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Socfinaf
Interim / Quarterly Report • Sep 24, 2025
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Interim / Quarterly Report
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RAPPORT SEMESTRIEL
SUR LES COMPTES SOCIAUX
AU 30 JUIN 2025
SOCFINAF S.A.
Rapport du Conseil d'Administration sur le bilan intermédiaire (comptes sociaux non audités) au 30 juin 2025
Le Conseil d'Administration réuni le 24 septembre a examiné les comptes sociaux semestriels au 30 juin 2025.
Activités
La société détient des participations dans des sociétés qui opèrent directement ou indirectement en Afrique tropicale dans les secteurs de production du caoutchouc et de l'huile de palme.
Résultats
Au 30 juin 2025, le bénéfice net s'établit à 33,8 millions d'euros contre 30,5 millions d'euros au 30 juin 2024. Les dividendes perçus des filiales s'élèvent à 42,2 millions d'euros (38,7 millions d'euros au 30 juin 2024).
Le total des charges s'élève à 9,5 millions d'euros contre 11,3 millions d'euros au 30 juin 2024.
Bilan
Au 30 juin 2025, le total du bilan de Socfinaf s'établit à 354,5 millions d'euros.
L'actif de Socfinaf se compose de participations à hauteur de 191,7 millions d'euros (190,2 millions d'euros au 31 décembre 2024), de créances pour 114,9 millions d'euros (identique au 31 décembre 2024) et de 47,9 millions d'euros d'actif circulant (principalement des dividendes à recevoir et de la trésorerie) contre 22,2 millions d'euros au 31 décembre 2024.
Les fonds propres s'élèvent à 287 millions d'euros (255,1 millions d'euros au 31 décembre 2024).
Les dettes, quant à elles, figurent au passif du bilan pour 67,5 millions d'euros (72,1 millions d'euros au 31 décembre 2024).
La dette nette de Socfinaf s'élève à 52 millions d'euros contre 61,4 millions d'euros au 31 décembre 2024.
Portefeuille
Mouvements
Au cours du premier semestre 2025, Socfinaf a souscrit à l'augmentation de capital de Management Associates à hauteur de 1,5 millions d'euros.
Au 30 juin 2025, la valeur d'inventaire des participations s'élève à 191,7 millions d'euros.
Participations
Les principales participations ont évolué comme suit durant le premier semestre 2025 :
Projets en exploitation – T2 2025
| AFRIQUE | ||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 000 EUR | Sierra Leone | Liberia | Cote d'Ivoire | Ghana | Nigeria | Cameroun | Sao Tomé | RDC | TOTAL AFRIQUE |
|||
| SAC | LAC | SOGB | ટેટર | PSG | OKOMU | SOCAPALM* | SAFACAM | AGRIPALMA | BRABANTA | |||
| Réalisé à fin Juin 2024 | 17 310 | 17 460 | 54 233 | 21 825 | 14 388 | 49 996 | 109 079 | 23 765 | 2 193 | 2 761 | 313 010 | |
| Réalisé à fin Juin 2025 | 14 105 | 19 096 | 83 235 | 29 179 | 22 340 | 78 735 | 97 409 | 26 865 | 3 236 | 3 331 | 377 530 | |
| D'AFFAIRES CHIFFRE RESULTAT |
Budget à fin Juin 2025 | 15 160 | 18 919 | 64 653 | 27 088 | 15 234 | 48 130 | 96 474 | 22 323 | 2 934 | 4 221 | 315 136 |
| Budget 2025 | 36 692 | 39 806 | 128 882 | 57 504 | 27 298 | 76 154 | 149 992 | 40 916 | 6 270 | 12 994 | 576 507 | |
| Réalisé à fin Juin 2024 | 987 | 83 | 6 304 | 1 216 | 7 473 | 13 496 | 20 548 | 4 479 | -522 | -892 | 53 172 | |
| Réalisé à fin Juin 2025 | -2 469 | 3 695 | 15 748 | 2 593 | 9 759 | 28 856 | 19 925 | 5 285 | -585 | -1 942 | 80 865 | |
| NET | Budget à fin Juin 2025 | -1 621 | 6/7 | 11 463 | 2 177 | 6 726 | 12 803 | 21 313 | 3 097 | -791 | -2 517 | 53 327 |
| Budget 2025 | 1 632 | 5 287 | 18 498 | 4 651 | 11 654 | 16 274 | 22 281 | 3 028 | -1 329 | -1 305 | 80 671 | |
| PALMIER | ||||||||||||
| Mature | 12 349 | 7 468 | 6 140 | 17 654 | 30 041 | 5 060 | 1 879 | 6 072 | 86 663 | |||
| SURFACES | Immature | 20 | 662 | 1 687 | 246 | 2 615 | ||||||
| Total | 12 349 | 7 488 | 6 140 | 18 316 | 31 728 | 5 306 | 1 879 | 6 072 | 89 278 | |||
| Réalisé à fin Juin 2024 | 91 728 | 107 359 | 78 365 | 214 534 | 329 573 | 60 593 | 8 699 | 18 660 | 909 510 | |||
| 66 410 | 98 427 | 77 844 | 217 174 | 288 399 | 823 714 | |||||||
| PRODUCTION FEB |
Réalisé à fin Juin 2025 | 52 206 | 9 391 | 13 863 | ||||||||
| Budget à fin Juin 2025 | 83 607 | 99 706 | 73 530 | 206 512 | 331 841 | 56 819 | 10 990 | 20 006 | 883 011 | |||
| Budget 2025 | 197 581 | 151 502 | 129 000 | 295 639 | 482 108 | 75 157 | 23 150 | 62 500 | 1 416 637 | |||
| Réalisé à fin Juin 2024 | 21 388 | 24 262 | 20 265 | 55 348 | 124 780 | 13 780 | 2 158 | 5 016 | 266 997 | |||
| Réalisé à fin Juin 2025 | 15 025 | 22 452 | 20 467 | 57 335 | 108 538 | 12 184 | 2 235 | 3 748 | 241 985 | |||
| PRODUCTION HPB |
Budget à fin Juin 2025 | 19 579 | 23 739 | 19 118 | 27 286 | 118 432 | 12 929 | 2 283 | 5 289 | 254 254 | ||
| Budget 2025 | 47 420 | 35 888 | 33 540 | 75 753 | 164 370 | 17 102 | 5 440 | 16 300 | 395 812 | |||
| Réalisé à fin Juin 2024 | 23.01 | 21.12 | 25.86 | 24.22 | 22.18 | 22.73 | 24.81 | 25.77 | 23.07 | |||
| EXTRACTION | Réalisé à fin Juin 2025 | 22.62 | 21.47 | 26.29 | 23.85 | 22.23 | 22.93 | 23.95 | 24.67 | 23.09 | ||
| TAUX D' | Budget à fin Juin 2025 | 23.42 | 22.50 | 26.00 | 24.00 | 22.40 | 22.50 | 23.50 | 25.00 | 23.26 | ||
| Budget 2025 | 24.00 | 22.50 | 26.00 | 24.00 | 22.19 | 22.50 | 23.50 | 25.00 | 23.36 | |||
| Réalisé à fin Juin 2024 | 17 310 | 19 771 | 13 933 | 44 824 | 108 309 | 18 077 | 2 193 | 2 761 | 227 177 | |||
| D'AFFAIRES CHIFFRE |
Réalisé à fin Juin 2025 | 14 105 | 23 038 | 21 903 | 70 915 | 96 653 | 19 610 | 3 236 | 3 331 | 252 791 | ||
| Budget à fin Juin 2025 | 15 160 | 20 087 | 14 652 | 41 547 | 95 618 | 16 039 | 2 934 | 4 221 | 210 258 | |||
| Budget 2025 | 36 692 | 30 368 | 25 706 | 59 851 | 147 373 | 25 952 | 6 270 | 12 994 | 345 205 | |||
| CAOUTCHOUC | ||||||||||||
| Mature | 11 649 | 13 585 | 942 | 5 846 | 1 619 | 3 813 | 37 453 | |||||
| SURFACES (HA) |
Immature | 2 944 | 1 168 | 607 | 12 | 4 731 | ||||||
| Total | 11 649 | 16 529 | 942 | 7 014 | 1 619 | 4 420 | 12 | 42 184 | ||||
| Réalisé à fin Juin 2024 | 13 179 | 27 638 | 16 817 | 4 105 | 3 946 | 65 686 | ||||||
| PRODUCTION | Réalisé à fin Juin 2025 | 12 510 | 33 969 | 17 711 | 4 432 | 3 421 | 72 042 | |||||
| CTC | Budget à fin Juin 2025 | 11 900 | 29 400 | 17 800 | 4 181 | 3 900 | 67 181 | |||||
| Budget 2025 | 26 000 | 65 100 | 38 000 | 10 083 | 9 889 | 149 071 | ||||||
| Réalisé à fin Juin 2024 | 17 460 | 34 462 60 197 |
21 825 29 179 |
456 437 |
5 172 7 820 |
ર 688 7 255 |
85 062 123 983 |
|||||
| D'AFFAIRES CHIFFRE |
Réalisé à fin Juin 2025 | 19 096 18 919 |
44 566 | 27 088 | 581 | 104 022 | ||||||
| Budget à fin Juin 2025 Budget 2025 |
39 806 | 98 514 | 57 504 | 1 592 | 6 583 16 302 |
6 285 14 964 |
228 683 | |||||
La production et le chiffre d'affaires caoutchouc sont présentés après élimination des transactions intercos. Les chiffres consolidés peuvent toutefois différer.
SOCFINAF Comptes sociaux
| Bilans comparés (millions d'euros) |
30/06/2025 (chiffres non audités) |
31/12/2024 | 30/06/2024 (chiffres non audités) |
|---|---|---|---|
| (mi-exercice) | (exercice) | (mi-exercice) | |
| Actif Actif immobilisé Actif circulant |
354,5 306,6 47,9 |
327,2 305,1 22,1 |
365,5 318,5 47,0 |
| Passif Capitaux propres Dettes financières Autres dettes |
354,5 287,0 66,1 1,4 |
327,2 255,1 71,2 0,9 |
365,5 254,4 107,1 4,0 |
| Comptes de résultats comparés (millions d'euros) |
|||
| Produits Dividendes Intérêts sur créances immobilisées Produits de l'actif circulant Reprises de correction de valeur Total des produits |
42,2 43,3 |
0,7 0,4 0,0 114,8 |
49,7 38,7 1,3 0,7 1,2 2,4 62,6 0,0 41,8 |
| Charges Intérêts et charges assimilées Autres charges Corrections de valeur Moins-value sur cession participation Impôts Total des charges |
(2,6) (2,5) (0,0) de (0,0) (4,3) (9,4) |
(62,2) (83,6) |
(6,8) (4,1) (3,8) (2,1) (5,9) (1,8) (0,0) (4,9) (3,2) (11,3) |
| Bénéfice de la période | 33,8 | 31,2 30,5 |
Perspectives 2025
Hors événement exceptionnel et charges découlant de l'évaluation du portefeuille, l'exercice 2025 devrait se clôturer par un bénéfice supérieur à celui de 2024.
En date du 15 septembre, la dette nette de Socfinaf s'élève à 32,8 millions d'euros. Elle devrait se stabiliser à ce niveau jusqu'à la fin de l'année du fait du paiement d'un acompte sur dividende. Toutefois le solde de la dette dépendra de la capacité des plantations à rembourser leurs avances et/ou à rapatrier les dividendes.
Distribution d'un acompte sur dividende
Eu égard aux résultats au 30 juin de la société, le Conseil d'Administration projette la distribution d'un acompte sur dividende d'un montant de 0,50 € par action dans le respect des dispositions de l'article 461-3 du Code des Sociétés. Cet acompte sera versé au cours du mois de novembre 2025.
INTERIM FINANCIAL REPORT
HALF-YEAR ENDED 30 JUNE 2025
(UNAUDITED)
| SOCFINAF S.A. 3 | |
|---|---|
| Board of Directors 3 | |
| Chief Financial Officer 3 | |
| Independent statutory auditor3 | |
| Registered office 3 | |
| Statement of compliance 4 | |
| Management report on the unaudited interim consolidated financial statements as at 30 June 2025 | |
| 5 | |
| Activities5 | |
| Portfolio5 | |
| Consolidated income 5 | |
| Consolidated statement of financial position 5 | |
| Consolidated cash flows6 | |
| Outlook 2025 6 | |
| Distribution of an interim dividend 6 | |
| Consolidated financial statements 7 | |
| Consolidated statement of financial position as at 30 June 2025 (unaudited)7 | |
| Consolidated income statement for the period from 1 January to 30 June (unaudited)9 | |
| Consolidated statement of other comprehensive income for the period from 1 January to 30 June | |
| (unaudited) 10 | |
| Consolidated statement of cash flows for the period from 1 January to 30 June (unaudited) 11 | |
| Consolidated statement of changes in equity for the period from 1 January to 30 June (unaudited). 12 | |
| Notes to the International Financial Reporting Standards (IFRS) consolidated financial statements as | |
| at 30 June 2025 (unaudited) 14 | |
| Note 1. Overview and accounting policies 14 | |
| Note 2. Subsidiaries and affiliates 15 | |
| Note 3. Leases16 | |
| Note 4. Property, plant and equipment 18 | |
| Note 5. Biological assets19 | |
| Note 6. Depreciation and impairment expense 20 | |
| Note 7. Investments in associates 20 | |
| Note 8. Inventories 22 | |
| Note 9. Other receivables (current assets) 23 | |
| Note 10. Share capital 23 Note 11. Financial debts23 |
|
| Note 12. Trade and other payables 26 | |
| Note 13. Financial Instruments 27 | |
| Note 14. Other financial income 29 | |
| Note 15. Financial expenses29 | |
| Note 16. Dividends 29 | |
| Note 17. Information on related parties 30 | |
| Note 18. Off balance sheet commitments 32 | |
| Note 19. Segmental information 32 | |
| Note 20. Profit before interest, taxes, depreciation and amortisation (EBITDAG)36 | |
| Note 21. Events after the closing date 36 Glossary 37 |
SOCFINAF S.A.
Board of Directors
| Mr. Hubert Fabri | Chairman |
|---|---|
| Mr. Vincent Bolloré | Director |
| Bolloré Participations SE represented by Mr. Cyrille Bolloré | Director |
| Mr. Gbenga Oyebode | Director |
| Mr. François Fabri | Managing Director |
| Mr. Philippe Fabri | Director |
| Mr. Frédéric Lemaire | Director |
| Mr. George Quarteng-Mensah | Director |
Chief Financial Officer
Mr. Daniel Haas
Independent statutory auditor
ERNST & YOUNG S.A. "EY"
Registered office
4, avenue Guillaume L-1650 Luxembourg
| Telephone: | (+352) 44 28 77 |
|---|---|
| Telefax: | (+352) 44 28 77 50 |
| E-mail: | [email protected] |
| Internet: | www.socfin.com |
Statement of compliance
Mr. Philippe Fabri, Director and Mr. Daniel Haas, Chief Financial Officer, indicate that, to the best of their knowledge,
(a) the interim consolidated financial statements prepared for the period ended as at 30 June 2025, in accordance with the International Financial Reporting Standards as adopted by the European Union, provide a true and fair view of the assets and liabilities, the financial position and the profits or losses attributable to Socfinaf and all of the entities included in consolidation; and
(b) the interim management report fairly presents the evolution and results of the Company, the financial position of the Group and all the entities included in the consolidation and a description of the main risks and uncertainties they face.
Management report on the unaudited interim consolidated financial statements as at 30 June 2025
The Board of Directors meeting on 24 September 2025 reviewed the interim consolidated financial statements as at 30 June 2025.
These interim consolidated financial statements have not been audited, nor have they been subject to a limited review by the independent statutory auditor.
Activities
The Company holds interests in companies that operate directly or indirectly in Africa, in the production of rubber and palm oil.
Portfolio
There were no changes in the portfolio during the first half of 2025.
Consolidated income
As at 30 June 2025, the consolidated result attributable to the Group is EUR 49.9 million compared to EUR 27.0 million as at 30 June 2024. This results in a net profit per share of EUR 2.80 compared to EUR 1.51 as at 30 June 2024.
Consolidated revenues for the first half of 2025 amount to EUR 384.7 million compared to EUR 313.0 million in the previous period (EUR +71.7 million). This increase in turnover is mainly due to the impact of price (EUR +84.5 million), slightly compensated by the decrease in quantities sold (EUR -9.0 million) and the exchange rate effect between the sales currencies (EUR -4.2 million).
Operating profit amounts to EUR 135.4 million compared to EUR 80.9 million as at 30 June 2024.
EBITDAG (terms having a G are explained part "Glossary" at the end of the interim report) amounts to EUR 145.9 million versus EUR 104.6 million during the first half of 2024.
Financial expenses amount to EUR 20.3 million as at 30 June 2025 compared to EUR 20.9 million as at 30 June 2024. Foreign exchange losses slightly increase at EUR 15.9 million (EUR 14.8 million during the first half of 2024) whereas interest expenses amount to EUR 4.0 million (EUR 6.0 million during the previous period).
Other financial income amount to EUR 2.9 million (EUR 13.0 million during the previous period). They are mainly due to foreign exchange gains (EUR 1.8 million compared to EUR 8.0 million during the previous period) and to the impact of hyperinflationG in Ghana (EUR 1.0 million compared to EUR 4.8 million during the previous period).
The income tax expense amounts to EUR 38.5 million compared to EUR 24.8 million during the previous period, due to the increase in the net profit before tax.
The deferred tax expense amounts to EUR 6.2 million during the first half of 2025, compared to a deferred tax expense of EUR 2.4 million during the previous period.
Consolidated statement of financial position
As at 30 June 2025, Socfinaf's total balance sheet amounts to EUR 858.6 million which represent an increase of EUR 60.1 million compared to the total balance sheet as at 31 December 2024.
Socfinaf's assets consist of:
Non-current assets amounting to EUR 572.9 million compared to EUR 599.6 million as at 31 December 2024, a decrease of EUR 26.7 million mainly linked to the foreign exchange difference on biological assets and property, plant and equipment (impact of EUR 14.3 million) and to the decrease in deferred tax assets (impact of EUR 5.1 million);
Current assets amounting to EUR 285.7 million compared to EUR 198.9 million as at 31 December 2024, an increase of EUR 86.8 million mostly explained by an increase in cash and cash equivalents for EUR 69.6 million, in inventories for EUR 10.4 million and in other receivables for EUR 5.7 million.
Equity attributable to the owners of the Parent amounts to EUR 463.2 million compared to EUR 421.8 million as at 31 December 2024. The increase in Equity attributable to the owners of the Parent, for EUR 41.4 million, is due to the result for the period (EUR 49.9 million), to the change in the translation reserves (impact of EUR -6.7 million) and to the dividends distributed during the period (impact of EUR -1.8 million).
Based on the consolidated Equity attributable to the owners of the Parent, the net value per shareG is EUR 25.97 as at 30 June 2025 compared to EUR 23.65 as at 31 December 2024.
As at 30 June 2025, Socfinaf's share price is EUR 18.80.
Current and non-current liabilities increase to EUR 286.9 million compared to EUR 273.4 million six months earlier.
Financial debts decrease to EUR 81.3 million from EUR 98.5 million as at 31 December 2024. This mainly consist of loans to Socfinaf from Socfin for EUR 25.0 million and advances from shareholders amounting to EUR 40.0 million, as well as the non current and current portion of bank loans for an amount of EUR 11.2 million.
Current tax liabilities increased to EUR 40.6 million compared to EUR 31.0 million in 2024, as well as other payables that amount to EUR 38.1 million, compared to EUR 20.2 million as at 31 December 2024.
Consolidated cash flows
As at 30 June 2025, net cash and cash equivalents amount to EUR 110.1 million, an increase of EUR 74.7 million over the first half of the year (compared to an increase of EUR 32.1 million during the first half of 2024).
Cash flows from operating activities amount to EUR 139.7 million as at 30 June 2025 compared to EUR 102.6 million as at 30 June 2024. The net cash flow from operating activities is EUR 120.4 million at closing date compared to EUR 94.4 million one year earlier.
Cash flows from investing activities mobilised EUR 18.6 million compared to EUR 17.8 million in the first half of 2024, which was mainly for the acquisition of property, plant and equipment.
Cash flows from financing activities amount to EUR 24.9 million during the first half of 2025 (compared to EUR 41.2 million during the first half of 2024), of which EUR 7.8 million was for the distribution of dividends and EUR 11.9 million for the net reduction of the debt.
Outlook 2025
The results will depend, to a large extent, on factors which are beyond the control of the management of the Group, namely the political and economic conditions in the countries where the subsidiaries are established, the changes in price of rubber and palm oil, and the exchange of local currencies and US dollar against the Euro. The Group, for its part, pursues its policy of keeping cost prices as low as possible and improving its production capacity.
Distribution of an interim dividend
In view of the results as at 30 June 2025 of the Company and the business outlook of the affiliates, the Board of Directors plan to distribute an interim dividend of EUR 0.50 per share as per Article 461-3 of the Companies Act. This interim dividend will be paid in November 2025.
Consolidated financial statements
Consolidated statement of financial position as at 30 June 2025 (unaudited)
| EUR | Note | 30/06/2025 | 31/12/2024 |
|---|---|---|---|
| ASSETS | |||
| Non-Current Assets | |||
| Right-of-use assets | 3 | 31,790,597 | 31,473,450 |
| Intangible assets | 997,001 | 807,053 | |
| Property, plant and equipment | 4 | 217,901,304 | 227,382,537 |
| Non-current biological assets | 5 | 276,205,198 | 288,576,982 |
| Investments in associates | 7 | 26,889,714 | 28,728,462 |
| Financial assets at fair value through other comprehensive income | 13 | 6,300,039 | 4,800,038 |
| Long-term advances | 1,835,260 | 1,746,434 | |
| Deferred tax assets | 7,295,376 | 12,390,875 | |
| Other non-current assets | 3,709,159 | 3,710,342 | |
| 572,923,648 | 599,616,173 | ||
| Current Assets | |||
| Inventories | 8 | 112,453,993 | 102,053,768 |
| Current biological assets | 3,210,751 | 2,336,552 | |
| Trade receivables | 31,957,068 | 32,267,503 | |
| Other receivables | 9 | 21,476,880 | 15,728,504 |
| Current tax assets | 6,518,323 | 6,066,013 | |
| Cash and cash equivalents | 11 | 110,100,961 | 40,464,609 |
| 285,717,976 | 198,916,949 | ||
| TOTAL ASSETS | 858,641,624 | 798,533,122 |
| EUR | Note | 30/06/2025 | 31/12/2024 |
|---|---|---|---|
| EQUITY AND LIABILITIES | |||
| Equity attributable to the owners of the Parent | |||
| Share capital | 10 | 35,673,300 | 35,673,300 |
| Share premium | 10 | 87,453,866 | 87,453,866 |
| Legal reserve | 3,567,330 | 3,567,330 | |
| Consolidated reserves | 420,551,317 | 365,505,196 | |
| Translation reserves | -133,973,763 | -127,246,943 | |
| Profit / (loss) for the period | 49,930,186 | 56,798,533 | |
| 463,202,236 | 421,751,282 | ||
| Non-controlling interests | 108,504,273 | 103,401,281 | |
| Total Equity | 571,706,509 | 525,152,563 | |
| Non-Current Liabilities | |||
| Deferred tax liabilities | 29,346,465 | 27,671,802 | |
| Employee Benefits Obligations | 13,104,996 | 13,166,746 | |
| Long-term debt, net of current portion | 11 | 31,673,133 | 38,354,164 |
| Long-term lease liabilities | 3 | 25,385,834 | 26,184,654 |
| Other payables | 1,332,110 | 1,321,911 | |
| 100,842,538 | 106,699,277 | ||
| Current Liabilities | |||
| Short-term debt and current portion of long-term debt | 11 | 49,617,758 | 60,106,451 |
| Short-term lease liabilities | 3 | 3,320,051 | 3,274,791 |
| Trade payables | 12 | 53,528,781 | 51,399,394 |
| Current tax liabilities | 40,586,704 | 30,985,675 | |
| Provisions | 962,276 | 713,520 | |
| Other payables | 12 | 38,077,007 | 20,201,451 |
| 186,092,577 | 166,681,282 | ||
| TOTAL EQUITY AND LIABILITIES | 858,641,624 | 798,533,122 |
Consolidated income statement for the period from 1 January to 30 June (unaudited)
| EUR | Note | 2025 | 2024 |
|---|---|---|---|
| CONSOLIDATED INCOME STATEMENT | (6 months) | (6 months) | |
| Revenue | 19 | 384,651,018 | 313,026,467 |
| Change in inventories of finished products and work in progress | 22,498,100 | 21,245,684 | |
| Other operational income | 3,316,042 | 2,570,909 | |
| Raw materialsG and consumables used | 19 | -123,355,205 | -113,852,233 |
| Other expenses | 19 | -73,221,880 | -67,463,796 |
| Staff costs | -43,511,522 | -39,287,025 | |
| Depreciation and impairment expense | 6 | -27,327,601 | -27,710,909 |
| Other operating expenses | 19 | -7,671,602 | -7,579,584 |
| Operating profit / (loss) | 135,377,350 | 80,949,513 | |
| Other financial income | 14 | 2,928,174 | 12,967,909 |
| Gain on disposals | 92,127 | 804 | |
| Loss on disposals | -612,775 | -1,174,719 | |
| Financial expenses | 15 | -20,319,776 | -20,854,843 |
| Profit / (loss) before taxes | 117,465,100 | 71,888,664 | |
| Income tax expense | -38,545,635 | -24,832,400 | |
| Deferred tax (expense) / income | -6,238,271 | -2,393,818 | |
| Share of the Group in the result from associates | 7 | 4,653,179 | -1,066,512 |
| Profit / (loss) for the period | 77,334,373 | 43,595,934 | |
| Profit / (loss) attributable to non-controlling interests | 27,404,187 | 16,628,870 | |
| Profit / (loss) attributable to the owners of the Parent | 49,930,186 | 26,967,064 | |
| Basic earnings per share undiluted | 2.80 | 1.51 | |
| Number of Socfinaf shares | 17,836,650 | 17,836,650 | |
| Basic earnings per share | 2.80 | 1.51 | |
| Diluted earnings per share | 2.80 | 1.51 |
Consolidated statement of other comprehensive income for the period from 1 January to 30 June (unaudited)
| EUR Note |
2025 (6 months) |
2024 (6 months) |
|---|---|---|
| Profit / (loss) for the period | 77,334,373 | 43,595,934 |
| Other comprehensive income | ||
| Actuarial gains / (losses) | 0 | -296 |
| Deferred tax on actuarial losses and gains | 0 | 535 |
| Subtotal of items that cannot be reclassified to profit or loss | 0 | 239 |
| Gains / (losses) on exchange differences on translation of subsidiaries | -9,225,603 | -10,338,598 |
| Share of other comprehensive income related to associates | 0 | 0 |
| Subtotal of items eligible for reclassification to profit or loss | -9,225,603 | -10,338,598 |
| Total other comprehensive income | -9,225,603 | -10,338,359 |
| Total comprehensive income | 68,108,770 | 33,257,575 |
| Comprehensive income attributable to non-controlling interests | 24,905,404 | 11,385,105 |
| Comprehensive income attributable to the owners of the Parent | 43,203,366 | 21,872,470 |
Consolidated statement of cash flows for the period from 1 January to 30 June (unaudited)
| EUR Note |
2025 | 2024 |
|---|---|---|
| (6 months) | (6 months) | |
| Operating activities | ||
| Profit / (loss) attributable to the owners of the Parent | 49,930,186 | 26,967,064 |
| Profit / (loss) attributable to non-controlling shareholders | 27,404,187 | 16,628,870 |
| Income from associates 7 |
-4,653,179 | 1,066,512 |
| Dividends received from associates 7 |
218,392 | 3,894,328 |
| Fair value of agricultural production 8 |
-13,368,596 | -7,007,137 |
| Other adjustments having no impact on cash position | 7,286,874 | 2,404,290 |
| Depreciation and impairment expense 6 |
27,327,601 | 27,710,909 |
| Provisions and allowances | 216,560 | 2,542,728 |
| Net loss on disposals of assets | 520,648 | 1,173,915 |
| Income tax expense and deferred tax | 44,783,906 | 27,226,218 |
| Cash flows from operating activities | 139,666,579 | 102,607,697 |
| Interest expense 14, 15 |
3,893,029 | 5,805,259 |
| Income tax paid | -35,754,289 | -22,476,669 |
| Change in inventory | -3,156,689 | -5,420,364 |
| Change in trade and other receivables | 2,878,032 | 3,805,501 |
| Change in trade and other payables | 13,221,580 | 11,013,392 |
| Change in accruals and prepayments | -365,560 | -976,743 |
| Change in working capital requirement | 12,577,363 | 8,421,786 |
| Net cash flows from operating activities | 120,382,682 | 94,358,073 |
| Investing activities | ||
| Acquisitions / disposals of intangible assets | 0 | 16,888 |
| Acquisitions of property, plant and equipment and biological assets 4, 5 |
-17,308,605 | -18,829,925 |
| Disposals of property, plant and equipment | 160,469 | 543,390 |
| Acquisitions / disposals of financial assets 13 |
-1,603,576 | 315,210 |
| Interest received 14 |
134,607 | 189,299 |
| Net cash flows from investing activities | -18,617,105 | -17,765,138 |
| Financing activities | ||
| Dividends paid to the owners of the Parent 16 |
-1,783,665 | 0 |
| Dividends paid to non-controlling shareholders | -6,064,896 | -6,618,443 |
| Proceeds from issue of shares | 0 | -2,936,903 |
| Proceeds from borrowings 11 |
791,796 | 738,617 |
| Repayment of borrowings 11 |
-11,864,780 | -24,710,809 |
| Repayment of lease liabilities 11 |
-1,955,559 | -1,663,533 |
| Interest paid 15 |
-4,027,636 | -5,994,557 |
| Net cash flows from financing activities | -24,904,740 | -41,185,628 |
| Effect of exchange rate fluctuations | -2,198,584 | -3,431,691 |
| Effect of cash linked to assets held for sale | 0 | 150,449 |
| Net cash flow | 74,662,253 | 32,126,065 |
| Cash and cash equivalents as at 1 January 11 |
35,438,518 | 36,271,288 |
| Cash and cash equivalents as at 30 June 11 |
110,100,771 | 68,397,353 |
| Net increase / (decrease) in cash and cash equivalents | 74,662,253 | 32,126,065 |
Consolidated statement of changes in equity for the period from 1 January to 30 June (unaudited)
| Equity attributable |
||||||||
|---|---|---|---|---|---|---|---|---|
| to the | Non | |||||||
| EUR | Share capital |
Share premium |
Legal reserve |
Translation reserves |
Consolidated reserves |
owners of the Parent |
controlling interests |
TOTAL EQUITY |
| Balance as at 1 January 2024 | 35,673,300 | 87,453,866 | 3,567,330 | -121,624,614 | 358,815,613 | 363,885,495 | 100,045,115 | 463,930,610 |
| Profit / (loss) for the period | 26,967,064 | 26,967,064 | 16,628,870 | 43,595,934 | ||||
| Actuarial (losses) / gains | 355 | 355 | -116 | 239 | ||||
| Foreign currency translation adjustments |
-5,094,949 | -5,094,949 | -5,243,649 | -10,338,598 | ||||
| Total comprehensive income | -5,094,949 | 26,967,419 | 21,872,470 | 11,385,105 | 33,257,575 | |||
| Dividends (Note 9) | 0 | -14,435,523 | -14,435,523 | |||||
| Other movements | -8,425 | -8,425 | -10 | -8,435 | ||||
| Transactions with shareholders | -8,425 | -8,425 | -14,435,533 | -14,443,958 | ||||
| Balance as at 30 June 2024 | 35,673,300 | 87,453,866 | 3,567,330 | -126,719,563 | 385,774,607 | 385,749,540 | 96,994,687 | 482,744,227 |
| Profit / (loss) for the period | 29,831,469 | 29,831,469 | 8,353,818 | 38,185,287 | ||||
| Actuarial (losses) / gains | -533,989 | -533,989 | 8,478 | -525,511 | ||||
| Foreign currency translation adjustments |
-527,380 | -527,380 | -180,143 | -707,523 | ||||
| Total comprehensive income | -527,380 | 29,297,480 | 28,770,100 | 8,182,153 | 36,952,253 | |||
| Dividends (Note 9) | 0 | 226,449 | 226,449 | |||||
| Interim dividends (Note 9) | 0 | -2,002,033 | -2,002,033 | |||||
| HyperinflationG | 7,240,909 | 7,240,909 | 7,240,909 | |||||
| Other movements | -9,267 | -9,267 | 25 | -9,242 | ||||
| Transactions with shareholders | 0 | 7,231,642 | 7,231,642 | -1,775,559 | 5,456,083 | |||
| Balance as at 31 December 2024 | 35,673,300 | 87,453,866 | 3,567,330 | -127,246,943 | 422,303,729 | 421,751,282 | 103,401,281 | 525,152,563 |
| EUR | Share capital |
Share premium |
Legal reserve |
Translation reserves |
Consolidated reserves |
Equity attributable to the owners of the Parent |
Non controlling interests |
TOTAL EQUITY |
|---|---|---|---|---|---|---|---|---|
| Balance as at 1 January 2025 | 35,673,300 | 87,453,866 | 3,567,330 | -127,246,943 | 422,303,729 | 421,751,282 | 103,401,281 | 525,152,563 |
| Profit / (loss) for the period | 49,930,186 | 49,930,186 | 27,404,187 | 77,334,373 | ||||
| Foreign currency translation adjustments | -6,726,820 | 0 | -6,726,820 | -2,498,783 | -9,225,603 | |||
| Total comprehensive income | -6,726,820 | 49,930,186 | 43,203,366 | 24,905,404 | 68,108,770 | |||
| Dividends (Note 9) |
-1,783,665 | -1,783,665 | -19,802,367 | -21,586,032 | ||||
| Other movements | 31,253 | 31,253 | -45 | 31,208 | ||||
| Transactions with shareholders | -1,752,412 | -1,752,412 | -19,802,412 | -21,554,824 | ||||
| Balance as at 30 June 2025 |
35,673,300 | 87,453,866 | 3,567,330 | -133,973,763 | 470,481,503 | 463,202,236 | 108,504,273 | 571,706,509 |
Notes to the International Financial Reporting Standards (IFRS) consolidated financial statements as at 30 June 2025 (unaudited)
Note 1. Overview and accounting policies
1.1. Overview
Socfinaf S.A. (formerly Compagnie Internationale de Cultures " Intercultures "), (the "Company") was incorporated on 22 October 1961. The registered office is established at 4, avenue Guillaume, L-1650 in Luxembourg.
The Company holds participations in companies that operate directly or indirectly in Africa, in the production of rubber and palm oil.
The Board of Directors held a meeting on 24 September 2025 to examine and approve the interim consolidated financial statements for the period ended 30 June 2025.
1.2. Accounting framework
The interim financial report for the period ended 30 June 2025 has been prepared in accordance with International Accounting Standards (IAS) 34. This financial report does not include all the information required by the revised IAS 1 with regards to the annual financial report.
The accounting and calculation methods adopted in the interim financial statements are identical to those used in the annual financial statements as at 31 December 2024.
On 1 January 2025, the Group adopted the following amendments without any material impact on the Group's consolidated financial statements:
Amendments to IAS 21 "Lack of Exchangeability"
On 25 August 2023, the IASB issued amendments to IAS 21 "Lack of Exchangeability". The amendments clarify how an entity should assess whether a currency is exchangeable, how it should determine a spot exchange rate when exchangeability is lacking, and specify information disclosures to enable users of financial statements to understand the impact of a currency not being exchangeable. The amendments will be applied prospectively to annual reporting periods beginning on or after 1 January 2025, with early adoption permitted.
1.3. Use of estimates
These financial statements should be read in conjunction with the consolidated financial statements for 2024 and in particular Note 1.23 on the use of estimates in the preparation of consolidated financial statements according to IFRS. The Group's Management has had to use assumptions based on its best estimates which affect the carrying amount of assets and liabilities, the information related to contingent assets and liabilities, and the carrying amount of income and expenses recognised during the period.
Depending on changes of these assumptions, or changes of economic conditions, the amounts that will appear in the Group's future consolidated financial statements may differ from current estimates. Sensitive accounting methods, for which the Group has used estimates, mainly concern the application IAS 19 (Employee Benefits), IAS 2 (Inventories), IAS 41 (Agriculture), IAS 16 (Property, Plant and Equipment), IAS 36 (Impairment of Assets), IFRS 9 (Financial Instruments) and IFRS 16 (Leases).
In the absence of observable data within the scope of IFRS 13 (Fair Value Measurement), the Group has developed a model for measuring the fair value of agricultural production based on local production costs and conditions. This method is inherently more volatile than the historical cost method.
1.4. Seasonal nature of the business
The Company's revenue and operating income are seasonal. Palm oil and rubber production are influenced by external factors such as climate, location and the biological nature of the palm and rubber trees. The palm activity is more productive in the first half of the calendar year, whereas the rubber business is more productive in the second half. The extent of this seasonality can vary between years.
1.5. Foreign currency conversion
The following exchange rates have been used to convert the consolidated interim accounts:
| 1 euro equals to : | Closing rate | Average rate | |||
|---|---|---|---|---|---|
| 30/06/2025 31/12/2024 |
2025 | 2024 | |||
| (6 months) | (6 months) | ||||
| Euro | 1.000 | 1.000 | 1.000 | 1.000 | |
| CFA franc | 655.957 | 655.957 | 655.957 | 655.957 | |
| Ghanaian cedi | 12.0833 | 15.2718 | 14.0020 | 14.2127 | |
| Nigerian naira | 1,794.08 | 1,594.89 | 1,636.26 | 1,482.42 | |
| Dobra of São Tomé | 24.50 | 24.50 | 24.50 | 24.50 | |
| Congolese franc | 3,366 | 2,956 | 3,029 | 3,003 | |
| US dollar | 1.1720 | 1.0389 | 1.0985 | 1.0791 |
Note 2. Subsidiaries and affiliates
There were no changes in the consolidation scope during the first half of 2025.
Note 3. Leases
* Right-of-use assets
| Land and | ||||
|---|---|---|---|---|
| concessionG | ||||
| Furniture, vehicles and |
of agricultural |
|||
| EUR | other | Buildings | area | TOTAL |
| Gross value as at 1 January 2024 | 13,348,783 | 534,692 | 24,575,374 | 38,458,849 |
| Additions | 6,147,366 | 210,993 | 376,810 | 6,735,169 |
| Disposals | -634,711 | 0 | 0 | -634,711 |
| HyperinflationG | 0 | 0 | 1,670,694 | 1,670,694 |
| Transfer | -10,297 | 0 | 0 | -10,297 |
| Foreign exchange differences | -2,011,332 | -288 | -130,594 | -2,142,214 |
| Gross value as at 31 December 2024 | 16,839,809 | 745,397 | 26,492,284 | 44,077,490 |
| Accumulated depreciation as at 1 January | -5,857,230 | -496,708 | -2,872,371 | -9,226,309 |
| 2024 | ||||
| Depreciation | -3,827,697 | -45,904 | -535,802 | -4,409,403 |
| Depreciation reversals | 641,732 | 0 | 0 | 641,732 |
| HyperinflationG | 0 | 0 | -116,663 | -116,663 |
| Transfer | 3,592 | 0 | 0 | 3,592 |
| Foreign exchange differences | 527,800 | 82 | -24,878 | 503,004 |
| Accumulated depreciation as at 31 December 2024 |
-8,511,803 | -542,530 | -3,549,714 | -12,604,047 |
| Net book value as at 31 December 2024 | 8,328,006 | 202,867 | 22,942,570 | 31,473,443 |
| Gross value as at 1 January 2025 | 16,839,809 | 745,397 | 26,492,284 | 44,077,490 |
| Additions | 1,761,046 | 91,951 | 0 | 1,852,997 |
| Disposals | -599,127 | 0 | 0 | -599,127 |
| HyperinflationG | 0 | 0 | 192,868 | 192,868 |
| Transfer | 0 | 58,191 | -58,191 | 0 |
| Foreign exchange differences | -687,746 | -64 | 867,052 | 179,242 |
| Gross value as at 30 June 2025 | 17,313,982 | 895,475 | 27,494,013 | 45,703,470 |
| Accumulated depreciation as at 1 January 2025 |
-8,511,803 | -542,530 | -3,549,714 | -12,604,047 |
| Depreciation | -1,933,304 | -24,534 | -267,644 | -2,225,482 |
| Depreciation reversals | 599,127 | 0 | 0 | 599,127 |
| HyperinflationG | 0 | 0 | -5,344 | -5,344 |
| Foreign exchange differences | 291,782 | 17 | 31,067 | 322,866 |
| Accumulated depreciation as at 30 June | -9,554,198 | -567,047 | -3,791,635 | -13,912,880 |
| 2025 | ||||
| Net book value as at 30 June 2025 | 7,759,784 | 328,428 | 23,702,378 | 31,790,590 |
* Lease liabilities
| EUR | 30/06/2025 | 31/12/2024 |
|---|---|---|
| Long-term lease liabilities | 25,385,834 | 26,184,654 |
| Short-term lease liabilities | 3,320,051 | 3,274,791 |
| TOTAL | 28,705,885 | 29,459,445 |
* Impact on the income statement
| EUR | 2025 | 2024 |
|---|---|---|
| (6 months) | (6 months) | |
| Depreciation of right-of-use assets | 2,225,482 | 4,409,403 |
| HyperinflationG | 5,344 | 116,663 |
| Expenses related to short-term leases and leases of low-value assets | 1,924,153 | 1,773,996 |
| Interest expense (included in the financial expenses) | 1,550,129 | 3,254,417 |
| TOTAL | 5,705,108 | 9,554,479 |
Note 4. Property, plant and equipment
| EUR Land Buildings installations others progress prepayments TOTAL Cost as at 1 January 2024 5,625,064 245,675,263 140,293,098 220,223,888 9,137,100 464,093 621,418,506 Additions () 0 3,686,752 5,032,154 12,076,784 16,787,996 796,475 38,380,161 Disposals -188,727 -522,467 -187,947 -5,756,522 0 0 -6,655,663 HyperinflationG 0 1,416,644 1,574,857 564,982 0 0 3,556,483 Transfer 0 4,124,572 7,877,030 -3,485,352 -7,924,576 -385,900 205,774 Foreign exchange differences -771,964 -1,604,054 -12,296,352 -3,702,973 -174,480 -1,213 -18,551,036 Cost as at 31 December 2024 4,664,373 252,776,710 142,292,840 219,920,807 17,826,040 873,455 638,354,225 Accumulated depreciation as -1,184,339 -139,559,257 -75,460,140 -169,932,127 0 0 -386,135,863 at 1 January 2024 Depreciation -16,710 -11,507,635 -7,745,756 -11,638,335 0 0 -30,908,436 Depreciation reversals 0 177,301 131,661 5,597,054 0 0 5,906,016 HyperinflationG 0 -421,804 -804,587 -621,363 0 0 -1,847,754 Transfer 0 0 -7,973,937 7,973,937 0 0 0 Foreign exchange differences -35 -346,844 2,892,515 1,741,485 0 0 4,287,121 Accumulated depreciation as -1,201,084 -151,658,239 -88,960,244 -166,879,349 0 0 -408,698,916 at 31 December 2024 Accumulated impairment as at 0 -314,295 -1,998,302 -182,271 0 0 -2,494,868 1 January 2024 Impairment 0 86,230 135,866 0 0 0 222,096 Accumulated impairment as at 0 -228,065 -1,862,436 -182,271 0 0 -2,272,772 31 December 2024 Net book value as at 31 3,463,289 100,890,406 51,470,160 52,859,187 17,826,040 873,455 227,382,537 December 2024 Cost as at 1 January 2025 4,664,373 252,776,710 142,292,840 219,920,807 17,826,040 873,455 638,354,225 Additions () 0 1,018,781 1,338,290 3,367,426 5,067,669 1,805,776 12,597,942 Disposals 0 -1,054,382 -19,089 -602,456 0 0 -1,675,927 HyperinflationG 0 193,768 239,655 88,270 0 0 521,693 Transfer 0 1,712,678 1,440,119 2,807,519 -5,409,826 -550,491 -1 Foreign exchange differences -153,414 -7,519,880 -3,290,212 -2,474,014 -613,593 -10,262 -14,061,375 Cost as at 30 June 2025 4,510,959 247,127,675 142,001,603 223,107,552 16,870,290 2,118,478 635,736,557 Accumulated depreciation as -1,201,084 -151,658,239 -88,960,244 -166,879,349 0 0 -408,698,916 at 1 January 2025 Depreciation -8,195 -5,734,552 -3,863,912 -6,743,484 0 0 -16,350,143 Depreciation reversals 0 813,604 16,960 542,955 0 0 1,373,519 HyperinflationG 0 -19,323 -36,859 -28,465 0 0 -84,647 Transfer 0 -92,547 -47,190 139,737 0 0 0 Foreign exchange differences 1,961 4,258,552 2,096,306 1,735,457 0 0 8,092,276 Accumulated depreciation as -1,207,318 -152,432,505 -90,794,939 -171,233,149 0 0 -415,667,911 at 30 June 2025 Accumulated impairment as at 0 -228,065 -1,862,436 -182,271 0 0 -2,272,772 1 January 2025 Impairment reversal 0 41,867 63,561 0 0 0 105,428 Accumulated impairment as at 0 -186,198 -1,798,875 -182,271 0 0 -2,167,344 30 June 2025 Net book value as at 30 June 3,303,641 94,508,972 49,407,789 51,692,132 16,870,290 2,118,478 217,901,302 2025 |
Furniture, | Advances | ||||
|---|---|---|---|---|---|---|
| Technical | vehicles and | Work in | and | |||
(*) Additions for the period include capitalised costs.
Note 5. Biological assets
| EUR | Palm | Rubber | Nurseries | TOTAL | ||
|---|---|---|---|---|---|---|
| Mature | Immature | Mature | Immature | and Others | ||
| Cost as at 1 January 2024 | 332,205,408 | 5,000,466 | 149,986,369 | 28,405,666 | 773,758 | 516,371,667 |
| Additions (*) | 0 | 4,372,433 | 207,892 | 6,022,264 | 282,406 | 10,884,995 |
| Disposals | -2,587,264 | -608,993 | -4,932,047 | -91,267 | 0 | -8,219,571 |
| HyperinflationG | 3,880,373 | 0 | 1,209,194 | 0 | 0 | 5,089,567 |
| Transfer | 2,380,254 | -2,319,938 | 7,800,324 | -7,800,324 | -60,315 | 1 |
| Foreign exchange differences | -2,797,674 | -27,756 | -3,500 | -335,229 | -67,755 | -3,231,914 |
| Cost as at 31 December 2024 | 333,081,097 | 6,416,212 | 154,268,232 | 26,201,110 | 928,094 | 520,894,745 |
| Accumulated depreciation as at 1 January 2024 |
-136,323,849 | 0 | -56,901,710 | 0 | -23,132 | -193,248,691 |
| Depreciation | -15,079,045 | 0 | -6,336,156 | 0 | -303 | -21,415,504 |
| Depreciation reversals | 2,587,264 | 0 | 3,171,710 | 0 | 0 | 5,758,974 |
| HyperinflationG | -822,978 | 0 | -251,249 | 0 | 0 | -1,074,227 |
| Foreign exchange differences | 563,907 | 0 | 614,261 | 0 | 0 | 1,178,168 |
| Accumulated depreciation as at | -149,074,701 | 0 | -59,703,144 | 0 | -23,435 | -208,801,280 |
| 31 December 2024 | ||||||
| Accumulated impairment as at 1 January 2024 |
-20,736,913 | 0 | -2,397,462 | -3 | 0 | -23,134,378 |
| Impairment | -227,342 | 0 | 0 | 0 | 0 | -227,342 |
| Foreign exchange differences | -291,179 | 0 | 136,410 | 0 | 0 | -154,769 |
| Accumulated impairment as at | -21,255,434 | 0 | -2,261,052 | -3 | 0 | -23,516,489 |
| 31 December 2024 | ||||||
| Net book value as at 31 | ||||||
| December 2024 | 162,750,962 | 6,416,212 | 92,304,036 | 26,201,107 | 904,659 | 288,576,976 |
| Cost as at 1 January 2025 | 333,081,097 | 6,416,212 | 154,268,232 | 26,201,110 | 928,094 | 520,894,745 |
| Additions (*) | 0 | 1,922,588 | 12,770 | 2,569,591 | 205,715 | 4,710,664 |
| Disposals | -3,252,717 | 0 | -527,023 | 0 | 0 | -3,779,740 |
| HyperinflationG | 300,374 | 0 | 116,573 | 0 | 0 | 416,947 |
| Transfer | 0 | 0 | 4,891,187 | -4,891,187 | 0 | 0 |
| Foreign exchange differences | -10,411,896 | -161,306 | -4,236,177 | -822,102 | 18,363 | -15,613,118 |
| Cost as at 30 June 2025 | 319,716,858 | 8,177,494 | 154,525,562 | 23,057,412 | 1,152,172 | 506,629,498 |
| Accumulated depreciation as at 1 January 2025 |
-149,074,701 | 0 | -59,703,144 | 0 | -23,435 | -208,801,280 |
| Depreciation | -6,116,903 | 0 | -2,581,958 | 0 | -151 | -8,699,012 |
| Depreciation reversals | 3,251,196 | 0 | 149,835 | 0 | 0 | 3,401,031 |
| HyperinflationG | -37,701 | 0 | -11,510 | 0 | 0 | -49,211 |
| Foreign exchange differences | 3,933,329 | 0 | 2,125,673 | 0 | 0 | 6,059,002 |
| Accumulated depreciation as at | -148,044,780 | 0 | -60,021,104 | 0 | -23,586 | -208,089,470 |
| 30 June 2025 | ||||||
| Accumulated impairment as at 1 January 2025 |
-21,255,434 | 0 | -2,261,052 | -3 | 0 | -23,516,489 |
| Foreign exchange differences | 1,402,004 | 0 | -220,350 | 3 | 0 | 1,181,657 |
| Accumulated impairment as at | -19,853,430 | 0 | -2,481,402 | 0 | 0 | -22,334,832 |
| 30 June 2025 | ||||||
| Net book value as at 30 June 2025 |
151,818,648 | 8,177,494 | 92,023,056 | 23,057,412 | 1,128,586 | 276,205,196 |
(*) Additions for the period include capitalised costs.
Note 6. Depreciation and impairment expense
| EUR | 2025 (6 months) |
2024 (6 months) |
|---|---|---|
| Depreciation and amortisation | ||
| Of intangible assets | 19,189 | 29,484 |
| Of property, plant and equipment excluding biological assets (Note 4) | 16,434,790 | 16,009,866 |
| Of biological assets (Note 5) | 8,748,223 | 10,349,119 |
| Of right-of-use assets (Note 3) | 2,230,826 | 1,966,512 |
| Impairment and impairment reversal | ||
| Of property, plant and equipment excluding biological assets (Note 4) | -105,428 | 1,036,827 |
| Of biological assets (Note 5) | 0 | -1,680,899 |
| TOTAL | 27,327,600 | 27,710,909 |
Note 7. Investments in associates
| EUR | 2025 | 2024 |
|---|---|---|
| (6 months) | (12 months) | |
| Value as at 1 January | 28,728,462 | 24,499,660 |
| Share of the Group in the result from associates | 4,653,179 | 4,681,925 |
| Dividends (*) | -5,627,939 | -3,894,328 |
| Increase in associates's Equity | 0 | 2,936,903 |
| Other movements | -863,989 | 504,302 |
| Value as at 30 June / 31 December | 26,889,714 | 28,728,462 |
(*) Dividends from Sogescol FR and Socfinco FR, amounting respectively to EUR 4.4 million and EUR 1.0 million, have been approved at the Annual General Meetings but have not been paid as at 30 June 2025. As a consequence the dividends have not been considered in the cash flow movements during the period.
| Value of investment in associates |
Income from associates |
Value of investment in associates |
Income from associates |
|
|---|---|---|---|---|
| EUR | 30/06/2025 | 2025 | 31/12/2024 | 2024 |
| (6 months) | (6 months) | |||
| Centrages | 3,218,421 | -30,098 | 3,248,519 | -45,986 |
| Immobilière de la Pépinière | 1,710,382 | -23,244 | 1,733,626 | -53,520 |
| Induservices | 193,169 | 13,891 | 179,278 | 7,014 |
| Induservices FR (*) | 580,598 | 24,381 | 556,217 | -2,084,425 |
| Socfinco | 333,882 | 3,239 | 330,643 | 8,807 |
| Socfinco FR | 9,594,487 | 1,175,873 | 9,418,614 | 57,441 |
| Socfinde | 1,583,244 | 40,405 | 1,542,839 | 65,925 |
| Sodimex FR | 2,188,246 | 207,902 | 1,980,344 | 16,192 |
| Sogescol FR | 7,176,725 | 3,234,377 | 9,434,275 | 957,193 |
| Terrasia | 310,559 | 6,453 | 304,106 | 4,847 |
| TOTAL | 26,889,713 | 4,653,179 | 28,728,461 | -1,066,512 |
(*) Following increase in Induservices FR share capital, the associates' Equity became positive in 2024. As a consequence, losses related to previous periods, amounting to EUR 2.0 million, have been considered within Induservices FR result during the first half of 2024.
| EUR | Total assets 30/06/2025 |
Revenue 2025 |
Total assets 31/12/2024 |
Revenue 2024 |
|---|---|---|---|---|
| (6 months) | (6 months) | |||
| Centrages | 3,856,318 | 2,021,857 | 3,513,590 | 1,979,560 |
| Immobilière de la Pépinière | 3,615,373 | 298,359 | 3,527,021 | 209,300 |
| Induservices | 951,899 | 1,075,020 | 825,299 | 895,850 |
| Induservices FR | 7,962,703 | 3,167,143 | 8,079,485 | 2,089,088 |
| Socfinco | 1,570,123 | 0 | 1,561,286 | 0 |
| Socfinco FR | 24,362,814 | 16,843,736 | 22,775,929 | 12,690,360 |
| Socfinde | 83,191,518 | 0 | 142,309,736 | 0 |
| Sodimex FR | 9,138,455 | 12,506,125 | 10,696,365 | 9,772,635 |
| Sogescol FR | 70,780,073 | 226,150,744 | 78,921,062 | 174,364,018 |
| Terrasia | 709,335 | 37,813 | 684,141 | 36,754 |
| TOTAL | 206,138,611 | 262,100,797 | 272,893,914 | 202,037,565 |
Note 8. Inventories
* Carrying value of inventories by category
| EUR | 30/06/2025 | 31/12/2024 |
|---|---|---|
| Raw materialsG | 21,686,404 | 33,419,082 |
| Consumables | 18,583,655 | 17,675,787 |
| Spare parts | 34,241,222 | 34,182,829 |
| Production in progressG | 917,738 | 725,886 |
| Finished productsG | 39,707,667 | 19,283,456 |
| Down-payments and orders in progress | 3,381,937 | 3,226,579 |
| Gross amount (before impairment) as at 30 June / 31 December |
118,518,623 | 108,513,619 |
| Inventory write-downs | -6,064,631 | -6,459,851 |
| Net amount as at 30 June / 31 December | 112,453,992 | 102,053,768 |
* Reconciliation of inventories
| EUR | 2025 | 2024 |
|---|---|---|
| (6 months) | (12 months) | |
| Situation as at 1 January | 108,513,619 | 93,684,047 |
| Change in inventory | 3,755,837 | 11,553,053 |
| Fair value of agricultural products | 12,374,668 | 6,985,822 |
| Transfer to assets held for sale | 0 | 0 |
| HyperinflationG | 0 | 225,880 |
| Foreign exchange differences | -6,125,501 | -3,935,183 |
| Gross amount (before impairment) as at 30 June / 31 December |
118,518,623 | 108,513,619 |
| Inventory write-downs | -6,064,631 | -6,459,851 |
| Net amount as at 30 June / 31 December | 112,453,992 | 102,053,768 |
* Quantity of inventory by category
| 31/12/2024 | Raw materialsG |
Production-in-progressG | Finished goodsG |
|---|---|---|---|
| Palm products (tons) | 0 | 0 | 6,439 |
| Rubber (tons) | 30,503 | 0 | 11,347 |
| Others (units) | 0 | 0 | 8,259,150 |
| 30/06/2025 | Raw materialsG |
Production-in-progressG | Finished goodsG |
|---|---|---|---|
| Palm products (tons) | 0 | 0 | 19,555 |
| Rubber (tons) | 17,482 | 0 | 14,673 |
| Others (units) | 0 | 0 | 9,320,505 |
Note 9. Other receivables (current assets)
| EUR | 30/06/2025 | 31/12/2024 |
|---|---|---|
| Social security | 1,199,227 | 1,132,601 |
| Other receivables (*) | 19,745,844 | 14,141,323 |
| Accrued charges | 531,811 | 454,580 |
| TOTAL | 21,476,882 | 15,728,504 |
(*) Other receivables include a receivable of EUR 7.1 million (EUR 8.5 million as at 31 December 2024) relating to the cash pooling at the level of Socfinaf and its subsidiaries, and dividends to receive for EUR 5.4 million (EUR nil as at 31 December 2024, see also Note 7).
Note 10. Share capital
The subscribed capital amounts to EUR 35,673,300 as at 30 June 2025 (unchanged compared to 31 December 2024).
As at 30 June 2025 the share capital is represented by 17,836,650 shares without nominal value.
| Ordinary shares | ||
|---|---|---|
| 30/06/2025 | 31/12/2024 | |
| Number of shares | 17,836,650 | 17,836,650 |
| Number of subscribed shares without nominal value | 17,836,650 | 17,836,650 |
Note 11. Financial debts
| 31/12/2024 | |||
|---|---|---|---|
| EUR | < 1 year | > 1 year | TOTAL |
| Loans held by financial institutions | 4,957,772 | 8,354,164 | 13,311,936 |
| Lease liabilities | 3,274,791 | 26,184,654 | 29,459,445 |
| Other loans (*) | 50,122,589 | 30,000,000 | 80,122,589 |
| Bank overdrafts | 5,026,090 | 0 | 5,026,090 |
| TOTAL | 63,381,242 | 64,538,818 | 127,920,060 |
| 30/06/2025 | |||
|---|---|---|---|
| EUR | < 1 year | > 1 year | TOTAL |
| Loans held by financial institutions | 4,560,760 | 6,673,133 | 11,233,893 |
| Lease liabilities | 3,320,051 | 25,385,834 | 28,705,885 |
| Other loans (*) | 45,056,808 | 25,000,000 | 70,056,808 |
| Bank overdrafts | 191 | 0 | 191 |
| TOTAL | 52,937,810 | 57,058,967 | 109,996,777 |
(*) This balance includes an amount of EUR 65.0 million payable to Socfin and shareholders (2024: EUR 70.0 million).
Most of the consolidated borrowings are denominated in Euros or CFA francs (whose parity is linked to the Euro). The fixed interest rates from financial institutions and which are pegged to the Euro vary between 5.70% and 7.09%.
* Analysis of long-term debt by interest rate
| 31/12/2024 EUR |
Fixed Rate | Rate | Floating rate | Rate | TOTAL |
|---|---|---|---|---|---|
| Loans held by financial institutions | |||||
| Nigeria | 3,804,741 | 5.00% | 0 | - | 3,804,741 |
| Cameroon | 4,549,422 | 5.70% to 7.09% | 0 | - | 4,549,422 |
| 8,354,163 | 0 | 8,354,163 | |||
| Other loans | |||||
| Europe | 30,000,000 | 6.25% | 0 | - | 30,000,000 |
| 30,000,000 | 0 | 30,000,000 | |||
| TOTAL | 38,354,163 | 0 | 38,354,163 |
| Fixed Rate | Rate | Floating rate | Rate | TOTAL |
|---|---|---|---|---|
| 3,105,853 | 5.00% | 0 | - | 3,105,853 |
| 3,567,280 | 5.70% to 7.09% | 0 | - | 3,567,280 |
| 6,673,133 | 0 | 6,673,133 | ||
| 25,000,000 | 6.25% | 0 | - | 25,000,000 |
| 25,000,000 | 0 | 25,000,000 | ||
| 31,673,133 | 0 | 31,673,133 | ||
* Net cash surplus / (net debt)
| EUR | 30/06/2025 | 31/12/2024 |
|---|---|---|
| Cash and cash equivalents | 110,100,961 | 40,464,609 |
| Long-term debt net of current portion | -31,673,133 | -38,354,164 |
| Short-term debt and current portion of long-term debt | -49,617,758 | -60,106,451 |
| Lease liabilities | -28,705,885 | -29,459,445 |
| Net debt | 104,185 | -87,455,451 |
| Cash and cash equivalents | 110,100,961 | 40,464,609 |
| Loan bearing interest at a fixed rate | -81,290,891 | -98,460,615 |
| Lease liabilities | -28,705,885 | -29,459,445 |
| Net debt | 104,185 | -87,455,451 |
* Reconciliation of net cash surplus / (net debt)
| Cash and cash |
Bank | Short-term debt and current portion of long-term |
Long-term debt, net of current |
Debt related to |
||||
|---|---|---|---|---|---|---|---|---|
| equivalents | overdrafts | Sub-total | debt | portion | leases | Sub-total | TOTAL | |
| As at 1 January 2024 |
39,741,653 | -3,470,367 | 36,271,286 | -60,633,262 | -102,778,313 | -27,728,918 | -191,140,493 | -154,869,207 |
| Cash flows | 3,780,801 | -1,555,724 | 2,225,077 | 18,483,418 | 49,615,658 | 3,704,820 | 71,803,896 | 74,028,973 |
| Foreign exchange differences |
-3,057,847 | 0 | -3,057,847 | 847,338 | 2,702,982 | 1,481,976 | 5,032,296 | 1,974,449 |
| Transfer | 0 | 0 | 0 | -13,777,856 | 12,105,513 | 6,707 | -1,665,636 | -1,665,636 |
| Other movements with no impact on cash flows |
0 | 0 | 0 | 0 | 0 | -6,924,024 | -6,924,024 | -6,924,024 |
| As at 31 December 2024 |
40,464,607 | -5,026,091 | 35,438,516 | -55,080,362 | -38,354,160 | -29,459,439 | -122,893,961 | -87,455,445 |
| Cash flows | 71,834,938 | 5,025,900 | 76,860,838 | 5,619,947 | 5,453,725 | 1,955,559 | 13,029,231 | 89,890,069 |
| Foreign exchange differences |
-2,198,585 | 0 | -2,198,585 | 602,501 | 579,917 | 650,997 | 1,833,415 | -365,170 |
| Transfer | 0 | 0 | 0 | -759,655 | 647,389 | 0 | -112,266 | -112,266 |
| Other movements with no impact on cash flows |
0 | 0 | 0 | 0 | 0 | -1,852,997 | -1,852,997 | -1,852,997 |
| As at 30 June 2025 |
110,100,960 | -191 | 110,100,769 | -49,617,569 | -31,673,129 | -28,705,880 | -109,996,579 | 104,190 |
Note 12. Trade and other payables
| EUR | 30/06/2025 | 31/12/2024 |
|---|---|---|
| Non-current other payables | 1,332,110 | 1,321,911 |
| Trade creditors: suppliers | 34,900,354 | 41,774,847 |
| Advances received and invoices to be received | 18,628,426 | 9,624,547 |
| Subtotal trade payables | 53,528,780 | 51,399,394 |
| Staff cost liabilities | 9,239,754 | 7,548,310 |
| Other payables (*) | 22,506,017 | 5,293,059 |
| Accruals (**) | 6,331,236 | 7,360,084 |
| Subtotal current other payables | 38,077,007 | 20,201,453 |
| TOTAL | 92,937,897 | 72,922,758 |
| Non-current liabilities | 1,332,110 | 1,321,911 |
| Current liabilities | 91,605,787 | 71,600,847 |
(*) Of which dividends payables for EUR 13.8 million compared to EUR nil as at 2024.12.
(**) This amount includes Okomu grant part of the loans, for EUR 0.5 million (2024: EUR 0.9 million).
Note 13. Financial Instruments
| 31/12/2024 | Loans and borrowings At |
Financial assets at fair value through other comprehensi ve income |
Other financial assets and liabilities At |
TOTAL | Loans and borrowings (*) |
Other financial assets and liabilities (*) |
|---|---|---|---|---|---|---|
| EUR | amortised cost |
At fair value |
amortised cost |
At fair value |
At fair value |
|
| Assets | ||||||
| Financial assets at fair value through other comprehensive income |
0 | 4,800,038 | 0 | 4,800,038 | 0 | 0 |
| Long-term advances | 1,239,441 | 0 | 506,993 | 1,746,434 | 1,239,441 | 506,993 |
| Other non-current assets | 0 | 0 | 3,710,342 | 3,710,342 | 0 | 3,710,342 |
| Trade receivables | 0 | 0 | 32,267,503 | 32,267,503 | 0 | 32,267,503 |
| Other receivables | 0 | 0 | 15,728,504 | 15,728,504 | 0 | 15,728,504 |
| Cash and cash equivalents | 0 | 0 | 40,464,609 | 40,464,609 | 0 | 40,464,609 |
| Total assets | 1,239,441 | 4,800,038 | 92,677,951 | 98,717,430 | 1,239,441 | 92,677,951 |
| Liabilities | ||||||
| Long-term debts (**) | 38,354,164 | 0 | 0 | 38,354,164 | 38,226,992 | 0 |
| Other non-current liabilities (***) |
0 | 0 | 1,321,911 | 1,321,911 | 0 | 1,321,911 |
| Short-term debts (**) | 55,080,361 | 0 | 5,026,090 | 60,106,451 | 55,080,361 | 5,026,090 |
| Trade payables (current) (***) |
0 | 0 | 51,399,394 | 51,399,394 | 0 | 51,399,394 |
| Other payables (current) (***) |
0 | 0 | 20,201,453 | 20,201,453 | 0 | 20,201,453 |
| Total liabilities | 93,434,525 | 0 | 77,948,848 | 171,383,373 | 93,307,353 | 77,948,848 |
(*) For information purposes.
(**) See Note 11.
(***) See Note 12.
| 31/12/2024 | Fair Value | |||
|---|---|---|---|---|
| EUR | Level 1 | Level 2 | Level 3 | TOTAL |
| Financial assets at fair value through other comprehensive income |
0 | 0 | 4,800,038 | 4,800,038 |
| 30/06/2025 | Loans and borrowings |
Financial assets at fair value through other comprehensive income |
Other financial assets and liabilities |
TOTAL | Loans and borrowings (*) |
Other financial assets and liabilities (*) |
|---|---|---|---|---|---|---|
| EUR | At amortised cost |
At fair value | At amortised cost |
At fair value |
At fair value | |
| Assets | ||||||
| Financial assets at fair value through other comprehensive income |
0 | 6,300,039 | 0 | 6,300,039 | 0 | 0 |
| Long-term advances | 1,295,580 | 0 | 539,679 | 1,835,259 | 1,295,580 | 539,679 |
| Other non-current assets | 0 | 0 | 3,709,159 | 3,709,159 | 0 | 3,709,159 |
| Trade receivables | 0 | 0 | 31,957,068 | 31,957,068 | 0 | 31,957,068 |
| Other receivables | 0 | 0 | 21,476,882 | 21,476,882 | 0 | 21,476,882 |
| Cash and cash equivalents (**) | 0 | 0 | 110,100,961 | 110,100,961 | 0 | 110,100,961 |
| Total assets | 1,295,580 | 6,300,039 | 167,783,749 | 175,379,368 | 1,295,580 | 167,783,749 |
| Liabilities | ||||||
| Long-term debts (**) | 31,673,133 | 0 | 0 | 31,673,133 | 32,854,160 | 0 |
| Other non-current liabilities (***) | 0 | 0 | 1,332,110 | 1,332,110 | 0 | 1,332,110 |
| Short-term debts (**) | 49,617,568 | 0 | 190 | 49,617,758 | 49,617,568 | 190 |
| Trade payables (current) (***) | 0 | 0 | 53,528,781 | 53,528,781 | 0 | 53,528,781 |
| Other payables (current) (***) | 0 | 0 | 38,077,007 | 38,077,007 | 0 | 38,077,007 |
| Total liabilities | 81,290,701 | 0 | 92,938,088 | 174,228,789 | 82,471,728 | 92,938,088 |
(*) For information purposes.
(**) See Note 11.
(***) See Note 12.
| 30/06/2025 | Fair Value | |||
|---|---|---|---|---|
| EUR | Level 1 | Level 2 | Level 3 | TOTAL |
| Financial assets at fair value through other comprehensive income (*) |
0 | 0 | 6,300,039 | 6,300,039 |
(*) Increase in value during 2025 linked to Management Associates capital increase.
The Group estimated the fair value of the financial instruments by comparing their interest rates to the actual interest rate as at year-end, provided by the European Central Bank. In case of material differences between the interest rates, the estimated fair value of the financial instruments is disclosed in this note.
Note 14. Other financial income
| EUR | 2025 (6 months) |
2024 (6 months) |
|---|---|---|
| Interest from receivables and cash and cash equivalents | 134,608 | 189,298 |
| Exchange gains | 1,784,851 | 7,975,466 |
| Others (*) | 1,008,716 | 4,803,144 |
| TOTAL | 2,928,175 | 12,967,908 |
(*) Of which EUR 1.0 million linked to hyperinflationG (EUR 4.8 million in 2024). For better understanding, hyperinflation impact has been reclassified within "Others" for 2024 financial income.
Note 15. Financial expenses
| EUR | 2025 | 2024 |
|---|---|---|
| (6 months) | (6 months) | |
| Interest and finance expense | 2,477,506 | 4,448,400 |
| Interest expenses on lease liabilities | 1,550,129 | 1,546,157 |
| Exchange losses | 15,910,952 | 14,770,257 |
| Others | 381,188 | 90,028 |
| TOTAL | 20,319,775 | 20,854,842 |
Note 16. Dividends
The Annual General Meeting of 4 June 2025 approved the payment of a total dividend of EUR 0.10 per share. Following the approval, a total amount of EUR 1.8 million has been paid during the first half of 2025.
| 2025 (6 months) |
2024 (6 months) |
|
|---|---|---|
| Dividends and interim dividends distributed during the period | 1,783,665 | 0 |
| Number of shares | 17,836,650 | 17,836,650 |
| Dividend per share paid during the period | 0.10 | 0.00 |
In addition, in accordance with the statutory provisions, 1/9th of the distributed dividends is allocated to the Board of Directors.
Note 17. Information on related parties
* Directors' remuneration
| EUR | 2025 | 2024 |
|---|---|---|
| (6 months) | (6 months) | |
| Short-term benefits | 464,908 | 337,198 |
* Related party transactions
| 31/12/2024 | ||||
|---|---|---|---|---|
| EUR | Parent | Associates | Other related parties |
TOTAL |
| Current assets | ||||
| Trade receivables | 0 | 26,562,342 | 0 | 26,562,342 |
| Other receivables (Note 9) | 0 | 8,933,781 | 13,470 | 8,947,251 |
| 0 | 35,496,124 | 13,470 | 35,509,594 | |
| Non-current liabilities | ||||
| Financial debts (Note 11) | 30,000,000 | 509,491 | 903 | 30,510,394 |
| 30,000,000 | 509,491 | 903 | 30,510,394 | |
| Current liabilities | ||||
| Financial debts (Note 11) | 642,361 | 0 | 43,982,261 | 44,624,622 |
| Trade payables | 0 | 14,849,277 | 31,507 | 14,880,784 |
| Other payables (Note 12) | 0 | 2,945,443 | 660 | 2,946,103 |
| 642,361 | 17,794,720 | 44,014,428 | 62,451,509 |
| 2024 (6 months) |
||||
|---|---|---|---|---|
| EUR | Parent | Associates | Other related parties |
TOTAL |
| Income statement | ||||
| Services and goods delivered | 0 | 104,401,089 | 0 | 104,401,089 |
| Services and goods received | 0 | 19,749,591 | 223,471 | 19,973,062 |
| Financial income | 0 | 181,841 | 0 | 181,841 |
| Financial expenses | 2,348,958 | 34,617 | 1,198,415 | 3,581,990 |
| 30/06/2025 | ||||
|---|---|---|---|---|
| Other related | ||||
| EUR | Parent | Associates | parties | TOTAL |
| Current assets | ||||
| Trade receivables | 0 | 24,597,099 | 0 | 24,597,099 |
| Other receivables (Note 9) | 0 | 12,384,519 | 64,382 | 12,448,901 |
| 0 | 36,981,617 | 64,382 | 37,045,999 | |
| Non-current liabilities | ||||
| Financial debts (Note 11) | 25,000,000 | 0 | 0 | 25,000,000 |
| 25,000,000 | 0 | 0 | 25,000,000 | |
| Current liabilities | ||||
| Financial debts (Note 11) | 391,924 | 1,055,410 | 43,609,237 | 45,056,570 |
| Trade payables | 0 | 14,493,213 | 20,194 | 14,513,407 |
| Other payables (Note 12) | 0 | 609,801 | 0 | 609,801 |
| 391,924 | 16,158,424 | 43,629,431 | 60,179,779 |
| 2025 (6 months) |
||||
|---|---|---|---|---|
| EUR | Parent | Associates | Other related parties |
TOTAL |
| Income statement | ||||
| Services and goods delivered | 0 | 138,084,524 | 0 | 138,084,524 |
| Services and goods received | 0 | 27,654,638 | 306,418 | 27,961,056 |
| Financial income | 0 | 31,719 | 0 | 31,719 |
| Financial expenses | 807,292 | 566 | 1,197,584 | 2,005,442 |
Other related party transactions are carried out with Bolloré Participations and Palmboomen Cultuur Maatschappij (Mopoli).
Mopoli is a Dutch company which is majority owned by Mr. Hubert Fabri through Financière Privée, who also owns Socfin.
Bolloré Participations is a shareholder and Director of Socfinaf.
In 2014, Socfinaf received a cash advance of EUR 35 million from Mopoli. This advance bears an annual interest of 6%. Interest is payable in arrears at the end of each calendar quarter. The amount of interest recognised for the first half of 2025 is EUR 0.6 million. As at 30 June 2025, the outstanding balance amounts to EUR 20.3 million.
In 2016, Socfinaf received a loan of EUR 20 million from Bolloré Participations. The loan has an annual interest rate of 6%. The amount of interest recognised for the first half of 2025 is EUR 0.6 million. As at 30 June 2025, the outstanding balance amounts to EUR 20.3 million.
Socfinaf paid a dividend of EUR 1.2 million in 2025 to its parent company Socfin (2024: nil). Socfinaf has borrowed an amount of 120.0 million from Socfin, with a remaining balance as at 30 June 2025 of EUR 25.0 million (2024: EUR 30.0 million). Annual interest at rate of 6.25% is payable on this loan. As such, Socfinaf has paid an interest of EUR 0.8 million in 2025 compared to EUR 2.3 million during the first half of 2024.
Note 18. Off balance sheet commitments
Off-balance sheet commitments existing as at 30 June 2025 are similar to those as at 31 December 2024, given that as repayments fall due, the debts for which these collaterals were provided are reduced by the repayments made.
Note 19. Segmental information
In accordance with IFRS 8, the information analysed by Management is based on the geographical distribution of political and economic risks. As a result, the sectors presented are Europe, Sierra Leone, Liberia, Côte d'Ivoire, Ghana, Nigeria, Cameroon, São Tomé and Principe, and Congo (DRC).
Products from the Côte d'Ivoire, Nigeria and Cameroon operating sectors come from palm oil and rubber sales, those from the Liberia sectors only from rubber sales, those from Sierra Leone, Ghana, São Tomé and Principe, and Congo (DRC) come solely from sales of palm oil. Those in the Europe segment come from the provision of administrative services, assistance in managing the areas under plantation and the marketing of products outside the Group. The segmental result of the Group is the profit from operations.
* Segmental breakdown of profit / (loss) as at 30 June 2024
| EUR | Europe | Sierra Leone |
Liberia | Côte d'Ivoire |
Ghana | Nigeria | Cameroon | São Tomé and Principe |
Congo (DRC) |
TOTAL |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue from ordinary business with external customers |
0 | 17,929,143 | 17,961,339 | 78,316,468 | 14,683,169 | 50,549,462 | 128,304,400 | 2,433,38 8 |
2,849,098 | 313,026,467 |
| Revenue from ordinary business between segments |
0 | 0 | 0 | 142,039 | 0 | 0 | 0 | 0 | 0 | 142,039 |
| Raw materials and consumables used |
0 | -5,830,915 | -1,690,780 | -40,774,399 | -2,640,205 | -10,252,301 | -50,792,582 | -721,447 | -1,149,604 | -113,852,233 |
| Other expenses (*) | -1,803,653 | -3,662,341 | -8,557,436 | -10,025,569 | -1,910,557 | -17,222,962 | -22,560,233 | -858,797 | -862,249 | -67,463,796 |
| Staff costs | 0 | -3,694,848 | -4,425,719 | -13,466,465 | -2,700,028 | -665,415 | -12,242,060 | -701,247 | -1,391,243 | -39,287,025 |
| Depreciation and impairment expense |
0 | -3,653,256 | -2,346,896 | -5,462,516 | -1,014,821 | -2,039,556 | -9,940,763 | -908,543 | -2,344,557 | -27,710,909 |
| Other operational income and expenses (**) |
447,562 | 56,245 | -1,154,499 | 4,155,404 | 2,426,221 | 5,185,757 | 4,384,074 | -156,509 | 892,754 | 16,237,009 |
| Segmental profit / (loss) |
-1,356,091 | 1,144,027 | -213,990 | 12,742,924 | 8,843,778 | 25,554,984 | 37,152,837 | -913,155 | -2,005,801 | 80,949,512 |
| Financial income and gain on disposals |
12,968,713 | |||||||||
| Financial expenses and loss on disposals |
-22,029,561 | |||||||||
| Group share of income from associates |
-1,066,512 | |||||||||
| Income tax expense and deferred tax (expense) / income |
-27,226,218 | |||||||||
| Net Profit / (loss) for the period |
43,595,934 |
(*) Other expenses include correspond mainly to external services invoiced to plantations and related directly to the operational activity (Transport, interim and subcontractors, technical assistance, insurance …). (**) Other operational income and expenses are not related directly to the operational activity (government grants, other taxes, property taxes, …).
* Segmental breakdown of profit / (loss) as at 30 June 2025
| EUR | Europe | Sierra Leone |
Liberia | Côte d'Ivoire |
Ghana | Nigeria | Cameroon | São Tomé and Principe |
Congo (DRC) |
TOTAL |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue from ordinary business with external customers |
0 | 13,614,913 | 19,583,000 | 116,100,600 | 30,210,493 | 77,796,936 | 120,261,508 | 3,206,253 | 3,877,316 | 384,651,018 |
| Revenue from ordinary business between segments |
0 | 0 | 0 | 85,271 | 0 | 0 | 0 | 0 | 0 | 85,271 |
| Raw materials and consumables used |
0 | -6,442,653 | -3,030,685 | -59,311,840 | -2,860,048 | -10,269,223 | -39,156,733 | -745,263 | -1,538,759 | -123,355,205 |
| Other expenses (*) | -2,198,322 | -2,790,905 | -8,403,075 | -14,523,358 | -2,240,297 | -21,618,214 | -19,209,514 | -990,717 | -1,247,477 | -73,221,880 |
| Staff costs | -366,935 | -4,690,347 | -4,401,690 | -15,293,803 | -4,228,677 | -767,007 | -11,245,413 | -1,005,424 | -1,512,226 | -43,511,522 |
| Depreciation and impairment expense |
0 | -3,521,487 | -2,032,107 | -4,871,856 | -1,500,937 | -2,333,696 | -10,842,542 | -586,319 | -1,638,656 | -27,327,601 |
| Other operational income and expenses (**) |
-17,609 | 877,171 | 2,987,631 | 5,654,449 | -24,797 | 8,129,487 | 694,638 | -120,703 | -37,727 | 18,142,540 |
| Segmental profit / (loss) | -2,582,866 | -2,953,307 | 4,703,074 | 27,754,191 | 19,355,737 | 50,938,282 | 40,501,943 | -242,173 | -2,097,530 | 135,377,350 |
| Financial income and gain on disposals |
3,020,301 | |||||||||
| Financial expenses and loss on disposals |
-20,932,551 | |||||||||
| Group share of income from associates |
4,653,179 | |||||||||
| Income tax expense and deferred tax (expense) / income |
-44,783,906 | |||||||||
| Net Profit / (loss) for the period |
77,334,374 |
(*) Other expenses include correspond mainly to external services invoiced to plantations and related directly to the operational activity (Transport, interim and subcontractors, technical assistance, insurance …). (**) Other operational income and expenses are not related directly to the operational activity (government grants, other taxes, property taxes, …).
* Total segmental assets
| EUR | 30/06/2025 | 31/12/2024 |
|---|---|---|
| Europe | 602,389 | 2,470,841 |
| Sierra Leone | 108,199,477 | 125,589,443 |
| Liberia | 111,358,528 | 125,895,953 |
| Côte d'Ivoire | 164,769,061 | 156,984,041 |
| Ghana | 48,339,878 | 34,590,758 |
| Nigeria | 87,032,098 | 73,267,846 |
| Cameroon | 200,967,807 | 177,372,347 |
| São Tomé and Principe | 22,612,830 | 23,300,264 |
| Congo (DRC) | 60,168,357 | 49,879,235 |
| TOTAL | 804,050,426 | 769,350,728 |
| IFRS 3 / IAS 16: Bearer plants | -7,834,410 | -18,642,032 |
| IAS 2 / IAS 41: Agricultural production | 19,137,151 | 7,760,052 |
| Other IFRS adjustments | -5,709,701 | -6,672,709 |
| Consolidation adjustments (intra-group and others) | -56,817,192 | -57,907,036 |
| Total consolidated segmental assets | 752,826,275 | 693,889,004 |
| Consolidated assets not included in segmental assets | ||
| Right-of-use assets | 31,790,597 | 31,473,450 |
| Investments in associates | 26,889,714 | 28,728,462 |
| Financial assets at fair value through other comprehensive income | 6,300,039 | 4,800,038 |
| Long-term advances | 1,835,260 | 1,746,434 |
| Deferred tax | 7,295,376 | 12,390,875 |
| Other non-current assets | 3,709,159 | 3,710,342 |
| Consolidated non-current assets | 77,820,144 | 82,849,601 |
| Other debtors | 21,476,882 | 15,728,504 |
| Current tax assets | 6,518,323 | 6,066,013 |
| Consolidated current assets | 27,995,205 | 21,794,516 |
| Total of consolidated assets in the segmental assets | 105,815,349 | 104,644,118 |
| Total assets | 858,641,624 | 798,533,121 |
* Total segmental liabilities
| EUR | 30/06/2025 | 31/12/2024 |
|---|---|---|
| Europe | 41,630,611 | 71,664,116 |
| Sierra Leone | 1,922,131 | 2,141,812 |
| Liberia | 4,387,347 | 7,059,949 |
| Côte d'Ivoire | 48,076,832 | 18,401,404 |
| Ghana | 3,728,022 | 2,906,865 |
| Nigeria | 10,933,666 | 6,318,461 |
| Cameroon | 46,961,228 | 31,406,383 |
| São Tomé and Principe | 5,205,400 | 5,181,397 |
| Congo (DRC) | 5,531,974 | 1,974,123 |
| TOTAL | 168,377,212 | 147,054,510 |
| Other IFRS adjustments | 1,644,121 | 2,109,067 |
| Consolidation adjustments (intra-group and others) | -78,415,545 | -77,562,730 |
| Total consolidated segmental liabilities | 91,605,788 | 71,600,846 |
| Consolidated equity and liabilities not included in segmental liabilities | ||
| Total equity | 571,706,509 | 525,152,562 |
| Non-current liabilities | 100,842,538 | 106,699,276 |
| Current financial debts | 49,617,758 | 60,106,451 |
| Current lease liabilities | 3,320,051 | 3,274,791 |
| Current tax liabilities | 40,586,704 | 30,985,675 |
| Provisions | 962,276 | 713,520 |
| Total consolidated equity and liabilities not included in segmental liabilities | 767,035,837 | 726,932,275 |
| Total equity and liabilities | 858,641,624 | 798,533,122 |
* Information by sector of activity
| EUR | 2025 | 2024 |
|---|---|---|
| (6 months) | (6 months) | |
| Palm | 253,979,124 | 223,357,471 |
| Rubber | 128,099,077 | 86,383,324 |
| Other agricultural activities | 1,006,111 | 486,857 |
| Others | 1,566,711 | 2,798,819 |
| TOTAL | 384,651,023 | 313,026,471 |
Note 20. Profit before interest, taxes, depreciation and amortisation (EBITDAG )
| EUR | 2025 | 2024 |
|---|---|---|
| (6 months) | (6 months) | |
| Profit / (loss) attributable to the owners of the Parent | 49,930,186 | 26,967,064 |
| Profit / (loss) attributable to non-controlling interests | 27,404,188 | 16,628,870 |
| Share of the Group in the result from associates | -4,653,179 | 1,066,512 |
| Dividends from associates | 218,392 | 3,894,328 |
| Fair value of biological assets | -13,368,596 | -7,007,137 |
| Depreciation, amortisation and provisions | 27,544,161 | 30,253,637 |
| Gains and losses on disposals of assets | 520,648 | 1,173,915 |
| Income tax expense and deferred tax | 44,783,906 | 27,226,218 |
| Other financial income | -2,928,174 | -12,967,909 |
| Other financial income included in depreciation write-backs | 0 | 1,950 |
| Financial expenses | 20,319,776 | 20,854,843 |
| Financial expenses included in amortisation and provisions | -67,651 | 0 |
| Impact of lease restatement on EBITDA | -3,775,612 | -3,512,670 |
| EBITDA excluding the impact of lease restatement | 145,928,046 | 104,579,621 |
Note 21. Events after the closing date
There are no material events to report. However, it should be noted that the Group's investments in Africa may be subject to political and economic risks. Local directors and managers monitor changes in the situation on a daily basis. The potential of production from the plantations remains unchanged, and cost prices are kept as low as reasonably possible.
Glossary
CONCESSION - Contract, signed with local authorities, giving specific rights to control an area of land and for the conduct of specific activities in that area, during a defined period.
CPO - Crude Palm Oil is edible oil which is extracted from the pulp of fruit of oil palm trees.
DRY RUBBER - This is weight of natural rubber produced, determined at the end of the milling and drying process. After tapping, liquid latex is dripping from the rubber trees in the field, mostly harvested after in-field coagulation. However, the "wet rubber" still contains water and many other natural components apart from the rubber particles. Natural rubber is marketed as "dry rubber" – after processing – to be used in numerous industrial value chains among which manufacturing of tyres is the most important.
EBIT - This abbreviation is defined as earnings before financial result and tax. It is the result of ordinary business activities and is used to assess operational profitability.
EBITDA - This abbreviation is defined as earnings before financial result, tax, depreciation and amortisation. This key figure is used to assess operational profitability.
FINISHED GOODS - Goods that have completed the manufacturing process but have not yet been sold or distributed to the end user (for example dry rubber, crude palm oil, seeds, palm kernel oil, palm kernel cake).
HYPERINFLATION - Hyperinflation corresponds to a situation where the price of everything, in a national economy, goes out of control and increases very quickly. There is no absolute rate at which hyperinflation is deemed to arise, but practically, a cumulative inflation rate over three years approaching or exceeding 100% is a strong indicator of hyperinflation.
NET VALUE PER SHARE – Equity attributable to the owners of the Parent at closing period, divided by the number of shares. Allows readers of the financial statements to compare easily the share price at closing period with its value within the financial statements. As an example, value as at 30 June 2025 is obtained by dividing EUR 463,202,236 (value of Equity attributable to the owners of the Parent) by 17,836,650 (number of shares).
OPERATIONAL LIFE – Length of time during which a tangible or intangible asset can be used economically before breakdown. Operational life does not include post-closure activities. As an example, rubber and palm trees have an estimated operational life between 20 and 33 years.
OWN PRODUCTION - Quantities of raw materials (Fresh Fruit Bunches, wet rubber, …) milled that have been harvested on own plantations managed by the Group.
PRODUCTION-IN-PROGRESS - Inventory that has begun the manufacturing process and is no longer included in raw materials inventory, but is not yet a completed product. In the financial statements, production in progress is classified within current assets, with other items of inventory.
RAW MATERIALS - Raw materials are the input goods or inventory that a company needs to manufacture its products (for example Fresh Fruit Bunches, wet rubber, …).
SOPARFI - SOciété de PARticipations FInancières. SOPARFIs are fully taxable ordinary commercial companies, whose corporate purpose consists in the holding of participations and related financing activities.
TAPPER - Agricultural worker trained and qualified to "tap" a tree with a special knife. Trees are tapped at regular interval (4-7 days), releasing the latex from the latex vessels situated in the soft outer bark of the tree.
THIRD PARTY PURCHASES - Business deal that involves a person or entity other than a Group company. Typically, third-party purchases are made with small local growers.