normalizing performance combined

with capital expenditures delayed cash generation. Adjusted

net gearing stood at 0.15 as of December 31, 2024,

compared to 0.02 as of December 31, 2023.

Liquidity

The Group prudently manages financial risks, ensuring

sustained access to liquidity. As of December 31, 2024, the

Group had US$4.6 billion of undrawn committed bank lines.

Available liquidity, which comprises current financial assets,

RMIs and undrawn committed bank lines, remained very

strong throughout the period and stood at US$13.4 billion as

of December 31, 2024, enabling the Group to cover 2.7x the

current portion of its debt as of that date.

Equity

Equity attributable to owners of the company increased from

US$6,630 million as of December 31, 2023, to US$6,676

million as of December 31, 2024, with total equity of

US$6,709 million at the same date.

The US$46 million increase in equity attributable to owners of

the company over the year ended December 31, 2024, mainly

resulted from the US$726 million of net income, Group Share

for the period, net of the payment of a US$507 million

dividend and changes in fair value of cash flow hedges and

foreign currency translation adjustment.



		17



	LDC Integrated Report 2024 >	Financial Performance

Risk

Identifying and quantifying risks is central to LDC’s business

model, and the Group has long been committed to

developing appropriate organizational structures to mitigate

and manage these risks.

As usual, the Group closely monitored its daily value-at-risk

(VaR) and kept it significantly below 1% of its equity. Annual

average VaR for the Group reached 0.26% in both 2024 and

2023. VaR is only one of the risk metrics within LDC’s wider

risk management system.

Subsequent Events

There is no subsequent event that could affect the Financial

Statements.



	18



Year in Review	Business Performance & Value Creation	Sustainability, Strategy & Performance	Financial Performance	Appendix

Reconciliation of Non-GAAP Indicators

Reconciliation With the Consolidated Financial Statements

Unless otherwise stated in the ‘Notes’ column of the following tables, all figures can be found either in the ‘Consolidated

Income Statement’, the ‘Consolidated Balance Sheet’ or the ‘Consolidated Statement of Cash Flows’.

EBITDA (year ended December 31)


In millions of US$	Notes	2024	2023
Income before tax		866	1,208
(-) Interest income		(51)	(44)
(-) Interest expense		394	320
(-) Other financial income and expense		(14)	(10)
(+) Other (financial income related to commercial transactions)	2.3	57	59
(-) Depreciation and amortization		632	631
(-) Gain (loss) on sale of consolidated companies	2.4	—	(3)
(-) Gain (loss) on sale of fixed assets	2.4	(1)	1
(-) Other gains and losses		—	60
= EBITDA		1,883	2,222

Adjusted Net Debt (as of)


In millions of US$	Notes	December 31, 2024	December 31, 2023
(+) Long-term debt		4,333	4,688
(+) Current portion of long-term debt		1,173	307
(+) Short-term debt		3,736	1,906
(+) Financial advances from related parties		94	45
(-) Repurchase agreements	5.3	(587)	(3)
(-) Securities short positions	5.3	(7)	—
(-) Financial advances to related parties		(13)	(9)
(-) Other financial assets at fair value through P&L		(1,087)	(522)
(+) Marketable securities held for trading	5.5	1,067	462
(+) Reverse repurchase agreements	5.5	7	40
(-) Cash and cash equivalents		(1,311)	(1,498)
= Net debt		7,405	5,416
(-) RMIs	3.7	(6,383)	(5,277)
= Adjusted Net Debt		1,022	139



		19



	LDC Integrated Report 2024 >	Financial Performance

Working Capital Usage (as of)


In millions of US$	Notes	December 31, 2024	December 31, 2023
(+) Inventories		7,787	6,430
(+) Biological assets		60	45
(+) Trade and other receivables		5,869	5,897
(+) Derivative assets		1,749	1,673
(+) Margin deposits		760	528
(+) Current tax assets		91	59
(+) Marketable securities held for trading	5.5	1,067	462
(+) Reverse repurchase agreement loan	5.5	7	40
(-) Trade and other payables		(6,053)	(6,177)
(-) Derivative liabilities		(1,824)	(1,399)
(-) Provisions (current)		(22)	(41)
(-) Current tax liabilities		(108)	(180)
(-) Repurchase agreements	5.3	(587)	(3)
(-) Securities short position	5.3	(7)	—
= Working Capital Usage		8,789	7,334



	20



Year in Review	Business Performance & Value Creation	Sustainability, Strategy & Performance	Financial Performance	Appendix

Consolidated

Financial Statements


Report of the Independent Auditor	160
Consolidated Income Statement	162
Consolidated Statement of Comprehensive Income	163
Consolidated Balance Sheet	164
Consolidated Statement of Cash Flows	166
Consolidated Statement of Changes in Equity	167
Notes to the Consolidated Financial Statements	168



		21



	LDC Integrated Report 2024 >	Financial Performance



	22



Year in Review	Business Performance & Value Creation	Sustainability, Strategy & Performance	Financial Performance	Appendix

Report of the Independent Auditor

To the Management Board of Louis Dreyfus

Company B.V.

Introduction

We have audited the consolidated financial statements of

Louis Dreyfus Company B.V. and its subsidiaries (the

“Group”), which comprise the consolidated income

statement and the consolidated statement of comprehensive

income for the year ended December 31, 2024, and the

consolidated balance sheet as at December 31, 2024, the

consolidated statement of cash flows, the consolidated

statement of changes in equity for the year then ended, and

notes to the consolidated financial statements, including

material accounting policy information.

In our opinion, the accompanying consolidated financial

statements give a true and fair view of the consolidated

financial position of the Group as at December 31, 2024 and

of its consolidated financial performance and its consolidated

cash flows for the year then ended in accordance with IFRS

Accounting Standards as adopted by the European Union.

Basis for opinion

We conducted our audit in accordance with International

Standards on Auditing (ISA). Our responsibilities under those

standards are further described in the 'Auditor’s

responsibilities for the audit of the consolidated financial

statements' section of our report. We are independent of the

Group in accordance with the International Code of Ethics for

Professional Accountants (including International

Independence Standards) issued by the International Ethics

Standards Board for Accountants (IESBA Code), and we have

fulfilled our other ethical responsibilities in accordance with

these requirements.

We believe that the audit evidence we have obtained is

sufficient and appropriate to provide a basis for our opinion.

Other matter

The consolidated financial statements for the year ended

December 31, 2023 were audited by another auditor who

expressed an unmodified opinion on those consolidated

financial statements on March 20, 2024.

Other information

The Management Board is responsible for the other

information. The other information comprises the information

included in the annual report, but does not include the

financial statements, the consolidated financial statements

and our auditor’s reports thereon.

Our opinion on the consolidated financial statements does

not cover the other information and we do not express any

form of assurance conclusion thereon.

In connection with our audit of the consolidated financial

statements, our responsibility is to read the other information

and, in doing so, consider whether the other information is

materially inconsistent with the consolidated financial

statements or our knowledge obtained in the audit or

otherwise appears to be materially misstated.

If, based on the work we have performed, we conclude that

there is a material misstatement of this other information, we

are required to report that fact. We have nothing to report in

this regard.

Management Board’s responsibilities for the

consolidated financial statements

The Management Board is responsible for the preparation of

consolidated financial statements, that give a true and fair

view in accordance with IFRS Accounting Standards as

adopted by the European Union, and for such internal control

as the Management Board determines is necessary to enable

the preparation of consolidated financial statements that are

free from material misstatement, whether due to fraud or

error.



		23



	LDC Integrated Report 2024 >	Financial Performance

In preparing the consolidated financial statements, the

Management Board is responsible for assessing the Group’s

ability to continue as a going concern, disclosing, as

applicable, matters related to going concern and using the

going concern basis of accounting unless the Management

Board either intends to liquidate the Group or to cease

operations, or has no realistic alternative but to do so.

Auditor’s responsibilities for the audit of the

consolidated financial statements

Our objectives are to obtain reasonable assurance about

whether the consolidated financial statements as a whole are

free from material misstatement, whether due to fraud or

error, and to issue an auditor’s report that includes our

opinion. Reasonable assurance is a high level of assurance

but is not a guarantee that an audit conducted in accordance

with ISA will always detect a material misstatement when it

exists. Misstatements can arise from fraud or error and are

considered material if, individually or in the aggregate, they

could reasonably be expected to influence the economic

decisions of users taken on the basis of these consolidated

financial statements.

As part of an audit in accordance with ISA we exercise

professional judgement and maintain professional scepticism

throughout the audit. We also:

• Identify and assess the risks of material misstatement of

the consolidated financial statements whether due to

fraud or error, design and perform audit procedures

responsive to those risks, and obtain audit evidence that

is sufficient and appropriate to provide a basis for our

opinion. The risk of not detecting a material misstatement

resulting from fraud is higher than for one resulting from

error, as fraud may involve collusion, forgery, intentional

omissions, misrepresentations, or the override of internal

control.

• Obtain an understanding of internal control relevant to the

audit in order to design audit procedures that are

appropriate in the circumstances, but not for the purpose

of expressing an opinion on the effectiveness of the

Group’s internal control.

• Evaluate the appropriateness of accounting policies used

and the reasonableness of accounting estimates and

related disclosures made.

• Conclude on the appropriateness of the Management

Board’s use of the going concern basis of accounting and,

based on the audit evidence obtained, whether a material

uncertainty exists related to events or conditions that may

cast significant doubt on the Group’s ability to continue as

a going concern. If we conclude that a material

uncertainty exists, we are required to draw attention in

our auditor’s report to the related disclosures in the

consolidated financial statements or, if such disclosures

are inadequate, to modify our opinion. Our conclusions

are based on the audit evidence obtained up to the date

of our auditor’s report. However, future events or

conditions may cause the Group to cease to continue as a

going concern.

• Evaluate the overall presentation, structure and content of

the consolidated financial statements, including the

disclosures, and whether the consolidated financial

statements represent the underlying transactions and

events in a manner that achieves fair presentation.

• Obtain sufficient appropriate audit evidence regarding the

financial information of the entities or business activities

within the Group to express an opinion on the

consolidated financial statements. We are responsible for

the direction, supervision and performance of the group

audit. We remain solely responsible for our audit opinion.

We communicate with the Management Board or its relevant

committee regarding, among other matters, the planned

scope and timing of the audit and significant audit findings,

including any significant deficiencies in internal control that

we identify during our audit.

PricewaterhouseCoopers SA

Travis Randolph Ewa Anselm-Jedlinska

Geneva, March 18, 2025

PricewaterhouseCoopers SA, Avenue Giuseppe-Motta 50, 1202 Genève, Switzerland

Phone: +41 58 792 91 00, www.pwc.ch

PricewaterhouseCoopers SA is a member of the global PricewaterhouseCoopers network of firms, each of which is a separate and independent legal entity.



	24



Year in Review	Business Performance & Value Creation	Sustainability, Strategy & Performance	Financial Performance	Appendix

Consolidated Income Statement

Year ended December 31


(in millions of US$)	Notes	2024	2023
Net sales	2.2	50,589	50,624
Cost of sales		(48,258)	(48,045)
Gross margin		2,331	2,579
Commercial and administrative expenses		(1,138)	(1,047)
Interest income	2.3	51	44
Interest expense	2.3	(394)	(320)
Other financial income and expense	2.3	14	10
Share of profit (loss) in investments in associates and joint ventures	3.3	17	28
Gain (loss) on investments and sale of fixed assets	2.4	(15)	(26)
Other gains and losses	2.5	—	(60)
Income before tax		866	1,208
Income taxes	2.6	(138)	(198)
Net income		728	1,010
Attributable to:
Owners of the company		726	1,013
Non-controlling interests		2	(3)



		25



	LDC Integrated Report 2024 >	Financial Performance

Consolidated Statement of

Comprehensive Income

Year ended December 31


(in millions of US$)	2024	2023
Net income	728	1,010

Items reclassified from other comprehensive income (OCI) to net income during the year
Gain (loss) on cash flow and net investment hedges	85	(46)
Related tax impact	(24)	16
Exchange differences recycled upon sale/liquidation of investments	—	34
Investments in associates and joint ventures - share of OCI	16	3
Total	77	7

Items that may be reclassified subsequently from OCI to net income
Cash flow and net investment hedges - change in fair value, gross	(255)	48
Related tax impact	76	(25)
Exchange differences arising on translation of foreign operations	(67)	(9)
Investments in associates and joint ventures - share of OCI	(11)	3
Total	(257)	17

Items that will not be reclassified subsequently from OCI to net income
Pensions, gross	8	1
Related tax impact	(2)	—
Total	6	1

Total OCI	(174)	25

Total comprehensive income	554	1,035
Attributable to:
Owners of the company	553	1,040
Non-controlling interests	1	(5)



	26



Year in Review	Business Performance & Value Creation	Sustainability, Strategy & Performance	Financial Performance	Appendix

Consolidated Balance Sheet

As of December 31


(in millions of US$)	Notes	2024	2023
Non-current assets
Intangible assets	3.1	271	273
Property, plant and equipment	3.2	4,752	4,002
Investments in associates and joint ventures	3.3	266	291
Non-current financial assets	5.4	358	311
Deferred income tax assets	2.6	166	253
Other non-current assets	3.4	193	253
Total non-current assets		6,006	5,383

Current assets
Inventories	3.7	7,787	6,430
Biological assets	3.8	60	45
Trade and other receivables	3.9	5,869	5,897
Derivative assets	4.8	1,749	1,673
Margin deposits	4	760	528
Current tax assets		91	59
Financial advances to related parties	7.3	13	9
Other financial assets at fair value through profit and loss	5.5	1,087	522
Cash and cash equivalents	5.6	1,311	1,498
Total current assets		18,727	16,661
Assets classified as held for sale	1.7	6	32
Total assets		24,739	22,076



		27



	LDC Integrated Report 2024 >	Financial Performance

Consolidated Balance Sheet

Continued

As of December 31


(in millions of US$)	Notes	2024	2023
Equity
Issued capital and share premium		1,587	1,587
Retained earnings		5,370	5,151
Other reserves		(281)	(108)
Equity attributable to owners of the company		6,676	6,630
Equity attributable to non-controlling interests		33	34
Total stockholders' equity and non-controlling interests	5.1	6,709	6,664

Non-current liabilities
Long-term debt	5.2	4,333	4,688
Retirement benefit obligations	6.1	54	65
Provisions	3.6	73	83
Deferred income tax liabilities	2.6	81	189
Other non-current liabilities	3.5	479	332
Total non-current liabilities		5,020	5,357

Current liabilities
Short-term debt	5.3	3,736	1,906
Current portion of long-term debt	5.2	1,173	307
Financial advances from related parties	7.3	94	45
Trade and other payables	3.10	6,053	6,177
Derivative liabilities	4.8	1,824	1,399
Provisions	3.6	22	41
Current tax liabilities		108	180
Total current liabilities		13,010	10,055
Total liabilities		18,030	15,412
Total equity and liabilities		24,739	22,076



	28



Year in Review	Business Performance & Value Creation	Sustainability, Strategy & Performance	Financial Performance	Appendix

Consolidated Statement of Cash Flows

Year ended December 31


(in millions of US$)	Notes	2024	2023	1
Net income		728	1,010	1
Adjustments for				1
Depreciation and amortization		632	631	1
Biological assets' change in fair value	3.8	(17)	24	1
Income taxes	2.6	138	198	1
Net finance costs		329	286	1
Change in provisions, net		(19)	79	1
Share of (profit) loss in investments in associates and joint ventures, net of dividends	3.3	4	(26)	1
(Gain) loss on investments and sale of fixed assets	2.4	15	26	1
Cash flow from operations before changes in operating assets and liabilities, interests and tax		1,810	2,228	1
Inventories and biological assets		(1,333)	(354)	1
Derivatives		174	(364)	1
Margin deposits net of margin deposit liabilities		(308)	292	1
Trade and other receivables		(117)	524	1
Trade and other payables		53	(40)	1
Changes in operating assets and liabilities		(1,531)	58	1
Interests paid		(454)	(347)	1
Interests received		121	72	1
Income tax received (paid)		(189)	(167)	1
Net cash from (used in) operating activities		(243)	1,844	1
Investing activities				1
Purchase of fixed assets		(813)	(597)	1
Additional investments, net of cash acquired		(192)	(39)	1
Proceeds from sale of fixed assets		31	5	1
Proceeds from sale of investments, net of cash disposed		7	9	1
Net cash from (used in) investing activities		(967)	(622)	1
Financing activities				1
Net proceeds from (repayment of) short-term debt and related parties loans and advances	5.3	1,278	(73)	1
Proceeds from long-term financing	5.2	733	540	1
Repayment of long-term financing	5.2	(188)	(598)	1
Repayment of lease liabilities	7.1	(279)	(261)	1
Transactions with non-controlling interests		—	(7)	1
Dividends paid to equity owners of the company	5.1	(507)	(503)	1
Dividends paid to non-controlling interests		(1)	(1)	1
Net cash from (used in) financing activities		1,036	(903)	1
Exchange difference on cash		(13)	(5)	1
Net increase (decrease) in cash and cash equivalents		(187)	314	1
Cash and cash equivalents, at beginning of the year	5.6	1,498	1,184	1
Cash and cash equivalents, at year-end	5.6	1,311	1,498	1



		29



	LDC Integrated Report 2024 >	Financial Performance

Consolidated Statement of

Changes in Equity

Year ended December 31


(in millions of US$)	Notes	Issued capital and share premium	Retained earnings	Other reserves	Equity attributable to owners of the company	Equity attributable to non- controlling interests	Total equity	1
Balance as of December 31, 2022		1,587	4,641	(132)	6,096	43	6,139	1
Net income			1,013		1,013	(3)	1,010	1
Other comprehensive income, net of tax				27	27	(2)	25	1
Total comprehensive income	5.1		1,013	27	1,040	(5)	1,035	1
Dividends	5.1		(503)		(503)	(1)	(504)	1
Transactions with non-controlling interests				(3)	(3)	(3)	(6)	1
Balance as of December 31, 2023		1,587	5,151	(108)	6,630	34	6,664	1
Net income			726		726	2	728	1
Other comprehensive income, net of tax				(173)	(173)	(1)	(174)	1
Total comprehensive income	5.1		726	(173)	553	1	554	1
Dividends	5.1		(507)		(507)	(1)	(508)	1
Transactions with non-controlling interests			—	—	—	(1)	(1)	1
Balance as of December 31, 2024		1,587	5,370	(281)	6,676	33	6,709	1



	30



Year in Review	Business Performance & Value Creation	Sustainability, Strategy & Performance	Financial Performance	Appendix

Notes to the Consolidated

Financial Statements

Louis Dreyfus Company B.V. (“LDC” or the “company”) is a privately owned company incorporated in the Netherlands on

December 28, 2004, registered at the Chamber of Commerce under registration number 24371219. The address of its

registered office is Westblaak 92, 3012 KM Rotterdam, Netherlands. LDC is an indirect subsidiary of Louis Dreyfus Holding B.V.

(LDH), a privately owned Dutch company controlled by the family foundation established by Robert Louis-Dreyfus.

LDC is a direct subsidiary of Louis Dreyfus Company Holdings B.V. (LDCH), a company incorporated in the Netherlands, which

in turn is held by Louis Dreyfus Company International Holding B.V., a holding company indirectly owned at 55% by LDH and at

45% by Abu Dhabi Developmental Holding Group.

LDC and its subsidiaries (the “Group”) is a global merchant and processor of agricultural goods, operating a significant network

of assets around the world. The Group’s activities span the entire value chain from farm to fork, across a broad range of

business lines (platforms). Since its inception in 1851, the Group’s portfolio has grown and, as of December 31, 2024, included

Grains & Oilseeds, Coffee, Cotton, Juice, Rice, Sugar, Freight, Global Markets and Food & Feed Solutions.

1. Basis of Preparation and Consolidation Scope

1.1 Accounting Policies

The consolidated financial statements of LDC are prepared in US Dollars, which is the functional currency of the main

subsidiaries of the Group.

The consolidated financial statements of LDC as of and for the year ended December 31, 2024 (the “Financial Statements”)

were authorized for issue by the Management Board of LDC on March 18, 2025.

The Financial Statements were prepared in accordance with International Financial Reporting Standards (IFRS Accounting

Standards) adopted by the European Union (“IFRS”) as of December 31, 2024. The Group has not adopted IAS 33 “Earnings

per Share” since this standard is not mandatory for companies whose ordinary shares are not publicly traded.

Accounting policies used to prepare these Financial Statements are the same as those used to prepare the consolidated

financial statements as of and for the year ended December 31, 2023, except for the adoption of new amendments, standards

and interpretations as of January 1, 2024, as detailed below.

New and Amended Accounting Standards and Interpretations Effective in 2024

The following amendments, applied starting from 2024, have had no material effect on the balance sheet or performance of the

Group:

• Amendments to IAS 7 and IFRS 7 “Disclosure: Supplier Finance Arrangements”

• Amendments to IFRS 16 “Lease liability in a Sale and Leaseback”

• Amendments to IAS 1 “Classification of Liabilities as Current or Non-current” and “Non-current Liabilities with Covenants”

The Group did not adopt any standard, interpretation or amendment that was issued but is not yet effective.

New and Amended Accounting Standards and Interpretations Approved by the European Union Effective in Future

Periods

• Amendments to IAS 21 “Lack of Exchangeability”. The amendments will come into effect as of January 1, 2025 and are not

expected to have any material impact on the Group’s financial statements.



		31



	LDC Integrated Report 2024 >	Financial Performance

Accounting Standards and Interpretations Issued by the IASB but not yet Approved by the European Union

The following standards and interpretations issued by the IASB are not yet approved by the European Union. Their potential

impact is currently under review by the Group.

• Amendments to IFRS 7 and IFRS 9 “Classification and Measurement of Financial Instruments”. The amendments will come

into effect as of January 1, 2026 with early application permitted.

• Amendments to IFRS 7 and IFRS 9 “Contracts Referencing Nature-dependent Electricity”. The amendments will come into

effect as of January 1, 2026 with early application permitted.

• Annual improvements to IFRS Accounting Standards “Volume 11”. The amendments will come into effect as of January 1,

2026 with early application permitted.

• IFRS 18 “Presentation and Disclosure in Financial Statements”. The standard will come into effect as of January 1, 2027

with early application permitted.

• IFRS 19 “Subsidiaries without Public Accountability: Disclosures”. The standard will come into effect as of January 1, 2027

with early application permitted.

1.2 Use of Judgements and Estimates

The preparation of financial statements requires management to make judgements and estimates about the future that affect

the application of the Group’s accounting policies and the amounts reported in the financial statements and accompanying

notes. Uncertainty regarding estimates and assumptions could result in an adjustment to the carrying amounts of assets and

liabilities in future periods. Actual results could differ from those estimates.

Estimates and underlying assumptions are reviewed on an ongoing basis and are consistent with the Group’s risk

management. Revisions to estimates are recognized prospectively.

A – Judgements

The main areas for which the Group makes judgements in applying accounting policies are the following:

• Consolidation – determination of whether the Group has control over an investee (refer to Note 1.3)

• Associates and joints ventures – determination of whether the Group has significant influence over an investee (refer to

Note 1.3)

• Leases – determination of lease term, whether the Group is reasonably certain to exercise extension options (refer to Note

7.1)

B - Use of Estimates and Assumptions

The main areas for which the Group uses estimates and make assumptions that could have a significant risk of causing a

material adjustment to the carrying amounts of assets and liabilities within the next financial year are the following:

• Fair value measurement (refer to following paragraph)

• Identification of cash generating units and estimation of recoverable amount for impairment tests (refer to Note 3.1);

• Assessment of useful life and residual value of property, plant and equipment (refer to Note 3.2);

• Recognition of deferred tax assets and uncertain tax treatments (refer to Note 2.6);

• Measurement of provisions (refer to Notes 3.6 and 7.2);

• Measurement of leases in relation to discount rates (refer to Note 7.1).



	32



Year in Review	Business Performance & Value Creation	Sustainability, Strategy & Performance	Financial Performance	Appendix

Notes Continued

Fair Value Measurement

The Group is required to measure the fair value of certain financial and non-financial assets and liabilities in order to apply its

accounting policies in compliance with IFRS requirements.

When measuring the fair value of an asset or liability, the Group uses observable market data as far as possible. The Group

uses the following hierarchy to determine and disclose the fair value of assets and liabilities based on the inputs used in the

valuation techniques:

• Level 1: quoted (unadjusted) prices in active markets for identical assets or liabilities;

• Level 2: inputs other than quoted prices included within level 1 that are based on observable market data, either directly or

indirectly; and

• Level 3: inputs that are not based on observable market data.

On a recurring basis, the Group mainly uses fair value in measuring trading inventories, forward purchase and sale contracts

related to its trading activities, derivative financial instruments, investments in equity and debt instruments, and biological

assets, as detailed below:

Trading inventories and forward purchase and sale agreements

As a global merchant and processor of agricultural goods, the Group deals with price risk management activities, principally for

trading purposes. Activities for trading purposes, which include trading inventories and forward purchase and sale agreements,

are accounted at fair value using the market approach valuation technique. In the absence of quoted prices, market prices used

to value these transactions reflect management’s best estimate considering various factors including the closing exchange and

over-the-counter quotations, parity differentials, time value and price volatility underlying commitments. Values reflect the price

that would be received to sell an asset or paid to transfer a liability in an orderly transaction at the measurement date under

current market conditions. Refer to Notes 3.7 Inventories and 4.8 Classification of Derivative Financial Instruments.

Derivatives (other than forward purchase and sale agreements)

Derivative financial instruments are measured at fair value. For derivatives taken on regulated exchanges, commonly futures

and options, the fair value is determined based on quoted prices. For derivatives taken in the over-the-counter (OTC) market,

commonly forward foreign exchange contracts, options and swaps, the fair value is determined considering inputs based on

observable market data. Refer to Note 4.8 Classification of Derivative Financial Instruments.

Other financial assets at fair value

The Group uses estimates to determine the fair value of certain financial items such as investments in equity instruments or

debt instruments not listed in an active market. Refer to Notes 5.4 Non-Current Financial Assets and 5.5 Other Financial Assets

at Fair Value Through Profit and Loss.

Biological assets

Biological assets (except bearer plants) are carried at fair value, estimated using discounted expected future cash flows, less

costs to sell. This calculation includes estimates of productivity, quality, market price, labor costs, and changes in interest rates.

Market prices are derived from prices available on quoted active markets for products related to the biological assets valued.

Biological assets are grouped by location to better integrate significant attributes like maturity, quality, labor cost need and yield,

in the determination of their fair value. Comparisons are made on an ongoing basis to adjust estimates from past harvests and

changes in market prices. Projections are made in US Dollars with a finite projection period, based on the remaining useful life

of each group of biological assets identified. Refer to Note 3.8 Biological Assets.

The split of financial assets and liabilities recorded at fair value by level of fair value hierarchy is presented in Note 4.9 Fair Value

Hierarchy.



		33



	LDC Integrated Report 2024 >	Financial Performance

1.3 Basis of Consolidation

In accordance with IFRS 10 “Consolidated Financial Statements”, the Financial Statements include the financial statements of

all entities that the Group controls directly or indirectly, regardless of the level of the Group’s equity interest in the entity. An

entity is controlled when the Group has power over the entity, exposure or rights to variable returns from its involvement with

the entity, and the ability to affect those returns through its power over the entity. In determining whether control exists,

potential voting rights must be taken into account if those rights are substantive - in other words they can be exercised on a

timely basis when decisions about the relevant activities of the entity are to be taken. Commitments given by the Group to

purchase non-controlling interests in Group-controlled companies are included in liabilities. Entities consolidated by the Group

are referred to as ‘‘subsidiaries’’.

In accordance with IFRS 11 “Joint Arrangements”, the Group classifies its joint arrangements (i.e. arrangements in which the

Group exercises joint control with one or more other parties) either as a joint operation or a joint venture. The Group exercises

joint control over a joint arrangement when decisions relating to the relevant activities of the arrangement require the

unanimous consent of the Group and the other parties with whom control is shared. The Group exercises significant influence

over an entity (referred to as “associates”) when it has the power to participate in the financial and operating policy decisions of

that entity but does not have the power to exercise control or joint control over those policies.

In accordance with IAS 28 “Investments in Associates and Joint Ventures”, the equity method is used to account for joint

ventures and associates. In the case of a joint operation, the Group recognizes the assets and liabilities of the operation in

proportion to its rights and obligations relating to those assets and liabilities.

All consolidated subsidiaries and companies carried at equity prepared their accounts as of December 31, 2024 in accordance

with the accounting policies and methods applied by the Group.

Intercompany transactions and balances are eliminated in consolidation.

A change in the ownership interest in a subsidiary, without loss of control, is accounted for as an equity transaction. In the

event that the Group loses control over a subsidiary, the Group:

• Derecognizes the assets (including goodwill) and liabilities of the subsidiary;

• Derecognizes the carrying amount of any non-controlling interests;

• Recognizes the fair value of the consideration received;

• Recognizes the fair value of any investment retained;

• Recognizes any benefit or deficit in the income statement; and

• Reclassifies components previously recognized in other comprehensive income to the income statement or retained

earnings, as appropriate.



	34



Year in Review	Business Performance & Value Creation	Sustainability, Strategy & Performance	Financial Performance	Appendix

Notes Continued

1.4 Foreign Currencies

Financial statements of foreign operations are translated from the functional currency into US Dollars using exchange rates in

effect at period end for assets and liabilities, and average exchange rates during the period for income, expenses and cash

flows. However, for certain material transactions, a specific exchange rate is used when considered relevant. Related

translation adjustments are reported as a separate component of equity. A proportionate share of translation adjustments

relating to a foreign investment is recognized through the consolidated income statement when this investment is fully or

partially sold.

When the functional currency of an entity is not the local currency, its local financial statements are first converted using

historical exchange rates for non-monetary items such as non-trading inventories, properties and depreciation, and related

translation adjustments are included in the current year’s operations.

Exchange differences arising on monetary items that form an integral part of the net investment in foreign subsidiaries are

recognized in other comprehensive income.

Exchange differences on monetary items such as receivables and payables denominated in a foreign currency are recorded in

the income for the year.

On a regular basis, the Group reviews the functional currencies used in measuring foreign operations to assess the impact of

recent evolutions of its activities and the environment in which it operates.

1.5 Presentation of Primary Financial Statements

The Financial Statements are prepared on a historical cost basis, except for certain categories of assets and liabilities, as

detailed in the related notes, in compliance with IFRS.

Income and expenses are analyzed by function in the consolidated income statement. Cost of sales includes depreciation and

employment costs relating to processing plants and warehouses. It also includes net unrealized gain or loss on open purchase

contracts and inventories of the commodity and freight trading activities, as well as the change in fair value of biological assets.

Commercial and administrative expenses include the cost of commercial and administrative employees, and depreciation of

office buildings and equipment.

Assets and liabilities are presented separately between current and non-current. For each asset and liability, this classification is

based on the expected recoverability or settlement date, respectively before or after 12 months from the balance sheet date.

Cash flows from operating activities are reported using the indirect method: net income is adjusted for the effects of

transactions of a non-cash nature, any deferrals or accruals of past or future operating cash receipts or payments, and items of

income or expense associated with investing or financing cash flows.



		35



	LDC Integrated Report 2024 >	Financial Performance

1.6 Change in the List of Consolidated Companies

Beginning of October 2024, the Group obtained control over Namoi Cotton Limited (NCL) and its subsidiaries, by progressively

acquiring remaining shares of the entity, referred to as the “Namoi Transaction” within the Financial Statements. Prior to this

acquisition, the Group held 17% of the capital of NCL, recognized at fair value through profit and loss, and reported under the

line “Non-current financial assets” of the consolidated balance sheet, for an amount of US$17 million at acquisition date. NCL is

an Australian cotton processing company with an extensive network of origination, ten ginning plants and logistics operations,

that was delisted from the Australian Securities Exchange on October 25, 2024. As of December 31, 2024, the Group owned

100% of NCL shares. The purchase price of the transaction amounted to AUD133 million (US$91 million equivalent).

Additionally, before the acquisition, the Group owned:

• 85% interest in the unincorporated joint venture Namoi Cotton Marketing Alliance, which was fully consolidated in the

Financial Statements. The acquisition of the 15% remaining interest was treated as a transaction with non-controlling

interests.

• 49% interest in the unincorporated joint venture Namoi Cotton Alliance (NCA), jointly owned with NCL, which was

accounted under the equity method in the Financial Statements for an amount of US$18 million at acquisition date.

Following the Namoi Transaction, NCA is now fully consolidated. Applying the rules of a step-acquisition, the Group

recognized a US$(10) million loss, including US$(13) million of foreign currency translation adjustment recycling,

related to interests previously held.

The preliminary purchase price allocation is as follows:


(in millions of US$)	Preliminary fair value
Property, plant and equipment	138
Non-current financial assets	3
Non-current assets	141
Current assets	85
Total assets	226
Non-current liabilities	33
Current liabilities	58
Total liabilities	91
Net equity	135
Consideration transferred	91
Fair value on investments held before the acquisition	38
Gain on bargain purchase	(6)



	36



Year in Review	Business Performance & Value Creation	Sustainability, Strategy & Performance	Financial Performance	Appendix

Notes Continued

On November 29, 2024, the Group acquired 100% of Companhia Cacique de Café Solúvel (“Cacique”) one of the largest global

independent producers, processors and exporters of soluble coffee in terms of volume, with activities in more than 70

countries and two processing assets in Brazil. The preliminary purchase price amounted to US$102 million, subject to certain

adjustments on completion date.

The preliminary purchase price allocation is as follows:


(in millions of US$)	Preliminary fair value
Property, plant and equipment	137
Other non-current assets	6
Non-current assets	143
Current assets	186
Total assets	329
Non-current liabilities	42
Current liabilities	193
Total liabilities	235
Net equity	94
Consideration transferred	102
Goodwill	8

In 2024, there is no other significant change to the list of consolidated companies than the two abovementioned ones.

During the year ended December 31, 2023, apart from Russian business deconsolidation described in the Note 2.5, no other

significant change to the list of consolidated companies occurred.

1.7 Assets Classified as Held for Sale

The Group classifies non-current assets and disposal groups as held for sale if their carrying amounts will be recovered

principally through a sale transaction rather than through continuing use. Non-current assets and disposal groups classified as

held for sale are measured at the lower of their carrying amount and fair value less costs to sell. The criteria for held for sale

classification is regarded as met only when the sale is highly probable and the asset or disposal group is available for immediate

sale in its present condition. Management must be committed to the sale, which should be expected to qualify for recognition

as a completed sale within one year from the date of classification.

As of December 31, 2024, there is no individually material asset classified as held for sale.

As of December 31, 2023, assets classified as held for sale related mainly to Kowalski corn processing assets in Brazil for

US$29 million, which were sold during 2024 with a net impact in line “Gain (loss) on sale of fixed assets” close to nil.



		37



	LDC Integrated Report 2024 >	Financial Performance

2. Segment Information and Income Statement

2.1 Segment Information

The Group operates its global business under two segments: Value Chain and Merchandizing, reflecting the structure used by

management to review performance.

Each reportable segment is responsible for the farming, origination, processing, refining, storage, transport and distribution of

its products (where applicable).

The Value Chain Segment consists of platforms that operate from origination to distribution, and includes the Grains &

Oilseeds, Food & Feed Solutions and Juice platforms, along with Freight and Global Markets, the latter two of which are key

facilitators of all Group businesses. The Merchandizing Segment consists of platforms that have a merchant business model

and comprises the Coffee, Cotton, Rice and Sugar platforms.

The Group assesses the financial performance of its segments with reference to Segment Operating Results, which

correspond to Net sales, less Cost of sales (Gross margin in the consolidated income statement) plus Share of profit (loss) in

investments in associates and joint ventures.

Inter-segment transactions, where applicable, are not material and generally performed at arm’s length.

Segment information on the income statement and capital expenditure for the years ended December 31, 2024 and December

31, 2023 is as follows:


	2024
(in millions of US$)	Value Chain	Merchandizing	Total	d :
Net sales	35,894	14,695	50,589	1
Depreciation included in gross margin	(510)	(41)	(551)	1
Share of profit (loss) in investments in associates and joint ventures	14	3	17	1
Segment operating results	1,672	676	2,348	1
Commercial and administrative expenses			(1,138)	1
Net finance costs			(329)	1
Others			(15)	1
Income taxes			(138)	1
Non-controlling interests			(2)	1
Net income attributable to owners of the company			726	1
				1
Capital expenditure	766	239	1,005	1


	2023
(in millions of US$)	Value Chain	Merchandizing	Total
Net sales	36,837	13,787	50,624	1
Depreciation included in gross margin	(513)	(39)	(552)	1
Share of profit (loss) in investments in associates and joint ventures	20	8	28	1
Segment operating results	1,910	697	2,607	1
Commercial and administrative expenses			(1,047)	1
Net finance costs			(266)	1
Others			(86)	1
Income taxes			(198)	1
Non-controlling interests			3	1
Net income attributable to owners of the company			1,013	1
				1
Capital expenditure	542	94	636	1

Capital expenditure corresponds to the sum of the “Purchase of fixed assets” and “Additional investments, net of cash

acquired” lines of the consolidated statement of cash flows.



	38



Year in Review	Business Performance & Value Creation	Sustainability, Strategy & Performance	Financial Performance	Appendix

Notes Continued

Information related to segment assets and liabilities as of December 31, 2024 and December 31, 2023 is as follows:


	2024
(in millions of US$)	Value Chain	Merchandizing	Total
Fixed assets (intangible assets and property, plant and equipment)	4,314	709	5,023	1
Investments in associates and joint ventures	223	43	266	1
Inventories	3,967	3,820	7,787	1
Biological assets	60	—	60	1
Trade and other receivables	3,720	2,149	5,869	1
Derivative assets (current and non-current)	1,234	519	1,753	1
Margin deposits	250	452	702	1
Marketable securities held for trading	1,067	—	1,067	1
Reverse repurchase agreement loan	7	—	7	1
Assets classified as held for sale	1	5	6	1
Segment assets	14,843	7,697	22,540	1
Trade and other payables	(4,175)	(1,474)	(5,649)	1
Derivative liabilities (current and non-current)	(1,237)	(518)	(1,755)	1
Repurchase agreements	(587)	—	(587)	1
Securities short positions	(7)	—	(7)	1
Segment liabilities	(6,006)	(1,992)	(7,998)	1
Other assets			2,199	1
Other liabilities			(10,032)	1
Total net assets	8,837	5,705	6,709	1


	2023
(in millions of US$)	Value Chain	Merchandizing	Total
Fixed assets (intangible assets and property, plant and equipment)	3,846	429	4,275	1
Investments in associates and joint ventures	225	66	291	1
Inventories	3,644	2,786	6,430	1
Biological assets	45	—	45	1
Trade and other receivables	3,839	2,058	5,897	1
Derivative assets (current and non-current)	961	703	1,664	1
Margin deposits	289	141	430	1
Marketable securities held for trading	462	—	462	1
Reverse repurchase agreement loan	40	—	40	1
Assets classified as held for sale	29	3	32	1
Segment assets	13,380	6,186	19,566	1
Trade and other payables	(4,359)	(1,444)	(5,803)	1
Derivative liabilities (current and non-current)	(825)	(476)	(1,301)	1
Repurchase agreements	(3)	—	(3)	1
Segment liabilities	(5,187)	(1,920)	(7,107)	1
Other assets			2,510	1
Other liabilities			(8,305)	1
Total net assets	8,193	4,266	6,664	1



		39



	LDC Integrated Report 2024 >	Financial Performance

Marketable securities held for trading and reverse repurchase agreement loan are included in the line “Other financial assets at

fair value through profit and loss” of the consolidated balance sheet (refer to Note 5.5). Repurchase agreements and securities

short positions are included in the line “Short-term debt” (refer to Note 5.3).

As of December 31, 2024 (and December 31, 2023), the following items were not segmented:

• US$404 million (US$374 million) of trade and other payables;

• US$11 million (US$32 million) of derivative assets (current and non-current) and US$322 million (US$240 million) of

derivative liabilities (current and non-current) designated as hedging instruments in a hedge accounting relationship linked to

Financing; and

• US$268 million (US$233 million) of margin deposits (current and non-current) related to the above derivatives.

Net sales by geographical area, based on the country of incorporation of the counterparty, were broken down as follows for the

years ended December 31, 2024 and December 31, 2023:


(in millions of US$)	2024	2023
North Asia	11,380	12,604
South & Southeast Asia	11,716	11,322
North Latin America	2,037	1,609
South & West Latin America	2,833	3,916
North America	5,981	7,016
Europe, Middle East & Africa	16,642	14,157
Of which Europe & Black Sea	9,335	8,378
Of which Middle East & Africa	7,307	5,779
Net sales	50,589	50,624

Net sales to the Netherlands are not material.

The Group’s fixed assets were located in the following geographic regions as of December 31, 2024 and December 31, 2023:


(in millions of US$)	2024	2023
North Asia	368	353
South & Southeast Asia	662	546
North Latin America	1,463	1,202
South & West Latin America	667	625
North America	1,226	1,030
Europe, Middle East & Africa	637	519
Fixed assets	5,023	4,275

Fixed assets in the Netherlands are not material.



	40



Year in Review	Business Performance & Value Creation	Sustainability, Strategy & Performance	Financial Performance	Appendix

Notes Continued

2.2 Net Sales

Revenue is derived principally from the sale of commodities and consumable products, and commodity-related services such as

freight, storage and other services rendered. Revenue is recognized when the performance obligations have been satisfied,

which is once the control of goods and/or services has been transferred from the Group to the buyer.

Revenue related to the sale of commodities is recognized when the product is delivered to the destination specified by the

customer, which is typically, depending on the incoterm, the vessel on which it is shipped, the destination port or identified

premises and the buyer has gained control, being the ability to direct the use of and obtain substantially all of the remaining

benefits from the assets.

Revenue is measured based on consideration specified in the contract with a customer and excludes amounts collected on

behalf of third parties.

In certain cases, the commodity sales price is determined on a provisional basis at the date of the sale, generally corresponding

to the date of the bill of lading, as the final selling price is subject to movements in market prices up to the date of final pricing.

Revenue on provisional sales price is recognized based on the estimated fair value of the total consideration receivable (by

reference to forward market prices). The revenue adjustment mechanism embedded within provisionally priced sales

arrangements has the character of a commodity derivative. Accordingly, the fair value of the final sales price adjustment is re-

estimated continuously.

“Net sales” include also the mark-to-market on physical forward sales contracts that do not meet the own use exemption.

When the Group enters into logistic arrangements with a third party in order to meet its logistic needs, the related sales and

purchases are both presented in “Cost of sales”. Similarly, paper transactions are presented in “Cost of sales”. When the

Group agrees to offset a purchase and a sale contracts with a counterparty before delivery, also known as “wash out”, the

transactions are presented in “Cost of sales”.

Revenue derived from time charters freight contracts is recognized over time as the barge or ocean-going vessel moves

towards its destination. Storage and other commodity-related services are recognized over time as the service is rendered.

If the Group acts in the capacity as an agent rather than as the principal in a transaction, the margin only is recognized within

“Net sales”.

Net sales for the years ended December 31, 2024 and December 31, 2023 consist of the following:


	2024			2023
(in millions of US$)	Value Chain	Merchandizing	Total	Value Chain	Merchandizing	Total
Sale of commodities and consumable products	34,155	14,554	48,709	35,393	13,593	48,986
Freight, storage and other services	1,667	125	1,792	1,257	137	1,394
Others	72	16	88	187	57	244
Net sales	35,894	14,695	50,589	36,837	13,787	50,624



		41



	LDC Integrated Report 2024 >	Financial Performance

2.3 Net Finance Costs

Net finance costs for the years ended December 31, 2024 and December 31, 2023 are as follows:


(in millions of US$)	2024	2023
Interest income	51	44	0
Interest expense	(394)	(320)	0
Other financial income and expense	14	10	0
Interest expense on leases	(44)	(29)	0
Foreign exchange	98	(22)	0
Net gain (loss) on derivatives	(97)	2	0
Interests on commercial and trading transactions	57	59	0
Net finance costs	(329)	(266)	0

The “Foreign exchange” and “Net gain (loss) on derivatives” lines need to be read jointly. For the years ended December 31,

2024, and December 31, 2023, foreign exchange is mainly attributable to Euro and Japanese Yen depreciation, impacting Euro-

denominated bonds and Japanese Yen-denominated debt. These impacts are offset in the “Net gain (loss) on derivatives” line

due to the forex hedges and cross-currency swaps in place (refer to Note 4.8).

2.4 Gain (Loss) on Investments and Sale of Fixed Assets

Gain (loss) on investments and sale of fixed assets for the years ended December 31, 2024 and December 31, 2023 are as

follows:


(in millions of US$)	2024	2023	1
Gain (loss) on sale of consolidated companies	—	3	1
Gain (loss) on other financial assets at fair value through profit and loss	(16)	(28)	1
Gain (loss) on sale of fixed assets	1	(1)	1
Gain (loss) on investments and sale of fixed assets	(15)	(26)	1

Gain (Loss) on Sale of Consolidated Companies

In 2023, the Group recognized an additional impact of US$3 million gain related to the completion of the sale of Imperial Sugar

Company business in 2022.

Gain (Loss) on Other Financial Assets at Fair Value Through Profit and Loss

In 2024, losses on other financial assets at fair value through profit and loss included a US$(22) million fair value adjustment

recognized on the investments held by Louis Dreyfus Company Ventures B.V. (a US$(28) million fair value loss in 2023),

classified under Level 3.

2.5 Other Gains and Losses

As announced on April 3, 2023, the Group ceased grain exports from Russia and has been engaged in a sale process of its

existing business and assets in Russia (“Russian business”) on terms that satisfy the requirements of the Russian authorities.

As of December 31, 2023, the Group performed a reassessment of control as defined by IFRS 10, and considering facts and

circumstances, the Group concluded on a loss of control and deconsolidated its Russian business. As a consequence, the

Group recorded a US$(60) million loss (including US$(33) million foreign currency translation adjustment recycling from OCI) in

the line "Other gains and losses" of the consolidated income statement.



	42



Year in Review	Business Performance & Value Creation	Sustainability, Strategy & Performance	Financial Performance	Appendix

Notes Continued

2.6 Income Taxes

Income taxes consist of current and deferred income taxes. Current taxes represent income taxes expected to be payable

based on enacted or substantively enacted tax rates at the period end applied to the expected current year taxable income, and

any adjustment to income taxes payable in respect of previous years.

Income taxes are recognized as an expense or income in the consolidated income statement, except when they relate to items

that are recognized outside the consolidated income statement (whether in other comprehensive income or directly in equity)

or when they arise from the initial accounting for a business combination.

Current tax assets and current tax liabilities are offset when there is a legally enforceable right to offset the amounts and when

the entity intends either to settle on a net basis or to realize the asset and settle the liability simultaneously. Generally, the

entity will have a legally enforceable right to offset the amounts when they relate to income taxes levied by the same taxation

authority which permits the entity to make or receive a single net payment.

Deferred taxes are recognized for temporary differences between the carrying amounts of assets and liabilities in the balance

sheet and the corresponding tax bases used in the computation of taxable income using the most recent established tax rates

or substantively enacted income tax rates which are expected to be effective at the time of the reversal of the underlying

temporary difference.

The Group recognizes future tax benefits to the extent that the realization of such benefits is probable. The carrying amount of

deferred tax assets is reviewed at each balance sheet date.

Deferred income tax assets and liabilities are offset when there is a legally enforceable right to offset current tax assets and

current tax liabilities.

Deferred tax assets are recognized only to the extent it is considered probable that those assets will be recoverable. This

involves an assessment of when those deferred tax assets are likely to reverse, and a judgement as to whether there will be

sufficient taxable income available to offset the tax assets when they do reverse. These judgements and estimates are subject

to risk and uncertainty and therefore, to the extent assumptions regarding future profitability change, there can be a material

increase or decrease in the amounts recognized in the consolidated balance sheet within the next financial year.

The global tax exposure of the Group is subject to complexity and uncertainty which may lead to uncertain tax treatments and

the corresponding recognition and measurement of current and deferred taxes. The judgements and estimates made to

separately recognize and measure the effect of each uncertain tax treatment are re-assessed whenever circumstances change

or when there is new information that affects those judgements. Global tax exposure is determined taking into account the

uncertainty that the tax authority may not accept the Group’s proposed treatment of tax positions.

The recoverability of the Group’s deferred tax assets and the completeness and accuracy of its uncertain tax positions,

including the estimates and assumptions contained therein, are reviewed regularly by management.



		43



	LDC Integrated Report 2024 >	Financial Performance

Income taxes in the consolidated income statement for the years ended December 31, 2024 and December 31, 2023 are as

follows:


(in millions of US$)	2024	2023
Current year income taxes	(193)	(276)	1
Adjustments with respect to prior year income taxes	30	17	1
Current income taxes	(163)	(259)	1
Current year deferred income taxes	50	197	1
Change in valuation allowance for deferred tax assets	13	(123)	1
Adjustments with respect to prior year deferred income taxes	(36)	(17)	1
Change in tax rate	—	4	1
Deferred income taxes	27	61	1
Pillar Two income taxes	(2)	—	1
Income taxes	(138)	(198)	1

Pillar Two legislation is effective for the Group’s financial year since January 1, 2024. The Group applies the mandatory

temporary exception to the recognition of deferred tax assets and liabilities arising from the jurisdictional implementation of the

Pillar Two model rules, as provided in the amendments to IAS 12 issued in May 2023.

The reported tax expense differs from the computed theoretical income tax provision using the Netherlands’ income tax rate of

25.8% for the years ended December 31, 2024 and December 31, 2023, for the following reasons:


(in millions of US$)	2024	2023
Theoretical income tax	(223)	(312)	1
Differences in income tax rates	51	66	1
Pillar Two income taxes	(2)	—	1
Effect of change in tax rate	—	5	1
Difference between local currency and functional currency	9	(46)	1
Change in valuation allowance for deferred tax assets	20	(9)	1
Permanent differences on share of profit (loss) in investments in associates and joint ventures	5	9	1
Adjustments on prior years and tax reserves	19	3	1
Withholding tax on dividends	(14)	(8)	1
Other permanent differences	(3)	94	1
Income taxes	(138)	(198)	1

The differences in income tax rates relate to subsidiaries taxed at different rates than the Netherlands’ rate.

The difference between local currency and functional currency impact is booked in non-US entities whose functional currency is

the US Dollar while being taxed based on their local respective currencies. In 2024, the positive impact mainly regarded Group

entities in Argentina partially offset by negative impact in Brazil. In 2023, such impact mainly regarded Group entities in

Argentina.

In 2024, the change in valuation allowance for deferred tax assets is mostly attributable to Brazil and Switzerland. In 2023, the

change in valuation allowance for deferred tax assets is attributable to several countries mostly in Africa.

In 2023, the other permanent differences are mostly attributable to non-taxable indirect tax incentives in Brazil and tax credits

granted in other jurisdictions.



	44



Year in Review	Business Performance & Value Creation	Sustainability, Strategy & Performance	Financial Performance	Appendix

Notes Continued

Consolidated deferred income tax assets (liabilities) as of December 31, 2024 and December 31, 2023 are as follows:


(in millions of US$)	2024	2023
Deferred income tax assets	166	253
Deferred income tax liabilities	(81)	(189)
Deferred tax net	85	64

Changes in net deferred income tax assets (liabilities) for the years ended December 31, 2024 and December 31, 2023 are as

follows:


	2024
(in millions of US$)	Opening balance	Recognized in net income	Recognized in equity	Foreign currency translation adjustment	Change in the list of consolidated companies	Other	Closing balance
Net tax benefits from carry forward losses	120	38	—	(4)	15	(21)	148
Tax benefits from carry forward losses	356	(25)	—	(8)	15	(21)	317
Valuation allowance on carry forward losses	(236)	63	—	4	—	—	(169)
Unrealized exchange gains and losses	23	108	—	—	4	—	135
Non-monetary balance sheet items - difference between tax and functional currencies	(183)	(46)	—	—	—	—	(229)
Owned fixed assets (other temporary differences)	(142)	—	—	5	(47)	(1)	(185)
Other temporary differences	366	(82)	50	(1)	6	1	340
Valuation allowance for other deferred tax assets	(120)	(4)	—	—	—	—	(124)
Deferred tax net	64	14	50	—	(22)	(21)	85


	2023
(in millions of US$)	Opening balance	Recognized in net income	Recognized in equity	Foreign currency translation adjustment	Change in the list of consolidated companies	Other	Closing balance
Net tax benefits from carry forward losses	133	(7)	—	—	—	(6)	120
Tax benefits from carry forward losses	186	180	—	(1)	(3)	(6)	356
Valuation allowance on carry forward losses	(53)	(187)	—	1	3	—	(236)
Unrealized exchange gains and losses	92	(69)	—	—	—	—	23
Non-monetary balance sheet items - difference between tax and functional currencies	(177)	(6)	—	—	—	—	(183)
Owned fixed assets (other temporary differences)	(141)	(2)	—	—	—	1	(142)
Other temporary differences	111	267	(9)	—	—	(3)	366
Valuation allowance for other deferred tax assets	(10)	(110)	—	—	—	—	(120)
Deferred tax net	8	73	(9)	—	—	(8)	64



		45



	LDC Integrated Report 2024 >	Financial Performance

During 2023, the increase in tax benefits from carry forward losses was mainly attributable to the non-taxable indirect tax

incentives in Brazil related to previous years as reflected on submitted amended returns. The Brazilian tax benefits from carry

forward losses were partially impaired through valuation allowance in line with projections performed by the Group.

The increase in other temporary differences and valuation allowance for other deferred tax assets were mainly attributable to

tax credits granted to some Group entities which were partially impaired through valuation allowance in line with projections

performed by the Group.

Recognized and unrecognized tax benefits from carry forward losses for the years ended December 31, 2024 and December

31, 2023 expire as follows:


(in millions of US$)	2024			2023
(in millions of US$)	Recognized	Unrecognized	Total	Recognized	Unrecognized	Total
Losses expiring in less than 1 year	—	1	1	—	1	1
Losses expiring in 2-3 years	2	1	3	28	15	43
Losses expiring in 4-5 years	30	6	36	27	6	33
Losses expiring in more than 5 years	15	15	30	11	10	21
Losses which do not expire	101	146	247	54	204	258
Tax benefits from carry forward losses	148	169	317	120	236	356



	46



Year in Review	Business Performance & Value Creation	Sustainability, Strategy & Performance	Financial Performance	Appendix

Notes Continued

3. Operating Balance Sheet Items

3.1 Intangible Assets

Goodwill

The acquisition method of accounting is used to account for the acquisition of subsidiaries by the Group.

Goodwill is initially measured at cost, being the excess of the aggregate of the consideration transferred, measured at fair value

at acquisition date, and the amount recognized for non-controlling interests over the net identifiable assets acquired and

liabilities assumed. For each business combination, the Group measures the non-controlling interests in the acquiree either at

fair value or at the proportionate share of the acquiree’s identifiable net assets.

When the difference between the cost of acquisition and the fair value of net assets acquired is negative it is immediately

recognized through the consolidated income statement.

The fair values of assets and liabilities and the resulting goodwill are finalized within 12 months of the acquisition.

Goodwill is not amortized. Goodwill is tested for impairment, when circumstances indicate that the carrying value may be

impaired, and at the minimum, annually. Impairment is determined for goodwill by assessing the recoverable amount of the

cash-generating units, to which the goodwill relates. Cash-generating units are defined at the lowest level of independent cash

flows generated by the corresponding assets measured. Applying this methodology, the Group identified nine main

independent cash-generating units corresponding to its commodity platforms.

The recoverable amounts of cash-generating units have been determined based on value in use calculations considering pre-tax

cash flow projections set on business plans prepared by the management and approved by the Management Board. The

estimates required to calculate these projections include the expected sales volumes, projected unitary margins, capital

expenditure, and other cost assumptions. The recoverable amount is the sum of the discounted cash flows and the discounted

terminal residual value. The discount rate used is based on the weighted average cost of capital of the Group before tax. Where

the recoverable amount of the cash-generating units is less than their carrying amount, an impairment loss is recognized.

At the time of impairment testing a cash-generating unit to which goodwill has been allocated, there may be an indication of an

impairment of an asset within the unit containing the goodwill. In such circumstances, the entity tests such asset individually

for impairment first, and recognizes any impairment loss for that asset before testing for impairment of the cash-generating unit

containing the goodwill. Impairment of such goodwill is included in the “Cost of sales” line of the consolidated income

statement.

Goodwill relating to the acquisition of shares in an equity investment is presented in the “Investments in associates and joint

ventures” line of the consolidated balance sheet.

Intangible Assets other than Goodwill

Intangible assets acquired separately are measured on initial recognition at cost. The cost of intangible assets acquired in a

business combination is the fair value at the date of acquisition. Following initial recognition, intangible assets are carried at cost

less any accumulated amortization and any accumulated impairment losses. Intangible assets other than goodwill mainly

include trademarks and customer relationships, licenses and internally generated software.



		47



	LDC Integrated Report 2024 >	Financial Performance

The useful life of acquired trademarks is assessed to be qualified as finite or indefinite. Trademarks with an indefinite useful life

are not amortized but reviewed for impairment annually by comparing their recoverable amount with their carrying amount. The

recoverable amount is determined using the royalty relief method.

Intangible assets with finite life are amortized over periods ranging from one to ten years. The determination of the useful life of

other intangible assets is based on estimates and assumptions considering the period over which the asset is expected to be

used by the entity, limited to contractual periods if applicable.

Amortization and impairment are recorded in the consolidated income statement according to the nature of assets:

• “Cost of sales” line for industrial assets linked to production and farming;

• “Commercial and administrative expenses” line for assets linked to commercial and trading and to general and/or

administrative activities.

As of December 31, 2024 and December 31, 2023, intangible assets consist of the following:


	2024			2023
(in millions of US$)	Gross value	Accumulated amortization/ impairment	Net value	Gross value	Accumulated amortization/ impairment	Net value
Goodwill	68	(30)	38	67	(36)	31
Trademarks and customer relationships	24	(17)	7	24	(17)	7
Other intangible assets	759	(533)	226	721	(486)	235
Intangible assets	851	(580)	271	812	(539)	273

As of December 31, 2024, the Group tested the value of goodwill allocated to its cash-generating units as described in Note

1.2, using a perpetual growth rate of 2% and an annual discount rate (weighted average cost of capital of the Group before tax)

of 9.7% (respectively 2% and 9.8% as of December 31, 2023). No reasonably possible change in the key assumptions of the

impairment test would cause the recoverable amount of the cash-generating units to fall below their carrying value.

Changes in the net value of intangible assets for the years ended December 31, 2024 and December 31, 2023 are as follows:


	2024				2023	1
(in millions of US$)	Goodwill	Trademarks and customer relationships	Other intangible assets	Total	Total	1
Balance as of January 1	31	7	235	273	268	1
Acquisitions and additions	—	—	60	60	65	1
Acquisitions through business combinations	8	—	—	8	1	1
Loss of control of subsidiaries	—	—	—	—	(2)	1
Amortization	—	—	(64)	(64)	(62)	1
Impairment losses	—	—	—	—	(1)	1
Foreign currency translation adjustment	(1)	—	(5)	(6)	—	1
Other reclassifications	—	—	—	—	4	1
Closing balance	38	7	226	271	273	1



	48



Year in Review	Business Performance & Value Creation	Sustainability, Strategy & Performance	Financial Performance	Appendix

Notes Continued

Acquisitions and Additions

During the years ended December 31, 2024 and December 31, 2023, acquisitions and additions mainly consisted of the

ongoing upgrade of the Group’s existing main front office system, alongside capital expenditure related to the new global back-

office enterprise resource planning (ERP) system.

Acquisitions Through Business Combinations

In November 2024, the Group acquired Cacique in Brazil generating a US$8 million goodwill (refer to Note 1.6).

Foreign Currency Translation Adjustment

During the year ended December 31, 2024, the foreign currency translation adjustment is mainly related to the depreciation of

the Euro against the US Dollar.

3.2 Property, Plant and Equipment

Property, Plant and Equipment (Except Bearer Plants)

Property, plant and equipment are recorded at cost less accumulated depreciation and accumulated impairment losses.

Borrowing costs that are directly attributable to the acquisition, construction or production of a qualifying asset, incurred during

the construction period, are capitalized as part of the cost of that asset. When relevant, property, plant and equipment costs

include initial estimate of decommissioning and site restoration costs. Tangible assets under construction are capitalized as a

separate component of property, plant and equipment. Upon completion, the cost of construction is transferred to the

appropriate category.

Subsequent costs are included in the asset’s carrying amount or recognized as a separate asset, as appropriate, only when it is

probable that future economic benefits associated with the item will flow to the Group and the cost of the item can be

measured reliably. The carrying amount of the replaced part is derecognized. All other repairs and maintenance are recorded

through the consolidated income statement during the financial period in which they are incurred.

Depreciation and Impairment

Depreciation of property, plant and equipment (except bearer plants) is calculated based on the carrying amount, net of residual

value, principally using the straight-line method over the estimated useful lives of the assets. Items of property, plant and

equipment are depreciated from the date that they are installed and are ready for use. Tangible assets under construction are

not depreciated.

The determination of the useful life of property, plant and equipment is based on estimates and assumptions, considering their

useful productive lives, experiences related to similar assets including the maintenance history and the expected period of

utility for the Group.

This assessment is reviewed at least at the end of each financial year.

The estimated useful lives for the current and comparative years of significant items of property, plant and equipment are as

follows:

• Buildings: 15 to 40 years;

• Machinery and equipment: 5 to 25 years;

• Other tangible assets: 1 to 20 years.

Where the carrying amount of an asset exceeds its recoverable amount, the carrying amount of the asset shall be reduced to

its recoverable amount. Such reduction is an impairment loss. The recoverable amount is the higher of fair value less costs to

sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a

pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for

which the estimates of future cash flows have not been adjusted.



		49



	LDC Integrated Report 2024 >	Financial Performance

Where an impairment loss subsequently reverses, the carrying amount of the asset is increased to the revised estimate of its

recoverable amount, but up to the limit of the carrying amount that would have been determined had no impairment loss been

recognized for the asset in prior years.

Depreciation and impairment are recorded in the consolidated income statement according to the nature of assets:

• “Cost of sales” line for industrial assets linked to production and farming;

• “Commercial and administrative expenses” line for assets linked to commercial and trading, and to general and/or

administrative activities.

Gains or losses on disposal of an item of property, plant and equipment are recorded in the consolidated income statement

under the specific line "Gain (loss) on investments and sale of fixed assets".

Bearer Plants

Orange trees are bearer plants recorded at cost less accumulated depreciation and accumulated impairment losses.

Borrowing costs that are directly attributable to the acquisition, construction or production of a bearer plant, incurred during the

immature period, are capitalized as part of the cost of that asset.

The depreciation of bearer plants is based on the unit of production method over the estimated useful lives of the assets, since

the management considers this is the method that best reflects the expected pattern of consumption of the future economic

benefits embodied in the bearer plant. Orange groves are considered immature during the first three years. The useful life of

mature orange trees is around 17 years.

As of December 31, 2024 and December 31, 2023, property, plant and equipment consist of the following:


		2024			2023
(in millions of US$)	Notes	Gross value	Accumulated amortization/ impairment	Net value	Gross value	Accumulated amortization/ impairment	Net value
Owned assets		6,953	(2,988)	3,965	6,112	(2,795)	3,317
Right-of-use assets	7.1	1,549	(762)	787	1,365	(680)	685
Property, plant and equipment		8,502	(3,750)	4,752	7,477	(3,475)	4,002

The following tables provide information on owned assets only.

As of December 31, 2024 and December 31, 2023, consolidated owned assets consist of the following:


	2024			2023
(in millions of US$)	Gross value	Accumulated amortization/ impairment	Net value	Gross value	Accumulated amortization/ impairment	Net value
Land	224	(1)	223	185	(1)	184
Buildings	2,463	(1,007)	1,456	2,170	(929)	1,241
Machinery and equipment	3,167	(1,680)	1,487	2,934	(1,575)	1,359
Bearer plants	244	(115)	129	226	(113)	113
Other tangible assets	246	(185)	61	233	(177)	56
Tangible assets under construction	609	—	609	364	—	364
Property, plant and equipment	6,953	(2,988)	3,965	6,112	(2,795)	3,317



	50



Year in Review	Business Performance & Value Creation	Sustainability, Strategy & Performance	Financial Performance	Appendix

Notes Continued

Changes in net value of property, plant and equipment for the years ended December 31, 2024 and December 31, 2023 are as

follows:


	2024							2023	1
(in millions of US$)	Land	Buildings	Machinery and equipment	Bearer plants	Other tangible assets	Tangible assets under construction	Total	Total	1
Balance as of January 1	184	1,241	1,359	113	56	364	3,317	3,136	1
Additions	—	10	29	31	3	616	689	533	1
Disposals	—	(2)	(1)	—	—	—	(3)	(6)	1
Acquisitions through business combinations	42	174	56	—	9	5	286	2	1
Loss of control of subsidiaries	—	—	—	—	—	—	—	(17)	1
Depreciation	—	(92)	(148)	(15)	(20)	—	(275)	(262)	1
Impairment losses	—	(1)	(1)	(1)	—	—	(3)	(29)	1
Reversals of impairment losses	1	1	3	—	—	—	5	—	1
Foreign currency translation adjustment	(4)	(23)	(16)	—	(1)	(3)	(47)	(6)	1
Reclassification to held for sale assets	—	(3)	(1)	—	(1)	—	(5)	(29)	1
Other reclassifications	—	151	207	1	15	(373)	1	(5)	1
Closing balance	223	1,456	1,487	129	61	609	3,965	3,317	1

Additions

During the year ended December 31, 2024, the Group continued to invest in its canola processing plant in Yorkton,

Saskatchewan, Canada, and in the construction of a soybean processing plant in Upper Sandusky, Ohio, US. In addition, the

Group started the construction of a pea protein isolate production plant in Yorkton, Saskatchewan, Canada, and initiated the

installation of a cogeneration unit in its ethanol plant, in Grand Junction, Iowa, US. The Group also started the expansion of its

refining complex in Lampung, Indonesia, and the construction of a logistics hub in Rondonópolis, Mato Grosso, Brazil.

Investments were also performed for the expansion of the Group’s logistic assets at the port of Antwerp, Belgium, and in

Lampung, Indonesia. Globally, the Group continued to maintain and improve its existing assets, such as its citrus farms and

processing plants in Brazil, and its grains and oilseeds complex in General Lagos, Santa Fe, Argentina.

During the year ended December 31, 2023, the Group completed the investment in its soybean processing facility as part of

Fuling Food Industrial Park at the Port of Nansha, Guangzhou, China, and its joint venture freeze-dried instant coffee plant in

Binh Duong, Vietnam, that were commissioned at the end of the year. The Group continued to invest in its oilseeds processing

complex in Claypool, Indiana, US, its coffee mill in Varginha, Minas Gerais State, Brazil, its canola processing plant in Yorkton,

Saskatchewan, Canada. Investments were also performed for the construction of a soybean processing plant in Upper

Sandusky, Ohio, US, the expansion of its logistic assets at the port of Antwerp, Belgium and the construction of a

pharmaceutical grade glycerin refining and edible oil packaging plant in Lampung, Indonesia, complementing existing local

refining capabilities. Globally, the Group continued to improve its existing assets, such as its citrus farms and processing plants

in Brazil, and its grains and oilseeds complex in General Lagos, Santa Fe, Argentina.

Acquisitions Through Business Combinations

During the year ended December 31, 2024, the Group acquired notably cotton storage facilities and gins valued at US$137

million in Wee Waa, Warren, Boggabri, Hillston, Yarraman, Merah North, Moomin, Mungindi, MacIntyre, Trangie, Wathagar and

North Bourke in Australia through the Namoi Transaction, and soluble coffee processing facilities valued at US$137 million in

Londrina, Paraná and Linhares, Espirito Santo in Brazil through the Cacique acquisition (refer to Note 1.6).



		51



	LDC Integrated Report 2024 >	Financial Performance

Loss of Control of Subsidiaries

As of December 31, 2023, following the loss of control over its Russian business, the Group deconsolidated its port facility in

Azov, Russia, and silos in Russia for a net book value of US$17 million.

Impairment Losses

During the year ended December 31, 2023, the Group recognized a US$(27) million impairment on Kowalski corn processing

assets in Brazil in accordance with IFRS 5.

Foreign Currency Translation Adjustment

During the year ended December 31, 2024, the foreign currency translation adjustment is mainly related to the depreciation of

the Australian Dollar, and the Euro against the US Dollar.

During the year ended December 31, 2023, the foreign currency translation adjustment is mainly related to the depreciation of

the Chinese Yuan against the US Dollar.

Reclassification to Held for Sale Assets

As of December 31, 2023, the Group classified as held for sale the Kowalski corn processing assets in Brazil.

3.3 Investments in Associates and Joint Ventures

Associates are all entities over which the Group has significant influence but not control, generally accompanying a

shareholding between 20% and 50% of the voting rights.

Joint ventures are a type of joint arrangement whereby the parties that have joint control of the arrangement have rights to the

net assets of the joint venture.

Investments in associates and joint ventures are accounted for using the equity method and are initially recognized at cost. The

carrying amount of the investment is adjusted to recognize:

• Changes in the Group’s share of net assets of the associate or joint venture since the acquisition date; and

• Impairment losses in the value of the investments, if any.

• Any goodwill arising from purchases of interests in associates or joint ventures is included in their carrying amount.

Changes in investments in associates and joint ventures for the years ended December 31, 2024 and December 31, 2023 are

as follows:


(in millions of US$)	2024	2023	1
Balance as of January 1	291	230	1
Acquisitions and additional investments	8	31	1
Share of profit (loss)	17	28	1
Change in the list of consolidated companies	(18)	—	1
Dividends	(24)	(2)	1
Change in other reserves	(8)	3	1
Reclassification	—	1	1
Closing balance	266	291	1
Of which:			—
Investments in associates	27	25	1
Investments in joint ventures	239	266	1



	52



Year in Review	Business Performance & Value Creation	Sustainability, Strategy & Performance	Financial Performance	Appendix

Notes Continued

Acquisitions and Additional Investments

In 2023, the Group acquired a 50% share in the joint venture TEAG - Terminal de Exportação de Açucar do Guarujá Ltda, a port

terminal concession in Brazil, equally co-owned with Cargill, for a US$22 million consideration. Additionally, the Group

performed a US$6 million capital injection in the joint venture TES - Terminal Exportador de Santos S.A. (concession in Santos

port terminal in Brazil).

Change in the List of Consolidated Companies

In 2024, the Group acquired the remaining 51% of Namoi Cotton Alliance through the acquisition of NCL, which then became a

subsidiary (refer to Note 1.6).

Dividends

In 2024, the Group received US$21 million dividends, mainly from Amaggi Louis Dreyfus Zen-Noh Grãos S.A. and Amaggi Louis

Dreyfus Zen-Noh Terminais Portuários S.A. The US$3 million balance was not yet received as of December 31, 2024.

Investments in associates and joint ventures are detailed as follows:


			2024		2023
Investment	Country	Activity	Ownership	Net value	Ownership	Net value
Amaggi Louis Dreyfus Zen-Noh Grãos S.A.	Brazil	Grain and soy storage and processing	33%	52	33%	54
Amaggi Louis Dreyfus Zen-Noh Terminais Portuários S.A.	Brazil	Logistic facilities	33%	14	33%	20
TEG - Terminal Exportador do Guarujá Ltda.	Brazil	Logistic facilities	40%	28	40%	27
TES - Terminal Exportador de Santos S.A.1	Brazil	Logistic facilities	60%	52	60%	48
TEAG - Terminal de Exportação de Açúcar do Guarujá Ltda.	Brazil	Logistic facilities	50%	20	50%	24
Total joint ventures in Brazil				166		173
Complejo Agro Industrial Angostura S.A.	Paraguay	Soy crushing plant and facilities	33%	41	33%	43
Namoi Cotton Alliance	Australia	Cotton packing and marketing	—%	—	49%	20
Other joint ventures				32		30
Total joint ventures				239		266
Total associates				27		25
Investments in associates and joint ventures				266		291

1. The governance rules of TES - Terminal Exportador de Santos S.A. meet the definition of a joint control; this investment therefore qualifies as a joint venture.

Share of profit (loss) in investments in associates and joint ventures for the years ended December 31, 2024 and December 31,

2023 is as follows:


(in millions of US$)	2024	2023
Joint ventures in Brazil	16	19
Others	1	9
Share of profit (loss) in investments in associates and joint ventures	17	28



		53



	LDC Integrated Report 2024 >	Financial Performance

The tables below aggregate the summarized financial information of the joint ventures in Brazil listed above, as of and for the

years ended December 31, 2024 and December 31, 2023, as they share a similar risk profile considering their geographic

location:


	Joint ventures in Brazil
Balance sheet (in millions of US$)	2024	2023
Non-current assets	707	653
Current assets	504	832
Total assets	1,211	1,485
Non-current liabilities	356	352
Current liabilities	461	715
Total liabilities	817	1,067
Net equity	394	418
Equity - owners of the company share	166	173


	Joint ventures in Brazil
Income statement (in millions of US$)	2024	2023
Revenue	1,482	2,055
Net income	42	67
Share of profit (loss) in investments in associates and joint ventures	16	19

3.4 Other Non-Current Assets

As of December 31, 2024 and December 31, 2023, other non-current assets consist of the following:


(in millions of US$)	2024	2023
Tax credits	162	231	1
Long-term advances to suppliers	26	19	1
Others	5	3	1
Other non-current assets	193	253	1

Tax credits mainly include income tax and VAT credits in Brazil. The decrease in Other non-current assets in 2024 is mainly

linked to the refund of income tax credits and the depreciation of the Brazilian Real, partially compensated by increase in

advances to suppliers.

3.5 Other Non-Current Liabilities

As of December 31, 2024 and December 31, 2023, other non-current liabilities consist of the following:


(in millions of US$)	2024	2023	1
Derivative liabilities at fair value through OCI	253	142	1
Others	27	6	1
Non-current financial liabilities	280	148	1
Staff and tax payables	191	181	1
Others	8	3	1
Non-current non-financial liabilities	199	184	1
Other non-current liabilities	479	332	1

Derivative liabilities at fair value through OCI correspond to non-current derivatives with maturities above 12 months,

designated as hedging instrument in a hedge accounting relationship (refer to Note 4.8).



	54



Year in Review	Business Performance & Value Creation	Sustainability, Strategy & Performance	Financial Performance	Appendix

Notes Continued

3.6 Provisions

Provisions are recognized when:

• The Group has a present obligation (legal or constructive) as a result of past events;

• It is probable that an outflow of resources will be required to settle the obligation; and

• A reliable estimate can be made.

The amount recognized as a provision is the best estimate of the consideration required to settle the present obligation at the

reporting date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using

the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when

the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a

receivable is recognized as an asset if it is virtually certain that reimbursement will be received and the amount of the

receivable can be measured reliably.

As of December 31, 2024 and December 31, 2023, provisions consist of the following:


(in millions of US$)	2024	2023
Current provisions	22	41
Non-current provisions	73	83
Provisions	95	124

Changes in provisions for the years ended December 31, 2024 and December 31, 2023 are as follows:


(in millions of US$)	2024					2023
Provisions for:	Tax risks	Social risks	Litigation	Other	Total	Total
Balance as of January 1	16	11	58	39	124	120	1
Allowance	3	5	1	12	21	29	1
Reversal of used portion	(1)	(3)	(16)	(2)	(22)	(13)	1
Reversal of unused portion	(6)	(3)	(21)	—	(30)	(12)	1
Others	—	—	2	—	2	—	1
Closing balance	12	10	24	49	95	124	1

Tax and social provisions consist of various claims and lawsuits against the Group, primarily related to employment

terminations, labor accidents and allegations of non-compliance with tax regulations, mainly linked to VAT. These claims are

subject to court decisions or tax interpretations within multiple jurisdictions, and timing and amounts are uncertain. However,

the recognized provision reflects management’s best estimate of the most likely outcome. Regarding certain legal claims in

Brazil, the Group was required to establish escrow deposits which, as of December 31, 2024, amounted to US$35 million

(US$44 million as of December 31, 2023) and are disclosed under the line “Deposits and others at amortized costs” within non-

current financial assets (refer to Note 5.4).

Provisions for litigation include contractual obligation for trade disputes with customers, suppliers and other counterparties.

As of December 31, 2024, other provisions include a US$32 million provision for decommissioning of leased land (US$31

million as of December 31, 2023) and US$7 million for onerous contracts (US$2 million as of December 31, 2023).



		55



	LDC Integrated Report 2024 >	Financial Performance

3.7 Inventories

Trading Inventories

Trading inventories are valued at fair value less costs to sell according the commodity broker-trader exemption defined in IAS 2.

Changes in fair value are recognized in the consolidated income statement in “Cost of sales”.

Other Inventories

Other inventories are valued at the lower of cost or net realizable value, especially for certain entities or businesses for which

the trading model is not applicable. Cost of goods sold are presented in the line “Cost of sales” of the consolidated income

statement.

As of December 31, 2024 and December 31, 2023, inventories consist of the following:


(in millions of US$)	2024	2023
Trading inventories	6,609	5,521
Finished goods	920	691
Raw materials	285	225
Inventories (gross value)	7,814	6,437
Allowance for non-trading inventories	(27)	(7)
Inventories (net value)	7,787	6,430

Trading inventories with a liquidity horizon of less than three months amounted to US$6,383 million as of December 31, 2024

(US$5,277 million as of December 31, 2023).

3.8 Biological Assets

Bearer plants are accounted for as property, plant and equipment, while the produce growing on the bearer plant is a biological

asset.

Biological assets are carried at fair value less estimated costs to sell, based on discounted expected future cash flows from

these assets. Changes in fair value are recognized in the consolidated income statement in “Cost of sales”.

The Group owns biological assets located in Brazil, consisting of oranges growing until point of harvest. As of December 31,

2024, the Group owns 37 mature orange groves (38 as of December 31, 2023), which generally sustain around 17 years of

orange production.

Changes in biological assets for the years ended December 31, 2024 and December 31, 2023 are as follows:


(in millions of US$)	2024	2023
Balance as of January 1	45	65
Acquisitions and capitalized expenditure	75	83
Decrease due to harvest	(77)	(79)
Change in fair value	17	(24)
Closing balance	60	45

The valuation model used to determine the carrying value of biological assets was developed by an external valuation firm and

is classified as Level 3 in the fair value hierarchy defined in Note 1.2.



	56



Year in Review	Business Performance & Value Creation	Sustainability, Strategy & Performance	Financial Performance	Appendix

Notes Continued

Expected future cash flows are determined based on the expected volume yields in the number of boxes and the price for an

orange box is derived from available market prices. This price is net of picking, handling and freight costs, among others,

considered based on internal assumptions, to determine the net value less cost to sell. This amount is subsequently discounted

to present value. The following assumptions have a significant impact on the valuation of the Group’s biological assets:


	2024	2023
Number of trees (in thousands)	11,128	13,603
Expected yields (in number of boxes)	11,047	13,651
Price of a box of oranges (in US$)	14.05	11.30
Discount rate	8.26%	7.02%

Changes in assumptions would increase (decrease) the estimated fair value of the biological assets if:

• Expected yields in number of boxes were higher (lower);

• Estimated price of a box of oranges were higher (lower);

• Estimated costs for harvesting and transportation were lower (higher);

• The discount rate were lower (higher).

3.9 Trade and Other Receivables

“Trade receivables” are initially recognized at the transaction amount (unless a significant finance component is included) of the

consideration receivable and carried at amortized cost, less provision for impairment. The carrying value of trade receivables

approximates fair value. The Group applies IFRS 9’s simplified approach to measure expected credit losses on trade

receivables. This method allows the Group to recognize lifetime expected credit losses on receivables without the need to

identify significant increases in credit risk. Expected credit losses are estimated by reference to past default experience and a

credit rating, adjusted as appropriate for current and forecasted future economic conditions.

The Group assesses the expected credit loss on prepayments based on counterparty and performance risks.

Accrued receivables represents receivable balances for sales which have not yet been invoiced. They have similar risks and

characteristics as trade receivables.

As of December 31, 2024 and December 31, 2023, trade and other receivables consist of the following:


	2024			2023
(in millions of US$)	Gross value	Provision	Net value	Gross value	Provision	Net value	0
Trade receivables	3,556	(362)	3,194	3,406	(336)	3,070	0
Accrued receivables	1,322	—	1,322	1,502	—	1,502	0
Prepayments	318	(4)	314	304	(2)	302	0
Other receivables	54	(9)	45	55	(8)	47	0
Financial assets at amortized cost	5,250	(375)	4,875	5,267	(346)	4,921	0
Advances to suppliers	289	(9)	280	236	(9)	227	0
Tax receivables	629	(21)	608	621	(16)	605	0
Prepaid expenses	101	—	101	95	—	95	0
Others	5	—	5	49	—	49	0
Non-financial assets	1,024	(30)	994	1,001	(25)	976	0
Trade and other receivables	6,274	(405)	5,869	6,268	(371)	5,897	0

As of December 31, 2024 and December 31, 2023, there is no material difference between the carrying amount and fair value

of trade and other receivables.



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	LDC Integrated Report 2024 >	Financial Performance

Changes in the provision on trade and other receivables are as follows:


(in millions of US$)	2024	2023
Balance as of January 1	(371)	(318)	1
Increase in provision	(55)	(72)	1
Receivables written off as uncollectible	25	10	1
Unused amount reversed	39	37	1
Change in the list of consolidated companies	(8)	—	1
Reclassifications	(36)	(28)	1
Foreign currency translation adjustment	1	—	1
Closing balance	(405)	(371)	1

Increase in Provision

During the year ended December 31, 2024 , the increase in provision mainly corresponded to default risk on various customers

for US$48 million (US$65 million as of December 31, 2023) for their estimated non-recoverable portions, provisions on other

receivables for US$2 million (US$5 million as of December 31, 2023) and to provisions on VAT for US$2 million (US$1 million as

of December 31, 2023).

Unused Amount Reversed

The unused amount of provisions recovered during the year ended December 31, 2024 mainly consisted of provisions on trade

receivables for US$35 million, provisions on advances to suppliers for US$2 million and to provisions on VAT for US$1 million

(respectively US$27 million, US$6 million and US$3 million during the year ended December 31, 2023).

Change in the List of Consolidated Companies

In 2024, US$8 million provisions on tax credits were incorporated in the Group following the Cacique acquisition (refer to note

1.6).

Reclassifications

As of December 31, 2024, reclassifications included US$32 million (US$25 million as of December 31, 2023) from forward sale

agreements on cotton that were washed out during the year and invoiced to customers. The corresponding provisions were

maintained, as the risk of default remains.

The following table details the counterparty exposure broken down by past due date of receivables as of December 31, 2024

and December 31, 2023:


	2024			2023
(in millions of US$)	Gross value	Provision	Net value	Gross value	Provision	Net value	0
Not due	4,721	(41)	4,680	4,578	(26)	4,552	0
Due since < 3 months	972	(8)	964	1,016	(22)	994	0
Due since 3-6 months	65	(15)	50	107	(25)	82	0
Due since 6 months-1 year	80	(39)	41	75	(26)	49	0
Due since > 1 year	330	(302)	28	348	(272)	76	0
Closing balance	6,168	(405)	5,763	6,124	(371)	5,753	0
Including:							0
Trade receivables	3,556	(362)	3,194	3,406	(336)	3,070	0
Accrued receivables	1,322	—	1,322	1,502	—	1,502	0
Prepayments	318	(4)	314	304	(2)	302	0
Other receivables	54	(9)	45	55	(8)	47	0
Advances to suppliers	289	(9)	280	236	(9)	227	0
Tax receivables	629	(21)	608	621	(16)	605	0



	58



Year in Review	Business Performance & Value Creation	Sustainability, Strategy & Performance	Financial Performance	Appendix

Notes Continued

3.10 Trade and Other Payables

As of December 31, 2024 and December 31, 2023, trade and other payables consist of the following:


(in millions of US$)	2024	2023	t o
Trade payables	2,580	2,575	1
Accrued payables	2,198	2,417	1
Prepayments received	316	270	1
Margin deposits	39	36	1
Payables on purchase of fixed assets and investments	63	44	1
Other payables	137	99	1
Financial liabilities at amortized cost	5,333	5,441	1
Advances received	67	75	1
Staff and tax payables	607	605	1
Deferred income	27	54	1
Others	19	2	1
Non-financial liabilities	720	736	1
Trade and other payables	6,053	6,177	1

As of December 31, 2024 and December 31, 2023, there is no material difference between the carrying amount and fair value

of trade and other payables.

4. Financial Instruments and Risk Management

Financial instruments are subject to various risks, including market value fluctuations, foreign currency, counterparty credit and

liquidity risks. In addition to managing market and foreign currency risk, the Group implemented a robust monitoring of

counterparty credit and ensured the availability of sufficient cash in order to reduce its liquidity risk. At each financial period end,

the Group has a policy of accruing its receivables and unrealized gains with counterparties deemed at risk.

4.1 Market Risk

Market risk is the risk that the fair value or future cash flows of assets and liabilities held by the Group including financial

instruments, physical commodities, industrial and biological assets will fluctuate due to changes in market variables such as

spot and forward commodity prices, price spreads, volatility and foreign exchange rates.

The Group classifies exposures to market risk into either trading or non-trading activities. The Group manages market risk for

trading activities by diversifying exposures, controlling position natures, sizes and maturities, performing stress testing, and

monitoring risk limits under the supervision of the Market Risk function and the Macro Committee. Limits are established for

the level of acceptable risk at corporate level and allocated at platform and profit center levels. Compliance with the limits is

reported daily to the management. Limits and their allocations are approved by the Management Board and reported to the

Audit Committee at least on a quarterly basis.

Limits are based on a daily measure of market risk exposure referred to as value at risk (VaR). The VaR that the Group

measures is a model-based estimate grounded upon various assumptions such as the log-normality of price returns, and on

conventions such as the use of exponentially weighted historical data in order to put more emphasis on the latest market

information. The VAR model captures market risks such as commodity prices, interest rates and currency rates. The Group

considers VaR as the most representative metric to understand the Group’s sensitivity to such risks.



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	LDC Integrated Report 2024 >	Financial Performance

The VaR computed therefore represents an estimate, expressed at a statistical confidence level of 95%, of the potential loss

that is not expected to be exceeded should the current market risk position remain unchanged for one day. The use of a 95%

confidence level means that, within a one-day horizon, losses exceeding the VaR figure are not expected to occur statistically

more than once every 20 trading days.

The VaR may be under- or over-estimated due to the assumptions placed on risk factors, and historical correlations and volatility

in market prices, and the probability of large market moves may be underestimated per the normal distribution and due also to

significant market, weather, geopolitical or other events.

The monthly average of value at risk (VaR) as a percentage of Group equity corresponds to the average over a month of the VaR

computed daily as a percentage of Group equity at the beginning of each quarter. It consists of the following:

Average VaR as a Percentage of Group Equity


	2023	2024

During the years ended December 31, 2024 and December 31, 2023, the monthly average Group VaR for trading activities was

less than 1% of Group equity. Annual average VaR for the Group reached 0.26% in both 2024 and 2023.

VaR is only one of the risk metrics within a wider risk management system applied within the Group.

4.2 Foreign Currency Risk

The Group operates on a global scale and is exposed to changes in foreign currency exchange for its monetary assets and

liabilities arising from transactions in a currency different from the functional currency of each entity. Such transactions include

capital expenditure, purchases linked to industrial operations, administrative expenditure and other operating payables or

receivables in local currency, among others. The Group is also party to some financing arrangements in foreign currencies

different from the functional currency of the borrowing entity.

The Group manages its exposure to foreign currency transactions by setting natural hedge structures and by entering into

foreign exchange derivative contracts to hedge its exposure back to each entity’s own functional currency (refer to Note 4.8).



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Year in Review	Business Performance & Value Creation	Sustainability, Strategy & Performance	Financial Performance	Appendix

Notes Continued

As of December 31, 2024 and December 31, 2023, the net exposure to foreign currency transactions before hedge for current

monetary items (excluding the current portion of long-term debt) represents 4% and 11% of net equity position respectively,

and is denominated in the following currencies:


(in millions of US$)	2024	2023
Argentine Peso	(80)	199
Brazilian Real	196	137
Euro	18	118
Indian Rupee	(73)	(89)
US Dollar	303	470
Other currencies	(121)	(115)
Net exposure	243	720

The Group is also exposed to currency translation risk from its investments in foreign operations, particularly in Australia, China

and Eurozone countries.

4.3 Counterparty Risk

The Group trades diversified commodities and commodity-related products. Accordingly, a substantial portion of the Group’s

trade receivables is toward users of those commodities and other commodity trading companies. The Group also enters into

prepayment transactions with suppliers of commodities. Margin deposits generally consist of deposits with commodity

exchanges and brokers which hold such deposits in a custodial capacity. The Group’s counterparty risk exposure from

derivative financial instruments is limited to the current fair value of contracts with a positive fair value.

Performance risk on an open contract measures the risk of non-performance by the counterparty and is composed of:

• The mark-to-market exposure to date (if any) reflecting the cost to the Group if the contract is not fulfilled and has to be

replaced in the open market under prevailing market conditions; and

• The potential future mark-to-market exposure reflecting the fact that the market price can move from the day of exposure

calculation to the delivery date/payment date versus the current market price.

The Group has implemented risk management procedures to monitor its exposures and minimize counterparty risk. These

procedures include counterparty exposure limit approvals, and where appropriate, may require a combination of margin

requirements, master netting arrangements, letters of credit and other guarantees.

4.4 Political and Country Risk

In its cross-border operations, the Group is exposed to country risk associated with a country’s overall political, economic,

financial, regulatory and commercial situations. The Group does not seek to retain political and country risks and endeavors to

mitigate them via major financial institutions or reputable insurance companies where appropriate. The trade finance, insurance

and credit risk departments work jointly in order to identify solutions to mitigate political and country risk.



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	LDC Integrated Report 2024 >	Financial Performance

4.5 Liquidity Risk

Liquidity risk is the risk that the Group may encounter difficulties in meeting its payment obligations associated with financial

liabilities that are settled by delivering cash or another financial asset.

Management of the liquidity profile is designed to ensure that the Group has access to the funds necessary to cover maturing

liabilities. The available liquidity for the Group includes cash and cash equivalents, other financial assets at fair value through

P&L, financial advances to related parties, readily marketable inventories and undrawn committed bank lines. As of December

31, 2024, the Group had available undrawn committed bank lines amounting to US$4.6 billion, all with maturities beyond one

year (US$4.3 billion as of December 31, 2023 all with maturities beyond one year).

The maturity analysis of the Group’s financial liabilities (undiscounted) based on the contractual terms as of December 31, 2024

and December 31, 2023 is as follows:


		2024
(in millions of US$)	Notes	Less than 1 year	1 - 3 years	3 - 5 years	More than 5 years	Total
Long-term financing (current and non-current)	5.2	973	1,003	1,344	1,423	4,743
Short-term debt	5.3	3,736	—	—	—	3,736
Expected future interest payments on long- term financing and short-term debt		211	263	185	187	846
Lease liability		240	287	144	335	1,006
Other non-current financial liabilities	3.5	—	12	10	5	27
Financial advances from related parties		94	—	—	—	94
Trade and other payables	3.10	5,333	—	—	—	5,333
Derivative liabilities (current and non-current)	4.8	1,824	110	113	30	2,077
		12,411	1,675	1,796	1,980	17,862


		2023
(in millions of US$)	Notes	Less than 1 year	1 - 3 years	3 - 5 years	More than 5 years	Total
Long-term financing (current and non-current)	5.2	88	1,733	1,714	803	4,338
Short-term debt	5.3	1,906	—	—	—	1,906
Expected future interest payments on long- term financing and short-term debt		230	298	203	210	941
Lease liability		246	259	103	203	811
Other non-current financial liabilities	3.5	—	4	2	—	6
Financial advances from related parties		45	—	—	—	45
Trade and other payables	3.10	5,441	—	—	—	5,441
Derivative liabilities (current and non-current)	4.8	1,399	79	63	—	1,541
		9,355	2,373	2,085	1,216	15,029

Non-current derivative liabilities are mostly covered by margin deposits assets.

4.6 Interest Rate Risk

The Group is exposed to fluctuation in interest rates on its long term financing and short term debt. Interest rate risk arising

from floating rate on long-term financing is mainly managed using interest rate swaps with the same critical terms as the

underlying interest rate exposures. Short-term debt, primarily based on Secured Overnight Financing Rate (SOFR) rates, is

predominantly used to finance working capital needs. Consequently, prevailing market interest rates are continuously factored

into transactional pricing and terms.

Based on the level of financial debt exposed to floating interest rate at the end of the period, an increase/decrease of 50 basis

points in interest rates, all other variables being held constant, would decrease/increase the Group’s interest expense as of

December 31, 2024 by US$28 million (US$17 million as of December 31, 2023).



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Year in Review	Business Performance & Value Creation	Sustainability, Strategy & Performance	Financial Performance	Appendix

Notes Continued

4.7 Categories of Financial Assets and Liabilities

Classification and measurement of financial assets depend on the business model and the instruments’ contractual cash flow

characteristics. Upon initial recognition, financial assets are carried at amortized cost, fair value through other comprehensive

income (OCI), or fair value through profit and loss.

The main financial assets of the Group (excluding derivatives) are presented within the following consolidated balance sheet

lines:

• Non-current financial assets

• Trade and other receivables

• Other financial assets at fair value through profit and loss

• Cash and cash equivalents

Financial liabilities are measured at amortized cost or fair value through profit and loss. The main financial liabilities of the Group

(excluding derivatives) are presented within the following consolidated balance sheet lines:

• Long-term debt and Current portion of long-term debt,

• Short-term debt,

• Financial advances from related parties and

• Trade and other payables.

All these financial liabilities are recorded at amortized cost using the effective interest method.

Financial assets and liabilities are recorded in the consolidated balance sheet as current if they mature within one year following

the closing date of the financial statements and non-current if they mature after one year, apart from derivatives held for

trading, which are all classified as current.

Derivatives are measured at fair value through profit and loss, except for those considered as hedging instruments in a cash

flow or net investment hedge relationship, in which case the change in fair value is recognized in OCI.

Margin deposits consist of cash with brokers and exchanges to meet initial and variation margins requirements in respect of

futures positions on commodities exchanges.

As of December 31, 2024, the different categories of financial assets and liabilities are as follows:


(in millions of US$)	Notes	Assets at fair value through profit and loss	Derivatives at fair value through OCI - hedge accounting	Assets at amortized cost	Total
Non-current financial assets	5.4	44	15	299	358
Total non-current financial assets		44	15	299	358
Financial advances to related parties	7.3	—	—	13	13
Trade and other receivables	3.9	—	—	4,875	4,875
Derivative assets	4.8	1,670	79	—	1,749
Margin deposits		—	—	760	760
Other financial assets at fair value through profit and loss	5.5	1,087	—	—	1,087
Cash and cash equivalents	5.6	—	—	1,311	1,311
Total current financial assets		2,757	79	6,959	9,795
Total financial assets		2,801	94	7,258	10,153



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	LDC Integrated Report 2024 >	Financial Performance


(in millions of US$)	Notes	Liabilities at fair value through profit and loss	Derivatives at fair value through OCI - hedge accounting	Liabilities at amortized cost	Total
Long-term debt	5.2	—	—	4,333	4,333
Other non-current financial liabilities	3.5	—	253	27	280
Total non-current financial liabilities		—	253	4,360	4,613
Short-term debt	5.3	—	—	3,736	3,736
Current portion of long-term debt	5.2	—	—	1,173	1,173
Financial advances from related parties	7.3	—	—	94	94
Trade and other payables (excluding margin deposit liabilities)	3.10	—	—	5,294	5,294
Margin deposit liabilities	3.10	—	—	39	39
Derivative liabilities	4.8	1,572	252	—	1,824
Total current financial liabilities		1,572	252	10,336	12,160
Total financial liabilities		1,572	505	14,696	16,773

As of December 31, 2023, the different categories of financial assets and liabilities were as follows:


(in millions of US$)	Notes	Assets at fair value through profit and loss	Derivatives at fair value through OCI - hedge accounting	Assets at amortized cost	Total
Non-current financial assets	5.4	78	23	210	311
Total non-current financial assets		78	23	210	311
Financial advances to related parties	7.3	—	—	9	9
Trade and other receivables	3.9	—	—	4,921	4,921
Derivative assets	4.8	1,634	39	—	1,673
Margin deposits		—	—	528	528
Other financial assets at fair value through profit and loss	5.5	522	—	—	522
Cash and cash equivalents	5.6	—	—	1,498	1,498
Total current financial assets		2,156	39	6,956	9,151
Total financial assets		2,234	62	7,166	9,462


(in millions of US$)	Notes	Liabilities at fair value through profit and loss	Derivatives at fair value through OCI - hedge accounting	Liabilities at amortized cost	Total
Long-term debt	5.2	—	—	4,688	4,688
Other non-current financial liabilities	3.5	—	142	6	148
Total non-current financial liabilities		—	142	4,694	4,836
Short-term debt	5.3	—	—	1,906	1,906
Current portion of long-term debt	5.2	—	—	307	307
Financial advances from related parties	7.3	—	—	45	45
Trade and other payables (excluding margin deposit liabilities)	3.10	—	—	5,405	5,405
Margin deposit liabilities	3.10	—	—	36	36
Derivative liabilities	4.8	1,298	101	—	1,399
Total current financial liabilities		1,298	101	7,699	9,098
Total financial liabilities		1,298	243	12,393	13,934



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Year in Review	Business Performance & Value Creation	Sustainability, Strategy & Performance	Financial Performance	Appendix

Notes Continued

4.8 Classification of Derivative Financial Instruments

Derivatives

The Group uses futures and option contracts mostly to hedge trading inventories and open commitments in commodities and

securities. Futures and option contracts are recognized at fair value, and the resulting unrealized gains and losses are

recognized within the gross margin. Undelivered commodities purchase and sale commitments are recognized at fair value, and

the resulting unrealized gain or loss is recognized within the gross margin. Foreign exchange hedge contracts are recognized at

fair value, and the resulting unrealized gains and losses are recognized in the consolidated income statement in “Other financial

income and expense” line for the foreign exchange exposure on funding and in “Cost of sales” line for the foreign exchange

gains and losses related to working capital.

Hedge Accounting

The Group designates certain derivatives as hedging instruments in respect of foreign currency risk, price risk component and

interest rate risk. These hedging instruments are classified either as fair value hedges, cash flow hedges, or net investment

hedges in foreign operations.

At the inception of the hedge relationship, the Group documents the relationship between the hedging instrument and the

hedged item, along with its risk management objectives and its strategy for undertaking various hedge transactions.

Furthermore, at the inception of the hedge and on an ongoing basis, the Group documents whether the hedging instrument is

effective in offsetting changes in fair values or cash flows of the hedged item attributable to the hedged risk, which is when the

hedging relationships meet all of the following hedge requirements:

• The hedging relationship must only concern eligible hedging instruments and hedged items;

• The effect of credit risk does not dominate the value changes that result from that economic relationship; and

• The hedging relationship must meet hedge effectiveness requirements, particularly in respect of a hedging ratio.

The hedging relationship ends when it ceases to satisfy the above criteria. This includes situations in which the hedging

instrument expires or is sold, terminated or exercised, or when the risk management objectives initially documented are no

longer met. If a hedging relationship ceases to meet the hedge effectiveness requirement relating to the hedge ratio but the

risk management objective for that designated hedging relationship remains the same, the Group adjusts the hedge ratio of the

hedging relationship (i.e. rebalances the hedge) so that it meets the qualifying criteria again.

The Group designates the full change in fair value of a forward contract (i.e. including the forward elements) as the hedging

instrument for all of its hedging relationships involving forward contracts.

The ineffective portion of a hedge, if any, is recognized in the consolidated income statement.

Only derivatives external to the Group, and internal derivatives that are matched with similar transactions external to the Group,

qualify for hedge accounting.



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	LDC Integrated Report 2024 >	Financial Performance

Fair Value Hedges

Hedging instruments are classified as fair value hedges when hedging the exposure to changes in the fair value of a recognized

asset or liability or an unrecognized firm commitment. The change in fair value of the hedged item attributable to the risk

hedged is recorded in the balance sheet with a counterpart in the consolidated income statement. The change in fair value of

the hedging instrument is recognized in the same line of the consolidated income statement that is impacted by the underlying

hedged item.

Cash Flow Hedges

Hedging instruments are classified as cash flow hedges when hedging exposure to variability in cash flows that is either

attributable to a particular risk associated with a recognized asset or liability or a highly probable forecasted transaction or the

foreign currency risk in an unrecognized firm commitment. The effective portion of the gain or loss on the hedging instrument

is recognized directly in OCI, while any ineffective portion is recognized immediately in the consolidated income statement.

When hedged cash flows materialize, the amounts previously recognized in equity are either recycled to the consolidated

income statement in the same way as for the hedged item, or treated as an adjustment to the value of the asset acquired.

Net Investment Hedges

Hedges of net investments in foreign operations are accounted for in a similar way to cash flow hedges. The effective portion

of the gain or loss on the hedging instrument is recognized directly in other reserves while any ineffective portion is recognized

immediately in the consolidated income statement. The amounts previously recognized in equity are transferred to the

consolidated income statement when the Group ceases to exercise control over the investment in foreign operations (either

through a sale or a liquidation).

As of December 31, 2024 and December 31, 2023, derivative financial instruments are as follows:


	2024		2023
(in millions of US$)	Assets	Liabilities	Assets	Liabilities
Forward purchase and sale agreements	876	609	1,157	822
Forward foreign exchange contracts	607	631	190	301
Futures	124	309	218	151
Options	57	14	68	24
Swaps	6	9	1	—
Derivatives at fair value through profit and loss	1,670	1,572	1,634	1,298
Forward foreign exchange contracts	83	191	33	3
Swaps	11	314	29	240
Derivatives at fair value through OCI - hedge accounting	94	505	62	243
Total derivatives	1,764	2,077	1,696	1,541
Of which:
Current derivatives	1,749	1,824	1,673	1,399
Non-current derivatives	15	253	23	142

In the normal course of operations, the Group enters into various derivative financial instruments involving future settlement.

These transactions include futures, forward purchase and sale agreements, and option contracts that are executed either on

regulated exchanges or in the over-the-counter (OTC) market.

Futures contracts are exchange-traded contractual commitments either to receive or deliver a standard amount or value of a

commodity or financial instrument at a specified future date and price. Futures exchanges typically require the parties to

provide as security “initial margins” and additional cash deposits for “variation margins”, based upon market value fluctuations.

OTC contracts, which may or may not require the payment of initial margins or variation margins, involve parties who have

agreed to either exchange cash payments or deliver/receive the underlying commodity or financial instrument. Option contracts

are contractual agreements that give the purchaser the right, but not the obligation, to purchase or sell a financial instrument or

commodity at a predetermined price.

The Group applies fair value hedge to the price risk component of firm commitments related to certain long-term time charter

contracts using Forward Freight Agreements as hedging instruments. As of December 31, 2024, these operations represent a

total US$176 nominal value for a net US$17 million future derivatives asset position (a total US$209 nominal value for a net

US$26 million future derivative liability position as of December 31, 2023). Fair value adjustments on hedged items are included

within the “Trade and others receivables” and “Trade and other payables” lines of the consolidated balance sheet. The hedge

ineffectiveness in relation to these hedges was negligible for 2024 and 2023.



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Year in Review	Business Performance & Value Creation	Sustainability, Strategy & Performance	Financial Performance	Appendix

Notes Continued

Derivatives at Fair Value Through Other Comprehensive Income (OCI) - Hedge Accounting

Derivatives at fair value through OCI include forward foreign exchange contracts, interest-rate swaps and cross-currency

swaps.

Forward foreign exchange contracts mainly relate to the hedge of foreign currency risk of future capital expenditure, production

costs and commercial and administrative expenses in Brazilian Reais, and to a lesser extent in Euros and Swiss Francs. These

hedges have mainly an average maturity of less than 12 months. The contracts also relate to the hedge of foreign currency risk

of a long-term financing line (principal and interests) in Brazilian Reais with maturity in 2035.

As of December 31, 2024, contracts in Brazilian Reais represent a total US$911 million nominal value, with an average fixed

exchange rate of 5.88 Brazilian Reais to the US Dollar (a total US$668 million nominal value, with an average fixed exchange

rate of 5.26, as of December 31, 2023).

The forward foreign exchange contracts taken as hedging instruments have similar critical terms as the hedged items, including

notional, reference rates and maturities. Ineffectiveness might arise if the timing of the forecasted transaction changes from

what was originally estimated. The hedge ineffectiveness in relation to these forward foreign exchange contracts was

negligible for 2024 and 2023.

The Group entered into interest-rate swap contracts in North America to hedge against Secured Overnight Financing Rate

(SOFR) fluctuations on the floating rate exposure of its debt. As of December 31, 2024, these operations represent a total

US$315 million nominal value effective until 2033, with an average three-month SOFR rate fixed at 2.52% per year (a total

US$525 million nominal value effective until 2026, with an average three-month SOFR rate fixed at 0.91% per year, as of

December 31, 2023).

The Group entered into cross-currency swap contracts in order to hedge the currency and interest exposure of the following

main long-term financing agreements:

• Japanese Yen-denominated debt for ¥101.3 billion as of December 31, 2024 and December 31, 2023: these operations

represent a total US$700 million hedged nominal value, effective until 2026 for US$343 million and 2028 for US$357 million,

with an average Tokyo Overnight Average (TONA) rate fixed at 5.50% per year as of December 31, 2024 and 4.16% per

year as of December 31, 2023.

• Japanese Yen-denominated private placements for ¥20 billion as of December 31, 2024 and December 31, 2023: these

operations represent a total US$160 million hedged nominal value, effective until 2026 for US$88 million and 2027 for

US$72 million.

• Chinese Yuan-denominated internal financing for ¥975 million as of December 31, 2024 and December 31, 2023: these

operations represent a US$153 million hedged nominal value effective until 2028.

• Euro-denominated rated senior bonds for €1,800 million as of December 31, 2024 and €1,150 million as of December 31,

2023: these operations represent a total US$2,084 million hedged nominal value, effective until 2025 for US$774 million,

2028 for US$602 million and 2031 for US$708 million as of December 31, 2024 (a total US$1,376 million hedged nominal

value, effective until 2025 for US$774 million and 2028 for US$602 million as of December 31, 2023).

The hedge on exposure linked to future interest payments on these long-term financing agreements is booked at fair value

through OCI. The hedge on exposure related to the principal and accrued interests is booked in profit and loss, impacting

“Other financial income and expense” and “Interest expenses” lines of the consolidated income statement (refer to Note 2.3).

The interest-rate swap and cross-currency swap contracts taken as hedging instruments have similar critical terms as the

hedged items, including notional, reference rates and maturities. The hedge ineffectiveness in relation to these swaps was

negligible for 2024 and 2023.



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	LDC Integrated Report 2024 >	Financial Performance

4.9 Fair Value Hierarchy

As of December 31, 2024 and December 31, 2023, the following table shows an analysis of financial assets and liabilities

recorded at fair value by level of the fair value hierarchy:


	2024				2023				1
(in millions of US$)	Level 1	Level 2	Level 3	Total	Level 1	Level 2	Level 3	Total	1
Trading inventories	—	6,457	152	6,609	—	5,367	154	5,521	1
Derivative assets (current and non- current)	169	1,570	25	1,764	259	1,389	48	1,696	1
Forward purchase and sale agreements	—	852	24	876	—	1,109	48	1,157	1
Forward foreign exchange contracts	—	690	—	690	—	223	—	223	1
Futures	124	—	—	124	218	—	—	218	1
Options	45	11	1	57	41	27	—	68	1
Swaps	—	17	—	17	—	30	—	30	1
Other financial assets at fair value through profit and loss (current and non-current)	939	147	45	1,131	425	107	68	600	1
Total assets	1,108	8,174	222	9,504	684	6,863	270	7,817	1
Derivative liabilities (current and non-current)	267	1,807	3	2,077	144	1,367	30	1,541	1
Forward purchase and sale agreements	—	606	3	609	—	792	30	822	1
Forward foreign exchange contracts	—	822	—	822	—	304	—	304	1
Futures	266	43	—	309	143	8	—	151	1
Options	1	13	—	14	1	23	—	24	1
Swaps	—	323	—	323	—	240	—	240	1
Total liabilities	267	1,807	3	2,077	144	1,367	30	1,541	1

Trading inventories are valued at fair value based on observable prices (if and when available) such as commodity futures

exchange quotations, broker or dealer quotations, or market transactions in either listed or OTC markets, and adjusted for

differences in local markets and quality, since the exchange quoted price represents contracts with standardized terms for

commodity, quantity, future delivery period, delivery location, and commodity quality or grade. When a substantial portion of

observable inputs is used to estimate the fair value of the trading inventory, it is classified as Level 2. When unobservable

inputs have a significant impact on the measurement of fair value, the trading inventory is classified as Level 3.

Fair value for the forward purchase and sale agreements is estimated based on exchange-quoted price adjusted for differences

in local markets. These differences are generally determined using inputs from broker or dealer quotations or market

transactions in either listed or OTC markets. When observable inputs are available for the full term of the contract, it is

classified as Level 2. When unobservable inputs have a significant impact on the measurement of the fair value, the contract is

classified as Level 3.

Sensitivity to fair value movements are mitigated thanks to LDC's market risk management (refer to Note 4.1).

Other financial assets at fair value through profit and loss mainly include investments in equity instruments and bonds classified

as Level 1 if they are listed, Level 2 if they are valued in the OTC market or adjusted based on observable market data and

Level 3 if other valuation technique is used such as market approach or adjusted net asset method.

There was no transfer between levels during the year ended December 31, 2024.



	68



Year in Review	Business Performance & Value Creation	Sustainability, Strategy & Performance	Financial Performance	Appendix

Notes Continued

4.10 Offsetting of Financial Assets and Liabilities

The Group reports financial assets and liabilities on a net basis in the consolidated balance sheet when, and only when, there is

a legally enforceable right to set off the recognized amounts and there is intention to either settle on a net basis or realize the

asset and settle the liability simultaneously.

Master netting agreements enforceable only on the occurrence of future events such as a default on bank loans or other credit

events do not provide a basis for offsetting.

The following tables include the carrying amounts of recognized financial instruments that are under master netting agreements

and subject to offsetting, those that are under master netting agreements but not set off in the balance sheet, those that are

not under any master netting agreements and not set off in the balance sheet, and lastly the theoretical set off resulting in

deducting amounts under master netting agreement not set off and collaterals from amounts presented in the balance sheet.

As of December 31, 2024, the offsetting of financial assets and liabilities was as follows:


	Amounts under netting agreements set off in the balance sheet			Amounts not set off in the balance sheet			Amounts under netting agreements not set off in the balance sheet and margin deposit - theoretical set off adjustment
(in millions of US$)	Gross amount of financial assets	Gross amount of financial liabilities	Net amount recognized in the balance sheet	Under netting agreements and margin deposit	Not under netting agreements	Total presented in the balance sheet		Total net amount
Derivative assets (current and non-current)	150	(71)	79	380	1,305	1,764	(258)	1,506
Derivative liabilities (current and non-current)	(287)	509	222	635	1,220	2,077	(641)	1,436
Margin deposit assets (current and non-current)				970		970	(400)	570
Margin deposit liabilities				39		39	(17)	22

As of December 31, 2023, the offsetting of financial assets and liabilities was as follows:


	Amounts under netting agreements set off in the balance sheet			Amounts not set off in the balance sheet			Amounts under netting agreements not set off in the balance sheet and margin deposit - theoretical set off adjustment
(in millions of US$)	Gross amount of financial assets	Gross amount of financial liabilities	Net amount recognized in the balance sheet	Under netting agreements and margin deposit	Not under netting agreements	Total presented in the balance sheet		Total net amount
Derivative assets (current and non-current)	584	(358)	226	206	1,264	1,696	(75)	1,621
Derivative liabilities (current and non-current)	(40)	68	28	509	1,004	1,541	(335)	1,206
Margin deposit assets (current and non-current)				663		663	(276)	387
Margin deposit liabilities				36		36	(16)	20



		69



	LDC Integrated Report 2024 >	Financial Performance

5. Equity and Financing

5.1 Equity


(in millions of US$)	2024	2023
Issued capital	1	1
Share premium	1,586	1,586
Retained earnings	5,370	5,151
Other reserves	(281)	(108)
Equity attributable to owners of the company	6,676	6,630
Non-controlling interests	33	34
Total stockholders' equity and non-controlling interests	6,709	6,664

Stockholders’ equity and non-controlling interests disclosed in the Financial Statements correspond to the equity used by

Management when assessing performance.

Capital

When managing capital, the Group’s objectives are to safeguard its ability to continue as a going concern so that it can provide

returns to shareholders, bring benefits to its other partners and optimize the structure of capital in order to reduce its cost. In

2024, the Group’s overall strategy remains unchanged from 2023.

As of December 31, 2024 and December 31, 2023, the capital of LDC is composed of 100,000,000 shares with a €0.01 nominal

value each, that are issued and fully paid.

During the year ended December 31, 2024, LDC distributed US$507 million as dividends to LDCH, corresponding to a dividend

payment of US$5.07 per share.

During the year ended December 31, 2023, LDC distributed US$503 million as dividends to LDCH, corresponding to a dividend

payment of US$5.03 per share.

Other Reserves

As of December 31, 2024 and December 31, 2023, Other reserves are composed of:

• Cash flow and net investment hedges reserves which correspond to the effective portion of the gains or losses on

the hedging instruments as described in Note 4.8.

• Pensions’ reserves which correspond to the re-measurement gains and losses arising from defined benefit pension

plans in accordance with IAS 19 Employee Benefits as described in Note 6.1.

• Foreign currency translation adjustment which are used to record exchange differences arising from the translation of

the financial statements of the Group’s foreign operations whose functional currencies are different from the US

Dollar.

Reconciliation of other reserves for the years ended December 31, 2024 and December 31, 2023 is as follows:


(in millions of US$)	Cash flow and net investment hedges	Pensions' reserves	Foreign currency translation adjustment	Total Owners of the company share
Balance as of January 1, 2023	38	3	(173)	(132)
OCI for the year:
Current year gains (losses)	24	1	(5)	20
Reclassification to profit and loss	(30)	—	37	7
Transaction with non-controlling interests	—	—	(3)	(3)
Balance as of December 31, 2023	32	4	(144)	(108)
OCI for the year:
Current year gains (losses)	(182)	6	(74)	(250)
Reclassification to profit and loss	64	—	13	77
Balance as of December 31, 2024	(86)	10	(205)	(281)



	70



Year in Review	Business Performance & Value Creation	Sustainability, Strategy & Performance	Financial Performance	Appendix

Notes Continued

5.2 Long-Term Debt

As of December 31, 2024 and December 31, 2023, long-term debt consists of the following:


(in millions of US$)	Notes	2024	2023
Non-current portion of long-term financing		3,770	4,250
Non-current portion of lease liabilities	7.1	563	438
Non-current portion of long-term debt		4,333	4,688
Current portion of long-term financing		973	88
Current portion of lease liabilities	7.1	200	219
Current portion of long-term debt		1,173	307
Total long-term debt		5,506	4,995

The tables below only refer to long-term financing.

As of December 31, 2024 and December 31, 2023, long-term financing by currency after hedge is analyzed as follows:


	2024				2023
(in millions of US$)	Debt capital markets	Revolving credit facilities	Term loans from banks	Total	Debt capital markets	Revolving credit facilities	Term loans from banks	Total
US Dollar	1,861	(12)	2,393	4,242	1,267	(12)	2,615	3,870	1
Euro	—	—	322	322	—	—	337	337	1
Chinese Yuan	—	—	102	102	—	—	88	88	1
Other currencies	—	—	48	48	—	15	—	15	1
Subtotal long-term financing	1,861	(12)	2,865	4,714	1,267	3	3,040	4,310	1
Accrued interests				29				28	1
Total long-term financing				4,743				4,338	1

Certain portions of this financing, aggregating US$178 million as of December 31, 2024 and US$171 million as of December 31,

2023, are secured by mortgages on assets.

Certain senior debt and bank loans contain covenants that require maintenance of levels of working capital, net worth, debt to

equity ratios, dividend restrictions and limit of indebtedness. As of December 31, 2024 and December 31, 2023, the Group

complied with all the covenants included in its loan agreements with banks.

Debt capital markets include the following bonds listed on the Luxembourg Stock Exchange:

• €600 million rated senior bond (five-year, 2.375% coupon), issued in November 2020, increased in February 2021 by

an additional €50 million through a reverse inquiry.

• €500 million rated senior bond (seven-year, 1.625% coupon) issued in April 2021,

• €650 million rated senior bond for (seven-year, 3.50% coupon) issued in October 2024.



		71



	LDC Integrated Report 2024 >	Financial Performance

The following is a comparative summary of outstanding long-term financing, current and non-current portions:


			2024
(in millions of US$)	Nature of the rate after hedge	Interest rate after hedge	Less than 1 year	1 - 3 years	3 - 5 years	More than 5 years	Total
Eurobond 25	Fixed rate	3.56%	675	—	—	—	675	1
Eurobond 28	Fixed rate	3.29%	—	—	517	—	517	1
Eurobond 31	Fixed rate	5.07%	—	—	—	669	669	1
Other LT financing	Fixed rate	0.63% ~ 10.40%	112	552	354	157	1,175	1
Other LT financing	Floating rate	Rate over SOFR	98	182	439	503	1,222	1
Other LT financing	Floating rate	Rate over EURIBOR	47	239	—	—	286	1
Other LT financing	Floating rate	Rate over TJLP	7	14	10	19	50	1
Other LT financing	Floating rate	Other variable rates	5	16	24	75	120	1
Subtotal long-term financing			944	1,003	1,344	1,423	4,714	1
Accrued interests							29	1
Total long-term financing							4,743	1


			2023
(in millions of US$)	Nature of the rate after hedge	Interest rate after hedge	Less than 1 year	1 - 3 years	3 - 5 years	More than 5 years	Total
Eurobond 25	Fixed rate	3.56%	—	717	—	—	717	1
Eurobond 28	Fixed rate	3.29%	—	—	550	—	550	1
Other LT financing	Fixed rate	2.03% ~ 6.00%	1	553	645	394	1,593	1
Other LT financing	Floating rate	Rate over SOFR	51	217	406	311	985	1
Other LT financing	Floating rate	Rate over EURIBOR	—	215	89	—	304	1
Other LT financing	Floating rate	Rate over TJLP	7	11	10	31	59	1
Other LT financing	Floating rate	Other variable rates	1	20	14	67	102	1
Subtotal long-term financing			60	1,733	1,714	803	4,310	1
Accrued interests							28	1
Total long-term financing							4,338	1

As of December 31, 2024, the main difference between the fair value of long-term financing and its historical value amounts to

US$(17) million and relates to the listed senior bonds for which fair value is US$1,844 million, compared to US$1,861 million net

book value.

Changes in long-term financing for the years ended December 31, 2024 and December 31, 2023 are as follows:


(in millions of US$)	2024	2023
Balance as of January 1	4,338	4,315	1
Proceeds from long-term financing	733	540	1
Repayment of long-term financing	(188)	(598)	1
Foreign exchange	(229)	18	1
Change in the list of consolidated companies	72	—	1
Capitalized interests	4	16	1
Accrued interests	1	—	1
Others	12	47	1
Closing balance	4,743	4,338	1

Foreign Exchange

In 2024, change due to foreign exchange is mainly attributable to Euro and Japanese Yen depreciation, impacting Euro-

denominated bonds and Japanese Yen-denominated debt.

Change in the List of Consolidated Companies

In 2024, US$72 million long-term financing was consolidated in the Group following the Namoi Transaction and the Cacique

acquisition for respectively US$19 million and US$53 million (refer to Note 1.6).



	72



Year in Review	Business Performance & Value Creation	Sustainability, Strategy & Performance	Financial Performance	Appendix

Notes Continued

5.3 Short-Term Debt

The Group finances most of its short-term requirements through bank loans, acceptances and commercial paper. The

underlying agreements require certain companies to maintain minimum levels of net worth and to meet various liquidity tests.

As of December 31, 2024 and December 31, 2023, short-term debt consists of the following:


	2024
(in millions of US$)	Bank loans	Commercial paper	Bank overdrafts	Repurchase agreements	Securities short positions	Total
US Dollar	1,414	—	191	241	7	1,853	1
Chinese Yuan	449	—	—	—	—	449	1
Argentine Peso	—	—	—	346	—	346	1
Australian Dollar	321	—	—	—	—	321	1
Euro	2	260	11	—	—	273	1
Indian rupee	130	—	13	—	—	143	1
Indonesian Rupiah	135	—	—	—	—	135	1
Ukrainian hryvnia	108	—	—	—	—	108	1
Pakistani Rupee	—	—	22	—	—	22	1
Canadian Dollar	—	—	8	—	—	8	1
Other currencies	59	—	10	—	—	69	1
Subtotal short-term debt	2,618	260	255	587	7	3,727	1
Accrued interests						9	1
Total short-term debt						3,736	1


	2023
(in millions of US$)	Bank loans	Commercial paper	Bank overdrafts	Repurchase agreements	Total
US Dollar	928	101	118	3	1,150	1
Euro	7	132	29	—	168	1
Indian rupee	105	—	11	—	116	1
Indonesian Rupiah	114	—	—	—	114	1
Pakistani Rupee	—	—	82	—	82	1
Chinese Yuan	80	—	—	—	80	1
Australian Dollar	66	—	—	—	66	1
Canadian Dollar	—	—	63	—	63	1
Other currencies	35	—	27	—	62	1
Subtotal short-term debt	1,335	233	330	3	1,901	1
Accrued interests					5	1
Total short-term debt					1,906	1

The Group enters into repurchase agreements, which are arrangements involving the sale of securities at a specified price with

an irrevocable commitment to repurchase the same or similar securities at a fixed price on a specified future date or with an

open maturity.

Certain portions of this financing, aggregating US$6 million as of December 31, 2024 and US$8 million as of December 31,

2023, are secured by mortgages on assets.



		73



	LDC Integrated Report 2024 >	Financial Performance

As of December 31, 2024 and December 31, 2023, there is no material difference between the carrying amount and fair value

of short-term debt.

Changes in short-term debt for the years ended December 31, 2024 and December 31, 2023 are as follows:


(in millions of US$)	2024	2023	1 0 0
Balance as of January 1	1,906	2,145	1
Net proceeds from (repayment of) short-term debt	1,738	(236)	1
Foreign exchange	(42)	(7)	1
Change in the list of consolidated companies	133	—	1
Accrued interests	1	—	1
Others	—	4	1
Closing balance	3,736	1,906	1

Net Proceeds From (Repayment of) Short-Term Debt

This line included changes in repurchase agreements and securities short positions (US$591 million in 2024 and US$(238)

million in 2023), reported as changes in derivatives in the consolidated statement of cash flows. This line excluded changes in

related parties’ advances (US$131 million in 2024 and US$(75) million in 2023), reported as “Net proceeds from (repayments of)

short-term debt and related parties’ loans and advances” in the consolidated statement of cash flows.

Change in the List of Consolidated Companies

In 2024, US$133 million short-term debt was consolidated in the Group following the Namoi Transaction and the Cacique

acquisition for respectively US$5 million and US$128 million (refer to Note 1.6).

5.4 Non-Current Financial Assets

Non-current financial assets mainly include:

• Non-current financial assets measured at amortized cost using the effective interest method such as long-term loans and

deposits which meet SPPI (Solely Payments of Principal and Interests) test requirements under IFRS 9;

• Non-current derivatives with maturity above 12 months designated as hedging instrument in a hedge accounting relationship

measured at fair value through other comprehensive income (OCI); and

• Investments in equity instruments not held for trading purposes that the Group intends to keep during more than 12 months

after the closing date of the period. Those investments are measured at fair value through profit and loss. The Group did not

elect for the irrevocable option to measure any investment in equity instruments at fair value through OCI with no recycling

through the consolidated income statement.

As of December 31, 2024 and December 31, 2023, non-current financial assets consist of the following:


(in millions of US$)	2024	2023
Deposits and others at amortized cost	299	210	1
Including margin deposits	210	135	1
Derivative assets at fair value through OCI	15	23	1
Investments in equity instruments at fair value through profit and loss	44	78	1
Non-current financial assets	358	311	1



	74



Year in Review	Business Performance & Value Creation	Sustainability, Strategy & Performance	Financial Performance	Appendix

Notes Continued

5.5 Other Financial Assets at Fair Value Through Profit and Loss

Other financial assets at fair value through profit and loss include debt and equity securities, as well as reverse repurchase

agreements, relating to trading activities. It also includes short-term securities with an initial maturity greater than three months

and investments in equity instruments not held for trading purposes that the Group does not intend to keep during more than

12 months after the closing date of the period.

As of December 31, 2024 and December 31, 2023, other financial assets at fair value through profit and loss consist of the

following:


(in millions of US$)	2024	2023
Marketable securities held for trading	1,067	462
Reverse repurchase agreement loan	7	40
Short-term securities	1	9
Investments in equity instruments	12	11
Other financial assets at fair value through profit and loss	1,087	522

As of December 31, 2024 and December 31, 2023, short-term securities relate to cash deposits pledged as collaterals.

As of December 31, 2024, marketable securities held for trading are partly related to Repurchase Agreements reported within

“Short-term debt” (refer to Note 5.3).

5.6 Cash and Cash Equivalents

Cash and cash equivalents include highly liquid investments with a maturity of three months or less at the time of the

acquisition. Treasury bills, money market funds, commercial paper, bank certificates of deposit and marketable securities

having insignificant risk of change in value qualify under this definition. Changes in bank overdrafts that form part of the

financing activities are presented as an increase (decrease) in short-term debt in the consolidated statement of cash flows.

As of December 31, 2024 and December 31, 2023, cash and cash equivalents are as follows:


(in millions of US$)	2024	2023
Cash equivalents	786	902
Cash	525	596
Cash and cash equivalents	1,311	1,498

Cash equivalents include US$152 million of securities or cash deposits pledged as collaterals as of December 31, 2024 (US$91

million as of December 31, 2023).

As of December 31, 2024 and December 31, 2023, there is no material difference between the carrying amount and fair value

of cash and cash equivalents.



		75



	LDC Integrated Report 2024 >	Financial Performance

6. Employees

6.1 Employee Benefits

Short-Term Employee Benefits

Short-term employee benefits include wages, salaries, social security contributions, compensated absences, profit-sharing and

bonuses and are expected to be fully settled within 12 months after the end of the reporting period. Short-term employee

benefit obligations are measured on an undiscounted basis and are recognized in the income statement as the related service is

provided. A liability is recognized for the amount expected to be paid under short-term cash bonus plans if the Group has a

present legal or constructive obligation to pay this amount as a result of past service provided by the employees and the

obligation can be estimated reliably.

Pensions and Post-Retirement Benefits

Defined contribution plans are funded by contributions paid by employees and Group companies to the organizations

responsible for managing the plans. The Group’s obligations are limited to the payment of such contributions which include

total social contributions incurred by the Group in order to secure for its employees the entitlement to defined contribution

pension schemes. It covers contributions made compulsory by law as well as those resulting from supplementary collectively

agreed, contractual and voluntary schemes.

Defined benefit plans consist of either funded or unfunded plans. Obligations under these plans are generally determined by

independent actuaries using the projected unit credit method.

The Group measures and recognizes post-employment benefits in accordance with IAS 19:

• Contributions to defined contribution plans are recognized as an expense;

• Defined benefit plans are measured using actuarial valuations.

The Group uses the projected unit credit method as the actuarial method for measuring its post-employment benefit

obligations, on the basis of the national or company-wide collective agreements effective within each entity.

Factors used in calculating the obligation include length of service, life expectancy, salary inflation, staff turnover and

macroeconomic assumptions specific to countries in which the Group operates (such as inflation rate and discount rate).

Actuarial gains and losses relating to defined benefit plans (pensions and other post-employment benefits), arising from the

effects of changes in actuarial assumptions and experience adjustments, are recognized net of deferred taxes in other

comprehensive income.

The liability recognized in the balance sheet in respect of defined benefit plans is the present value of the defined benefit

obligation at the balance sheet date less the fair value of each plan.

If the value of plan assets exceeds the obligation under the plan, the net amount is recognized as a non-current asset.

Overfunded plans are recognized as assets only if they represent future economic benefits that will be available to the Group

through future refunds from the plan or reductions in future contributions to the plan.

Other Long-Term Benefits

The Group’s net obligation in respect of long-term benefits, other than post-employment plans, is the amount of future benefits

that employees have earned in return for their service in the current and prior periods. They include mainly bonuses that are not

expected to be settled wholly before 12 months after the end of the reporting period. They are recognized in the income

statement as part of the “Commercial and administrative expenses”. The corresponding debt is included within the lines

“Other non-current liabilities” and “Trade and other payables” of the consolidated balance sheet, respectively for its non-

current and current parts.



	76



Year in Review	Business Performance & Value Creation	Sustainability, Strategy & Performance	Financial Performance	Appendix

Notes Continued

Employee Benefits (Short-Term and Other Long-Term benefits)

In 2024, personnel expenses reached US$1,224 million (US$1,193 million in 2023).

Defined Benefit Plans

The Group maintains pension plans in various countries, as prescribed by local laws and customs. The obligations of the Group

to pay benefits upon retirement are provided for on an estimated annual basis. The estimates reflect assumptions as to future

salary increases, employee turnover and mortality rates. The most significant retirement plans that require funding are in the

United States of America (US).

As of December 31, 2024 and December 31, 2023, retirement benefit obligations are as follows:


	2024			2023
(in millions of US$)	US	Other	Total	US	Other	Total
Long-term pension benefit	21	13	34	32	12	44	1
Post-retirement benefit	11	9	20	11	10	21	1
Retirement benefit obligations	32	22	54	43	22	65	1
Net plan asset1	—	(2)	(2)	—	(2)	(2)	1

1. Reported in “Trade and other receivables”.

The Group has various defined benefit pension plans in the US covering substantially all employees, which provide benefits

based on years of service and compensation during defined years of employment. The funding policy is to contribute amounts

sufficient to meet the minimum funding requirements. The Group also has unfunded post-retirement plans in the US that cover

substantially all salaried employees. These plans provide medical, dental and life insurance benefits.



		77



	LDC Integrated Report 2024 >	Financial Performance

As of December 31, 2024 and December 31, 2023, movement in pension and post-retirement benefits liabilities recognized

over the year is as follows:


	2024
	Defined benefit pension plans
(in millions of US$)	Present value of defined benefit obligation	Fair value of plan assets	Net liability for defined benefit pension plans	Post- retirement benefit
Balance as of January 1	108	(76)	32	11	1
Administrative expenses	—	1	1	—	1
Interest cost/(income)	5	(4)	1	1	1
Total net expenses	5	(3)	2	1	1
Return on plan assets excluding interest income	—	(3)	(3)	—	1
Effect of change from participant experience	1	—	1	1	1
Effect of change in financial assumptions	(6)	—	(6)	—	1
Total actuarial (gains)/losses in OCI	(5)	(3)	(8)	1	1
Contributions	—	(5)	(5)	(2)	1
Benefit payments	(6)	6	—	—	1
Net cashflow (outflow)/inflow	(6)	1	(5)	(2)	1
Closing balance	102	(81)	21	11	1


	2023
	Defined benefit pension plans
(in millions of US$)	Present value of defined benefit obligation	Fair value of plan assets	Net liability for defined benefit pension plans	Post- retirement benefit	1
Balance as of January 1	110	(75)	35	13	1
Administrative expenses	—	1	1	—	1
Interest cost/(income)	5	(4)	1	1	1
Total net expenses	5	(3)	2	1	1
Return on plan assets excluding interest income	—	(7)	(7)	—	1
Effect of change from participant experience	1	—	1	(1)	1
Effect of change in financial assumptions	2	—	2	—	1
Total actuarial (gains)/losses in OCI	3	(7)	(4)	(1)	1
Contributions	—	(1)	(1)	(2)	1
Benefit payments	(10)	10	—	—	1
Net cashflow (outflow)/inflow	(10)	9	(1)	(2)	1
Closing balance	108	(76)	32	11	1

The discount rate is 5.47% as of December 31, 2024 (4.88% as of December 31, 2023).



	78



Year in Review	Business Performance & Value Creation	Sustainability, Strategy & Performance	Financial Performance	Appendix

Notes Continued

The plan assets are detailed as follows:


(in millions of US$)	2024	2023
Large US Equity	(24)	(29)	1
Small/Mid US Equity	(10)	(3)	1
International Equity	(13)	(10)	1
Bond	(34)	(34)	1
Total plan assets	(81)	(76)	1

All plan assets are stated at fair value and consist of pooled accounts valued at cumulative net asset value (“NAV”) based on

the closing market value of the units bought or sold as of the valuation date.

The Group maintains a diversified investment portfolio principally invested in equities and fixed-income securities. The

investment policy and objectives of these plans include providing a total return that exceeds inflation, while minimizing principal

risk to meet or exceed the benefit obligations for its participants. Assets of these plans are reviewed on a periodic basis to

ensure asset performance is within policy guidelines.

Other countries

Other long-term pension benefit plans are mainly in the United Kingdom and Switzerland. Pension benefits liabilities recognized

in the consolidated balance sheet are as follows as of December 31, 2024 and December 31, 2023:


	2024
(in millions of US$)	United Kingdom	Switzerland	Others	Total	1
Present value of obligations	62	80	7	149	1
Fair value of plan assets	(59)	(77)	—	(136)	1
Liability in the balance sheet	3	3	7	13	1


	2023
(in millions of US$)	United Kingdom	Switzerland	Others	Total	1
Present value of obligations	74	73	7	154	1
Fair value of plan assets	(69)	(73)	—	(142)	1
Liability in the balance sheet	5	—	7	12	1

6.2 Number of Employees

The average number of employees for the years ended December 31, 2024 and December 31, 2023 is as follows:


	2024	2023
Managers and traders	1,968	1,834
Supervisors	1,817	1,674
Employees	4,854	4,738
Workers	7,343	7,362
Seasonal workers	2,282	2,818
Number of employees	18,264	18,426



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	LDC Integrated Report 2024 >	Financial Performance

7. Leases and Other Information

7.1 Leases

At inception of a contract, the Group assesses whether a contract is, or contains, a lease. The contract is a lease if it conveys

the right to control the use of an identified asset for a period of time (lease term) in exchange for consideration, meaning the

right to obtain substantially all economic benefits and the right to direct the use of such asset over the lease period.

The lease term is defined as the non-cancellable period for which a lessee has the right to use an underlying asset. The term

shall include both option to extend the lease or option to terminate the lease if the lessee is reasonably certain to exercise

those options, considering business continuity among others. When determining the lease term, management reviews existing

renewal and termination options taking into account economic factors, using judgement to evaluate whether it is reasonably

certain to exercise such options.

Lessor

The Group acts as a sub-lessor only in short-term leases of vessels, which are classified as operating leases. The corresponding

lease payments received are recognized as income in “Net sales” over the lease term.

Lessee

As a lessee, the Group is mainly involved in leases of lands, warehouses, production lines, harvesting machinery, tractors,

railcars, office spaces, vessels and cars.

At commencement date, the Group recognizes a right-of-use asset and a lease liability. In the consolidated balance sheet, the

Group presents right-of-use assets in “Property, plant and equipment” and lease liabilities in “Long-term debt” for the non-

current part and “Current portion of long-term debt” for the current one.

The right-of-use asset is initially measured at cost, which corresponds to the initial amount of the lease liability adjusted for (i)

any lease payment made at or before commencement date, (ii) any initial direct costs incurred by the lessee, (iii) an estimate of

any obligatory costs to be incurred in dismantling and/or restoring the underlying asset or its site as per the contractual terms of

the lease and (iv) less any lease incentives received.

The right-of-use asset is subsequently depreciated using the straight-line method from the commencement date to the earlier

of the end of the useful life of the right-of-use asset or the end of the lease term. The estimated useful lives of right-of-use

assets are determined on the same basis as those used for the underlying asset (i.e. property, plant and equipment). In

addition, the right-of-use asset is reduced by impairment losses, if any, and adjusted for remeasurements of the lease liability.

The depreciation cost is recognized either through the “Cost of sales” or the “Commercial and administrative expenses” lines

of the consolidated income statement, depending on the nature of the lease.

The lease liability is initially measured at the present value of future lease payments at the commencement date, discounted

using the implicit interest rate in the lease or the lessee’s incremental borrowing rate (when the previous one is not easily

determined). Generally, the Group uses its incremental borrowing rate as the discount rate. By simplification, the incremental

borrowing rate is calculated for each monetary zone using the risk-free rate applicable in the zone, plus the Group’s risk

premium for the local currency.

Lease payments included in the measurement of the lease liability comprise the following:

• Fixed payments, including in-substance fixed payments;

• Variable lease payments depending on an index or rate;

• Residual value guarantees;

• Exercise price of a purchase option and penalties due to early termination option (if expected to be exercised).

The lease liability is subsequently measured at amortized cost using the effective interest method. Its carrying amount is

increased to reflect interest on the liability, reduced to reflect lease payments and remeasured to reflect reassessment or lease

modification. The “Interest expense on leases” is recognized through the “Other financial income and expense” line of the

consolidated income statement. The lease payments are reported in the line “Repayment of lease liabilities” of the

consolidated statement of cash flows.

Some contracts contain both lease and non-lease components. The Group elects not to separate non-lease components from

lease components except for vessel chartering contracts, for which the running costs are excluded from the lease in order to

determine a bareboat equivalent lease component.



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Year in Review	Business Performance & Value Creation	Sustainability, Strategy & Performance	Financial Performance	Appendix

Notes Continued

Low Value Assets and Short-Term Leases

The Group does not recognize right-of-use assets and lease liabilities for short-term leases (lease term of 12 months or less)

and leases of individually low-value assets. The lease payments associated with these leases are recorded as an expense on a

straight-line basis over the lease term through the “Cost of sales” or the “Commercial and administrative expenses” lines of

the consolidated income statement depending on the nature of the lease.

Right-of-use assets are included within property, plant and equipment. Changes in the net value of right-of-use assets for the

years ended December 31, 2024 and December 31, 2023 are as follows:


	2024						2023
(in millions of US$)	Land	Buildings and offices	Machinery and equipment	Vessels	Other tangible assets	Total	Total
Balance as of January 1	137	134	136	275	3	685	559	1
New leases and additions	20	48	73	323	1	465	424	1
Early terminations, disposals and decreases	(4)	(3)	(1)	(54)	—	(62)	(19)	1
Acquisitions through business combinations	1	1	—	—	—	2	—	1
Depreciation and impairment	(15)	(36)	(42)	(201)	(1)	(295)	(277)	1
Foreign currency translation adjustment	(3)	(2)	(3)	—	—	(8)	(2)	1
Closing balance	136	142	163	343	3	787	685	1

New Leases and Additions

In 2024, new leases and additions include US$323 million right-of-use of vessels, including new long-term time charter

contracts and remeasurement of index-linked contracts, US$24 million right-of-use of an oilseeds refinery and bottle oil lines

plant in Zhangjiagang, Jiangsu, China, US$21 million right-of-use of railroad cars in the US and US$12 million right-of-use linked

to agricultural partnerships in Brazil.

In 2023, new leases and additions include US$264 million right-of-use of vessels, including new long-term time charter

contracts and remeasurement of some contracts resulting from a change in index, US$37 million right-of-use of an oilseeds

crushing plant in Zhangjiagang, Jiangsu, China, US$21 million right-of-use of railroad cars, US$34 million right-of-use linked to

agricultural partnerships in Brazil and US$18 million right-of-use of Cotton warehouses in the US.

Early Terminations, Disposals and Decreases

In 2024, the US$54 million decrease in vessels relates to the remeasurement of index-linked contracts.

In 2023, early terminations, disposals and decreases are mainly related to agricultural partnerships in Brazil for US$(9) million

and to the remeasurement of vessels’ contracts resulting from a change in index for US$(5) million.



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	LDC Integrated Report 2024 >	Financial Performance

Lease liabilities are included within long-term debt and current portion of long-term debt.

Changes in lease liabilities for the years ended December 31, 2024 and December 31, 2023 are as follows:


	2024			2023
(in millions of US$)	Non-current portion	Current portion	Total	Non-current portion	Current portion	Total
Balance as of January 1	438	219	657	318	190	508	1
New leases and additions	309	152	461	245	179	424	1
Payments	—	(279)	(279)	—	(261)	(261)	1
Early terminations, disposals and decreases	(26)	(34)	(60)	(8)	(11)	(19)	1
Acquisitions through business combinations	1	—	1	—	—	—	1
Reclassification	(146)	146	—	(119)	119	—	1
Foreign exchange	(7)	(3)	(10)	2	1	3	1
Foreign currency translation adjustment	(6)	(1)	(7)	—	—	—	1
Others	—	—	—	—	2	2	1
Closing balance	563	200	763	438	219	657	1

The amounts recognized in the consolidated income statement for the years ended December 31, 2024 and December 31,

2023 are as follows:


(in millions of US$)	2024	2023
Variable lease expenses	(10)	(5)
Short-term lease expenses	(568)	(464)
Low-value asset lease expenses	—	—
Income from sub-leasing	228	203

The increase in short-term lease expenses and income from sub-leasing are related to freight activity in a context of increasing

volumes.

For the year ended December 31, 2024, the total cash outflow for leases amounts to US$(857) million (US$(730) million as of

December 31, 2023).



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Year in Review	Business Performance & Value Creation	Sustainability, Strategy & Performance	Financial Performance	Appendix

Notes Continued

7.2 Commitments and Contingencies

Commitments

Commodity contracts presented in commitments are purchase or sale contracts entered into and which continue to be held for

the purpose of the receipt or delivery of the non-financial item in accordance with the entity's expected purchase, sale or usage

requirements (including amount and timing of payments). Purchase contractual agreements are contracts to purchase goods or

services, including orange boxes and fuel. Sale contractual agreements are contracts to sell goods, including hulls and glycerin,

frozen concentrate or not-from-concentrate juice, juice by-products and apple juice.

Advance market commitments comprise bid and performance bonds in a tender. A bid bond ensures that on acceptance of a

bid by the customer, the contractor will proceed with the contract and will replace the bid bond with a performance bond. A

performance bond is issued to one party of a contract as a guarantee against the failure of the other party to meet obligations

specified in the contract.

A letter of credit is a commitment issued by a bank on behalf of the Group to guarantee a payment that must be made to a third

party as the result of an import/export transaction.

Capex commitment is the amount the Group has committed to spend on fixed assets in the future.

Guarantees and collaterals received aim at insuring advances to suppliers and trade receivables of the Group.

As of December 31, 2024 and December 31, 2023, the Group has commitments to purchase or sell non-trading commodities

that consist of the following:


		2024			2023
(in millions of US$)	Quantities' unit	Quantities	Estimated amount	Maturity	Quantities	Estimated amount	1
Commitments to purchase							1
Orange boxes1	Million boxes	36	302	2028	31	159	1
Fuel	MMBtus2	3	13	2025	3	11	1
Glycerin	Ktons	1	1	2025	2	1	1
			316			171	1
Commitments to sell							1
Glycerin	Ktons	16	20	2025	27	20	1
Frozen concentrate orange juice	Ktons	118	703	2028	110	451	1
Not-from-concentrate citrus juice	KCmeters3	424	384	2028	293	167	1
Juice by-products	Ktons	19	83	2025	21	38	1
Apple juice	Ktons	34	66	2027	22	37	1
Others	Ktons	39	8	2025	23	9	1
			1,264			722	1

1. Of which US$157million may fall in the following year.

2. Million British thermal units.

3. Thousand cubic meters.



		83



	LDC Integrated Report 2024 >	Financial Performance

In addition, the Group has the following commitments:


	2024	2023	1
(in millions of US$)	Estimated amount	Estimated amount	1
Commitments given			1
Letters of credit	263	48	1
Bid and performance bonds	126	140	1
Capex commitments	459	288	1
Guarantees given	250	290	1
Other commitments	15	24	1
	1,113	790	1
Commitments received			1
Guarantees and collaterals received	294	301	1
	294	301	1

As of December 31, 2024, capex commitments are mainly related to investments in export terminals, in the construction of a

pea protein isolate production plant in Yorkton, Saskatchewan, Canada, and in the construction of a soybean processing plant in

Upper Sandusky, Ohio, US, which are under construction.

Contingencies

Audits from local tax authorities are carried out regularly and may dispute positions taken by the Group, in particular those

regarding the allocation of income among various tax jurisdictions, value added taxes or export taxes. In accordance with its

accounting policies, the Group records provisions when tax-related risks are considered probable to generate a payment to tax

authorities.

During past years, LDC Argentina S.A. has received several tax assessments challenging certain custom duties related to

Paraguayan soybean imports totaling US$81 million for the years from 2007 to 2009. Other large exporters and processors of

cereal grains and other agricultural commodities have received similar tax assessments in this country.

Louis Dreyfus Company LLC (LDC LLC) and certain of its affiliates (including LDC) were named as defendants in a consolidated

action in US federal court in New York, alleging manipulation and artificial inflation of the ICE Cotton No. 2 futures contracts for

May 2011 and July 2011 in violation of the US Commodity Exchange Act and antitrust laws (the Class Action”). The defendants

filed an answer denying the claims in the Class Action. The court denied defendants’ motions for summary judgment on the

claims in the Class Action, as well as the major part of defendants’ motions to exclude the testimony of certain of the plaintiffs’

experts. The court granted the plaintiffs’ motion for class certification in the Class Action. Subsequently, two class members

who opted out of the Class Action filed a separate action against the same defendants and asserted individual claims

substantially similar to those in the Class Action. The defendants filed an answer denying the claims in this separate action. No

trial date has been scheduled in the actions. These matters are in pre-trial proceedings and the company cannot predict their

ultimate outcome.

There are various claims and ongoing regulatory investigations asserted against and by the Group that, in the opinion of

counsel, based on a review of the present stages of such claims in the aggregate, should not have a material effect on the

Group’s financial position or future operating results.

As of February 2022, the Russia-Ukraine crisis resulted in impossibility to export from Ukraine for several months. As a

consequence, the Group incurred significant additional costs and damages. In the face of its insurers’ refusal to admit cover

under the relevant policies, the Group decided, in November 2023, to pursue its claim before the Tribunal de Commerce of

Paris. Whilst the Group believes the claim is well founded, the outcome of this claim cannot be predicted at this stage.



	84



Year in Review	Business Performance & Value Creation	Sustainability, Strategy & Performance	Financial Performance	Appendix

Notes Continued

7.3 Related Parties Transactions

Transactions with related parties for the years ended December 31, 2024 and December 31, 2023 are reflected as follows:


Income statement (in millions of US$)	2024	2023	1
Sales	72	117	1
Cost of goods sold	(1,013)	(1,043)	1
Commercial and administrative expenses	—	(1)	1
Finance costs, net	(13)	(2)	1

As of December 31, 2024 and December 31, 2023, outstanding balances with related parties are as follows:


Balance sheet (in millions of US$)	2024	2023	1
Non-current financial assets	3	—	1
Financial advances to related parties	13	9	1
Trade and other receivables	22	23	1
Margin deposits	30	9	1
Derivatives assets	10	16	1
Total assets	78	57	1
Other non-current liabilities	1	2	1
Financial advances from related parties	94	45	1
Trade and other payables	15	48	1
Derivatives liabilities	66	27	1
Total liabilities	176	122	1

Transactions with related parties mainly correspond to transactions with associates and joint ventures.

As of December 31, 2024, “Financial advances from related parties” include shareholder loans for US$87 million (US$33 million

as of December 31, 2023).

Key management personnel compensation during the years ended December 31, 2024 and December 31, 2023 was as

follows:


(in millions of US$)	2024	2023
Short-term benefits	57	58
Post-employment benefits	1	2
Other long-term benefits	64	50
Key management personnel compensation	122	110

7.4 Subsequent Events

There is no subsequent event that could affect the Financial Statements.



		85



	LDC Integrated Report 2024 >	Financial Performance

7.5 List of Main Subsidiaries

As of December 31, 2024 and December 31, 2023, the main consolidated subsidiaries of LDC are the following:


		2024		2023
Company	Country	% of control	% of ownership	% of control	% of ownership
LDC Argentina S.A.	Argentina	100.00	100.00	100.00	100.00
Louis Dreyfus Company Emerald Australia Pty Ltd	Australia	100.00	100.00	100.00	100.00
Louis Dreyfus Company Grains Australia Pty Ltd	Australia	100.00	100.00	100.00	100.00
Namoi Cotton Limited1	Australia	100.00	100.00	—	—
Namoi Cotton Marketing Alliance1	Australia	100.00	100.00	85.00	85.00
Ilomar Holding N.V.	Belgium	100.00	100.00	100.00	100.00
Louis Dreyfus Company Brasil S.A.	Brazil	100.00	100.00	100.00	100.00
Louis Dreyfus Company Sucos S.A.	Brazil	100.00	100.00	100.00	100.00
Louis Dreyfus Company Canada ULC	Canada	100.00	100.00	100.00	100.00
Dongguan LDC Feed Protein Company Ltd.	China	100.00	100.00	100.00	100.00
Guangzhou Fuling Food Technology Co., Ltd	China	51.00	51.00	51.00	51.00
LDC (China) Trading Company Ltd.	China	100.00	100.00	100.00	100.00
LDC (Tianjin) Food Technology Limited Liability Company	China	100.00	100.00	100.00	100.00
LDC (Tianjin) International Business Company Ltd.	China	100.00	100.00	100.00	100.00
Louis Dreyfus (Shanghai) Co. Ltd.	China	100.00	100.00	100.00	100.00
Louis Dreyfus (Zhangjiagang) Feed Protein Company Ltd.	China	100.00	100.00	100.00	100.00
Louis Dreyfus Company Distribution France S.A.S.	France	100.00	100.00	100.00	100.00
Louis Dreyfus Company Wittenberg GmbH	Germany	100.00	100.00	100.00	100.00
Louis Dreyfus Company India Pvt. Ltd.	India	100.00	100.00	100.00	100.00
PT LDC East Indonesia	Indonesia	100.00	100.00	100.00	100.00
PT LDC Indonesia	Indonesia	100.00	100.00	100.00	100.00
PT LDC Trading Indonesia	Indonesia	100.00	100.00	100.00	100.00
Louis Dreyfus Company Mexico S.A. de C.V.	Mexico	100.00	100.00	100.00	100.00
Louis Dreyfus Company Finance B.V.	Netherlands	100.00	100.00	100.00	100.00
Louis Dreyfus Company Juices B.V.	Netherlands	100.00	100.00	100.00	100.00
Louis Dreyfus Company Sugar B.V.	Netherlands	100.00	100.00	100.00	100.00
Louis Dreyfus Company Ventures B.V.	Netherlands	100.00	100.00	100.00	100.00
Louis Dreyfus Company Polska SP. z.o.o.	Poland	100.00	100.00	100.00	100.00
Louis Dreyfus Company Senegal	Senegal	100.00	100.00	100.00	100.00
Louis Dreyfus Company Asia Pte. Ltd.	Singapore	100.00	100.00	100.00	100.00
Louis Dreyfus Company Freight Asia Pte. Ltd.	Singapore	100.00	100.00	100.00	100.00
Louis Dreyfus Company Funding SSEA Pte. Ltd.	Singapore	100.00	100.00	100.00	100.00
Louis Dreyfus Company Africa Pty. Ltd.	South Africa	100.00	100.00	100.00	100.00
Louis Dreyfus Company España S.A.	Spain	100.00	100.00	100.00	100.00
Louis Dreyfus Company Suisse S.A.	Switzerland	100.00	100.00	100.00	100.00
Louis Dreyfus Company Ukraine Ltd.	Ukraine	100.00	100.00	100.00	100.00
LDC Trading & Service Co. S.A.	Uruguay	100.00	100.00	100.00	100.00
LDC Uruguay S.A.	Uruguay	100.00	100.00	100.00	100.00
Louis Dreyfus Company Agricultural Industries LLC	US	100.00	100.00	100.00	100.00
Louis Dreyfus Company Claypool Holdings LLC	US	100.00	100.00	100.00	100.00
Louis Dreyfus Company Coffee NA LLC	US	100.00	100.00	100.00	100.00
Louis Dreyfus Company Cotton LLC	US	100.00	100.00	100.00	100.00
Louis Dreyfus Company Grains Merchandising LLC	US	100.00	100.00	100.00	100.00
Louis Dreyfus Company Grand Junction LLC	US	100.00	100.00	100.00	100.00
Louis Dreyfus Company LLC	US	100.00	100.00	100.00	100.00
Louis Dreyfus Company NA Finance One LLC	US	100.00	100.00	100.00	100.00
Louis Dreyfus Company Port Allen Elevator LLC	US	100.00	100.00	100.00	100.00
Term Commodities Inc.	US	100.00	100.00	100.00	100.00
Louis Dreyfus Company Vietnam Trading and Processing Co. Ltd.	Vietnam	100.00	100.00	100.00	100.00

1. Changes linked to Namoi Transaction - refer to Note 1.6.


Management Discussion & Analysis	142

Financial Highlights	144
Message From Our CFO	146
Foreword	148
Income Statement Analysis	150
Balance Sheet Analysis	152

Consolidated Financial Statements	158

Report of the Independent Auditor	160
Consolidated Income Statement	162
Consolidated Statement of Comprehensive Income	163
Consolidated Balance Sheet	164
Consolidated Statement of Cash Flows	166
Consolidated Statement of Changes in Equity	167
Notes to the Consolidated Financial Statements	168