Sofina SA — Annual Report (ESEF) 2024

Apr 30, 2025

2024 ANNUAL REPORT

Socfinaf S.A.

**2
Table of contents
Group profile
1. Overview of the Group
2. History
3. Group structure
4. Information on Socfinaf’s holdings
International market for rubber and palm oil
1. Rubber
2. Palm oil
Environment and social responsibility
Key figures
1. Activity indicators
2. Key figures in the consolidated income statement and the cash flow statement
3. Key figures in the consolidated statement of financial position
Stock market data
Financial highlights of the year
Corporate governance statement
1. Introduction
2. Corporate governance chart
3. Board of Directors
4. Committees of the Board of Directors
4.1. Audit Committee
4.2. Appointment and Remuneration Committee
5. Remunerations
6. Shareholding status
7. Financial calendar
8. External audit
9. Corporate, social and environmental responsibility
10. Other information
Statement of compliance
Consolidated management report
Auditor’s report on the consolidated financial statements
Consolidated financial statements
1. Consolidated statement of financial position
2. Consolidated income statement
3. Consolidated statement of comprehensive income
4. Consolidated statement of cash flows
5. Consolidated statement of changes in equity
6. Notes to the consolidated financial statements
Note 1. Overview and accounting policies
Note 2. Subsidiaries and associates
Note 3. Leases
Note 4. Intangible assets
Note 5. Property, plant and equipment
Note 6. Biological assets
Note 7. Depreciation and impairment
Note 8. Impairment of assets
Note 9. Non-wholly owned subsidiaries in which non-controlling interests are significant
Note 10. Investments in associates
Note 11. Financial assets at fair value through other comprehensive income
Note 12. Deferred taxes
Note 13. Current tax assets and liabilities
Note 14. Income tax expense
Note 15. Inventories
**3
Table of contents
Note 16. Trade receivables (current assets)
Note 17. Other receivables (current assets)
Note 18. Cash and cash equivalents
Note 19. Share capital and share premium
Note 20. Legal reserves
Note 21. Pension obligations
Note 22. Financial debts
Note 23. Trade and other payables
Note 24. Financial instruments
Note 25. Staff costs and average number of staff
Note 26. Other financial income
Note 27. Financial expenses
Note 28. Net earnings per share
Note 29. Dividends and Directors’ fees
Note 30. Information on related party
Note 31. Off balance sheet commitments
Note 32. Segment information
Note 33. Risk management
Note 34. Contingent liabilities
Note 35. Events after the closing date
Note 36. Assets held for sale
Note 37. Auditor’s fees
Note 38. EBITDA
Company’s management report
Audit report on the Company’s financial statements
Company financial statements
1. Balance sheet as at 31 December 2024
2. Income statement for the year ended 31 December 2024
Allocation of profit
3. Notes to the parent company financial statements for the 2024 financial year
Note 1. Overview
Note 2. Accounting principles, rules and methods
Note 3. Financial fixed assets
Note 3. Financial fixed assets (continued)
Note 3. Financial fixed assets (continued)
Note 4. Equity
Note 5. Amounts owed to affiliated undertakings
Note 6. Amounts owed to undertakings with which the undertaking is linked by virtue of participating interests
Note 7. Income from participating interests
Note 8. Income from other investments and loans forming part of the fixed assets
Note 9. Taxation
Note 10. Remuneration of the Board of Directors
Note 11. Political and economic environment
Note 12. Off-balance sheet commitments
Note 13. Significant events after the year end
Glossary

Group profile

1. Overview of the Group

Socfinaf is a Luxembourg-based company whose registered address is 4, Avenue Guillaume, L-1650, Luxembourg. It was incorporated on 22 October 1961 and is listed on the Stock Exchange of Luxembourg.

Socfinaf’s principal activity is to manage a portfolio of shares that mainly focus on the operation of more than 137,000 hectares of tropical palm oil and rubber plantations in Africa. As of 31 December 2024, Socfinaf employs 24,824 people and has achieved a consolidated turnover of EUR 591 million over that same year.

2. History

• 22/10/1961: Incorporation of Compagnie Internationale de Cultures (Intercultures) as a Luxembourg-based holding company.
• 31/12/1961: Intercultures invests in two Congolese plantations named “La Compagnie Congolaise de l’Hévéa” and “Cultures Equatoriales”.
• 18/04/1966: The shares of Intercultures have been listed on the Stock Exchange of Luxembourg.
• 31/12/1974: Nationalisation measures of industrial enterprises by the State of Zaire.
• 31/12/1976: Progress of negotiations with Zaire - exit of Zairian holdings from the portfolio and accounting for Zaire claim.
• 19/05/1995: Increase of the share capital of Intercultures in order to relaunch the Company’s activity in the field of tropical plantations.
• 30/06/1995: Acquisition of 65% of Société des Caoutchoucs du Grand Bereby “SOGB” in Côte d’Ivoire via Bereby Finances “Befin”, a Côte d’Ivoire holding company.
• 30/06/1997: Acquision of 5% of Palmci, a Côte d’Ivoire company producing palm oils.
• 31/03/1998: Intercultures continues the expansion of its investments in Africa and more specifically in Liberia: acquisition of 70% of Weala Rubber Company, owner of a rubber factory and 75% of Liberian Agricultural Company “LAC” which has a rubber concession (terms having a G are explained part “Glossary” at the end of the annual report).

• 30/06/1998: Increase of share capital and investment in Kenya in 70.8% of Red Lands Roses, producer of roses and Socfinaf Company, coffee producer.

  In addition, Intercultures acquired through its Luxembourg subsidiary (Indufina Luxembourg) 54% of an oil palm plantation in Nigeria, Okomu Oil Palm Company.
  * 31/03/2000: Acquisition of 89.64% of Société des Palmeraies de la Ferme Suisse “SPFS”, a Cameroon company active in the production, processing and refining of palm oil.
  * 31/12/2000: Through a Cameroon holding Palmcam, Intercultures continues its investments in Cameroon in Socapalm, a company active in the production and processing of palm oil.# Group profile

Historical milestones

• 31/12/2001: Further increase in share capital which allowed Intercultures to increase its stake in Okomu Oil Palm Company and in Befin (parent company of SOGB).
• 31/12/2006: Restructuring of Socfinal Group’s holdings, including the distribution of Intercultures shares by Socfinasia (spin-off) and repositioning of the Group’s operating companies.
• 31/12/2007: Intercultures acquired 99.8% of Brabanta, a company developing a palm oil plantation in Congo (DRC). On the other hand, Intercultures sold its holdings Weala Rubber Company (Liberia) and Palmci (Côte d’Ivoire).
• 31/12/2008: Constitution of Sud Comoë Caoutchouc “SCC” (Côte d’Ivoire) via the Ivorian holding Befin. Intercultures sold 60% of Red Lands Roses (Kenya).
• 31/12/2009: Capital increase in Brabanta (DRC). Increased participation in Salala Rubber Corporation “SRC” (Liberia).
• 17/03/2010: Sale of Socfinaf Company (Kenya).
• 10/01/2011: Extraordinary General Meeting which ratified the abandon of the holding 29 status and change of the designation to Socfinaf.
• 01/07/2011: Share split by 10.
• 06/10/2011: Acquisition of 32.9% of Palmcam’s shares which is entirely owned by Socfinaf.
• 31/12/2012: Acquisition of 3.4% of Okomu Oil Palm Company’s shares. Incorporation of Plantations Socfinaf Ghana “PSG”.
• 23/10/2013: Acquisition of 100% of STP Invest’s shares, a Belgian company which owns 88% of Agripalma, benefitting from a grant of 5,000 hectares concession on the island of São Tomé.
• 31/12/2014: Capital increase with the issue of 1,474,200 new shares subscribed by Socfin in exchange for 100% of the shares of Société Anonyme Forestière et Agricole “SAFA”. It owns 68.93% of Safacam (Cameroon).
• 01/01/2015: Beginning of Sogescol Cameroon and Camseeds, which were formed in 2014 by Sogescol FR and Socfin Research.
• 05/10/2015: Acquisition of shares in Socapalm to increase the percentage holding to 4.57%.
• 04/11/2015: Constitution of Sodimex FR and Induservices FR.
• 01/02/2016: Liquidation of Palmcam (Cameroon).
• 20/08/2024: Sale of 100% shares of SRC.

Holding companies

                                  SOCFINDE
                                Luxembourg
                                65%  20%  30%  50%  33%  15%  30%  19%  35%  10%
                                  SOCFIN
                                Luxembourg
                      10%
                                  SOCFINAF
                                Luxembourg
                      50%  100%  50%  50%  50%  50%  50%
                                   STP INVEST
                                    Belgium
                      100%  100%  66%  100%  100%  88%
                                 BEREBY-FINANCES
                                  Côte d’Ivoire
                      93%  100%  100%  69%  87%  70%  100%  67%  73%
                                      SAFA
                                     France
                                       |
                                  Socfinaf S.A.

Group structure

                                   SOCFINDE
                                 Luxembourg
                65%   20%   30%   50%   33%   15%   30%   19%   35%   10%
                                   SOCFIN
                                 Luxembourg
            10%
                                   SOCFINAF
                                 Luxembourg
                50%   100%  50%   50%   50%   50%   50%
                                    STP INVEST
                                     Belgium
                100%  100%  66%   100%  100%  88%
                                  BEREBY-FINANCES
                                   Côte d’Ivoire
                93%   100%  100%  69%   87%   70%   100%  67%   73%
                                       SAFA
                                      France
                                        |
                                   Socfinaf S.A.

Information on Socfinaf’s holdings

Portfolio	Number of shares	Direct %
Sierra Leone
SAC	119,970,000	93.00%
Liberia
LAC	25,000	100.00%
Côte d’Ivoire
Befin	739,995	87.06%
Ghana
PSG	750,000	100.00%
Nigeria
Okomu	633,172,832	66.38%
Cameroon
Socapalm	3,086,886	67.46%
Democratic Republic of Congo
Brabanta	5,000	100.00%
France
SAFA	577,200	100.00%
Belgium
Socfinco	8,750	50.00%
Centrages	7,500	50.00%
Pépinière	3,333	50.00%
STP Invest	1,800	100.00%
Luxembourg
Socfinde	50,000	20.00%
Terrasia	3,328	33.28%
Induservices	3,000	30.00%
Management Associates	1,500	15.00%
Switzerland
Sogescol FR	2,650	50.00%
Socfinco FR	650	50.00%
Induservices FR	700	50.00%
Sodimex FR	675	50.00%

The following pages contain a summary of the activity and comments on the financial information for the past two financial years in which Socfinaf holds a direct or indirect participation. Unless indicated otherwise, equity includes capital, reserves and the results brought forward before allocation of the current year results. Corporate data refers to consolidated data. The balance sheet figures are presented in the functional currency of the respective entities.

SOCFIN AGRICULTURAL COMPANY “SAC”

Share capital: USD 30,000,000
SAC is active in Sierra Leone in the production of palm oil.

Key data

Area (hectares)	Planted area		As at 31 December 2024
	Mature	Immature	Total
Palm	12,349	0	12,349

Concessions G : 18,473 ha
Permanent staff as at 31 December 2024: 2,976

Production and turnover

As at 31 December 2024	2023
Production (tons)
Palm oil	38,750	50,249
Turnover (EUR 000)	36,173	44,341
Result (EUR 000)	1,226	11,126
Average sale price (EUR / kg)
Palm oil	0.93	0.88
Average rate EUR / USD	1.08	1.08
Closing rate EUR / USD	1.04	1.10

Key figures (USD 000)

As at 31 December 2024	2023
Fixed assets	119,819	124,216
Current assets	11,903	13,813
Equity (*)	47,054	45,729
Debts, provisions and third parties (*)	84,668	92,299
Profit / (loss) for the period	1,325	12,046
Socfinaf’s holding (%)	93.00	93.00

(*) Before profit allocation.

LIBERIAN AGRICULTURAL COMPANY “LAC”

Share capital: USD 31,105,561
LAC is active in Liberia in the field of rubber cultivation and industrial rubber processing.

Key data

Area (hectares)	Planted area		As at 31 December 2024
	Mature	Immature	Total
Rubber	11,233	1,037	12,270

Concessions G : 121,407 ha
Permanent staff as at 31 December 2024: 2,015

Production and turnover

As at 31 December 2024	2023
Production (tons)
Rubber	27,452	27,694
Turnover (EUR 000)	41,387	34,964
Result (EUR 000)	6,624	-16,538
Average sale price (EUR / kg)
Rubber	1.51	1.26
Average rate EUR / USD	1.08	1.08
Closing rate EUR / USD	1.04	1.10

Key figures (USD 000)

As at 31 December 2024	2023
Fixed assets	64,321	64,814
Current assets	27,651	24,252
Equity (*)	50,070	42,913
Debts, provisions and third parties (*)	41,903	46,153
Profit / (loss) for the period	7,156	-17,904
Socfinaf’s holding (%)	100.00	100.00

(*) Before profit allocation.

BEREBY-FINANCES “BEFIN”

Share capital: CFA 8,500,000,000
This Côte d’Ivoire holding company holds 73.16% of SOGB and 70.01% of SCC.

SOCIETE DES CAOUTCHOUCS DU GRAND BEREBY “SOGB”

Share capital: CFA 21,601,840,000
SOGB is active in Côte d’Ivoire in the production and processing of palm oil and rubber.

Key data

Area (hectares)	Planted area		As at 31 December 2024
	Mature	Immature	Total
Palm	7,468	20	7,488
Rubber	13,058	2,897	15,955
TOTAL	20,526	2,917	23,443

Concessions G : 34,712 ha
Permanent staff as at 31 December 2024: 6,453

Production and turnover

As at 31 December 2024	2023
Production (tons)
Rubber	65,805	64,309
Palm oil	31,966	34,159
Turnover (EUR 000)	136,313	111,971
Result (EUR 000)	19,987	8,035
Average selling price (EUR / kg)
Rubber	1.57	1.22
Palm oil	0.93	0.91
Rate EUR / CFA	655.957	655.957

Key figures (CFA million)

As at 31 December 2024	2023
Fixed assets	62,263	63,269
Current assets	26,699	25,738
Equity (*)	68,899	60,756
Debts, provisions and third parties (*)	20,063	28,251
Profit / (loss) for the period	13,111	5,270
Distribution	11,449	4,968
Gross dividend per share (CFA)	530	230
Socfinaf’s indirect holding (%)	63.69	63.69

(*) Before profit allocation.

SUD COMOË CAOUTCHOUC “SCC”

Share capital: CFA 964,160,000
SCC is active in Côte d’Ivoire in the industrial rubber processing sector.

Key data

Permanent staff as at 31 December 2024: 396

Production and turnover

As at 31 December 2024	2023
Production (tons)
Rubber	38,358	38,559
Turnover (EUR 000)	56,198	48,644
Result (EUR 000)	5,718	4,099
Average selling price (EUR / kg)
Rubber	1.46	1.26
Rate EUR / CFA	655.957	655.957

Key figures (CFA million)

As at 31 December 2024	2023
Fixed assets	3,978	3,727
Current assets	13,628	10,196
Equity (*)	9,127	7,976
Debts, provisions and third parties (*)	8,479	5,947
Profit / (loss) for the period	3,751	2,689
Distribution	2,700	2,600
Gross dividend per share (CFA)	28,004	26,966
Socfinaf’s indirect holding (%)	60.95	60.95

(*) Before profit allocation.

PLANTATIONS SOCFINAF GHANA “PSG”

Share capital: GHS 150,000,000
PSG is active in Ghana in the production of palm oil and rubber.

Key data

Area (hectares)	Planted area		As at 31 December 2024
	Mature	Immature	Total
Rubber	942	0	942
Palm	6,140	0	6,140
TOTAL	7,082	0	7,082

Concessions G : 18,304 ha
Permanent staff as at 31 December 2024: 2,404

Production and turnover

As at 31 December 2024	2023
Production (tons)
Rubber	1,358	1,280
Palm oil	31,130	35,472
Turnover (EUR 000)	28,333	34,514
Result (EUR 000)	12,363	12,795
Average selling price (EUR / kg)
Rubber	1.30	0.89
Palm oil	0.94	0.94
Average rate EUR / GHS	15.27	12.07
Closing rate EUR / GHS	15.27	13.13

Key figures (GHS 000)

As at 31 December 2024	2023
Fixed assets	448,433	477,066
Current assets	81,584	39,895
Equity (*)	481,380	428,495
Debts, provisions and third parties (*)	48,637	88,465
Profit / (loss) for the period	188,801	154,436
Distribution	182,643	13,274
Gross dividend per share (GHS)	244	18
Socfinaf’s holding (%)	100	100

(*) Before profit allocation.

OKOMU OIL PALM COMPANY

Share capital: NGN 476,955,000
Okomu is active in Nigeria in the production and processing of palm oil and rubber.# Group profile

SOCAPALM

Share capital: CFA 45,757,890,000

Socapalm is active in Cameroon in the production and processing of palm oil and the cultivation of rubber trees.

Key data Area (hectares)

Planted area As at 31 December 2024
| | Mature | Immature | Total |
| :-------- | :----- | :------- | :---- |
| Rubber | 1,762 | 0 | 1,762 |
| Palm | 30,167 | 2,442 | 32,609 |
| TOTAL | 31,929 | 2,442 | 34,371 |

Concessions G : 58,063 ha
Permanent staff as at 31 December 2024: 2,715

Production and turnover

As at 31 December 2024
| | 2024 | 2023 |
| :----------------------- | :------ | :------ |
| Production (tons) | | |
| Palm oil | 168,452 | 138,783 |
| Rubber (*) | 2,537 | 2,499 |
| Turnover (EUR 000) | 154,354 | 129,003 |
| Result (EUR 000) | 15,869 | 18,194 |
| Average selling price (EUR / kg) | | |
| Palm oil | 0.90 | 0.91 |
| Rubber | 1.06 | 0.71 |
| Rate EUR / CFA | 655.957 | 655.957 |

Key figures (CFA million)

As at 31 December 2024
| | 2024 | 2023 |
| :--------------------------------------- | :----- | :----- |
| Fixed assets | 73,948 | 73,401 |
| Current assets | 17,805 | 18,657 |
| Equity () | 66,386 | 67,873 |
| Debts, provisions and third parties () | 25,367 | 24,185 |
| Profit / (loss) for the period | 10,410 | 11,934 |
| Distribution | 9,609 | 11,897 |
| Gross dividend per share (CFA) | 2,100 | 2,600 |
| Socfinaf’s holding (%) | 67.46 | 67.46 |

() Agricultural production fully sold to SAFACAM.
(*) Before profit allocation.

Socfinaf S.A. | ANNUAL REPORT 2024 | 15

SOCIETE ANONYME FORESTIERE ET AGRICOLE “SAFA”

Share capital: EUR 4,040,400
This French company owns 68.93% of Safacam.

SAFACAM

Share capital: CFA 6,210,000,000
Safacam is active in Cameroon in the production and processing of palm oil and the cultivation of rubber trees.

Key data Area (hectares)

Planted area As at 31 December 2024
| | Mature | Immature | Total |
| :----- | :----- | :------- | :---- |
| Palm | 5,210 | 96 | 5,306 |
| Rubber | 3,714 | 706 | 4,420 |
| TOTAL | 8,924 | 802 | 9,726 |

Concessions G and land owned: 17,690 ha
Permanent staff as at 31 December 2024: 2,531

Production and turnover

As at 31 December 2024
| | 2024 | 2023 |
| :-------------------------- | :----- | :----- |
| Production (tons) | | |
| Palm oil | 17,912 | 16,096 |
| Palm kernel oil | 11,180 | 9,770 |
| Rubber | 10,126 | 9,004 |
| Turnover (EUR 000) | 44,988 | 35,943 |
| Result (EUR 000) | 4,240 | 934 |
| Average selling price (EUR / kg) | | |
| Palm Products | 1.62 | 1.61 |
| Rubber | 1.54 | 1.08 |
| Rate EUR / CFA | 655.957 | 655.957 |

Key figures (CFA million)

As at 31 December 2024
| | 2024 | 2023 |
| :--------------------------------------- | :----- | :----- |
| Fixed assets | 22,727 | 22,602 |
| Current assets | 9,412 | 9,107 |
| Equity () | 21,414 | 19,242 |
| Debts, provisions and third parties () | 10,725 | 12,467 |
| Profit / (loss) for the period | 2,781 | 613 |
| Distribution | 2,700 | 609 |
| Gross dividend per share (CFA) | 2,174 | 490 |
| Socfinaf’s indirect holding (%) | 69.05 | 69.05 |

(*) Before profit allocation.

16 | ANNUAL REPORT 2024 | Socfinaf S.A.

AGRIPALMA

Share capital: STN 156,094,090
Agripalma is a company active in the production of palm oil on the island of São Tomé and Principe.

Key data Area (hectares)

Planted area As at 31 December 2024
| | Mature | Immature | Total |
| :--- | :----- | :------- | :---- |
| Palm | 1,879 | 0 | 1,879 |

Concessions G and land owned: 2,388 ha
Permanent staff as at 31 December 2024: 717

Production and turnover

As at 31 December 2024
| | 2024 | 2023 |
| :------------------ | :---- | :---- |
| Production (tons) | | |
| Palm oil | 4,742 | 4,870 |
| Turnover (EUR 000) | 5,440 | 5,512 |
| Result (EUR 000) | -4,005| -2,463|
| Average selling price (EUR / kg) | | |
| Palm oil | 1.14 | 1.13 |
| Average rate EUR / STN | 24.50 | 24.50 |
| Closing rate EUR / STN | 24.50 | 24.50 |

Key figures (STN million)

As at 31 December 2024
| | 2024 | 2023 |
| :--------------------------------------- | :--- | :--- |
| Fixed assets | 581 | 667 |
| Current assets | 100 | 94 |
| Equity | -114 | -16 |
| Debts, provisions and third parties | 796 | 777 |
| Profit / (loss) for the period | -98 | -60 |
| Socfinaf’s indirect holding (%) | 88.00| 88.00|

Socfinaf S.A. | ANNUAL REPORT 2024 | 17

BRABANTA

Share capital: CDF 34,243,622,100
Brabanta is a Congolese company (DRC) active in the production of palm oil.

Key data Area (hectares)

Planted area As at 31 December 2024
| | Mature | Immature | Total |
| :--- | :----- | :------- | :---- |
| Palm | 6,072 | 0 | 6,072 |

Concessions G : 8,380 ha
Permanent staff as at 31 December 2024: 1,960

Production and turnover

As at 31 December 2024
| | 2024 | 2023 |
| :------------------ | :----- | :----- |
| Production (tons) | | |
| Palm oil | 13,652 | 13,231 |
| Turnover (EUR 000) | 12,725 | 10,923 |
| Result (EUR 000) | -1,495 | -4,803 |
| Average selling price (EUR / kg) | | |
| Palm oil | 0.93 | 0.83 |
| Average rate EUR / CDF | 3,040 | 2,514 |
| Closing rate EUR / CDF | 2,956 | 2,961 |

Key figures (CDF million)

As at 31 December 2024
| | 2024 | 2023 |
| :--------------------------------------- | :------ | :------ |
| Fixed assets | 133,163 | 139,957 |
| Current assets | 196,474 | 175,848 |
| Equity () | 70,171 | 74,717 |
| Debts, provisions and third parties () | 259,466 | 241,088 |
| Profit / (loss) for the period | -4,546 | -12,077 |
| Socfinaf’s holding (%) | 100.00 | 100.00 |

(*) Before profit allocation.

18 | ANNUAL REPORT 2024 | Socfinaf S.A.

SOGESCOL FR

Share capital: CHF 5,300,000
Sogescol FR is a Swiss company that sells rubber and palm oil.
The financial year ended on 31 December 2024 with a profit of USD 10,492,456. The Board of Directors will propose to the General Meeting of Shareholders a profit distribution of USD 10,000,000.

	2024	2023
Average rate EUR / USD	1.08	1.08
Closing rate EUR / USD	1.04	1.10

Key figures (USD 000)

As at 31 December 2024
| | 2024 | 2023 |
| :--------------------------------------- | :----- | :---- |
| Fixed assets | 3,780 | 4,031 |
| Current assets | 78,211 | 49,001|
| Equity () | 20,453 | 16,660|
| Debts, provision and third parties () | 61,538 | 36,372|
| Profit / (loss) for the period | 10,492 | 6,705 |
| Distribution | 10,000 | 6,700 |
| Gross dividend per share (USD) | 1,887 | 1,264 |
| Socfinaf’s holding (%) | 50.00 | 50.00 |

(*) Before profit allocation.

SOCFINCO FR

Share capital: CHF 1,300,000
Socfinco FR is a Swiss company, which provides services, studies and management of agro-industrial plantations. Socfinco FR covers the agro-industrial sector of palm oil and rubber.
The financial year that ended on 31 December 2024 shows a profit of EUR 4,465,222. The Board of Directors will propose to the General Meeting of Shareholders a profit distribution of EUR 2,000,000.

Key figures (EUR 000)

As at 31 December 2024
| | 2024 | 2023 |
| :--------------------------------------- | :--- | :--- |
| Fixed assets | 4,741| 5,444|
| Current assets | 18,035| 19,703|
| Equity () | 19,386| 14,921|
| Debts, provisions and third parties () | 3,390| 10,225|
| Sales and services | 26,198| 26,709|
| Profit / (loss) for the period | 4,465| 6,489 |
| Distribution | 2,000| 0 |
| Gross dividend per share (EUR) | 1,538| 0 |
| Socfinaf’s holding (%) | 50.00| 50.00|

(*) Before profit allocation.

20 | ANNUAL REPORT 2024 | Socfinaf S.A.

International market for rubber and palm oil

1. Rubber

SGX - NATURAL RUBBER - 5 years + SGX - NATURAL RUBBER - 1 year +

The international market in 2024

The average natural rubber price (TSR20 G 1st position on SGX G ) is USD 1,743/T FOB G Singapore compared with USD 1,377/T in 2023, an increase of 27%. Converted into euros, the average TSR20 G price in 2024 is EUR 1,611/T, compared with EUR 1,273/T in 2023.

The upward trend that began in the last quarter of 2023 continued during the first half of 2024, with prices fluctuating between USD 1,500 and USD 1,800/T. Indeed, adverse weather conditions disrupted production in Thailand’s southern provinces at the end of 2023 and early 2024, followed by an early wintering season in the main producing countries due to the El Niño phenomenon which exacerbated the natural rubber shortage in the first quarter of 2024.

The end of the wintering season in Southeast Asia and the resumption of tapping negatively affected rubber prices. After reaching USD 1,837/T in early June, prices fell to around USD 1,650/T by the end of June. From August, prices resumed their upward trend surpassing USD 1,700/T amid declining production in the two largest natural rubber-producing countries, Thailand and Indonesia. At the same time, decreasing stocks in China, indicating a recovery in consumption by the world’s largest consumer, also supported the price increase which rose above USD 1,800/T by the end of August.

In an already tight global supply context, the announcement in early September of a major typhoon affecting China’s Hainan province, Thailand, and Vietnam pushed prices above USD 1,900/T.

Socfinaf S.A. | ANNUAL REPORT 2024 | 21# International market for rubber and palm oil

At the end of September, the Chinese government announced a massive economic stimulus plan to support China’s economy, which is struggling with an unprecedented real estate crisis and weak domestic consumption, which pushed prices above USD 2,000/T. This decision came just days after the U.S. Federal Reserve announced an interest rate cut after maintaining them at their highest levels in 17 years. The end of the year was marked by high volatility. Natural rubber prices hit a seven-year high of USD 2,136/T in early October before contracting to a low of USD 1,850/T in mid-November. These upward market movements were mainly driven by unfavorable weather conditions affecting production in Southeast Asia and downward movements due to weakening Chinese demand and doubts about the effectiveness of the Chinese government’s economic recovery measures. According to its latest forecasts published in December 2024, the IRSG estimates that global production reached 14.35 million tons in 2024 (+1%), while global demand rose to 15.12 million tons (+2.8%), resulting in a rubber deficit of 770 000 tons, compared to 492 000 tons in 2023. The TSR20 1st position FOB Singapore on SGX was priced at USD 1,974/T on December 31, 2024.

22 | ANNUAL REPORT 2024 | Socfinaf S.A.
International market for rubber and palm oil

Outlook 2025

After a significantly deficit year in 2024 in terms of production, natural rubber prices are fluctuating at the beginning of the year between USD 1,850 and USD 2,050/T and could continue to rise due to an early wintering season in Côte d’Ivoire. Natural rubber prices are expected to remain high in 2025, mainly due to a persistent strain on global supply, resulting in a production deficit for the third consecutive year. This deficit is attributed to several factors affecting global natural rubber supply. In addition to weather-related challenges impacting harvests, the global rubber plantation is aging due to a lack of investment in rubber cultivation over the past decade, driven by relatively low international market prices. Furthermore, farmers are shifting to more profitable crops, and rubber tree diseases are spreading in Southeast Asia.

After a decade of strong growth, Côte d’Ivoire — ranked as the world’s third-largest producer in 2023 after Thailand and Indonesia — is showing signs of slowing growth, with production reaching 1.683 million tons in 2024 compared to 1.673 million tons in 2023.

According to IRSG forecasts, global production in 2025 is expected to reach 14.76 million tons (+2.9%), while global demand is projected to reach 15.26 million tons (+0.9%), leading to a rubber deficit of 500 000 tons.

The price trend will also depend on the effectiveness of financial measures taken by the Chinese government to stimulate the country’s economic recovery and the impact of trade tensions between the United States and China.

The monetary easing initiated in 2024 by European and American central banks is expected to continue in 2025, positively affecting natural rubber demand.

The implementation of the European regulation “EUDR”, which aims to ban the entry of certain raw materials linked to deforestation into the European market, was initially scheduled for the end of 2024 but has been postponed to December 31, 2025. This extension is intended to give industry players and regulatory authorities more time to prepare for the new requirements.

The strong demand from tire manufacturers for “EUDR” compliant natural rubber destined for the European market should allow producers who can prove their supply chain complies with legal requirements and does not originate from deforested areas to be granted an “EUDR premium”. Non-compliant rubber producers will be forced to sell their production outside the European Union at a lower valuation.

As of February 20, 2025, the TSR20 1st position FOB Singapore on SGX was priced at USD 2,061/T.

Socfinaf S.A. | ANNUAL REPORT 2024 | 23
International market for rubber and palm oil

2. Palm oil

CIF ROTTERDAM - PALM OILS - 5 years +
CIF ROTTERDAM - PALM OILS - 1 year +

Year	CPO	CPKO	Year	CPO	CPKO
2020	651	735	Jan 2024	984	1016
2021	945	1034	Feb 2024	972	986
2022	1045	1252	Mar 2024	1030	1054
2023	964	1072	Apr 2024	952	968
			May 2024	1022	1050
			Jun 2024	1026	1050
			Jul 2024	1084	1116
			Aug 2024	1122	1176
			Sep 2024	1162	1226
			Oct 2024	1198	1246
			Nov 2024	1260	1322
			Dec 2024	1275	1356

24 | ANNUAL REPORT 2024 | Socfinaf S.A.
International market for rubber and palm oil

World palm oil production in million tons (source: Oil World)

	2025 (*)	2024	2023	2022	2021	2020	2015	2005	1995
Indonesia	48.1	45.6	48.4	46.7	44.7	42.8	33.4	14.1	4.2
Malaysia	19.3	19.4	18.6	18.5	18.1	19.1	20.0	15.0	7.8
Other	15.3	14.4	14.4	14.0	13.1	12.2	9.1	4.8	3.2
TOTAL	82.7	79.4	81.6	79.2	75.9	74.1	62.5	33.9	15.2

(*) Estimated (December 2024).

Production of the main oils in million tons (source: Oil World)

	2025 (*)	2024	2023	2022	2021	2020	2015	2005	1995
Palm	82.7	79.4	81.6	79.2	75.9	74.1	62.5	33.9	15.2
Soya	66.8	64.7	59.7	60.1	60.1	58.6	48.8	33.6	20.2
Rapeseed	30.8	31.6	30.6	25.7	26.9	25.3	26.3	16.2	10.8
Sunflower	21.1	23.3	22.3	19.7	18.9	21.3	15.1	9.7	8.7
Palm kernel	8.4	8.2	8.4	8.2	8.0	7.8	6.8	4.0	2.0
Cotton	4.5	4.5	4.4	4.4	4.4	4.6	4.7	5.0	3.9
Peanut	4.7	4.4	4.4	4.7	4.4	4.2	3.7	4.5	4.3
Copra	3.0	3.1	3.1	3.0	2.8	2.6	2.9	3.2	3.3
TOTAL	222.1	219.2	214.5	205.1	201.4	198.5	170.8	110.1	68.4

(*) Estimated (December 2024).

The international market in 2024

The average price for CIF Rotterdam G crude palm oil in 2024 stood at USD 1,084/T, compared with USD 964/T in 2023. Palm oil prices fluctuated between USD 900 and USD 1,050/T in Q1 2024. A drop in crude oil prices in April led to a decline in palm oil prices by nearly USD 100/T, falling from USD 1,050 to USD 950/T.

Prices rebounded in June, surpassing USD 1,000/T, driven by strong demand from importing countries, mainly India and China. India remains the largest importer, with nearly 10 million tons imported in 2023, while Indonesia remains the largest consumer, absorbing over 21 million tons, 46% of its production.

The biofuel industry, with its increasingly ambitious programs, also provided substantial support to palm oil prices. An estimated 20 million tons of palm oil (around 25% of global production) were used for biodiesel production in 2024. In Indonesia, for the first time, more palm oil was allocated to biodiesel production than to the food industry.

Prices rose by nearly USD 150/T in Q3 amid expectations of supply tightening. By early October, CPO CIF Rotterdam exceeded USD 1,200/T, its highest level in over two years. The upward trend continued in Q4, with CPO CIF Rotterdam trading above USD 1,300/T multiple times in November and December.

While El Niño did not significantly affect global palm oil production, lower yields were observed in Indonesia and several Central American countries. According to Oil World, global palm oil production is expected to reach 79.4 million tons in 2024, down 2.2 million tons from 2023.

At of 31 December 2024, the CIF Rotterdam G CPO G was trading at USD 1,275/T.

Socfinaf S.A. | ANNUAL REPORT 2024 | 25
International market for rubber and palm oil

Outlook 2025

A rise in palm oil production is expected in 2025. Indonesia, the world’s largest producer, is projected to increase output to approximately 48.1 million tons, while Malaysia’s production is expected to stabilize at around 19.3 million tons. This increase is attributed to improved yields due to fertilizer application and favourable weather conditions in 2025.

Over the past three decades, global palm oil production has grown six-fold between 1990 and 2020, mainly due to expanded cultivation areas in Indonesia and Malaysia, which together account for 85% of global production. However, signs indicate a slowdown in production growth, as land availability becomes more limited and labor shortages persist. Palm oil supply may struggle to meet the rising global demand, driven by population growth and higher vegetable oil consumption in developing countries.The  biofuel  industry  will  continue  to  provide  price  support.  Indonesia’s  B40  program,  aimed  at  increasing  the  share  of  palm  oil-based  biofuel  in  diesel  to  40%  in  2025  (up  from  35%  currently),  is  expected  to  be  fully  implemented  by  March  2025.  This  mandate  could  boost  palm  oil  consumption  by  2  million  tons,  reducing  export  availability  and  potentially  driving  prices  higher. However,  price  increases  could  be  limited  by  competition  from  cheaper  alternative  vegetable  oils,  such  as  South  American  soybean  oil.  While  palm  oil  is  traditionally  cheaper  than  soybean  oil,  the  latter  experienced  less  price  volatility  in  2024,  thanks  to  abundant  soybean  harvests  in  the  U.S.  and  Brazil.  This  unprecedented  price  inversion  could  influence  importers’  and  food  manufacturers’  preferences.  Trade  tensions,  particularly  between  the  U.S.  and  China,  could  also  impact  soybean  exports  and,  consequently,  soybean  oil  prices. In  2025,  palm  oil  prices  will  be  influenced  by  a  combination  of  factors,  including  global  supply  and  demand  trends,  weather  conditions,  government  policies,  competition  from  other  vegetable  oils,  and  rising  biofuel  demand. As  of  20  February  2025,  the  CIF  Rotterdam G CPO G was quoted  at  around  USD  1,275/T.

26 | ANNUAL REPORT 2024 | Socfinaf S.A.

Environment and social responsibility

Along  with  its  specific  commitment  to  transparency,  the  Group  has  built  a  responsible  management  policy  around  its  three  pillars  of  commitment,  namely:  rural  development,  workers  and  local  communities,  and  environment. These commitments form the basis of key  initiatives  that  are  aimed  at  improving  long-term  economic  performance,  social  well-being,  health,  safety  and  natural  resource  management. An  implementation  plan  for  this  policy  has  been  defined  and  implemented  since  2022. A  regularly  updated  dashboard,  as  well  as  a  separate  annual  report  (“Sustainability  Report”),  details  the  efforts  and  actions  undertaken  by  the  Socfin  Group  in  this  area. The  responsible  management  policy,  the  dashboard  and  the  Sustainability  Report  are  available  on  the  Group’s  website.

Socfinaf S.A. | ANNUAL REPORT 2024 | 27

Key figures

1. Activity indicators

Area (hectares)

	As at 31 December 2024	Rubber	Palm
Immatures  (by  year  of  planting)
2024		1,133	1,704
2023		606	761
2022		390	755
2021		935	0
2020		599	0
2019		1,076	0
2018		1,162	0
2017		45	0
2016		11	0
2015		3	0
Total immatures		5,959	3,220
Young  (from  8  to  11  years)		9,826
(from  4  to  7  years)			10,780
Prime  (from  12  to  22  years)		17,697
(from  8  to  18  years)			50,052
Old  (above  22  years)		9,201
(above  18  years)			26,801
Total in production		36,723	87,634
TOTAL		42,683	90,854

Area (hectares)

	2024	2023	2022	2021	2020
Palm	90,854	90,716	90,959	91,004	91,207
Rubber	42,683	47,138	47,278	47,940	48,146
TOTAL	133,537	137,854	138,237	138,944	139,353

Production

	2024	2023	2022	2021	2020
Palm oil (tons)	380,974	362,424	349,644	355,924	321,348
Own  production	307,355	319,591	308,544	309,149	285,726
Third  party  purchases	73,619	42,834	41,100	46,775	35,623
Rubber (tons)	150,838	149,472	147,271	151,848	144,456
Own  production	64,949	68,210	59,027	55,450	48,972
Third  party  purchases	85,890	81,262	88,243	96,397	95,484
Seeds (thousands)	3,293	3,464	4,495	3,362	1,413
Own  production	3,293	3,464	4,495	3,362	1,413

28 | ANNUAL REPORT 2024 | Socfinaf S.A.

Turnover (EUR million)

	2024	2023	2022	2021	2020
Palm	352	370	408	328	241
Rubber	232	187	222	196	157
Other agricultural products	2	2	0	1	1
Other	5	4	7	2	4
TOTAL	591	563	637	527	403

Staff

	2024	2023	2022	2021	2020
Average workforce	24,824	23,940	25,453	24,596	23,291

2. Key figures in the consolidated income statement and the cash flow statement (EUR million)

	2024	2023	2022	2021	2020
Turnover	591	563	637	527	403
Operating income	119	105	175	143	56
Profit / (loss) for the period attributable to the Group	57	28	73	72	-4
Net cash flows from operating activities	145	147	190	154	91
Free cash flows	101	98	136	93	30

3. Key figures in the consolidated statement of financial position (EUR million)

	2024	2023	2022	2021	2020
Bearer biological assets	288	300	350	366	364
Other non-current assets	311	300	324	316	290
Current assets	199	191	230	209	171
Assets held for sale	0	6	0	0	0
Total equity	525	464	485	416	334
Non-current liabilities	107	166	220	295	182
Current liabilities	167	167	199	180	310

Socfinaf S.A. | ANNUAL REPORT 2024 | 29

Stock market data (EUR)

	2024	2023	2022	2021	2020
Number of shares	17,836,650	17,836,650	17,836,650	17,836,650	17,836,650
Equity attributable to the owners of the  Company	421,751,282	363,885,495	368,561,160	301,530,511	224,895,450
Undiluted net profit per share	3.18	1.58	4.10	4.04	-0.22
Dividend per share	0.00	0.00	0.00	0.00	0.00
Share price
Minimum	9.75	10.00	11.30	8.10	7.00
Maximum	13.50	13.40	15.80	12.40	12.60
Closing	12.10	10.80	12.10	12.00	11.10
Market capitalisation	215,823,465	192,635,820	215,823,465	214,039,800	197,986,815
Dividend paid / net profit attributable to the owners of the Company	N.a.	N.a.	N.a.	N.a.	N.a.
Dividends / market capitalisation	N.a.	N.a.	N.a.	N.a.	N.a.
Market price / undiluted net profit per share	3.80	6.82	2.95	2.97	-51.03

Financial highlights of the year

The sale of SRC was finalised in  August  2024,  as  a  consequence  SRC  in  not  within  the  consolidation  scope  as  at  2024  year-end. No  other  material  events  occurred  during  the  financial  period.

30 | ANNUAL REPORT 2024 | Socfinaf S.A.

Corporate governance statement

1. Introduction

Socfinaf  pays  close  attention  to  the  evolution  of  the  ten  principles  of  corporate  governance  of  the  Luxembourg  Stock  Exchange.  It  commits  to  providing  the  necessary  explanations  for  a  comprehensive  understanding  on  how  the  Company  functions. Corporate  governance  is  a  set  of  principles  and  rules  whose  main  objective  is  to  contribute  to  long-term  value  creation.  It  allows  the  Board  to  promote  the  interests  of  the  Company  and  its  shareholders  while  putting  in  place  effective  control  systems,  management  of  risks  and  conflicts  of  interests.

2. Corporate governance chart

The  Board  of  Directors  adopted  the  Corporate  Governance  Chart  on  21  November  2018.  It  was  updated  on  3  April  2025  and  is  available  on  the  Group’s  website.

3. Board of Directors

Composition of the Board of Directors

Name	Nationality	Year of Birth	Position	First nomination	Term of office
Mr.  Hubert  Fabri	Belgian	1952	Chairman (a)	AGM  1981	AGM  2028
Mr.  Vincent  Bolloré	French	1952	Director   (a)	AGM  1993	AGM  2029
Bolloré  Participations  SE represented  by  Mr.  Cyrille  Bolloré	French	1985	Director   (a)	AGM  2018	AGM  2030
Mr.  Gbenga  Oyebode	Nigerian	1959	Director   (a)	AGM  2011	AGM  2029
Mr.  François  Fabri	Belgian	1984	Managing  Director   (b)	AGM  2014	AGM  2026
Mr.  Philippe  Fabri	Belgian	1988	Director   (b)	AGO 2020	AGO 2026
Mr.  Frédéric  Lemaire	Belgian	1970	Director   (c)	AGM  2019	AGM  2025
Mr.  George  Quarteng-Mensah	Ghanaian	1953	Director   (c)	AGM  2023	AGO 2029

(a)   Non-Executive  Non-Independent  Director
(b)   Executive  Non-Independent  Director
(c)   Independent  Director

The  term  served  by  Mr.  Frédéric  Lemaire  as  director  expires  this  year.  The  renewal  of  this  term  will  be  proposed  at  the  next  Annual  General  Meeting.  This  renewal  will  hold  for  six  years  until  the  Annual  General  Meeting  of  2031.

Socfinaf S.A. | ANNUAL REPORT 2024 | 31

Corporate governance statement

Other mandates held by the Directors in listed companies

Hubert Fabri
Chairman

Positions and offices held in Luxembourg-based companies
* Chairman  and  director  of  the  Board  of  Directors  of  Société  Financière  des  Caoutchoucs  “Socfin”,  Socfinaf  and  Socfinasia.

Positions and offices held in foreign companies
* Chairman  and  Director  of  the  Board  of  Directors  of  Palmeraies  de  Mopoli;
* Vice-Chairman  of  Société  des  Caoutchoucs  du  Grand  Bereby  “SOGB”;
* Vice-Chairman  and  member  of  the  Supervisory  Board  of  Compagnie  du  Cambodge;
* Director  of  Compagnie  de  l’Odet,  Financière  Moncey,  Société  Industrielle  et  Financière  de  l’Artois  and  La  Forestière  Equatoriale.

Vincent Bolloré
Director

Positions and offices held in Luxembourg-based companies
* Director  of  Société  Financière  des  Caoutchoucs  “Socfin”,  Socfinaf  and  Socfinasia.

Positions and offices held in foreign companies
* Chairman  and  chief  Executive  officer  of  Compagnie  de  l’Odet;
* Vice-Chairman  of  Société  des  Caoutchoucs  du  Grand  Bereby  “SOGB”;
* Director  of  Compagnie  de  l’Odet;
* Permanent  representative  of  Bolloré  Participations  SE  on  the  Boards  of  Directors  of  S.A.F.A.  Cameroon  “Safacam”,  Société  des  Caoutchoucs  du  Grand  Bereby  “SOGB”  and  Société  Camerounaise  de  Palmeries  “Socapalm”.

Bolloré Participations SE
Director

Positions and offices held in Luxembourg-based companies
* Director  of  Socfinaf.

Positions and offices held in foreign companies
* Member  of  the  Supervisory  Board  of  Compagnie  du  Cambodge;
* Director  of  Bolloré  SE,  Société  des  Caoutchoucs  du  Grand  Bereby  “SOGB”,  Société  Industrielle  et  Financière  de  l’Artois,  Financière  Moncey,  S.A.F.A.  Cameroun  “Safacam”  and  Société  Camerounaise  de  Palmeries  “Socapalm”.

Gbenga Oyebode
Director

Positions and offices held in Luxembourg-based companies
* Director  of  Socfinaf.# Socfinaf S.A.

ANNUAL REPORT 2024

Corporate governance statement

François Fabri

Managing Director

Positions and offices held in foreign companies
* Chairman of Okomu Oil Palm Company;
* Chairman of Nestlé Nigeria and Lafarge Africa;
* Chairman of Lafarge Africa plc, which is listed on the Nigerian Stock Exchange.

Philippe Fabri

Director

Positions and offices held in Luxembourg-based companies
* Director of Société Financière des Caoutchoucs “Socfin”, Socfinaf and Socfinasia;
* Executive Director of Société Financière des Caoutchoucs “Socfin”.

Positions and offices held in foreign companies
* Member of the Supervisory Board of Palmeraies de Mopoli;
* Director of S.A.F.A. Cameroon “Safacam” and permanent representative of SOCFINAF on the board of SOCAPALM;
* Director of Société des Caoutchoucs du Grand Bereby “SOGB”;
* Non-Executive Director of Okomu Plc.

Frédéric Lemaire

Director

Positions and offices held in Luxembourg-based companies
* Director of Socfinaf.

George Quarteng-Mensah

Administrator

Positions and offices held in Luxembourg-based companies
* Director of Socfinaf.

Appointments of Directors
The Board of Directors proposes the appointment of the Directors at the Annual General Meeting of shareholders. It specifies the term of service and verifies that the Director meets the criteria for independence.
In the event of a vacancy due to the passing of or following the resignation of one or more Directors, the remaining Directors will proceed to temporary co-optations. These co-optations will be subject to the approval of the Annual General Meeting at its following meeting. The Director appointed to replace another Director will complete the term of his predecessor.

Role and powers of the Board of Directors
The Board of Directors is the body responsible for the management of the Company and the control of day-to-day management. It acts in the interest of the Company.
The Board of Directors ensures that all financial and human resources are available and ensures that all the necessary structures are in place to achieve its objectives and secure long-term value creation.
The Articles of Association empower the Board of Directors the power to perform all actions necessary to achieve the corporate purpose.

Activity report of the Board of Directors

Number of meetings
There are at least two meetings for the end of year and mid-year evaluations. During the 2024 financial year, the Board of Directors met 2 times.

Topics generally discussed
* Periodic accounting situations;
* Portfolio movements;
* Inventory and valuation of the portfolio;
* Evolution of significant holdings;
* Management report;
* Investment projects;
* Corporate, social and environmental responsibility.

Average attendance rate of Directors
* 2024: 93%
* 2023: 87%
* 2022: 83%
* 2021: 83%
* 2020: 85%

4. Committees of the Board of Directors

4.1. Audit Committee

The Committee consists of three members, of which two are independents and one is assigned as President of the Audit Committee. The members of the Audit Committee are appointed for one year and are eligible for re-election. This Audit Committee is effective as of 1 January 2025 and has been in charge of supervising the preparation of the financial information for the year 2024.
The Board of Directors has proposed that its constitution will be as follows:
* Mr. Frédéric Lemaire (Independent Director) – Chairman
* Mrs. Valérie Hortefeux (Independent Member)
* Mr. Philippe Fabri (Director)

The appointment of the non-executive members will be confirmed at the General Meeting of Shareholders on 4 June 2025.
The Audit Committee will assist the Board of Directors in its supervisory function and is responsible of the monitoring of the financial reporting, the audit process, the analysis and the control of financial risks.
The Audit Committee shall meet three times a year.

4.2. Appointment and Remuneration Committee

The principal shareholders set the remuneration of the operational management of Socfinaf. The Board of Directors does not consider it necessary to set up a Remuneration Committee. Similarly, for practical reasons and due to the size of the Company, the Board of Directors has chosen not to set up a Nomination Committee.

5. Remunerations

The remuneration allocated to the members of the Board of Directors of Socfinaf for the financial year of 2024 amounts to EUR 474,747 compared to EUR 488,730 for the financial year 2023.
The Directors of Socfinaf did not receive any other payment in shares (stock options).

6. Shareholding status

On 31 December 2014, Socfinaf issued 1,474,200 new shares which brings to a total of 17,854,200 number of shares issued. All statements filed between 1 July 2011 and 31 December 2014 relate to the previous number of shares in place and the previous number of voting rights, i.e. 16,380,000.
On 31 December 2024, the share capital is represented by 17,836,650 shares.

Shareholder	Number of shares held	Number of voting rights	Percentage holding	Date of notification
Socfin L-1650 Luxembourg	10,497,046		58.85	01/02/2017
Bolloré (a) F-29500 Ergué Gaberic	80,642		0.49 (b)	03/09/2014
Compagnie du Cambodge (a) F-92800 Puteaux	1,157,929		7.07 (b)	03/09/2014
Société Industrielle et Financière de l’Artois (a) F-92800 Puteaux	176,636		1.08 (b)	03/09/2014
Compagnie des Glénans (a) F-29500 Ergué Gaberic	58,993		0.36 (b)	03/09/2014
Total Bolloré (all categories combined, based on aggregate voting rights)	1,474,200		9.00 (b)

(a) = entities controlled by Vincent Bolloré.
(b) = before increase in share capital on 31 December 2014

7. Financial calendar

• 4 June 2025: Annual General Meeting at 10 a.m.
• End of September 2025: Half year stand alone and consolidated results as at 30 June 2025
• Mid-November 2025: Interim Management statement for 3rd quarter of 2025
• End of March 2026: Annual stand alone results as at 31 December 2025
• Mid-April 2026: Consolidated annual results as at 31 December 2025
• Mid-May 2026: Interim Management statement for the 1st quarter of 2026
• 27 May 2026: Annual General Meeting at 10 a.m.

The results of the Company are published on the website of the Luxembourg Stock Exchange www.bourse.lu under the heading “OAM” and on the website of the Company www.socfin.com.

8. External audit

Independent statutory auditor (Réviseur d’entreprises agréé)
Ernst & Young “EY”
35E Avenue John F. Kennedy
L-1855 Luxembourg.

In 2024, the audit fees amounted to EUR 815,053 VAT included.
The audit fees include all fees paid to the independent statutory auditor of the Group namely EY as well as those paid to member firms within EY network for the relevant years. This firm performed no material consulting work or other non-audit services in 2024 nor in 2023.

9. Corporate, social and environmental responsibility

Along with its specific commitment to transparency, the responsible management policy embodies the Group’s three pillars of commitment: rural development, workers and local communities, and environment. These commitments form the basis of key initiatives aimed at improving long-term economic performance, social well-being, health, safety and natural resource management.
An implementation plan for this policy has been defined and implemented since 2022.
The efforts and actions undertaken by the Socfinaf Group in this area are detailed in a regularly updated dashboard as well as in a separate annual report (“Sustainability Report”).

10. Other information

Following the Regulation 2016/347 of the European Commission of 10 March 2016 which specifies the modalities for updating insider lists, a list of insiders has been drawn up and is updated continuously. The persons concerned were informed of their inclusion on this list.# Statement of compliance

Mr. Philippe Fabri, Director and Mr. Daniel Haas, Chief Financial Officer, indicate that, to their knowledge: (a) in accordance with the International Financial Reporting Standards as adopted by the European Union, the consolidated financial statements prepared for the year ended on 31 December 2024, provide a true and fair view of the assets and liabilities, the financial position and the profits or losses attributable to Socfinaf and all of the entities included in consolidation, (b) in accordance with the local accounting standards, the individual financial statements prepared for the year ended on 31 December 2024, provide a true and fair view of the assets and liabilities, the financial position and the profits or losses attributable to Socfinaf, (c) the management report presents the following information in a fairly manner: the evolution and results of the Company, the financial position of the Group and all the entities that are included in the consolidation as well as a description of the main risks and uncertainties they face.

Socfinaf S.A. | ANNUAL REPORT 2024 | 37

Consolidated management report

Directors’ report on the consolidated financial statements

presented by the Board of Directors to the Annual General Meeting of the Shareholders of 4 June 2025

Ladies and Gentlemen,

1. Consolidated financial statements

The consolidated financial statements as at 31 December 2024 include the financial statements of Socfinaf, and of all subsidiaries and direct and indirect associate companies. The details are given in Note 2 of the notes to the consolidated financial statements.

As stated in Note 1 to the consolidated financial statements, the consolidated financial statements were prepared in accordance with the International Financial Reporting Standards (IFRS) as adopted by the European Union. Socfinaf (the Group) adopted IFRS for the first time in 2005, and implemented all the standards applicable to the Group as at 31 December 2024.

Consolidated results

For the 2024 financial year, the result attributable to the Group of the parent company amounted to EUR 56.8 million compared to EUR 28.2 million in 2023. This results in earnings per share of EUR 3.18 compared to EUR 1.58 in 2023.

The consolidated revenue amounted to EUR 591.4 million in 2024 compared to EUR 563.1 million in 2023 (increase of EUR 28.3 million). This increase in revenue is mainly due to the increase in prices for EUR 53.9 million, to the higher quantities sold for EUR 34.2 million whereas the variation of transactional currency versus Euro negatively impacted the revenues for EUR 60.6 million (mainly in Nigeria).

Likewise, the operating profit increased to EUR 118.6 million, compared to EUR 105.2 million in 2023.

Other financial income amounted to EUR 31.7 million compared to EUR 22.9 million in 2023 and consisted mainly of foreign exchange gains of EUR 28.4 million compared to EUR 22.2 million in 2023.

Financial expenses amounted to EUR 37.0 million compared to EUR 43.0 million in 2023 and consisted mainly of interest expense for EUR 11.2 million (EUR 14.7 million in 2023) and foreign exchange losses of EUR 25.2 million (EUR 26.8 million in 2023).

Furthermore, the tax expense increased, with income taxes amounting to EUR 37.7 million compared to EUR 36.6 million in 2023.

Profit for the period from associates attributable to the Group decreased to EUR 4.7 million compared to EUR 6.0 million in 2023.

Consolidated statement of financial position

The assets of Socfinaf consist of:
* Non-current assets of EUR 599.6 million compared to EUR 600.1 million in 2023, a decrease of EUR 0.5 million mainly due to the decrease of biological assets for EUR -11.4 million and to the increase of deferred tax assets for EUR +9.7 million;
* Current assets that amounted to EUR 198.9 million compared to EUR 190.5 million in 2023. This increase of EUR 8.4 million is mainly due to the increase in the value of inventory for EUR 13.3 million and to the decrease in other receivables for EUR -7.4 million.

The shareholders’ equity amounted to EUR 421.8 million compared to EUR 363.9 million in 2023. This increase in the shareholder’s equity of EUR 57.9 million is mainly due to the profit for the period: EUR 56.8 million (2023: EUR 28.2 million), to the impact of hyperinflation for EUR 7.2 million and to the change in the translation reserve for EUR -5.6 million.

Based on consolidated shareholders’ equity, the net value per share G attributable to the Group was EUR 23.65 compared to EUR 20.40 a year earlier. On 31 December 2024, the share price stood at EUR 12.10.

Current and non-current liabilities decreased to EUR 273.4 million compared to EUR 332.8 million a year earlier.

38 | ANNUAL REPORT 2024 | Socfinaf S.A.

Financial debts decreased to EUR 98.5 million in 2024 compared to EUR 166.9 million in 2023. This mainly consists of loans to Socfinaf from Socfin for EUR 30.0 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 18.4 million.

Deferred tax liabilities increased to EUR 27.7 million compared to EUR 24.6 million in 2023. Current tax liabilities increased to EUR 31.0 million compared to EUR 28.7 million in 2023.

Net debt before IFRS adjustments G amounts to EUR 50.4 million versus EUR 113.4 million as at 31 December 2023.

Consolidated cash flows

As at 31 December 2024, cash and cash equivalents amounted to EUR 35.4 million, a decrease of EUR 0.8 million for the year compared to a decrease of EUR 16.7 million in the previous financial year.

Net cash flows from operating activities amounted to EUR 145.2 million during the financial year 2024 (EUR 147.0 million in 2023). This resulted mainly from self-financing capacity of EUR 174.0 million (EUR 176.9 million in 2023), EUR 30.0 million of income tax paid and EUR -9.7 million change in working capital.

Net cash flows from investing activities amounted to EUR -43.7 million (EUR -48.5 million in 2023). These activities are largely influenced by acquisitions of tangible fixed assets amounting to EUR 49.3 million (EUR 45.8 million in 2023).

Cash flows from financing activities amounted to EUR 99.2 million (EUR 105.5 million in 2023), and are mainly due to net reimbursement of borrowings for EUR 68.1 million (compared to a net reimbursement in 2023 for EUR 63.1 million) and to the dividends paid for EUR 16.2 million (EUR 23.1 million in 2023).

2. Financial instruments

Financial risk management policies are described in the notes to the consolidated financial statements of the Company (see Notes 24 and 33).

3. Outlook 2025

The results for the next financial year will largely depend on factors that are external to the Group’s management such as the prevailing political and economic conditions in the countries where the subsidiaries are established, the changes in the price of rubber and palm oil, but also the price of the US dollar against the Euro. The Group, for its part, maintains its policy of keeping cost prices as low as possible and of improving its production capacity.

4. Political and economic environment

The Company holds interests in subsidiaries operating in Africa. Given the economic and political instability in some of the African countries (Sierra Leone, Liberia, Côte d’Ivoire, Ghana, Nigeria, Cameroon, São Tomé and DRC), these holdings present a risk in terms of exposure to political and economic changes.

Due to the geopolitical tensions, since 2022, there has been a significant increase in volatility on the securities and currency markets. The conflicts have had a significant impact on the financial markets, with many investors concerned about the risk of further escalation and the ensuing impact on global trade and economic growth.

Although the aforementioned aspects have not significantly impacted the company’s operations nor performance and going concern during 2024, the Board of Directors continues to monitor the evolving situation and its impact on the company’s financial position and results.

Socfinaf S.A. | ANNUAL REPORT 2024 | 39

5. Events after the closing date

There are no material events after the closing date to mention.

6. Corporate governance

The Board of Directors implements the corporate governance rules that are applicable in the Grand Duchy of Luxembourg into the Group’s financial structure and reports. Further information on how these rules are implemented is available in the corporate governance statement of the annual report and in the management report on the Company’s stand-alone financial statements.# General internal control system adapted to the group’s specific activities

1 Risk Assessment

Potential risks relevant to the group’s activities (including financial, operational, and compliance risks) are identified. Once residual risks are assessed and found to be exceeding the risk appetite, strategies are also implemented to mitigate identified risks, such as implementing security measures, creating redundancy in operations, or adopting technological solutions to reduce human error.

2 Control Activities

Key controls are in place to manage risks within acceptable boundaries (in line with the risk appetite). Most important key controls are:

Compliance with Laws and Regulations

• Legal Framework: The internal control system assesses compliance with relevant laws and regulations. This comprises but it is not limited to labor laws, financial regulations, and data protection laws.
• Regulatory Updates: The Group stays abreast of the impact that changes to laws and regulations could induce in the internal control system.

Segregation of functions

The segregation of the operational, commercial and financial functions implemented at each level of the Group encourages an autonomous model of internal control. In each of their area of responsibility, these different functions ensure the completeness and reliability of information. They provide regular updates on this aspect to local managers and to the Group’s headquarters, on information related to agricultural and industrial production, trade, human resources, finance, etc.

Authorisation and Approval Processes

Clear procedures are set for approving transactions and decisions, including authorisation limits, to prevent unauthorised or inappropriate actions.

Physical Controls

Controls are implemented on an ongoing basis to safeguard assets, such as secure storage for inventory, access controls for sensitive systems, and regular inventory checks.

IT Controls

Cybersecurity and IT security protocols are established and continuously reinforced, such as user access controls, and data backup and recovery processes to protect data integrity and prevent unauthorised access.

Preventive and Detective Controls

Include both preventive controls (e.g., user authentication) and detective controls (e.g., periodic audits) to foresee potential or emerging risks.

3 Cross-Functional Collaboration

Autonomy and accountability of subsidiaries

The operational entities have a large degree of autonomy in their management due to geographical distances. In particular, they are responsible for the implementation of an internal control system, which is adapted not only to the nature and extent of their activity, but also to the optimisation of their operations and financial performances, the protection of their assets and the management of their risks. This autonomy allows the entities to be more accountable and to ensure consistency between their practices and the legal framework of their host country. Despite this autonomy, policies and procedures are transversal to operational entities (if and when possible), aiming to streamline controls and leverage synergies.

Centralised control

The top management of the entities within the Group carry out/adhere to a Human Resources Management policy, which is centralised at the Group’s headquarters. This policy contributes to the smooth running of the internal control system and ensures its effectiveness through different practices such as independent/ autonomous recruiting processes, the harmonisation of all segregated functions, as well as annual evaluations and training programs. The operational, commercial and financial functions centrally define a set of standard reports which ensure that information originating from the subsidiaries is presented homogenously.

4 Information and Communication (including reporting system)

Treasury reporting process

The treasury department organises, supervises and controls the reporting of the subsidiaries’ daily information and weekly indicators. In particular, it monitors the position of the cash flow, the evolution of net debt and the expenses related to the investments.

Financial reporting process

The financial department organises, supervises and controls the reporting of monthly accounting, budgetary and financial information. It distributes condensed reports for use by the Group’s operational management. Twice per year, it includes this information in the long-term development plan of the subsidiaries. It also ensures the implementation of the financial decisions taken by the subsidiaries’ Board of Directors.

Preparation of consolidated accounts

The consolidated financial statements are prepared on a half-yearly basis. On a yearly basis, they are audited annually by the external auditors as part of a financial audit of subsidiaries, which covers both the statutory accounts of the entities in the scope of consolidation and the consolidated financial statements. Once approved by the Board of Directors, they are published. The consolidation department of the Group guarantees homogeneity and treatment monitoring for all companies within the scope of consolidation. It strictly adheres to the accounting standards in force relating to consolidation operations. It uses a standard consolidation tool to ensure a number of procedures, such as the secure processing of information feedback from subsidiaries, the transparency and relevance of automatic consolidation processes and the consistency of the accounting aggregates’ presentation in the annual report. Lastly, due to the complexity of the accounting standards in force and the many specificities around their implementation, the consolidation service centralises the adjustments specific to the valuation rules applicable to the consolidated financial statements.

5 Monitoring

Ongoing Monitoring

Controls performance is monitored throughout automated systems or manual checks, including compliance with policies and procedures or evaluating financial reports.

Internal Audits

Internal audits are conducted regularly to assess the effectiveness of controls, identify areas for further improvement, ensure compliance and follow-up on corrective actions status.

8. Environment and social responsibility

Along with its specific commitment to transparency, the responsible management policy embodies the Group’s three pillars of commitment: rural development, workers and local communities, and environment. These commitments form the basis of key initiatives aimed at improving long-term economic performance, social well-being, health, safety and natural resource management. An implementation plan for this policy was defined and implemented since 2022. A regularly-updated dashboard as well as a separate annual report (“Sustainability Report”) detail the efforts and actions undertaken by the Socfin Group in relation to this policy. The responsible management policy, the dashboard and the annual Sustainability Report are available on the Group’s website.

Auditor’s report on the consolidated financial statements

Independent auditor’s report

To the Shareholders of Socfinaf S.A.
4 Avenue Guillaume
L-1650-Luxembourg

REPORT ON THE AUDIT OF THE CONSOLIDATED FINANCIAL STATEMENTS

Opinion

We have audited the consolidated financial statements of Socfinaf S.A. (the “Company”) and its subsidiaries (the “Group”), which comprise the consolidated statement of financial position as at 31 December 2024, and the consolidated statement of comprehensive income, the consolidated statement of changes in equity and the consolidated statement of cash flows for the year then ended, and the notes to the consolidated financial statements, including material accounting policy information.

In our opinion, the accompanying consolidated financial statements give a true and fair view of the consolidated financial position of the Company as at 31 December 2024, and of its consolidated financial performance and consolidated cash flows for the year then ended in accordance with International Financial Reporting Standards (“IFRS”) as adopted by the European Union.

Basis for opinion

Valuation of biological assets

• Risk identified: As at 31 December 2024, the value of the Group’s biological assets amounted to EUR 288.6 million out of total assets of EUR 798.5 million.The Group owns biological assets in Africa. These biological assets, which consist mainly of oil palm and rubber plantations, are valued in accordance with the principles defined in IAS 16 “Property, Plant and Equipment”. These assets are recognised at cost less accumulated depreciation and any impairment losses.

The note 8 “Impairment of assets” of the consolidated financial statements describes the methodology used by Group management to assess whether there is any indicator of impairment or any indicator of impairment reversal at the balance sheet date. When an indicator is identified, Group management determines the recoverable amount of the biological assets and thus determines the impairment loss or the reversal of impairment to be recognised, if any.

The indicators used by Group Management are:
* a decrease or an increase of the listed price of natural rubber (TSR20 1st position on SGX) and the listed price of crude palm oil (CIF Rotterdam) at the balance sheet date higher than 15% compared to a five-year average of the prices observed on those markets
* a decrease or an increase of the six-month average of the prices observed of those markets higher than 15% compared to a five-year average of the prices observed on those markets
* a decrease or an increase of the twelve-month average of the prices observed of those markets of more than 15% compared to a five-year average of the prices observed on those markets

For palm oil, which is mainly sold on local markets, Group Management also analyses local sales prices, considering that a decrease or an increase in these prices at the balance sheet date higher than 15% compared to a five-year average value of the local prices constitutes an indicator of impairment or an indicator of impairment reversal respectively.

In addition to these external factors, the Group analyses the following internal performance indicators:
* Specificities of the local market (evolution of supply and demand,...);
* Physical indications of impairment;
* Significant changes in the plantations that could have a material impact on future cash flows.

The recoverable amount is determined as the higher of the value in use and the fair value less costs of disposal. The value in use is defined in terms of discounted future net cash flows and involves significant judgements and estimations by Group Management, including financial forecasts and the utilization of appropriate discount rates.

We considered the valuation of biological assets to be a key audit issue because of:
* their significance in relation to the Group’s total assets
* the assessment of whether there is any indicator of impairment or any indicator of impairment reversal; and
* the determination of their recoverable amount which involves significant judgements and estimates.

Audit response

In order to assess the reasonableness of an indicator of impairment or an indicator of impairment reversal and, where appropriate, to determine the recoverable amount of biological assets, we performed the following audit procedures:
* Assess the compliance of Group’s management’s methodology with the provisions of IAS 36 “Impairment of Assets”;
* Analyze the methodology used with a particular focus on the indicators of impairment or on the indicators of impairment reversal;
* Analyze the completeness of indicators of impairment or indicators of impairment reversal:
* Evaluating the assessment performed by Group management to identify the existence of indicators of impairment or indicators of impairment reversal by comparing the underlying data of the analysis with the source of the data used;
* Comparing the evolution of yields per hectare; and
* Overseeing the audit work of the components auditors of material subsidiaries to identify any indicators of impairment or any indicators of impairment reversal, including that site visits of the plantations have been carried out;
* In case of identification of an indicator of impairment or an indicator of impairment reversal, we:
* Assess the appropriateness of the methodology applied by Group Management to determine the recoverable value of the biological assets and the accuracy of any impairment loss or any impairment reversal recorded;
* Analyze the reasonableness of the cash flow forecasts used by Group Management to determine the value in use of the biological assets;
* Assess the reasonableness of the assumptions and inputs used by Group management; and
* Reconcile the key inputs used in the model with information audited by the components auditors of material subsidiaries.
* Assess whether the disclosures required by IAS 36 “Impairment of Assets” for biological assets are properly disclosed in the notes of the consolidated financial statements.

Other information

The Board of Directors is responsible for the other information. The other information comprises the information included in the consolidated management report and the corporate governance statement but does not include the consolidated financial statements and our report of “réviseur d’entreprises agréé” thereon.

Our opinion on the consolidated financial statements does not cover the other information and we do not express any form of assurance conclusion thereon.

In connection with our audit of the consolidated financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the consolidated financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report this fact. We have nothing to report in this regard.

Responsibilities of the Board of Directors and of those charged with governance for the consolidated financial statements

The Board of Directors is responsible for the preparation and fair presentation of the consolidated financial statements in accordance with IFRS as adopted by the European Union or IFRS Accounting Standards as adopted by the European Union, and for such internal control as the Board of Directors determines is necessary to enable the preparation of consolidated financial statements that are free from material misstatement, whether due to fraud or error.

The Board of Directors is also responsible for presenting and marking up the consolidated financial statements in compliance with the requirements set out in the Delegated Regulation 2019/815 on European Single Electronic Format, as amended (“ESEF Regulation”).

In preparing the consolidated financial statements, the Board of Directors is responsible for assessing the Group’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Board of Directors either intends to liquidate the Company or to cease operations, or has no realistic alternative but to do so. Those charged with governance are responsible for overseeing the Group’s financial reporting process.

Responsibilities of the “réviseur d’entreprises agréé” for the audit of the consolidated financial statements

The objectives of our audit are to obtain reasonable assurance about whether the consolidated financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a report of the “réviseur d’entreprises agréé” that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with EU Regulation N° 537/2014, the Law of 23 July 2016 and with the ISAs as adopted for Luxembourg by the CSSF will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these consolidated financial statements.As part of an audit in accordance with EU Regulation N° 537/2014, the Law of 23 July 2016 and with ISAs as adopted for Luxembourg by the CSSF, we exercise professional judgment and maintain professional skepticism throughout the audit. We also:
* Identify and assess the risks of material misstatement of the consolidated financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
* Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Group’s internal control.
* Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the Board of Directors.
* Conclude on the appropriateness of Board of Directors’ use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Group’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our report of the “réviseur d’entreprises agréé” to the related disclosures in the consolidated financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our report of the “réviseur d’entreprises agréé”. However, future events or conditions may cause the Group to cease to continue as a going concern.
* Evaluate the overall presentation, structure and content of the consolidated financial statements, including the disclosures, and whether the consolidated financial statements represent the underlying transactions and events in a manner that achieves fair presentation.

Socfinaf S.A. | ANNUAL REPORT 2024 | 45
Auditor’s report on the consolidated financial statements

• Assess whether the consolidated financial statements have been prepared, in all material respects, in compliance with the requirements laid down in the ESEF Regulation.
• Obtain sufficient appropriate audit evidence regarding the financial information of the entities and business activities within the Group to express an opinion on the consolidated financial statements. We are responsible for the direction, supervision and performance of the Group audit. We remain solely responsible for our audit opinion.

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit. We also provide those charged with governance with a statement that we have complied with relevant ethical requirements regarding independence, and communicate to them all relationships and other matters that may reasonably be thought to bear on our independence, and where applicable, related safeguards. From the matters communicated with those charged with governance, we determine those matters that were of most significance in the audit of the consolidated financial statements of the current period and are therefore the key audit matters. We describe these matters in our report unless law or regulation precludes public disclosure about the matter.

Report on other legal and regulatory requirements

We have been appointed as “réviseur d’entreprises agréé” by the General Meeting of the Shareholders on 26 May 2020 and the duration of our uninterrupted engagement, including previous renewals and reappointments, is 5 years.

The consolidated management report is consistent with the consolidated financial statements and has been prepared in accordance with applicable legal requirements. The accompanying corporate governance statement on pages 30 to 35 is the responsibility of the Board of Directors. The information required by article 68ter paragraph (1) letters c) and d) of the law of 19 December 2002 on the commercial and companies register and on the accounting records and annual accounts of undertakings, as amended, is consistent with the consolidated financial statements and has been prepared in accordance with applicable legal requirements.

We have checked the compliance of the consolidated financial statements of the Group as at 31 December 2024 with relevant statutory requirements set out in the ESEF Regulation that are applicable to the financial statements. For the Group, it relates to:
* Financial statements prepared in valid xHTML format;
* The XBRL markup of the consolidated financial statements using the core taxonomy and the common rules on markups specified in the ESEF Regulation.

In our opinion, the consolidated financial statements of the Group as at 31 December 2024, identified as Socfinaf2024AnnualReport.zip, have been prepared, in all material respects, in compliance with the requirements laid down in the ESEF Regulation.

We confirm that the audit opinion is consistent with the additional report to the audit committee or equivalent.

We confirm that the prohibited non-audit services referred to in EU Regulation No 537/2014 were not provided and that we remained independent of the Group in conducting the audit.

Ernst & Young Société anonyme
Cabinet de révision agréé
Anthony Cannella

46 | ANNUAL REPORT 2024 | Socfinaf S.A.

Consolidated financial statements

1. Consolidated statement of financial position

31/12/2024	31/12/2023
EUR	Note
ASSETS
Non-Current Assets
Right-of-use assets	3
Intangible assets	4
Property, plant and equipment	5
Non-current biological assets	6
Investments in associates	10
Financial assets at fair value through other comprehensive income	11
Long-term advances
Deferred tax assets	12
Other non-current assets
Total Non-Current Assets
Current Assets
Inventories	15
Current biological assets
Trade receivables	16
Other receivables	17
Current tax assets	13
Cash and cash equivalents	18
Total Current Assets
Assets classified as held for sale	36
TOTAL ASSETS

The accompanying notes form an integral part of these consolidated financial statements.

Socfinaf S.A. | ANNUAL REPORT 2024 | 47

Consolidated financial statements

31/12/2024	31/12/2023
EUR	Note
EQUITY AND LIABILITIES
Equity attributable to the owners of the Parent
Share capital	19
Share premium	19
Legal reserve	20
Consolidated reserves
Translation reserves
Profit / (loss) for the period
Total Equity attributable to the owners of the Parent
Non-controlling interests	9
Total Equity
Non-Current Liabilities
Deferred tax liabilities	12
Employee Benefits Obligations	21
Long-term debt, net of current portion	22
Long-term lease liabilities	3
Other payables	23
Total Non-Current Liabilities
Current Liabilities
Short-term debt and current portion of long-term debt	22
Short-term lease liabilities	3
Trade payables	23
Current tax liabilities	13
Provisions
Other payables	23
Total Current Liabilities
Liabilities associated with assets classified as held for sale	36
TOTAL EQUITY AND LIABILITIES

The accompanying notes form an integral part of these consolidated financial statements.

48 | ANNUAL REPORT 2024 | Socfinaf S.A.

Consolidated financial statements

2.# Consolidated Income Statement

	2024	2023	Note
EUR
CONSOLIDATED INCOME STATEMENT
Revenue	32,591,382,950	563,066,846	32
Change in inventories of finished products and work in progress	4,512,935	9,185,214
Other operational income	5,874,049	11,671,635	32
Raw materials and consumables used	-195,778,485	-198,032,506	32
Other expenses	-127,360,230	-118,502,853	32
Staff costs	-78,567,156	-78,909,883	25
Depreciation and impairment expense	-59,831,038	-68,590,445	7
Other operating expenses	-21,640,479	-14,677,733	32
Operating profit / (loss)	118,592,546	105,210,275
Other financial income	31,659,474	22,852,327	26
Gain on disposals	2,489,172	153,578
Loss on disposals	-1,942,031	-342,369
Financial expenses	-36,982,026	-43,023,377	27
Profit / (loss) before taxes	113,817,135	84,850,434
Income tax expense	-37,722,511	-36,557,147	14
Deferred tax (expense) / income	1,004,672	-4,971,264	12
Share of the Group in the result from associates	4,681,925	6,002,745	10
Profit / (loss) for the period	81,781,221	49,324,768
Profit / (loss) attributable to non-controlling interests	24,982,688	21,076,429
Profit / (loss) attributable to the owners of the Parent	56,798,533	28,248,339
Basic earnings per share undiluted	3.18	1.58
Number of Socfinaf shares	17,836,650	17,836,650
Basic earnings per share	3.18	1.58
Diluted earnings per share	3.18	1.58

The accompanying notes form an integral part of these consolidated financial statements.

Socfinaf S.A. | ANNUAL REPORT 2024 | 49

Consolidated financial statements

3. Consolidated statement of comprehensive income

	2024	2023	Note
EUR
Profit / (loss) for the period	81,781,221	49,324,768
Other comprehensive income
Actuarial gains / (losses)	-631,048	-1,468,299	21
Deferred tax on actuarial losses and gains	105,776	602,097
Subtotal of items that cannot be reclassified to profit or loss	-525,272	-866,202
Gains / (losses) on exchange differences on translation of subsidiaries (*)	-11,046,121	-62,323,635
Share of other comprehensive income related to associates	0	-337,884	10
Subtotal of items eligible for reclassification to profit or loss	-11,046,121	-62,661,519
Total other comprehensive income	-11,571,393	-63,527,721
Total comprehensive income	70,209,828	-14,202,953
Comprehensive income attributable to non-controlling interests	19,567,258	6,403,098
Comprehensive income attributable to the owners of the Parent	50,642,570	-20,606,051

(*) In 2023, EUR –33.1 million relating to Okomu and EUR -13.6 million relating to PSG (following the important devaluation of the Naira and the Cedi during the period, refer to Note 1.8).

The accompanying notes form an integral part of these consolidated financial statements.

50 | ANNUAL REPORT 2024 | Socfinaf S.A.

Consolidated financial statements

4. Consolidated statement of cash flows

	2024	2023	Note
EUR
Operating activities
Profit / (loss) attributable to the owners of the Parent	56,798,533	28,248,339
Profit / (loss) attributable to non-controlling shareholders	24,982,688	21,076,429
Income from associates	-4,681,925	-6,002,745	10
Dividends received from associates	3,894,328	8,292,174	10
Fair value of agricultural production	-7,419,470	9,659,361	15
Other adjustments having no impact on cash position	-4,760,018	4,310,632
Depreciation and impairment expense	59,831,038	68,590,445	7
Provisions and allowances	9,187,905	1,011,683
Net loss on disposals of assets	-547,141	188,791
Income tax expense and deferred tax	36,717,839	41,528,411
Cash flows from operating activities	174,003,777	176,903,520
Interest expense	10,814,827	14,238,101	26, 27
Income tax paid	-29,964,975	-35,155,555	14
Change in inventory	-10,971,406	-5,993,340
Change in trade and other receivables	-2,337,209	-14,979,594
Change in trade and other payables	412,813	9,116,206
Change in accruals and prepayments	3,218,205	2,830,778
Change in working capital requirement	-9,677,597	-9,025,950
Net cash flows from operating activities	145,176,032	146,960,116
Investing activities
Acquisitions / disposals of intangible assets	-1,750	-15,444
Acquisitions of property, plant and equipment and biological assets	-49,265,156	-45,765,516	5, 6
Disposals of property, plant and equipment	1,397,979	1,553,935
Acquisitions / disposals of financial assets	3,730,337	-4,741,780	10
Interest received	392,745	419,665	26
Net cash flows from investing activities	-43,745,845	-48,549,140
Financing activities
Dividends paid to non-controlling shareholders	-16,193,550	-23,106,115	9
Proceeds from borrowings	3,147,023	3,564,029	22
Repayment of borrowings	-71,246,192	-66,681,107	22
Repayment of lease liabilities	-3,704,820	-4,623,622	22
Interest paid	-11,207,571	-14,657,766	27
Net cash flows from financing activities	-99,205,110	-105,504,581
Effect of exchange rate fluctuations	-3,057,847	-9,216,071
Effect of cash linked to assets held for sale	0	-361,169
Net cash flow	-832,770	-16,670,845
Cash and cash equivalents as at 1 January	36,271,288	52,942,133	18
Cash and cash equivalents as at 31 December	35,438,518	36,271,288	18
Net increase / (decrease) in cash and cash equivalents	-832,770	-16,670,845

The accompanying notes form an integral part of these consolidated financial statements.

Socfinaf S.A. | ANNUAL REPORT 2024 | 51

Consolidated financial statements

5. Consolidated statement of changes in equity

	Share capital	Share premium	Legal reserve	Translation reserves	Consolidated reserves	Equity attributable to the owners of the Parent	Non-controlling interests	TOTAL EQUITY
EUR
Balance as at 1 January 2023	35,673,300	87,453,866	3,567,330	-70,699,935	312,566,602	368,561,163	116,745,946	485,307,109
Profit / (loss) for the period					28,248,339	28,248,339	21,076,429	49,324,768
Actuarial (losses) / gains				-490,124	-490,124	-490,124	-376,078	-866,202
Foreign currency translation adjustments				-48,026,382	-48,026,382	-48,026,382	-14,297,253	-62,323,635
Transfer between reserves				2,898,297	-2,898,297	0	0	0
Share in other comprehensive income from associates						-337,884	-337,884	-337,884
Total comprehensive income				-50,924,679	30,318,628	-20,606,051	6,403,098	-14,202,953
Dividends (Note 9)					-20,924,672	-20,924,672	-2,181,443	-23,106,115
Interim dividends (Note 9)					-2,181,443	-2,181,443	-2,181,443	-4,362,886
Hyperinflation				15,923,481	15,923,481	15,923,481	0	15,923,481
Other movements				6,902	6,902	6,902	2,186	9,088
Transactions with shareholders		15,930,383			15,930,383	15,930,383	-23,103,929	-7,173,546
Balance as at 31 December 2023	35,673,300	87,453,866	3,567,330	-121,624,614	358,815,613	363,885,495	100,045,115	463,930,610
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					56,798,533	56,798,533	24,982,688	81,781,221
Actuarial (losses) / gains				-533,634	-533,634	-533,634	8,362	-525,272
Foreign currency translation adjustments				-5,622,329	-5,622,329	-5,622,329	-5,423,792	-11,046,121
Total comprehensive income				-5,622,329	56,264,899	50,642,570	19,567,258	70,209,828
Dividends (Note 9)					-14,209,074	-14,209,074	-2,002,033	-16,211,107
Interim dividends (Note 9)					-2,002,033	-2,002,033	-2,002,033	-4,004,066
Hyperinflation				7,240,909	7,240,909	7,240,909	0	7,240,909
Other movements				-17,692	-17,692	-17,692	15	-17,677
Transactions with shareholders		0			7,223,217	7,223,217	-16,211,092	-8,987,875
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

The accompanying notes form an integral part of these consolidated financial statements.

52 | ANNUAL REPORT 2024 | Socfinaf S.A.

Consolidated financial statements

6. Notes to the consolidated financial statements

Note 1. Overview and accounting policies

1.1. Overview

Socfinaf S.A. (the “Company”) was incorporated on 22 October 1961. Its corporate purpose qualifies it as a holding company “soparfi” (terms having a meaning are explained in the part “Glossary” at the end of the annual report) since the Annual General Meeting of 10 January 2011. The registered office is established at 4, avenue Guillaume, L-1650 in Luxembourg.

The main activity of the Company and its subsidiaries (the “Group”) is the management of a portfolio of holdings that mainly focus on the exploitation of tropical oil palm and rubber plantations in Africa.

Socfinaf is controlled by Société Financière des Caoutchoucs, abbreviated as “Socfin” which is the largest entity that consolidates. The registered office of the latter company is also located at 4, avenue Guillaume, L-1650 in Luxembourg.

The Company is listed on the Luxembourg Stock Exchange under ISIN code: LU0056569402 and is registered in the commercial register under the number B6225.

1.2. Statement of compliance

The consolidated financial statements have been prepared on a going concern basis and in accordance with International Financial Reporting Standards (IFRS) as adopted by the European Union.

The consolidated financial statements are presented in euros and rounded to the nearest whole number, the euro being the functional currency of the parent company Socfinaf and of the Group’s presentation currency.

On 3 April 2025, the Board of Directors approved the consolidated financial statements.

In conformity with the current legislation existing in the Grand Duchy of Luxembourg, the financial statements will be approved by the shareholders during the Annual General Meeting. The official version of these financial statements is the ESEF version available with the Officially Appointed Mechanism (OAM) tool.# New standards and amendments issued but not yet effective on 1 January 2024

The Group does not expect the adoption of the standards and amendments described below to have a material impact on its consolidated financial statements, nor does it anticipate the early adoption of new accounting standards, amendments and interpretations.

• On 25 August 2023, the IASB issued amendments to IAS 21 “Lack of Exchangeability”. The amendments clarify how an entity should assess whether a currency is exchangeable, how it should determine a spot exchange rate when exchangeability is lacking, and specify information disclosures to enable users of financial statements to understand the impact of a currency not being exchangeable. The amendments will be applied prospectively to annual reporting periods beginning on or after 1 January 2025, with early adoption permitted.

New IFRS standards, amendments and interpretations not yet endorsed by the European Union

The Group is currently assessing the impacts the amendments described below will have on the primary financial statements and notes to the financial statements, nor does it anticipate the early adoption of new accounting standards, amendments and interpretations.

• On 9 April 2024, the IASB issued IFRS 18, which replaces IAS 1 Presentation of Financial Statements. IFRS 18 introduces:
  • New requirements for presentation within the statement of profit or loss, including specified totals and subtotals.
• Entities are required to classify all income and expenses within the statement of profit or loss into one of five categories: operating, investing, financing, income taxes and discontinued operations, whereof the first three are new.

• Disclosure of newly defined management-defined performance measures, subtotals of income and expenses, and includes new requirements for aggregation and disaggregation of financial information based on the identified ‘roles’ of the primary financial statements (PFS) and the notes. The standard will become effective for reporting periods beginning on or after 1 January 2027, with retrospective application and with early adoption permitted.

• On 18 July 2024, the IASB issued the Annual Improvements Volume 11 of the IFRS. These amendments include clarifications, simplifications, corrections and changes that improve the consistency of several IFRS Accounting Standards. The main amendments are:

  • IFRS 1: clarification of a potential confusion between paragraph B6 of IFRS 1 and hedge accounting requirements in IFRS 9,
  • IFRS 7: clarification of an inconsistency on paragraph 28 of IFRS 7, regarding disclosure of deferred difference between fair value and transaction price,
  • IFRS 9: potential lack of clarity regarding lessee derecognition of lease liabilities addressed, linked to the requirements of IFRS 9 (paragraph 2.1.(b)(ii)),
  • IFRS 10: clarification of a potential confusion in the determination of a “de facto agent”, between paragraph B73 and B74 of IFRS 10,
  • IAS 7: potential confusion addressed in the use of the term “cost method”. Paragraph 37 of IAS 7 has been amended.

The Annual Improvements Volume 11 of the IFRS will be effective for annual reporting periods beginning on or after 1 January 2026, with early application permitted.

The Group does not expect the adoption of the standards and amendments described below to have a material impact on its consolidated financial statements, nor does it anticipate the early adoption of new accounting standards, amendments and interpretations.

• On 9 May 2024, the IASB issued IFRS 19 - Subsidiaries without Public Accountability: Disclosures. This standard permits eligible subsidiaries to elect to apply reduced disclosure requirements as per IFRS 19 and comply with the recognition, measurement and presentation requirements set out in other IFRS Accounting Standards. The standard will become effective for reporting periods beginning on or after 1 January 2027, with early adoption permitted. As the Group’s equity instruments are publicly traded, it is not eligible to elect to apply IFRS 19.

• On 30 May 2024, the IASB issued Amendments to the Classification and Measurement of Financial Instruments - Amendments to IFRS 9 and IFRS 7 (the Amendments). The Amendments provide guidance on:

  • the classification of financial assets, including Environment, social and Governance (ESG) features;
  • the derecognition of liabilities settled through electronic payment systems. It also clarifies the treatment of non-recourse assets and contractually linked instruments;
• the disclosures related to investments in equity instruments at fair value through other comprehensive income and to financial assets/ liabilities with contractual terms that reference a contingent event including those that are ESG- linked.

The amendments to IFRS 9 and IFRS 7 will be effective for annual reporting periods beginning on or after 1 January 2026, with early application permitted.

• On 18 December 2024, the IASB issued Contracts Referencing Nature-dependent Electricity - Amendments to IFRS 9 and IFRS 7. The Amendments provide guidance on:
  • factors to consider when applying IFRS 9:2.4 to contracts to buy and take delivery of renewable electricity for which the source of production of the electricity is nature-dependent,
• hedge accounting requirements, to permit an entity using a contract for nature- dependent renewable electricity with specified characteristics as a hedging instrument, to designate a variable volume of forecast electricity transactions as the hedged item,
  • the amendments introduce disclosure requirements about contracts for nature- dependent electricity with specified characteristics.

The amendments to IFRS 9 and IFRS 7 will be applicable retrospectively and are effective for annual reporting periods beginning on or after 1 January 2026. Early application is permitted.

1.3. Presentation of the consolidated financial statements

The consolidated financial statements are presented in euros (EUR or €). They are prepared based on historical cost with the exception of biological assets (current) (IAS 2, IAS 41) and securities measured at fair value through other comprehensive income, which are recognised at fair value.

The accounting principles and rules are applied in a consistent and permanent way within the Group. The consolidated financial statements are prepared for the accounting year ending on 31 December 2024, and are presented before the Annual General Meeting of shareholders that approves the allocation of the parent company’s income.

As of 1 January 2024, the Group adopted the following amendments without any material impact on the Group’s consolidated financial statements:

• Amendments to IAS 1 “Presentation of Financial Statements”
  In January 2020 and October 2022, the IASB issued amendments to paragraphs 69 to 76 of IAS 1 “Presentation of Financial Statements” to specify the requirements for classifying liabilities as current or non-current. The amendments clarify:
  • What is meant by a right to defer settlement
  • That a right to defer must exist at the end of the reporting period
  • That classification is unaffected by the likelihood that an entity will exercise its deferral right
  • That only if an embedded derivative in a convertible liability is itself an equity instrument would the terms of a liability not impact its classification

In addition, a requirement has been introduced to require disclosure when a liability arising from a loan agreement is classified as non-current and the entity’s right to defer settlement is contingent on compliance with future covenants within twelve months.

• Amendments to IFRS 16 “Lease liability in a Sale and Leaseback”
  In September 2022, the IASB issued amendments to IFRS 16 to specify the requirements that a seller-lessee uses in measuring the lease liability arising in a sale and leaseback transaction, to ensure the seller-lessee does not recognise any amount of the gain or loss that relates to the right of use it retains.# Amendments to IAS 7 “Supplier Finance Arrangements”

On 25 May 2023, the IASB issued amendments to IAS 7 and IFRS 7 “Supplier Finance Arrangements”: the amendments clarify the characteristics of an arrangement for which an entity is required to provide the information. They also require entities to disclose information that allows users to assess how supplier finance arrangements affect an entity’s liabilities, cash flows and exposure to liquidity risk. Such information may consist of the terms and conditions of these arrangements and the carrying amount of the supplier finance arrangement financial liabilities.

1.4. Consolidation principles

The consolidated financial statements include the financial statements of the parent company Socfinaf as well as those of the companies controlled by the parent (“subsidiaries”) and those of the companies in which Socfinaf has exercised significant influence (“associates”), all of which constitute the “Group”.

All companies included in the scope of consolidation as of 31 December 2024 close their accounts on 31 December.

a) Subsidiaries

In accordance with IFRS 10, an investor has control when it fulfills three conditions:
1) It holds power over the entity;
2) It is entitled to or is exposed to variable returns from its involvement;
3) It has the ability to use its power over the entity to affect returns.

Currently, the Group holds the majority of the voting rights in the entities. Income and expenses from subsidiaries acquired or sold during the year are included in the consolidated income statement, respectively, from the date of acquisition to the date of disposal.

Profit or loss and components of other comprehensive income are attributed to the equity holders of the parent of the Group and to the non-controlling interests, even if this results in the non-controlling interests having a deficit balance.

Socfinaf S.A. | ANNUAL REPORT 2024 | 55
Consolidated financial statements

Where appropriate, restatements are made to the financial statements of the subsidiaries to align the accounting principles used with those of the Group. All intra-group balances and transactions are eliminated upon consolidation.

If the Group loses control over a subsidiary, it derecognises the related assets (including goodwill), liabilities, non-controlling interest and other components of equity. Any residual gain or loss is recognised in profit or loss, while any investment retained is recognised at fair value.

b) Investments in associates and joint ventures

An associate is a company over which the Group exercises significant influence through its participation in the financial and operational decisions of this company, but over which it has no control. Significant influence is presumed when the Group holds, directly or indirectly through its subsidiaries, between 20% and 50% of the voting rights. A joint venture is a joint arrangement whereby the parties that have joint control of the arrangement have rights to the net assets of the arrangement. Joint control is the contractually agreed sharing of control of an arrangement (i.e. decisions require unanimous consent of the parties sharing control).

Associates and joint ventures are accounted for using the equity method. Under this method, the Group’s interest in the associate and joint venture is initially recognised at cost in the statement of financial position and subsequently adjusted to recognise the Group’s share of movements in profit and loss and other comprehensive income.

The profit or loss statement reflects the Group’s share in the results of the associate or joint venture’s operations. Any change in other comprehensive income of those investees is presented as part of the Group’s other comprehensive income. Unrealised gains and losses resulting from transactions between the Group and the associate or joint venture are eliminated to the extent of the interest in the associate or joint venture.

Investments in associates and joint ventures are included in the consolidated financial statements using the equity method from the date on which significant influence begins until the date when this influence ceases. The carrying amount of positive goodwill that results from the acquisition of associates and joint ventures is included in the carrying amount of the investment and is not tested for impairment separately. An impairment test is performed if an objective indication of impairment is identified. Impairment is recognised, if necessary, in the income statement under the heading “Share of the Group in the result from associates”.

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

1.5. Changes in accounting policies, errors and changes in estimates

A change in accounting policy is applied only if it meets the requirements of a standard or of an interpretation or if it permits more reliable and relevant information. Changes in accounting policies are accounted for retrospectively, except in the case of transitional provisions specific to the standard or interpretation. A material error, when discovered, is also adjusted retrospectively.

Uncertainties inherent to the activity require the use of estimates when preparing financial statements. The estimates are based on judgments intended to give a reasonable assessment of the latest reliable information available. An estimate is revised to reflect changes in circumstances, new information available and the effects of experience.

1.6. Business combinations

IFRS 3 “Business Combinations” provides the accounting basis for recognising business combinations and changes in interests in subsidiaries after obtaining control.

For each business combination, the Group elects whether to measure the non-controlling interests in the acquiree at fair value or at the proportionate share of the acquiree’s identifiable net assets.

Changes in interest in a subsidiary that do not result in loss of control are accounted for as equity transactions.

56 | ANNUAL REPORT 2024 | Socfinaf S.A.
Consolidated financial statements

1.7. Goodwill

Goodwill is the difference on the date of acquisition between the fair value of the consideration given in exchange for taking control, the value of non- controlling interests, the fair value of previous equity investments and the fair value of identifiable assets and liabilities and contingent liabilities of the acquiree.

When disposing of a subsidiary, the residual amount of goodwill attributable to the subsidiary is included in the calculation of the disposal’s result.

1.8. Foreign currency conversion

In the financial statements of Socfinaf and of each subsidiary, transactions in foreign currency are recorded, upon initial recognition, in the functional currency of the company concerned. The exchange rate in force is applied on the transaction date. At closing, monetary assets and liabilities denominated in foreign currencies are converted on the last day of the year. Gains and losses arising from the realisation or translation of monetary items denominated in foreign currencies are recorded in the income statement for the year.

On consolidation, the assets and liabilities of companies whose accounts are held in a currency other than the euro are translated into euros at the exchange rate prevailing on the closing date. Income and expenses are converted into euros at the average exchange rate for the year. Any exchange differences are classified as equity under “Translation differences”.

In the event of a disposal, the translation differences relating to the company concerned are recognised in the income statement for the year in which the sale occurred.

Goodwill and fair value adjustments arising on the acquisition of a foreign entity are treated as assets and liabilities of the foreign entity and translated at the closing rate.The following exchange rates have been used for the conversion of the consolidated financial statements:

1 euro equals to:

Currency	Closing rate 31/12/2024	Closing rate 31/12/2023	Average rate 2024	Average rate 2023
Euro	1.000	1.000	1.000	1.000
CFA franc	655.957	655.957	655.957	655.957
Ghanaian cedi	15.2718	13.1274	15.3080	12.0698
Nigerian naira	1,594.89	994.55	1,602.06	661.63
Dobra of São Tomé	24.50	24.50	24.50	24.50
Congolese franc	2,956	2,961	3,040	2,514
US dollar	1.0389	1.1050	1.0804	1.0826

1.9. Intangible assets

Intangible assets are stated at their acquisition cost less accumulated amortisation and any impairment losses. Amortisation is applied on a straight-line basis based on an estimate of the useful life of the asset in question. Intangible assets are not subject to revaluation. When the recoverable value of an asset is lower than its book value, the latter is reduced to reflect this loss in value.

The estimated useful lives are as follows:
* Patents: 3 to 5 years
* Other intangible assets: 3 to 5 years
* Software: 3 to 5 years
* Concessions: Length of the concessions

Amortisation starts from the date when the asset is available to use. Gains or losses arising from derecognition of assets (i.e. the difference between the disposal proceeds and the carrying amount of the asset) are included in the income statement when assets are derecognised.

1.10. Property, plant, equipment

Tangible fixed assets are recorded at their acquisition cost less accumulated depreciation and any impairment losses. Property, plant and equipment in progress is carried at cost less any identified impairment. Depreciation is applied on a straight-line basis, according to an estimate of the useful life for each significant component of the asset in question. When the recoverable value of an asset is lower than its book value, the latter is reduced to reflect this loss in value.

The estimated useful lives are as follows:
* Buildings: 20 to 50 years
* Technical installations: 3 to 20 years
* Furniture, vehicles and others: 3 to 20 years

Depreciation starts from the date that the assets are available to use. Land is not subject to depreciation. Gains or losses arising from the derecognition of assets (i.e. the difference between the disposal proceeds and the carrying amount of the asset) are included in the income statement when assets are derecognised.

1.11. Bearer biological assets

The Group has biological assets in Africa. Bearer plants, mainly consisting of palm oil and rubber plantations, are valued by using the cost model, according to the principles defined in IAS 16 “Property, plant and equipment”. Biological assets at the time of harvest, in particular for palm bunches, palm oil and rubber, are evaluated according to the principles defined by IAS 41 “Agriculture”.

Bearer biological assets

Producer biological assets are recorded at acquisition cost, less accumulated depreciation and any impairment losses. Depreciation is applied according to the straight-line method based on an estimate of the useful life. When the recoverable amount of an asset is less than its carrying amount, the carrying amount is reduced to reflect that impairment.

The estimated useful lives are as follows:
* Bearer plants – Palm: 20 to 26 years
* Bearer plants - Rubber: 20 to 33 years

The depreciation starting date is the date of transfer of biological assets in production (i.e. asset being mature). This transfer takes place in the fourth year after palm oil tree planting and in the seventh year after rubber tree planting. For each entity, the operating period can be adapted according to the particular circumstances.

Agricultural production

Agricultural production at harvest is valued at fair value less the estimated costs necessary to complete the sale. There are no observable data for agricultural production (palm harvest, latex). The World Bank publishes price forecasts for dry rubber (finished product). These forecasts are based on the RSS3 grade (smoked sheet) that is not produced by the Group. Lastly, and even more so, there are no observable prospective data relating to the Group’s agricultural production. The price of a standard product in a global market is not sufficiently representative of the economic reality in which the various entities of the Group intervene. This price can hence not be used as a reference for valuation. As a result, each entity determines the fair value of agricultural production based on actual market prices obtained over the past year.

The Group considers produce that grows on mature plantations (oil in the palm fruits and produce of rubber) as biological assets, in accordance with IAS 41 principles. This produce is measured at fair value less costs to sell until the point of harvest. Any resultant gains or losses arising from changes in fair value are recognised in the income statement. After harvest, these produce are measured in accordance with IAS 2 Inventories and the fair value less costs to sell is the cost of the inventories (see Note 1.14).

1.12. Leases

The Group assesses at contract inception whether a contract is, or contains, a lease. That is, if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration.

The Group applies a single recognition and measurement approach for all leases, except for short-term leases and leases of low-value assets (mainly IT equipment), for which payments associated are recognised as an expense in the income statement. The Group recognises lease liabilities to make lease payments and right-of-use assets representing the right to use the underlying assets.

The Group leases offices and agricultural land for terms ranging from 1 to 99 years, as well as vehicles and equipment for terms ranging from 1 month to 5 years.

The Group’s lease contracts are standard contracts that do not include additional non-leasing components, except for some vehicle lease contracts that include a maintenance service. The Group has used the practical expedient that allows the non-segregation of the lease component from the non-lease component for these contracts.

Assets and liabilities related to lease contracts are initially measured at the present value of the fixed payments, including in-substance fixed payments less any lease incentives receivable. Lease payments to be made under reasonably certain extension options are also included in the measurement of the liability. To this purpose, the management considers all facts and circumstances that may create an incentive to exercise a renewal option or not to exercise an early termination option. The lease liability is remeasured if there is a change in the lease term, in the lease payment or in the assessment of an option to purchase the underlying asset.

As the implicit interest rate is unknown for all the Group’s contracts, the incremental borrowing rate was used to discount the lease payments. The incremental borrowing rate is the rate that the lessee would have to pay to borrow, for a similar term and with a similar guarantee, the funds necessary to acquire an asset whose value is similar to the asset under the right-of-use in a similar economic environment.

In determining the incremental borrowing rate, the Group:
* where possible, uses the most recent financing received by the lessee as a starting point, which was adjusted to reflect the change in financing conditions since the financing was received;
* uses a build-up approach starting with a risk-free rate which was adjusted for credit risk for leases for entities with no recent external financing;
* makes lease specific adjustments (such as term, country, currency and collateral).

The discount rates used by the Group range between 1.75% and 19.9%.

Lease payments are allocated between the repayment of the principal amount of the lease liabilities and interest expense. Interest expense is recognised in the income statement for the period over the term of the lease. Right-of-use assets are depreciated on a straight-line basis over the shorter of useful life and lease term.# The Group applies IAS 36 to determine whether a right-of-use asset is impaired and recognises any impairment loss as described in Note 8.

1.13. Impairment of assets

Goodwill is not amortised, but is tested for impairment at least once a year, and whenever there is an indication of impairment. In addition, at each reporting date, the Group reviews the carrying amounts of its intangible and tangible assets, including its organic producing assets, in order to assess whether there is any indication that its assets may have lost value. If there is such an indication, the recoverable amount of the asset is estimated to determine, if applicable, the amount of the loss or impairment. The recoverable amount is the higher of the fair value less the costs to sell the asset and the value in use.

The value in use of property, plant and equipment and intangible assets is the present value of estimated future cash flows expected from the use of an asset or cash-generating unit. When it is not possible to estimate the recoverable amount of an isolated asset, the Group determines the recoverable amount of the cash-generating unit to which the asset belongs.

If the recoverable amount of an asset (or a cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (cash-generating unit) is reduced to its recoverable amount. Impairment losses are immediately recognised as expenses in the income statement.

When an impairment loss which was recognised in a prior period no longer exists or needs to be written down, the carrying amount of the asset (cash-generating unit) is increased to the extent of the revised estimate of its recoverable amount. However, this increased carrying amount may not exceed the carrying amount that would have been determined if no impairment loss had been recognised for the asset (cash-generating unit) in prior years. The reversal of an impairment loss is recognised immediately in income in the income statement.

It is not possible to subsequently reverse an impairment loss recorded on goodwill.

1.14. Inventories

Inventories are recorded at the lower of cost and net realisable value. Cost includes direct material costs and, if applicable, direct labour costs and directly attributable overhead costs. Where specific identification is not possible, the cost is determined based on the weighted average cost method. Net realisable value is the estimated selling price in the ordinary course of business less estimated costs of completion and the estimated costs necessary to complete the sale (primarily selling expenses).

Impairment or loss on inventory to net realisable value is recognised as an expense in the period in which the impairment or loss occurred.

As explained in Note 1.11., agricultural production is measured at fair value less estimated costs necessary to make the sale.

1.15. Trade receivables

Trade receivables are valued at their nominal value and do not bear interest. The Group applies a simplified approach and records a provision for expected losses over the life of the receivables. This provision for losses is an amount that the Group considers a reliable estimate of the inability of its customers to make the required payments (refer to Note 33).

1.16. Cash and cash equivalents

Cash and cash equivalents include cash, demand deposits, short-term deposits of less than 3 months, as well as investments that are subject to a negligible risk of change in value and are easily convertible into a known amount of cash, having a maturity of three months or less.

For the purpose of the consolidated statement of cash flows, cash and cash equivalents are presented net of outstanding bank overdrafts, as they are considered an integral part of the Group’s cash management.

1.17. Financial instruments

Financial assets and liabilities are recognised in the consolidated statement of the financial position when the Group becomes a party to the contractual provisions of the instrument.

Financial assets and liabilities measured at amortised costs

The Group’s business model for financial assets management describes the way it manages its financial assets in order to generate cash flows. The business model determines whether cash flows will result from the collection of contractual cash flows, from the disposal of financial assets, or both. Financial assets classified and measured at amortised cost are held in a business model with the aim to hold financial assets and collect contractual cash flows. Long-term advances and other receivables are held for the sole purpose of collecting principal and interest. As such, they comply with the “Solely Payments of Principal and Interest” (SPPI) model. They are accounted for using the amortised cost method.

Financial assets are initially measured at fair value, net of transaction costs. Financial income is added to the carrying amount of the instrument to the extent that it is not received in the period in which it occurs. Interest is calculated using the effective interest rate method.

The Group applies the low credit risk simplification: at every reporting date, the Group evaluates whether the debt instrument is considered to have low credit risk using all reasonable and supportable information that is available without undue cost or effort. In making that evaluation, the Group reassesses the internal credit rating of the debt instrument. In addition, the Group considers that there has been a significant increase in credit risk when contractual payments are more than 30 days past due.

Financial liabilities are initially measured at fair value, net of transaction costs. Financial expenses are recognised in income statement and are added to the carrying amount of the instrument to the extent that they are unpaid in the year in which they occur.

The carrying amount is a reasonable approximation of fair value in the case of financial instruments such as borrowings and debts with short-term maturity.

The fair value measurement of borrowings and debts with financial institutions, other than in the short term, depends both on the specifics of the loans and on current market conditions. The fair value was calculated by discounting the expected future cash flows at the re-estimated interest rates prevailing at the balance sheet date over the remaining term of repayment of the loans (Refer to Note 24).

The Group relied on the evolution of the interest rate of the European Central Bank adjusted for the specific risk inherent in each financial instrument, as a reasonable benchmark for estimating the fair value of such borrowings (see Note 24).

Financial assets designated at fair value through OCI (equity instruments)

Upon initial recognition, the Group can elect to classify irrevocably its equity investments as equity instruments designated at fair value through OCI if they meet the definition of equity under IAS 32 Financial Instruments: Presentation and are not held for trading. The classification is determined on an instrument-by-instrument basis. Gains and losses on these financial assets are never recycled into profit or loss. Dividends are recognised as other income in the statement of profit or loss when the right of payment has been established, except when the Group benefits from such proceeds as a recovery of part of the cost of the financial asset, in which case, such gains are recorded in OCI. Equity instruments designated at fair value through OCI are not subject to impairment assessment.

The Group elected to classify irrevocably its non-listed equity investments under this category.

Other financial assets and liabilities

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

1.18. Provisions

Provisions occur when the Group has a present obligation  (legal  or  constructive)  as  a  result  of  a  past   Socfinaf S.A. | ANNUAL REPORT 2024 | 61 Consolidated financial statements event.  This  present  obligation  will  probably  lead  to  an  outflow  of  economic  benefits,  insofar  as  they  can  be  reasonably  estimated.  Restructuring  provisions  occur  when  the  Group  has  come  up  with  a  formal  and  detailed  plan  for  the  restructuring,  which  has  been  notified  to  the  affected   parties.

1.19. Pension obligations

Defined contribution plans

The  defined  contribution  plans  designate  the  post-employment  benefit  plans  under  which  the  Group  pays  defined  contributions  to  external  insurance  companies  for  certain  categories  of  employees.  Payments  made  under  these  pension  plans  are  recognised  in  the  income  statement  in  the  year  when  they  are  due.

As  these  plans  do  not  generate  future  commitments  for  the  Group,  they  do  not  give  rise  to  provisions.

Defined benefit plans

The  defined  benefit  plans  refer  to  post-employment  benefit  plans  that  provide  additional  income  to  certain  categories  of  employees  for  services  rendered  during  the  year  and  prior  years.

This  guarantee  of  additional  resources  is  a  future  expenditure  for  the  Group  for  which  a  commitment  is  calculated  by  independent  actuaries  at  the  end  of  each  financial  year.

The  actuarial  assumptions  used  to  determine  the  liabilities  vary  according  to  the  prevailing  economic  conditions  in  the  country  in  which  the  plan  is  located.

The  discount  rates  applicable  to  post-employment  benefit  obligations  should  be  determined  by  reference  to  the  market  yields  on  high-quality  corporate  bonds  that  are  appropriate/relevant  to  the  estimated  timing  of  benefit  payments  at  the  balance  sheet  date.

The  Group  decided  to  calculate  discount  rates  using  an  economic  approach  for  high-quality  corporate  bonds  whose  duration  corresponds  to  the  terms  of  employee  benefits  in  the  countries  concerned.  In  the  countries where there is no active market for such obligation,  the  Group  refers   to  the  market  yields  (at  the  end  of  the  reporting  period)  of  government  bonds.  The  currency  and  duration  of  these  corporate  or  government  bonds  must  correspond  to  the  currency  and  estimated  duration  of  the  post-employment  benefit  obligations.

The  cost  of  corresponding  commitments  is  determined  by  using  the  projected  unit  credit  method,  with  a  discounted  value  calculation  at  the  balance  sheet  date  in  accordance  with  the  principles  of  IAS  19  “Employee  Benefits”.

All  changes  in  the  amount  of  defined  benefit  pension  obligations  are  recognised  as  soon  as  they  occur.

Remeasurements  of  defined  benefit  pension  obligations,  including  actuarial  gains  and  losses,  should  be  recognised  immediately  in  “Other  comprehensive  income”.

The  costs  of  services  rendered  during  the  period,  past  service  costs  (plan  amendment)  and  net  interest  are  recognised  as  an  expense  immediately.

The  amount  recognised  in  the  statement  of  financial  position  consists  of  the  present  value  of  the  defined  benefit  plans’  pension  obligations.  This  value  has  been  adjusted for  actuarial  gains  and  losses,  minus  the  fair  value  of  plan  assets.

1.20. Revenue recognition

The  Group’s  revenues  derive  from  the  performance  obligation  to  transfer  the  control  of  products  under  arrangements.  According  to  these  arrangements,  the  transfer  of  control  and  the  fulfilment  of  the  performance  obligation  occur  at  the  same  time.

The  point  of  control  of  the  asset  by  the  customer  depends  on  the  moment  when  the  goods  are  made  available  to  the  carrier  or  when  the  buyer  takes  possession  of  the  goods.  This  also  depends  on  the  delivery  conditions.  With  regards  to  the  Group’s  activities,  the  recognition  criteria  are  generally  met:

(a)  for  export  sales,  where  the  time  of  the  transfer  of  deed  is  based  on  the  incoterms;

(b)  for  local  sales,  depending  on  the  delivery  conditions,  either  when  the  goods  leave  the  premises  or  when  the  customer  takes  possession  of  the  goods.

This  is  the  moment  when  the  Group  has  fulfilled  its  performance  obligations.

62 | ANNUAL REPORT 2024 | Socfinaf S.A. Consolidated financial statements

Revenues  are  valued  at  the  transaction  price  of  the  consideration  received  or  receivable,  to  which  the  company  expects  to  be  entitled.

The  selling  price  is  determined  at  the  market  price  and,  in  a  few  cases,  is  contractually  determined  on  a  provisional  basis  using  a  reliable  estimate.  In  the  latter  case,  price  adjustments  can  then  take  place  depending  on  the  movements  between  the  reference  price  and  the  final  price,  as  recognised.

The  Group  considers  itself  to  be  the  principal  in  its  revenue  arrangements,  because  it  controls  the  goods  sold  before  transferring  them  to  the  customers.

As  at  31  December  2024,  revenue  from  the  major  Group  customer  accounted  for  approximately  EUR  257.2  million  (2023:   EUR  197.8   million)  of  total  Group revenue.

1.21. Taxes

Current  tax  is  the  amount  of  tax  payable  or  recoverable  on  the  profit  or  loss  of  a  financial  year.

Temporary  differences  between  the  book  values  of  assets  and  liabilities  and  their  tax  bases  give  rise  to  the  recognition  of  a  deferred  tax  using  the  tax  rates.  The  application  of  the  latter  is  provided  for  when  reversing  the  temporary  differences,  as  adopted  on  the  closing  date.

Deferred  tax  is  recognised  for  all  taxable  temporary  differences,  except  when  the  deferred  tax  is  generated:

• by  goodwill  or;

• by  the  initial  recognition  of  an  asset  or  liability  in  a  transaction  which  is  not  acquired  through  a  business  combination.  It  does  not  affect  neither  the  accounting  profit  nor  the  taxable  profit  (tax  loss),  and  does  not  give  rise  to  equal  taxable  and  deductible  temporary  differences  at  the  time  of  the  transaction.

A  deferred  tax  liability  is  recognised  for  all  taxable  temporary  differences  related  to  investments  in  subsidiaries  and  associates,  unless  the  date  on  which  the  temporary  difference  will  be  reversed  can  be  controlled  and  will  most  likely  not  be  reversed  in  the  foreseeable  future.

A  deferred  tax  asset  is  recognised  in  order  to  carry  forward  unused  tax  losses  and  tax  credits,  so  that  future  taxable  profits,  on  which  these  unused  tax  losses  and  tax  credits  can  be  charged,  will  likely  be  available.

Deferred  tax  is  recognised  in  the  income  statement  unless  it  relates  to  items  that  have  been  directly  recognised,  either  in  equity  or  in  other  comprehensive  income.

1.22. Segment information

IFRS  8  –  Operating  Segments  requires  operating  segments  to  be  identified  based  on  an  internal  reporting.  This  internal  reporting  is  analysed  by  the  entity’s  chief  operating  decision-maker,  in  order  to  assess  performance  and  make  resource  decisions  for  the  segments.  The  identification  of  these  operational  sectors  originates  from  the  information  that  is  analysed  by  the  management.  This  information  is  based  on  the  geographic  distribution  of  political  and  economic  risks.

1.23.# Consolidated financial statements

Use of estimates

For the preparation of consolidated financial statements in accordance with IFRS, the Group’s Management has made use of its best estimates to make assumptions on the following aspects, and to what extent they were affected: the carrying amount of assets and liabilities, information on assets and liabilities, contingent liabilities and the carrying amount of income and expenses recorded during the period. Depending on the evolution of these assumptions or different economic conditions, the amount that will appear in the Group’s future consolidated financial statements may differ from current estimates. Material accounting policies, for which the Group has made estimates, mainly concern the application of IAS 19 - Employee Benefits (Note 21), IAS 41 - Agriculture and IAS 2 - Inventories (Notes 6 and 15), IAS 16 - Property, Plant and Equipment (Note 5), IAS 36 - Impairment of Assets (Notes 5, 6 and 8), IFRS 9 - Financial Instruments (Note 24) and IFRS 16 – Leases (Note 3).

In the absence of observable data within the scope of IFRS 13 – Fair Value Measurement, the Group makes use of a model that was developed to assess the fair value of agricultural production, using local production costs and conditions, and local sales (Refer to Note 1.11). This method is inherently more volatile than assessment at historical cost.

Due to the geopolitical tensions, since 2022, there has been a significant increase in volatility on the securities and currency markets. The conflicts have had a significant impact on the financial markets, with many investors concerned about the risk of further escalation and the ensuing impact on global trade and economic growth.

Although the aforementioned aspects have not significantly impacted the company’s operations nor performance and going concern during 2024, the Board of Directors continues to monitor the evolving situation and its impact on the company’s financial position and results.

1.24. Non-Current Assets held for sale

Non-current assets (or disposal groups) are classified as assets that are held for sale when their carrying amount is to be recovered principally through a sale transaction and when a sale is considered highly probable. If their carrying amount is recovered principally through a sale transaction rather than through continuing use, these assets are stated at the lowest of the carrying amount and fair value, less the costs of disposal.

1.25. Hyperinflation

The accounts of entities whose economies are in hyperinflation are translated in accordance with the standard IAS 29 – Financial reporting in hyperinflationary economies. Monetary items in the balance sheet are not restated, as they are already expressed in the measuring unit current at the end of the reporting period, unlike non-monetary items, which are restated in terms of the measuring unit current at the end of the reporting period. In accordance with IAS 21 – Foreign exchange, as comparative amounts are translated into the currency of a non-hyperinflationary economy, they do not need to be restated.

Sierra Leone

Since October 2023, Sierra Leone is considered hyperinflationary. IAS 29 is applicable to entities whose functional currency is the Leone of Sierra Leone (SLL). The functional currency of the subsidiary located in Sierra Leone is the US dollar. Consequently, IAS 29 has no incidence on the Group financial statements in Sierra Leone.

Ghana

Since October 2023, Ghana is considered hyperinflationary. IAS 29 is applicable to entities whose functional currency is the Ghanaian Cedi (GHS). The functional currency of the subsidiary located in Ghana is the Ghanaian Cedi. Consequently, non-monetary items of the subsidiary located in Ghana have been restated in terms of the measuring unit current at the end of the reporting period (refer to Notes 3, 5 and 6), corresponding to the Ghana Consumer Price Index (CPI), provided by the Government of Ghana Statistical Service.

1.26. Climate effect

The Group considered the potential impact of climate change, which may affect positively or negatively the Group’s biological assets, and thus the financial performance of the Group. Among climate factors, the distribution of rainfall and sunshine are the most important ones.

The Group considered climatic events such as severe wind or fires in the valuation of the biological assets. However, given current knowledge, distinguishing the impact of natural climate changes from climate impact caused by anthropic activity remains difficult.

The Management Board considered various documentation in its assessment of the impact, such as the last Intergovernmental Panel on Climate Change (IPCC) reports but also the data coming from the agronomic departments which reflect the potential effect of climate change over the past years. Budgets are adjusted to integrate the operational needs that may result of the impact of those changes and the value in use of the biological assets is aligned consequently (Note 1.13 and Note 8). From a social stand point, the effect of climate change are integrated through the regular updates of the data used for the calculation of the employee benefit provision (Note 21).

The Management Board will continue to consider the potential impact of climate change in its assessments, and will integrate any new potential impact that could lead to a material change in the Group’s financial statements.

1.27. Environmental, Social and Governance

The Group has described its ambitions and objectives in terms of environment, social responsibilities and governance in a separate Sustainability Report that can be accessed on Socfinaf website.

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

Note 2. Subsidiaries and associates

	% Group Interest 2024	% Group Control 2024	Consolidation Method (*) 2024	% Group Interest 2023	% Group Control 2023	Consolidation Method (*) 2023
AFRICA
Rubber and palm
SOCIETE DES CAOUTCHOUCS DE GRAND-BEREBY “SOGB” S.A.	63.69	73.16	FI	63.69	73.16	FI
PLANTATIONS SOCFINAF GHANA “PSG” LTD	100.00	100.00	FI	100.00	100.00	FI
OKOMU OIL PALM COMPANY PLC	66.38	66.38	FI	66.38	66.38	FI
SOCIETE AFRICAINE FORESTIERE ET AGRICOLE DU CAMEROUN “SAFACAM” S.A.	69.05	69.05	FI	69.05	69.05	FI
SOCIETE CAMEROUNAISE DE PALMERAIES “SOCAPALM” S.A.	67.46	67.46	FI	67.46	67.46	FI
Rubber
LIBERIAN AGRICULTURAL COMPANY “LAC”	100.00	100.00	FI	100.00	100.00	FI
SALALA RUBBER CORPORATION “SRC”	0.00	0.00	NC	100.00	100.00	FI
SUD COMOË CAOUTCHOUC “SCC” S.A.	60.95	70.01	FI	60.95	70.01	FI
Palm
SOCFIN AGRICULTURAL COMPANY “SAC” LTD	93.00	93.00	FI	93.00	93.00	FI
SOCIETE DES PALMERAIES DE LA FERME SUISSE “SPFS” S.A.	67.46	100.00	FI	67.46	100.00	FI
AGRIPALMA LDA	88.00	88.00	FI	88.00	88.00	FI
BRABANTA S.A.U.	100.00	100.00	FI	100.00	100.00	FI
Other activities
BEREBY-FINANCES “BEFIN” S.A.	87.06	87.06	FI	87.06	87.06	FI
CAMSEEDS S.A.	67.52	100.00	FI	67.52	100.00	FI
EUROPE
Other activities
CENTRAGES S.A.	50.00	50.00	EM	50.00	50.00	EM
IMMOBILIERE DE LA PEPINIERE S.A.	50.00	50.00	EM	50.00	50.00	EM
INDUSERVICES S.A.	30.00	30.00	EM	30.00	30.00	EM
INDUSERVICES FR S.A.	50.00	50.00	EM	50.00	50.00	EM
SOCIETE ANONYME FORESTIERE AGRICOLE “SAFA” S.A.S.	100.00	100.00	FI	100.00	100.00	FI
SOCFINCO S.A.	50.00	50.00	EM	50.00	50.00	EM
SOCFINCO FR S.A.	50.00	50.00	EM	50.00	50.00	EM
SOCFINDE S.A.	20.00	20.00	EM	20.00	20.00	EM
SODIMEX FR S.A.	50.00	50.00	EM	50.00	50.00	EM
SOGESCOL FR S.A.	50.00	50.00	EM	50.00	50.00	EM
STP INVEST S.A.	100.00	100.00	FI	100.00	100.00	FI
TERRASIA S.A.	33.28	33.28	EM	33.28	33.28	EM

(*) Consolidation method: FI: Full Integration - EM: Equity Method – NC: Not Consolidated# Consolidated financial statements

List of subsidiaries and associated companies

*   AGRIPALMA  LDA  is  a  company  located  on  the  island  of  São  Tomé  and  Principe  specialised  in  the  production  of  palm  oil.
*   BEREBY-FINANCES   “BEFIN”   S.A.   is   a   holding   company   under   Ivorian  law  that  owns  the  Ivorian  companies  SOGB  S.A.  and  SCC.
*   BRABANTA  S.A.  is  a  company  under  Congolese  law  specialised  in  the  production  of  palm  oil.
*   CAMSEEDS  S.A.  is  a  company  under  Cameroonian  law  specialised  in  research,  development  and  production  of  seeds  (palm).
*   CENTRAGES   S.A.   is   a   company   under   Belgian   law   providing   administrative  and  accounting  services  and  owning  three  floors  of  office  space  in  Brussels.
*   IMMOBILIERE   DE   LA   PEPINIERE   “PEPINIERE”   S.A.   is   a   company   under  Belgian  law  owning  three  floors  of  office  space  in  Brussels.
*   INDUSERVICES   S.A.   is   a   company   under   Luxembourg   law   whose   purpose   is   to   provide   all   administrative  services  to  all  companies  and  organisations,  including  all  services  relating  to   documentation,  bookkeeping  and  register  services,  as  well  as   all  representation,  study,  consultation  activities  and  assistance.
*   INDUSERVICES   FR   S.A.   is a company under Swiss law whose purpose is to provide all administrative services to all companies, organisations and companies, including all services relating to documentation, bookkeeping and register services, as well as all representation, study, consultation activities and assistance. In  addition,  it  provides  all  Group  companies  with  access  to  the  common  IT  platform.
*   LIBERIAN   AGRICULTURAL   COMPANY   “LAC”   is   a   company   under   Liberian  law   that  specialises  in  the  production  of  rubber.
*   OKOMU  OIL  PALM  COMPANY  “OKOMU”  PLC  is  a  company  under   Nigerian  law  specialised  in  the  production  of  palm  and  rubber   products.
*   PLANTATIONS   SOCFINAF   GHANA   “PSG”   LTD   is   a   company   under   Ghanaian  law  specialised  in  the  production  of  palm  and  rubber   products.
*   SOCIETE   AFRICAINE   FORESTIERE   ET   AGRICOLE   DU   CAMEROUN   “SAFACAM”  S.A.  is  a  company  under  Cameroonian  law  active  in  the  production  of  palm  oil  and  the  cultivation  of  rubber  trees.
*   SOCIETE   CAMEROUNAISE   DE   PALMERAIES   “SOCAPALM   S.A.”   is   active   in   Cameroon   in  the   production   of  palm   oil   and   rubber   cultivation.
*   SOCFIN   AGRICULTURAL   COMPANY   “SAC”   LTD   is   a   company   located  in  Sierra   Leone   specialised   in   the   production   of  palm   oil.
*   SOCFIN  CONSULTANT  SERVICES  “SOCFINCO”   S.A.   is   a   company   established  in  Belgium  providing  technical  assistance,  agronomic   and  financial  services.
*   SOCFINCO  FR  S.A.  is  a  Swiss  company  providing  services,  studies  and  management  of  agro-industrial  plantations.
*   SOCIETE  ANONYME  FORESTIERE  AGRICOLE  “SAFA”  is  a  company  under  French  law  that  holds  a  stake  in  a  plantation  in  Cameroon,   Safacam S.A.
*   SOCFINDE  S.A.  is  a  finance  holding  company  under  Luxembourg   law.
*   SOCIETE  DES   PALMERAIES   DE   LA   FERME   SUISSE   “SPFS”   S.A.   is   active   in   Cameroon   in  the   production,   processing  and   marketing   of   palm   oil.
*   SODIMEX  FR  S.A.  is  a  company  under  Swiss  law  active  in  the  field   of purchase and sale of planting material.
*   SOCIETE  DES  CAOUTCHOUCS  DE  GRAND-BEREBY  “SOGB”  S.A.  is  a  company  under  Ivorian  law  specialised  in  the  production  of  palm  and  rubber  products.
*   SOGESCOL   FR   S.A.   is   a   Swiss company active in the tropical products trade.
*   STP  INVEST  S.A.  is  a  company  under  Belgian  law  with  a  stake  in   Agripalma  LDA.
*   SUD  COMOE  CAOUTCHOUC  “SCC”  S.A.  is  a  company  under  Ivorian  law  whose  activity  focuses  on  the  processing  and  marketing  of   rubber.
*   TERRASIA   S.A.   is   a   company   under   Luxembourg   law   owning   office   spaces.

Scope exits during the period

*   SALALA  RUBBER  CORPORATION  “SRC”   has   been   removed   from   the   consolidation   scope   in  2024,  as  the  company  was   sold  during the period.

Socfinf S.A. | ANNUAL REPORT 2024 | 67

Consolidated financial statements

Note 3. Leases

The  amounts  recognised  in  the  balance  sheet  related  to  Leases  are  as  follows:

	Furniture, vehicles and other	Land and agricultural area	Buildings	TOTAL
Gross value as at 1 January 2023	10,819,535	535,523	7,582,758	18,937,816
Additions	10,151,459	0	14,357,096	24,508,555
Disposals	-4,402,886	0	0	-4,402,886
Hyperinflation	0	0	3,213,055	3,213,055
Transfer	0	0	-185,995	-185,995
Foreign exchange differences	-3,219,325	-831	-391,540	-3,611,696
Gross value as at 31 December 2023	13,348,783	534,692	24,575,374	38,458,849
Accumulated depreciation as at 1 Jan 2023	-7,798,762	-465,096	-2,504,392	-10,768,250
Depreciation	-3,641,708	-31,842	-559,689	-4,233,239
Depreciation reversals	4,402,886	0	0	4,402,886
Transfer to assets held for sale	0	0	152,144	152,144
Foreign exchange differences	1,180,354	230	39,566	1,220,150
Accumulated depreciation as at 31 Dec 2023	-5,857,230	-496,708	-2,872,371	-9,226,309
Net book value as at 31 December 2023	7,491,553	37,984	21,703,003	29,232,540
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
Hyperinflation	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 Jan 2024	-5,857,230	-496,708	-2,872,371	-9,226,309
Depreciation	-3,827,697	-45,904	-535,802	-4,409,403
Depreciation reversals	641,732	0	0	641,732
Hyperinflation	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 Dec 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

(*) Additions during the past period correspond to the revision of the concession agreement in Cameroon.

* Lease liabilities	31/12/2024	31/12/2023
Long-term lease liabilities	26,184,654	24,950,880
Short-term lease liabilities	3,274,791	2,778,042
TOTAL	29,459,445	27,728,922

The  amounts  recognised  in  the  income  statement  in  relation  with  the  lease  contracts  are  detailed  as  follows:

	2024	2023
Depreciation of right-of-use assets	4,409,403	4,233,239
Hyperinflation	116,663	0
Expenses related to short-term leases and leases of low-value assets	1,773,996	2,154,944
Interest expense (included in the financial expenses)	3,254,417	3,411,779
TOTAL	9,554,479	9,799,962

Agricultural land and concessions G

The  Group  does  not  own  all  of  the  land  on  which  its  biological  assets  are  planted.  In  general,  these  lands  are   subject to very long-term concessions G  from the local public authority. These concessions G  are renewable.

Company	Date of initial lease or renewal extension	Duration of the initial lease	Area conceded
SAC	2011/2012/2013/2014	50 years	18,473 ha (1)
LAC	1959	77 years	121,407 ha
SOGB	1995	99 years	34,712 ha
PSG	2013/2016/2022	50 years	18,304 ha
OKOMU	1986/1993/1999//2014	92 to 99 years	33,113 ha
SOCAPALM	2005	55 years	58,063 ha
SAFACAM	2022	3 years	2,161 ha (3)
AGRIPALMA	2009	25 years	1,735 ha (2)(4)
BRABANTA	2004 to 2022	25 years	8,380 ha

(1) Renewable concessions G for a term of 25 years
(2) Concessions G renewable tacitly for periods of 25 years
(3) Safacam owns 15,529 ha
(4) Agripalma owns 653 ha

69 | ANNUAL REPORT 2024 | Socfinaf S.A.

Consolidated financial statements

Note 4. Intangible assets

	Concessions G and patents	Softwares	Other intangible assets	TOTAL
Cost as at 1 January 2023	1,633,382	405,561	630,810	2,669,753
Additions	0	15,621	0	15,621
Disposals	0	0	-177	-177
Transfer	0	0	-35,710	-35,710
Foreign exchange differences	-489,272	-21,759	-13,624	-524,655
Cost as at 31 December 2023	1,144,110	399,423	581,299	2,124,832
Accumulated amortisation as at 1 Jan 2023	-245,606	-405,161	-569,086	-1,219,853
Amortisation	-24,459	-746	-29,603	-54,808
Transfer	0	0	35,710	35,710
Foreign exchange differences	70,469	21,759	13,624	105,852
Accumulated amortisation as at 31 Dec 2023	-199,596	-384,148	-549,355	-1,133,099
Net book value as at 31 December 2023	944,514	15,275	31,944	991,733
Cost as at 1 January 2024	1,144,110	399,423	581,299	2,124,832
Additions	0	0	1,750	1,750
Foreign exchange differences	-157,888	12,432	0	-145,456
Cost as at 31 December 2024	986,222	411,855	583,049	1,981,126
Accumulated amortisation as at 1 Jan 2024	-199,596	-384,148	-549,355	-1,133,099
Amortisation	-19,331	-5,282	-29,192	-53,805
Foreign exchange differences	25,262	-12,432	0	12,830
Accumulated amortisation as at 31 Dec 2024	-193,665	-401,862	-578,547	-1,174,074
Net book value as at 31 December 2024	792,557	9,993	4,502	807,052

70 | ANNUAL REPORT 2024 | Socfinaf S.A.

Consolidated financial statements

Note 5.# Property, plant and equipment

EUR	Land and nurseries	Technical installations	Furniture, vehicles and others	Work in progress	Advances and prepayments	TOTAL (**)
Cost as at 1 January 2023	9,367,879	252,932,179	167,690,988	221,376,452	14,260,711	865,583
Additions (*)	0	4,599,712	5,234,624	13,420,048	12,189,105	676,214
Disposals	0	-150,984	-445,823	-3,383,491	-1,487,422	0
HyperinflationG	0	3,559,352	4,626,554	1,723,126	0	0
Transfer	-1,482,854	10,296,975	2,197,008	3,184,170	-14,548,501	-1,069,328
Transfer to assets held for sale	0	-5,971,824	0	-1,261,309	0	0
Foreign exchange differences	-2,259,961	-19,590,147	-39,010,253	-14,835,108	-1,276,793	-8,376
Cost as at 31 December 2023	5,625,064	245,675,263	140,293,098	220,223,888	9,137,100	464,093
Accumulated depreciation as at 1 Jan 2023	-1,193,432	-137,332,463	-77,292,225	-170,418,829	0	0
Depreciation	-16,518	-12,150,672	-8,955,871	-13,400,168	0	0
Depreciation reversals	0	140,444	306,131	3,370,914	0	0
Transfer	19,670	-61,214	-393	393	0	0
Transfer to assets held for sale	0	3,631,134	0	975,370	0	0
Foreign exchange differences	5,941	6,213,514	10,482,218	9,540,193	0	0
Accumulated depreciation as at 31 Dec 2023	-1,184,339	-139,559,257	-75,460,140	-169,932,127	0	0
Accumulated impairment as at 1 Jan 2023	0	-409,129	-2,131,536	-182,271	0	0
Impairment	0	-298,687	0	0	0	0
Impairment reversal	0	0	133,234	0	0	0
Transfer to assets held for sale	0	385,553	0	0	0	0
Foreign exchange differences	0	7,968	0	0	0	0
Accumulated impairment as at 31 Dec 2023	0	-314,295	-1,998,302	-182,271	0	0
Net book value as at 31 Dec 2023	4,440,725	105,801,711	62,834,656	50,109,490	9,137,100	464,093
Cost as at 1 January 2024	5,625,064	245,675,263	140,293,098	220,223,888	9,137,100	464,093
Additions (*)	0	3,686,752	5,032,154	12,076,784	16,787,996	796,475
Disposals	-188,727	-522,467	-187,947	-5,756,522	0	0
Hyperinflation	0	1,416,644	1,574,857	564,982	0	0
Transfer	0	4,124,572	7,877,030	-3,485,352	-7,924,576	-385,900
Foreign exchange differences	-771,964	-1,604,054	-12,296,352	-3,702,973	-174,480	-1,213
Cost as at 31 December 2024	4,664,373	252,776,710	142,292,840	219,920,807	17,826,040	873,455
Accumulated depreciation as at 1 Jan 2024	-1,184,339	-139,559,257	-75,460,140	-169,932,127	0	0
Depreciation	-16,710	-11,507,635	-7,745,756	-11,638,335	0	0
Depreciation reversals	0	177,301	131,661	5,597,054	0	0
Hyperinflation	0	-421,804	-804,587	-621,363	0	0
Transfer	0	0	-7,973,937	7,973,937	0	0
Foreign exchange differences	-35	-346,844	2,892,515	1,741,485	0	0
Accumulated depreciation as at 31 Dec 2024	-1,201,084	-151,658,239	-88,960,244	-166,879,349	0	0
Accumulated impairment as at 1 Jan 2024	0	-314,295	-1,998,302	-182,271	0	0
Impairment reversal	0	86,230	135,866	0	0	0
Foreign exchange differences	0	0	0	0	0	0
Accumulated impairment as at 31 Dec 2024	0	-228,065	-1,862,436	-182,271	0	0
Net book value as at 31 Dec 2024	3,463,289	100,890,406	51,470,160	52,859,187	17,826,040	873,455

() Additions for the period include capitalised costs.
(*) Nurseries have been reclassified in 2023 from property, plant and equipment to biological assets, see Note 6.

As at 31 December 2024, the Group has no technical installations and professional equipment pledged as guarantees for borrowings of the Group (2023: EUR 4.9 million).

Socfinaf S.A. | ANNUAL REPORT 2024 | 71

Consolidated financial statements

Note 6. Biological assets

EUR	Palm	Rubber	Nurseries and others (**)	TOTAL
Cost as at 1 January 2023	363,609,691	5,508,065	192,975,090	38,483,204
Additions (*)	0	3,490,349	0	5,634,066
Disposals	-934,198	-386,833	-2,955,273	0
HyperinflationG	3,386,453	0	1,689,724	0
Transfer	3,546,358	-3,512,803	8,938,826	-8,765,028
Transfer to assets held for sale	0	0	-40,811,858	-4,002,517
Foreign exchange differences	-37,402,896	-98,312	-9,850,140	-2,944,059
Cost as at 31 December 2023	332,205,408	5,000,466	149,986,369	28,405,666
Accumulated depreciation as at 1 Jan 2023	-132,538,731	0	-60,632,580	0
Depreciation	-14,497,818	0	-7,567,771	0
Depreciation reversals	931,881	0	2,534,073	0
Transfer	889	0	0	0
Transfer to assets held for sale	0	0	5,837,046	0
Foreign exchange differences	9,779,930	0	2,927,522	0
Accumulated depreciation as at 31 Dec 2023	-136,323,849	0	-56,901,710	0
Accumulated impairment as at 1 Jan 2023	-23,590,118	0	-30,770,318	-2,803,518
Impairment	0	0	-6,632,680	-915,146
Transfer	0	0	-851,402	851,402
Transfer to assets held for sale	0	0	34,311,388	2,768,543
Foreign exchange differences	2,853,205	0	1,545,550	98,716
Accumulated impairment as at 31 Dec 2023	-20,736,913	0	-2,397,462	-3
Net book value as at 31 Dec 2023	175,144,646	5,000,466	90,687,197	28,405,663
Cost as at 1 January 2024	332,205,408	5,000,466	149,986,369	28,405,666
Additions (*)	0	4,372,433	207,892	6,022,264
Disposals	-2,587,264	-608,993	-4,932,047	-91,267
Hyperinflation	3,880,373	0	1,209,194	0
Transfer	2,380,254	-2,319,938	7,800,324	-7,800,324
Foreign exchange differences	-2,797,674	-27,756	-3,500	-335,229
Cost as at 31 December 2024	333,081,097	6,416,212	154,268,232	26,201,110
Accumulated depreciation as at 1 Jan 2024	-136,323,849	0	-56,901,710	0
Depreciation	-15,079,045	0	-6,336,156	0
Depreciation reversals	2,587,264	0	3,171,710	0
Hyperinflation	-822,978	0	-251,249	0
Foreign exchange differences	563,907	0	614,261	0
Accumulated depreciation as at 31 Dec 2024	-149,074,701	0	-59,703,144	0
Accumulated impairment as at 1 Jan 2024	-20,736,913	0	-2,397,462	-3
Impairment	-227,342	0	0	0
Foreign exchange differences	-291,179	0	136,410	0
Accumulated impairment as at 31 Dec 2024	-21,255,434	0	-2,261,052	-3
Net book value as at 31 Dec 2024	162,750,962	6,416,212	92,304,036	26,201,107

() Additions for the period include capitalised costs.
(*) Nurseries have been reclassified in 2023 from property, plant and equipment to biological assets.

Accounting policy regarding current biological assets is disclosed in Note 1.11.

72 | ANNUAL REPORT 2024 | Socfinaf S.A.

Consolidated financial statements

Note 7. Depreciation and impairment

2024	2023	EUR
		Depreciation and amortisation
53,805	54,808	Of intangible assets (Note 4)
32,756,190	34,523,229	Of property, plant and equipment excluding biological assets (Note 5) (*)
22,489,731	22,065,891	Of biological assets (Note 6) (*)
4,526,066	4,233,239	Of right-of-use assets (Note 3) (*)
		Impairment and impairment reversal
-222,096	165,453	Of property, plant and equipment excluding biological assets (Note 5)
227,342	7,547,826	Of biological assets (Note 6)
59,831,038	68,590,446	TOTAL

(*) Corresponds to amounts presented lines “Depreciation” and “Hyperinflation” for each Note

Note 8. Impairment of assets

Goodwill

Impairment tests on goodwill are performed at least once a year to assess whether the carrying amount is still appropriate.

Intangible and tangible assets and right-of-use assets

At each reporting date, the Group reviews the carrying amount of its intangible and tangible assets and right-of-use assets in order to assess whether there is any indication of impairment. If there is such an indication, the recoverable amount of the asset is estimated in order to determine the amount of the impairment loss.

Bearer biological assets

At each reporting date, the Group assesses if there is any indication that its biological assets may be impaired or if an impairment reversal should be considered. For this purpose, the Group assesses several indicators:

The significant and sustained decreasing trend in the prices of natural rubber (TSR20 1st position on SGX) and crude palm oil (CIF Rotterdam) was considered as an observable sign that the biological assets may have been impaired. A decrease in these prices at reporting date greater than 15% compared to an average of 5-year value has been set by the Group as an impairment indicator.

The Group also considers average prices, over the six months before reporting date and over the last twelve months, instead of only closing prices. This is done in order to avoid seasonal fluctuations in the prices of supply materials.

Moreover, the Group also reviews the prices observed on local market and considers a decrease in these prices at the closing date of more than 15% compared to an average of values over 5 years, as an impairment indicator.# Consolidated financial statements

In   addition   to   these   external   indicators,   the   Group   considers   the   following   indicators:
- Internal   performance   indicators;
- Criteria   relating   to   the   local   market;
- Physical   indicators   of   impairment;
- Significant   changes   in   plantations   that   could   have   a   material   impact   on   their   future   cash   flows.

If   an   indication   of   impairment   or   impairment   reversal   is   identified,   the   recoverable   amount   of   the   bearer   biological   assets   is   determined. Impairment   tests   must   be   performed   on   the   smallest   identifiable   group   of   assets   which   generates   cash   flows   independently   of   other   assets   or   groups   of   assets,   and   for   which   the   Group   prepares   financial   information   for   the   Board   of   Directors.

The   identification   of   Cash   Generating   Units   (CGUs)   depends,   in   particular,   on:
- how   the   Group   manages   the   activities   of   the   entity;
- the   way   in   which   decisions   are   made   with   regards   to   the   pursuit   or   the   disposal   of   its   activities   and;
- the   existence   of   an   active   market   for   all   or   part   of   the   production.

The   Group   considers   the   political   and   country   specific   risk   factors   while   reviewing   business   evolution.   Therefore,   companies   are   grouped   within   the   CGU   country.

The   recoverable   amount   of   bearer   biological   assets   is   determined   through   the   calculation   of   value   in   use   by   using   the   most   recent   information   approved   by   the   local   management.   Those   information   comprise   the   measures   taken   that   will   help   to   prevent   the   effects   of   the   climate   change   (maintenance   program,   land   and   field   preparation   against   the   fire   and  /  or   flooding   resulting   from   heavy   rainfalls).  The  impacts  on  future   cash-flows   of   the   potential   effects   of   climate   changes   are   therefore   taken   into   consideration.   Then   the   Group   uses   the   discounted   value   of   expected   net   cash   flows,   which   are   discounted   at   a   pre-tax   rate.  On   the   reporting   date,   the   financial   projection   incorporates   the   full   exploitation   of   the   younger   bearer   biological   assets.  The   operational   life   ranges   from   25   to   30   years   for   both   crops.  This   period   can   be   adapted   according   to   the   particular   circumstances   for   each   entity.

The   value   in   use   calculation   has   been   very   sensitive   to:
- changes   in   the   margins   achieved   by   the   entity   and
- changes   related   to   discount   rates.

This   sensitivity   analysis   is   performed   whenever   an   impairment   test   is   performed   after   impairment   indicators   are   identified.

Changes in realised margins

Initially,  the  Group  determines  separately  the  expected  production  of  each  category  of  bearer  biological  assets  within  the  entity  over  their  remaining  life.  This  expected  production  is  estimated  through  the  surface  areas  planted  on  the  reporting  date  as  well  as  through  the  actual  crop  yield  recorded  during  the  financial  year.  The  latter  depends  on  the  maturity  of   the  bearer  biological  asset.  Production  is  then  valued   on  an  average  basis   of  five-year   of   the   margins   that   were   achieved   by   the   entity   in   relation   to   agricultural   activities.

The   value   in   use   of   the   bearer   biological   asset   is   then   obtained   by   discounting   these   cash   flows.  Average   margins   are   considered   constant   over   the   duration   of   the   financial   projection.  An   indexing   factor   is   not   considered.

Conclusion - financial impacts

Intangible and tangible assets

As   at   31   December   2024,   no   impairment   was   recognised   on   tangible   assets   (2023:   impairment   loss   for   EUR   0.3   million   and   impairment   reversal   for   EUR   0.1   million).

Bearer biological assets – indicators of impairment

As   at   31   December   2024   the   closing   prices,   average   prices   over   the   last   6   months   and   average   prices   over   the   last   12   months,   did   not   altogether   exceed   15%   of   the   average   5-year   value,   for   the   Rubber   and   Palm   segments.

The   review   of   prices   and   of   other   indicators   led   to   the   conclusion   that   there   are   no   external   nor   internal   indicators   of   impairment.

Bearer biological assets – financial impact

As   at   31   December   2024,   accumulated   impairment   losses   in   the   palm   business   segment   amounted   to   EUR   7.2   million   for   Brabanta,   EUR   9.4   million   for   Agripalma   and   EUR   4.6   million   for   SAC.   For   the   rubber   segment,   the   accumulated   impairment   losses   are   EUR   0.9   million   for   PSG and   EUR   1.4   million   for   Safacam  (Note  7).  No  impairment  reversal  indicators   have   been   identified during  the  year.

Note 9. Non-wholly owned subsidiaries in which non-controlling interests are significant

Interests of non-controlling interests in the activities of the Group
| Subsidiary | Main location | Percentage of equity shares of non-controlling interest | Percentage of voting rights of non-controlling interests |
|---|---|---|---|
| | | 2024 | 2023 | 2024 | 2023 |
| Production of palm oil and rubber | | | | | |
| SOGB | Côte d’Ivoire | 36% | 36% | 27% | 27% |
| OKOMU | Nigeria | 34% | 34% | 34% | 34% |
| SAFACAM | Cameroon | 31% | 31% | 31% | 31% |
| SOCAPALM | Cameroon | 33% | 33% | 33% | 33% |

Net income attributed to non-controlling interests in the subsidiary during the financial period	Accumulated non-controlling interests in the subsidiary
2024	2023
EUR
Subsidiary
SOGB	7,730,403
OKOMU	9,254,519
SAFACAM	977,083
SOCAPALM	4,144,543
Subsidiaries that hold non-controlling interests that are not significant individually	10,465,020
Non-controlling interests	103,401,281

Summary financial information concerning subsidiaries whose interests of non-controlling interests are significant for the Group excluding intragroup eliminations
| | 2023 | | 2024 |
|---|---|---|---|---|
| | Current | Non-current | Current | Non-Current |
| | assets | assets | liabilities | Liabilities |
| Subsidiary | EUR | EUR | EUR | EUR |
| SOGB | 39,237,673 | 96,453,663 | 35,692,377 | 7,376,308 |
| OKOMU | 23,453,222 | 59,724,716 | 17,910,393 | 24,411,400 |
| SAFACAM | 13,883,373 | 34,456,093 | 11,913,763 | 7,092,036 |
| SOCAPALM | 28,442,311 | 111,898,820 | 31,614,481 | 5,254,925 |
| SOGB | 40,702,405 | 94,919,366 | 23,694,915 | 6,891,247 |
| OKOMU | 22,984,839 | 50,369,814 | 24,152,737 | 13,900,840 |
| SAFACAM | 14,348,699 | 34,647,702 | 10,520,634 | 5,829,629 |
| SOCAPALM | 27,143,220 | 112,732,284 | 37,154,606 | 1,516,694 |

| | 2023 | | 2024 |
|---|---|---|---|---|
| | Revenue from | Net income | Comprehen- | Dividends |
| | ordinary | for the | sive income | paid to non- |
| | activities | period | for the | controlling |
| | | period | interests | |
| Subsidiary | EUR | EUR | EUR | EUR |
| SOGB | 111,971,288 | 8,034,526 | 8,034,526 | 5,480,113 |
| OKOMU | 113,518,676 | 35,264,066 | 35,264,066 | 8,816,146 |
| SAFACAM | 35,943,252 | 933,817 | 933,817 | 1,303,922 |
| SOCAPALM | 129,002,660 | 18,194,012 | 18,194,012 | 5,107,090 |
| SOGB | 136,312,714 | 19,987,271 | 19,987,271 | 2,750,076 |
| OKOMU | 81,277,158 | 26,127,523 | 26,127,523 | 4,804,879 |
| SAFACAM | 44,987,896 | 4,240,244 | 4,240,244 | 287,131 |
| SOCAPALM | 154,353,699 | 15,869,417 | 15,869,417 | 5,901,526 |

| | 2023 | | 2024 |
|---|---|---|---|---|
| | Net cash | Net cash | Net cash | Net cash |
| | inflows | Investing | Financing | inflows |
| | (outflows) | activities | activities | (outflows) |
| Subsidiary | Operating | | | |
| | activities | EUR | EUR | EUR |
| | EUR | | | |
| SOGB | 30,182,499 | -8,399,725 | -18,023,120 | 3,759,654 |
| OKOMU | 32,367,223 | -11,180,148 | -25,909,506 | -4,722,431 |
| SAFACAM | 5,355,954 | -4,585,446 | -2,522,796 | -1,752,289 |
| SOCAPALM | 35,566,217 | -11,080,808 | -19,192,268 | 5,293,141 |
| SOGB | 23,309,905 | -9,498,240 | -15,491,033 | -1,679,368 |
| OKOMU | 31,159,075 | -10,140,922 | -15,469,383 | 5,548,771 |
| SAFACAM | 8,680,251 | -3,781,083 | -2,641,087 | 2,258,082 |
| SOCAPALM | 31,709,026 | -14,465,968 | -20,230,963 | -2,987,905 |

The   nature   and   evolution   of   the   risks   associated   with   the   interests   held   by the   Group   in   the   subsidiaries   remained   stable   over   the   financial   period   compared   to   the   previous year.

Note 10. Investments in associates

	2024	2023
Value as at 1 January	24,499,660	27,288,358
Income from associates	4,681,925	6,002,745
Dividends	-3,894,328	-8,292,174
Share in other comprehensive income from associates	0	-337,884
Increase in associates’s Equity (*)	2,936,903	0
Other movements	504,302	-161,386
Value as at 31 December	28,728,462	24,499,660

(*) Corresponds to Induservices FR increase in share capital during 2024.

	Value of	Income from	Value of	Income from
	investment in associates	associates	investment in associates	associates
	31/12/2024	2024	31/12/2023	2023
EUR
Centrages	3,248,519	1,883	3,346,636	79,639
Immobilière de la Pépinière	1,733,626	-60,181	1,794,038	-71,861
Induservices	179,278	33,441	145,837	47,547
Induservices FR	556,217	-2,380,685	0	125,258
Socfinco	330,643	16,790	313,853	-4,683
Socfinco FR	9,418,614	2,312,487	7,106,126	2,558,601
Socfinde	1,542,839	94,839	1,848,000	124,448
Sodimex FR	1,980,344	163,514	2,116,830	342,281
Sogescol FR	9,434,275	4,490,177	7,533,893	2,791,818
Terrasia	304,106	9,660	294,446	9,698
TOTAL	28,728,461	4,681,925	24,499,659	6,002,746

	Total assets	Revenue	Total assets	Revenue
	31/12/2024	2024	31/12/2023	2023
EUR
Centrages	3,513,590	4,133,102	3,973,190	3,921,004
Immobilière de la Pépinière	3,527,021	542,766	3,738,399	512,571
Induservices	825,299	2,000,440	1,080,076	2,240,040
Induservices FR	8,079,485	4,277,158	7,823,488	3,651,270
Socfinco	1,561,286	0	1,581,948	0
Socfinco FR	22,775,929	26,198,369	25,146,251	26,708,826
Socfinde	142,309,736	0	110,740,705	0
Sodimex FR	10,696,365	19,727,530	8,126,993	21,344,372
Sogescol FR	78,921,062	425,221,366	47,993,053
## Main data of significant associates accounted for using the equity method
Associate company	Main location	Main activity	Dividend received 31/12/2024 EUR	Dividend received 31/12/2023 EUR
---	---	---	---	---
Socfinco  FR	Switzerland	Rendering  of  services	0	4,000,000
Socfinde	Luxembourg	Financial  Holding	400,000	0
Sodimex  FR	Switzerland	Purchase  and  sale  of  equipment	300,000	375,000
Sogescol  FR	Switzerland	Trade  of  tropical  products	3,086,989	3,744,267
TOTAL			3,786,989	8,119,267

Summary financial information of interests held in associates - Statement of financial position

Associate company	Current assets 31/12/2023 EUR	Non-current assets 31/12/2023 EUR	Current liabilities 31/12/2023 EUR	Non-current liabilities 31/12/2023 EUR
Centrages	2,473,196	1,499,994	677,627	0
Socfinco  FR	19,702,567	5,443,685	8,691,698	1,533,477
Socfinde	107,749,118	2,991,587	97,660,026	6,412,830
Sodimex  FR	8,104,378	22,616	3,492,398	321,364
Sogescol  FR	44,344,968	3,648,084	32,518,033	397,673
TOTAL	182,374,227	13,605,966	143,039,782	8,665,344

Associate company	Current assets 31/12/2024 EUR	Non-current assets 31/12/2024 EUR	Current liabilities 31/12/2024 EUR	Non-current liabilities 31/12/2024 EUR
Centrages	2,395,093	1,118,497	456,017	0
Socfinco  FR	18,035,233	4,740,696	3,389,631	0
Socfinde	139,268,149	3,041,587	130,689,832	6,412,830
Sodimex  FR	10,685,793	10,572	6,595,552	17,955
Sogescol  FR	75,282,614	3,638,448	59,233,967	0
TOTAL	245,666,882	12,549,800	200,364,999	6,430,785

Summary financial information of interests held in associates - Income statement

Associate company	Profit from operations 2023 EUR	Net income for the period 2023 EUR	Other comprehensive income for the period 2023 EUR	Total comprehensive income for the period 2023 EUR
Centrages	217,890	117,522	0	117,522
Socfinco  FR	7,755,033	6,488,998	-91,830	6,397,168
Socfinde	-64,129	644,758	0	644,758
Sodimex  FR	712,284	609,180	-33,645	575,535
Sogescol  FR	7,990,852	6,193,674	-87,087	6,106,587
TOTAL	16,611,930	14,054,132	-212,563	13,841,569

Associate company	Profit from operations 2024 EUR	Net income for the period 2024 EUR	Other comprehensive income for the period 2024 EUR	Total comprehensive income for the period 2024 EUR
Centrages	-33,077	-37,989	0	-37,989
Socfinco  FR	5,136,985	4,465,222	0	4,465,222
Socfinde	-57,041	539,225	0	539,225
Sodimex  FR	442,336	369,626	0	369,626
Sogescol  FR	13,841,623	9,711,688	0	9,711,688
TOTAL	19,330,826	15,047,772	0	15,047,772

Reconciliation of the financial information summarised above to the carrying amount of the investments in the consolidated financial statements

Associate company	Net assets of the associate 31/12/2023 EUR	% stake held by the Group 31/12/2023	Other adjustments 31/12/2023 EUR	IFRS Value of stake held by the Group 31/12/2023 EUR
Centrages	3,295,563	50%	3,346,636	1,698,855
Socfinco  FR	14,921,077	50%	-354,413	7,106,126
Socfinde	6,667,849	20%	514,430	1,848,000
Sodimex  FR	4,313,232	50%	-39,786	2,116,830
Sogescol  FR	15,077,346	50%	-4,780	7,533,893
TOTAL	44,275,067		1,814,306	21,951,485

Associate company	Net assets of the associate 31/12/2024 EUR	% stake held by the Group 31/12/2024	Other adjustments 31/12/2024 EUR	IFRS Value of stake held by the Group 31/12/2024 EUR
Centrages	3,057,573	50%	3,248,519	1,719,733
Socfinco  FR	19,386,298	50%	-274,535	9,418,614
Socfinde	5,207,074	20%	501,424	1,542,839
Sodimex  FR	4,082,858	50%	-61,085	1,980,344
Sogescol  FR	19,687,095	50%	-409,273	9,434,275
TOTAL	51,420,898		1,476,264	25,624,591

There  is  no  goodwill  attributed  to  the  above  associates.

Aggregated information relating to associates that are not significant individually

	2024 EUR	2023 EUR
Share  of  profit  from  continued  operations  attributable  to  the  Group	-2,380,975	185,598
Share  of  other  comprehensive  income  attributable  to  the  Group	0	-125,259
Share  of  total  comprehensive  income  attributable  to  the  Group	-2,380,975	60,339
Total  book  value  of  investments  in  associates  held  by  the  Group	3,103,871	2,548,175

The  nature,  extent  and  financial  impact  of  the  interests  held  in  associates  by  the  Group,  including  the   nature   of   relationships   with   other   investors,   remained   stable   over   the   financial   period   compared   to the previous year.

Note 11. Financial assets at fair value through other comprehensive income

	2024 EUR	2023 EUR
Fair value as at 1 January	4,800,038	300,038
Additions	0	4,500,000
Fair value as at 31 December	4,800,038	4,800,038

	Cost (historical) 31/12/2024 EUR	Cost (historical) 31/12/2023 EUR	Fair value 31/12/2024 EUR	Fair value 31/12/2023 EUR
Financial  assets  at  fair  value  through  other  comprehensive  income	4,800,038	4,800,038	4,800,038	4,800,038

As  at  31  December  2024,  the  financial  assets  at  fair  value  through  other  comprehensive  income  mainly  correspond  to  Management  Associates  shares.

Note 12. Deferred taxes

* Components of deferred tax assets and liabilities

	2024 EUR	2023 EUR
IAS  2  /  IAS  41:  Agricultural  production	-2,659,036	-915,418
IAS  12:  Losses  carried  forward  activated	5,171,080	238,349
IAS  12:  Tax  latencies  (*)	-6,931,640	-6,474,314
IAS  16:  Property,  plant  and  equipment  (**)	-13,916,767	-16,196,712
IAS  19:  Pension  obligations	2,757,288	2,545,646
IAS  21:  Translation  differences	0	-1,210,662
IAS  37:  Provisions  for  risks  and  charges	946,458	375,811
IAS  38:  Formation  expenses	-9,465	0
IAS  38:  Research  costs	316,988	360,975
IFRS  9:  Financial  assets  measured  at  fair  value  through  other  comprehensive  income	0	-47,377
IFRS  16:  Leases  (**)	-31,609	-44,883
IAS  41:  Biological  assets  (**)	-919,292	-480,896
Others	-4,933	-83
Balance as at 31 December	-15,280,928	-21,849,564
Of which deferred tax assets	12,390,875	2,735,633
Of which deferred tax liabilities	-27,671,802	-24,585,197

()  Mainly  linked  to  withholding  tax  on  dividends  for  EUR  4.1  million.
(*)   Of  which  EUR  -2.7  million  relating  to  hyperinflation G   (reevaluation  of  property,  plant  and  equipment,  biological  assets  and   right  of  use  assets).

The  above  deferred  taxes  are  presented  per  category  of   deferred   taxes   resulting   from   consolidated   adjustments.   They   are   calculated   company   per   company  and  the  net  position  between  deferred  tax   liabilities   and   deferred   tax   assets   is   presented.

Based   on   the   assessment   performed,   the   Group   has   not   identified   any   material   potential   exposure   to   Pillar   Two   income   taxes   in   respect   of   profits   earned   during   the   year   (2023:   not   applicable).

* Contingent tax assets and liabilities

Some  of  the  subsidiaries  have  accumulated  tax  losses  that  are  or  are  not  limited  over  time  or   capital   allowances  limited  or  not  over  time. Brabanta   and   Agripalma   have   unused   tax   losses   and   tax   latencies,   whose   recoverability   is   uncertain,   amounting   to   EUR   17.4   million   (recoverability   not   limited),   and   EUR   10.5   million   (to   use   before   2030)   respectively   as   at   31   December   2024. Socfinaf   has   unused   tax   losses   of   EUR   219.0   million   (mainly   to   use   before   2040). Due   to   the   instability   which   may   exist   in   these   countries   with   regards   to   the   evolution   of   tax   legislation   or   its   application,   no   deferred  tax   assets   have   been   booked   related  to  these   tax   losses.

Note 13. Current tax assets and liabilities

* Components of current tax assets

	2024 EUR	2023 EUR
Current tax assets as at 1 January	9,549,094	12,438,610
Tax  income	1,443,799	1,133,981
Other  taxes	10,086,112	9,529,471
Taxes  paid  or  recovered	-944,164	-263,201
Transfer  (*)	-13,654,242	-12,782,933
Transfer  to  assets  held  for  sale	0	-299,780
Foreign  exchange  differences	-414,587	-207,054
Current tax assets as at 31 December	6,066,012	9,549,094

(*)   Corresponds  mainly  to  offset  of  tax  assets  and  tax  liabilities.

* Components of current tax liabilities

	2024 EUR	2023 EUR
Current tax liabilities as at 1 January	28,701,137	40,651,438
Tax  expense	34,918,600	31,897,496
Other  taxes  (*)	43,162,648	38,366,780
Taxes  paid  or  recovered  (**)	-56,890,316	-58,507,765
Transfer  (***)	-14,178,878	-13,881,093
Foreign  exchange  differences	-4,727,516	-9,825,719
Current tax liabilities as at 31 December	30,985,675	28,701,137

()   Other   taxes   are   composed   of   taxes   not   included   in   general   tax   expenses:   VAT,   withholding   tax,   custom   tax,...
()   This   includes   income   taxes   and   also   other   taxes.
(**)   Corresponds   mainly   to   offset   of   tax   assets   and   tax   liabilities.

Note 14. Income tax expense

* Components of the tax expense

	2024 EUR	2023 EUR
Income  tax  expense  (*)	37,722,511	36,557,147
Deferred  tax  expense  /  (income)	-1,004,672	4,971,264
Tax expense as at 31 December	36,717,839	41,528,411

()   Withholding   tax   on   dividends   is   presented   within   income   tax   expense. Components of the deferred tax (expense) / income 2024 2023 EUR
IAS 12: Deferred taxes 382,364 -102,571
IAS 19: Pension obligations -354,828 1,553,831
IAS 38: Intangible assets 43,879 484,856
IAS 2 / IAS 41: Fair value of agricultural produce 1,886,214 -2,143,595
IFRS 9: Forward exchange contracts -29,412 0
IFRS 3: Fair valuation of buildings -364 -16,005
IAS 12: New tax latencies 2,843,286 2,523,222
IAS 12: Tax latencies recognised -4,691,904 0
IAS 16: Tangible assets 410,940 539,398
IAS 37: Provisions for risks and charges -681,417 25,932
IAS 21: Foreign exchange differences -751,573 1,819,832
IFRS 16: Leases -66,719 286,364
Others 4,862 0
Deferred tax expense / (income) as at 31 December -1,004,672 4,971,264

82 | ANNUAL REPORT 2024 | Socfinaf S.A.
Consolidated financial statements

• Reconciliation between income statement and cash flow statement

	2024	2023
EUR
Income tax expense paid during the period	-37,722,511	-36,557,147
Income tax – movement financial position	7,757,536	1,401,592
Income tax paid	-29,964,975	-35,155,555

• Reconciliation of income tax expense

	2024	2023
EUR
Profit before tax from continuing operations	113,817,135	84,850,434
Nominal tax rate of the parent company	24.94%	24.94%
Nominal tax rate of subsidiaries	from 0% to 33%	from 0% to 33%
Income tax at nominal tax rates of subsidiaries	26,544,284	18,981,308
Definitively taxed income	3,317,996	2,843,271
Use of unrecognised capital allowances	-544,530	-192,116
Specific tax regimes in foreign countries	7,856,944	7,215,176
Non-taxable income	-6,327,763	-5,601,483
Non-deductible expenses	7,799,038	6,629,405
Use and recognition of tax latencies	-7,061,820	-1,410,695
Unrecognised losses carried forward	3,065,503	8,294,995
Other tax benefits	-24,392	-10,671
Additional tax assessment	3,287,343	232,357
Impact of change in tax rate	-1,194,771	4,552,406
Other adjustments	7	-5,542
Tax expense as at 31 December	36,717,839	41,528,411

Socfinaf S.A. | ANNUAL REPORT 2024 | 83
Consolidated financial statements

Note 15. Inventories

• Carrying value of inventories by category

	31/12/2024	31/12/2023
EUR
Raw materials	33,419,082	24,638,464
Consumables	17,675,787	16,850,225
Spare parts	34,182,829	30,663,090
Production in progress	725,886	858,179
Finished products	19,283,456	17,728,911
Down-payments and orders in progress	3,226,579	2,945,178
Gross amount (before impairment) as at 31 December	108,513,619	93,684,047
Inventory write-downs	-6,459,851	-4,947,343
Net amount as at 31 December	102,053,768	88,736,704

• Reconciliation of inventories

	2024	2023
EUR
Situation as at 1 January	93,684,047	111,161,829
Change in inventory	11,553,053	5,770,503
Fair value of agricultural products	6,985,822	-9,522,251
Transfer to assets held for sale	0	-956,711
Hyperinflation	225,880	0
Foreign exchange differences	-3,935,183	-12,769,323
Gross amount (before impairment) as at 31 December	108,513,619	93,684,047
Inventory write-downs	-6,459,851	-4,947,343
Net amount as at 31 December	102,053,768	88,736,704

• Quantity of inventory by category

	31/12/2023	31/12/2024
	Raw materialsG Production-in- Finished goodsG progressG	Raw materialsG Production-in- Finished goodsG progressG
Crude Palm Oil / Palm Kernel Oil (tons)	0 0 10,843	0 0 6,439
Rubber (tons)	33,065 0 9,799	30,503 0 11,347
Others (units)	0 0 2,386,647	0 0 8,259,150

84 | ANNUAL REPORT 2024 | Socfinaf S.A.
Consolidated financial statements

Note 16. Trade receivables (current assets)

	31/12/2024	31/12/2023
EUR
Trade receivables	28,750,979	22,784,333
Advances and prepayments	3,516,525	4,451,502
TOTAL	32,267,504	27,235,835

The accounting and risk management policies related to receivables are detailed in Notes 1 and 33. The Group performed ECL analysis on trade receivables during the year. Following this analysis, the Group did not identify any material impairment to book.

Note 17. Other receivables (current assets)

	31/12/2024	31/12/2023
EUR
Social security	1,132,601	1,247,379
Other receivables (*)	14,141,323	21,252,251
Accrued charges	454,580	631,589
TOTAL	15,728,504	23,131,219

(*) Other receivables include receivables linked to non-operational activities and a receivable of EUR 8.5 million (EUR 15.9 million in 2023) relating to the cash pooling at the level of Socfinaf and its subsidiaries with related parties outside the consolidation scope.

Note 18. Cash and cash equivalents

• Reconciliation with the amounts in the financial statements

	2024	2023
EUR
Current account	40,464,609	39,741,654
TOTAL	40,464,609	39,741,654

• Reconciliation with the cash flow statement

	2024	2023
EUR
Current account	40,464,609	39,741,654
Bank overdrafts (*)	-5,026,090	-3,470,366
TOTAL	35,438,519	36,271,288

(*) See also Note 22.

Socfinaf S.A. | ANNUAL REPORT 2024 | 85
Consolidated financial statements

Note 19. Share capital and share premium

Issued and fully paid capital amounted to EUR 35.7 million as at 31 December 2024 (stable compared to 2023). There is a share premium of EUR 87.5 million added to the subscribed capital.
As at 31 December 2024, the share capital is represented by 17,836,650 shares with no designation of par value.

Ordinary shares

	31/12/2024	31/12/2023
Number of shares	17,836,650	17,836,650
Number of subscribed shares without designation of par value	17,836,650	17,836,650

Note 20. Legal reserves

In accordance with Luxembourg commercial law, the Company is required to allocate a minimum of 5% of its net profit for each financial year to a legal reserve. This requirement ceases to be necessary once the balance on the legal reserve reaches 10% of the subscribed share capital. The legal reserve is not available for distribution to the shareholders.

86 | ANNUAL REPORT 2024 | Socfinaf S.A.
Consolidated financial statements

Note 21. Pension obligations

• Defined benefit pension plan and post-employment benefits

Besides the legislation on social security applicable locally, most of the employees of the Group in Africa benefit from a defined benefit pension plan. The subsidiaries pay benefits in the event of retirement and depending on countries in case of dismissal. The benefits paid are calculated as a percentage of salary and are based on the number of years of service. The plans are governed by the local collective agreements in force in each country.
The benefits payable to the staff of the Cameroonian subsidiary Socapalm are financed by assets that include insurance contracts whose price is not quoted on active markets.

	2024	2023
EUR	Fair value of the defined benefit plans assets	Net amount recognised
Assets and liabilities recognised in the statement of financial position
Present value of obligations	14,499,786	-1,333,054
Net amount recognised in the statement of financial position for defined benefit plans	14,499,786	-1,333,054

	2024	2023
EUR	Current service costs	Financial costs
Components of net charge
Current service costs	812,117	0
Financial costs	1,056,642	23,824
Interest income on plan assets	0	-229,001
Early retirement, reductions, liquidations	0	0
Past service costs	0	0
Defined benefit plan costs	1,868,759	-205,177

	2024	2023
EUR	Present value of obligations	Fair value of the defined benefit plans assets
Movements in liabilities / net assets recognised in the statement of financial position
As at 1 January	13,932,928	-1,431,667
Costs as per income statement	1,868,759	-205,177
Contributions by employer	-934,503	-680,676
Costs of services rendered	-211,986	211,986
Actuarial gains and losses recognised in other comprehensive income	481,640	149,111
Reclassification of net asset	0	623,370
Foreign exchange differences	-637,052	0
As at 31 December	14,499,787	-1,333,054

Provisions are based on actuarial valuation reports prepared in January 2025.

Socfinaf S.A. | ANNUAL REPORT 2024 | 87
Consolidated financial statements

• Actuarial gains and losses recognised in other comprehensive income

	2024	2023
EUR	Present value of obligations	Fair value of the defined benefit plans assets
Adjustments of liabilities related to experience	-1,402,613	0
Changes in financial assumptions related to recognised liabilities	422,885	0
Changes in demographic assumptions related to recognised liabilities	498,087	0
Return on assets in the plan excl. interest income	0	-149,111
Actuarial gains and losses recognised during the period in other comprehensive income	-481,641	-149,111

• Actuarial valuation assumptions

	2024	2023
AFRICA
Average discount rate	from 4.71% to 20.16%	from 5.42% to 17.11%
Expected long-term returns of plan assets	315,821	229,001
Future salary increases	from 1.74% to 10.80%

• Sensitivity analysis of the present value of defined benefit obligations
  2024 2023
  EUR
  Actuarial value of the obligation -  Pension  plan 14,499,786 13,932,928
  -  Fair  value  of  plan  assets -1,333,054 -1,431,667
  Total as at 31 December 13,166,732 12,501,261

Actuarial rate (on pension plan)
Increase  of  0.5% 14,083,715 13,515,787
Decrease  of  0.5% 14,941,729 14,375,266

Expected future salary increases (on pension plan)
Increase  of  0.5% 14,916,305 14,360,688
Decrease  of  0.5% 14,104,320 13,526,805

The  sensitivity  analysis  is  based  on  the  same  actuarial  method  used  to  measure  the  obligations  of  the  defined  benefit  plans.  The  mortality  rate  which  can  be  impacted  by  the  effect  of  the  climate  change  is  included  in  this  sensitivity  analysis.

88 | ANNUAL REPORT 2024 | Socfinaf S.A.
Consolidated financial statements

• Impact of the defined benefit pension plan on future cash flows
  2025 2024
  Estimated  contributions  for  the  next  financial  year  (in  euros) 2,831,681 1,812,594

2024 2023
Weighted  average  duration  of  defined  benefit  plan  obligations  (in  years) 5.5 6.1

• Pension scheme with defined benefit obligations
  2024 2023
  EUR
  Accounted  expense  for  the  defined  contribution  pension  plan 2,637,484 2,621,986

Note 22. Financial debts

31/12/2023
EUR | < 1 year | > 1 year | TOTAL
------- | -------- | -------- | --------
Loans  held  by  financial  institutions | 13,137,581 | 17,357,744 | 30,495,325
Lease  liabilities | 2,778,042 | 24,950,880 | 27,728,922
Other  loans  () | 47,495,679 | 85,420,573 | 132,916,252
Bank  overdrafts  (*) | 3,470,366 | 0 | 3,470,366
TOTAL | 66,881,668 | 127,729,197 | 194,610,865

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

()   This  balance  includes  an  amount  of  EUR  70.0  million  payable  to  Socfin  and  shareholders  by  Socfinaf  (2023:  EUR  120.0  million).   See note 30.
(*)  See  also  Note  18.

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%.
As  explained  in  Note  33,  interest  rate  management  is  the  subject  of  ongoing  management  attention.
In  compliance  with  its  covenants  towards  Socfin,  Socfinaf  should  avoid  to  be  subject  to  bankruptcy,  liquidation,  or  any  Luxembourg-based  and  foreign  law  proceedings,  affecting  the  rights  of  creditors  generally.  Socfinaf  also  engages  to  pay  all  amounts  towards  Socfin  on  due  date.  In  case  of  default,  the  overall  outstanding  amount  (EUR  30,000,000  as  at  31  December  2024)  would  be  immediately  due  and  payable.

Socfinaf S.A. | ANNUAL REPORT 2024 | 89
Consolidated financial statements

• Long-term debt analysis by interest rate

31/12/2023
EUR | Fixed Rate Rate | Floating rate Rate | TOTAL
------- | -------- | -------- | --------
Loans held by financial institutions
Côte  d’Ivoire | 175,639 | 5.50% | 0 | - | 175,639
Nigeria | 7,240,279 | 5.00%  to  10.00% | 0 | - | 7,240,279
Cameroon | 8,316,825 | 5.70%  to  7.09% | 0 | - | 8,316,825
Ghana | 1,625,000 | 4.00% | 0 | - | 1,625,000
| 17,357,743 | | 0 | | 17,357,743
Other loans
Europe | 80,000,000 | 6.00%  to  6.25% | 0 | - | 80,000,000
Sierra Leone | 5,420,573 | 0%  to  3.00% | 0 | - | 5,420,573
| 85,420,573 | | 0 | | 85,420,573
TOTAL | 102,778,316 | | 0 | | 102,778,316

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

90 | ANNUAL REPORT 2024 | Socfinaf S.A.
Consolidated financial statements

• Long-term debt analysis by currency

31/12/2023
EUR | C FA | NGN | STN | USD | GHS | CDF | TOTAL
------- | -------- | -------- | -------- | -------- | -------- | -------- | --------
EUR | Loans  held  by  financial | 1,625,000 | 8,492,464 | 7,240,279 | 0 | 0 | 0 | 0 | 17,357,743
insitutions | | | | | | |
Other  loans | 80,000,000 | 0 | 0 | 0 | 5,420,573 | 0 | 0 | 85,420,573
Lease  liabilities | 0 | 20,289,243 | 3,236,272 | 112,602 | 1,260,191 | 25,509 | 27,063 | 24,950,880
TOTAL | 81,625,000 | 28,781,707 | 10,476,551 | 112,602 | 6,680,764 | 25,509 | 27,063 | 127,729,196

31/12/2024
EUR | C FA | NGN | STN | USD | GHS | CDF | TOTAL
------- | -------- | -------- | -------- | -------- | -------- | -------- | --------
EUR | Loans  held  by  financial | 0 | 4,549,422 | 3,804,741 | 0 | 0 | 0 | 0 | 8,354,163
insitutions | | | | | | |
Other  loans | 30,000,000 | 0 | 0 | 0 | 0 | 0 | 0 | 30,000,000
Lease  liabilities | 0 | 21,455,410 | 2,377,968 | 101,977 | 2,201,431 | 21,772 | 26,096 | 26,184,654
TOTAL | 30,000,000 | 26,004,832 | 6,182,709 | 101,977 | 2,201,431 | 21,772 | 26,096 | 64,538,817

• Long-term debt analysis by maturity

31/12/2023
EUR | 2025 | 2026 | 2027 | 2028 | 2029 and above | TOTAL
------- | -------- | -------- | -------- | -------- | -------- | --------
Loans  held  by  financial  institutions | 8,362,989 | 4,773,585 | 4,061,408 | 2,685,043 | 1,051,182 | 20,934,207
Lease  liabilities | 2,332,498 | 1,812,884 | 1,534,512 | 121,920 | 19,149,066 | 24,950,880
Other  loans | 6,937,466() | 85,000,000() | 0 | 0 | 3,487,181 | 95,424,647
TOTAL | 17,632,952 | 91,586,469 | 5,595,920 | 2,806,963 | 23,687,429 | 141,309,733
(*)   Those  amounts  correspond  to  the  interests  and  capital  to  be  repaid  on  the  EUR  80  million  long-term  loans,  disclosed  in  Note  30.

31/12/2024
EUR | 2026 | 2027 | 2028 | 2029 | 2030 and above | TOTAL
------- | -------- | -------- | -------- | -------- | -------- | --------
Loans  held  by  financial  institutions | 3,857,659 | 3,197,038 | 1,999,062 | 655,502 | 0 | 9,709,261
Lease  liabilities | 2,804,012 | 2,505,730 | 731,656 | 158,689 | 19,984,567 | 26,184,654
Other  loans | 31,875,000() | 0 | 0 | 0 | 0 | 31,875,000
TOTAL | 38,536,671 | 5,702,768 | 2,730,718 | 814,191 | 19,984,567 | 67,768,915
()   Those  amounts  correspond  to  the  interests  and  capital  to  be  repaid  on  the  EUR  30  million  long-term  loan,  disclosed  in  Note  30.

• Short-term debt analysis

The  short-term  debts  are  mainly  composed  of  the  shareholder  advances  with  Bolloré  and  Mopoli.  The  detail  of  the  interest  rates,  currency  and  maturity  are  disclosed  in  Note  30.

Socfinaf S.A. | ANNUAL REPORT 2024 | 91
Consolidated financial statements

• Net cash surplus / (net debt)

31/12/2024 | 31/12/2023
EUR |
------- | --------
Cash  and  cash  equivalents 40,464,609 | 39,741,654
Long-term  debt  net  of  current  portion -38,354,164 | -102,778,317
Short-term  debt  and  current  portion  of  long-term  debt -60,106,451 | -64,103,627
Lease  liabilities -29,459,445 | -27,728,922
Net debt -87,455,451 | -154,869,212

Cash  and  cash  equivalents 40,464,609 | 39,741,654
Loan  bearing  interest  at  a  fixed  rate -98,460,615 | -166,881,944
Lease  liabilities -29,459,445 | -27,728,922
Net debt -87,455,451 | -154,869,212

• Reconciliation of net cash surplus / (net debt)

| | Short-term | Cash | Bank | Sub-total | Long-term Debt | and | Sub-total | TOTAL
| | debt and | cash | overdraft | | current debt, | current | of |
| | cash | equivalents | | | portion of | debt, net | long-term |
| | equivalents | | | | long-term | related to | portion |
| | | | | | debt | leases | |
| | | | | | | | |
As at 1 January 2023 | 63,638,032 | -10,695,901 | 52,942,131 | -72,781,426 | -163,937,124 | -10,206,202 | -246,924,752 | -193,982,621
Cash  flows | -14,319,139 | 7,225,534 | -7,093,605 | 24,092,568 | 37,988,001 | 4,623,622 | 66,704,191 | 59,610,586
Foreign  exchange  differences | -9,216,071 | 0 | -9,216,071 | 138,407 | 9,990,476 | 2,274,529 | 12,403,412 | 3,187,341
Transfer | 0 | 0 | 0 | -12,082,811 | 13,180,334 | 0 | 1,097,523 | 1,097,523
Transfer  to  assets  held  for  sale | -361,169 | 0 | -361,169 | 0 | 0 | 45,866 | 45,866 | -315,303
Other movements with no impact | 0 | 0 | 0 | 0 | 0 | -24,466,733 | -24,466,733 | -24,466,733
on  cash  flows | | | | | | | |
As at 31 December 2023 | 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 | 0 | 0 | 0 | 0 | 0 | -6,924,024 | -6,924,024 | -6,924,024
on  cash  flows | | | | | | | |
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

92 | ANNUAL REPORT 2024 | Socfinaf S.A.
Consolidated financial statements

Note 23. Trade and other payables

31/12/2024 | 31/12/2023
EUR |
------- | --------
Non-current other payables 1,321,911 | 1,332,110
Trade  creditors:  suppliers 41,774,847 | 35,295,036
Advances  received  and  invoices  to  be  received 9,624,547 | 11,102,007
Subtotal trade payables 51,399,394 | 46,397,043
Staff  cost  liabilities 7,548,310 | 6,110,763
Other  payables 5,293,059 | 11,555,848
Accruals  (*) 7,360,084 | 6,372,256
Subtotal current other payables 20,201,453 | 24,038,867
TOTAL 72,922,758 | 71,768,020

Non-current  liabilities 1,321,911 | 1,332,110
Current  liabilities 71,600,847 | 70,435,910

(*)   This  amount  includes  the  Okomu  grant  part  of  the  loans,  for  EUR  0.9  million  (2023:  EUR  2.2  million).

Socfinaf S.A. | ANNUAL REPORT 2024 | 93
Consolidated financial statements

Note 24. Financial instruments

31/12/2023
EUR | Financial assets at fair value through other comprehensive income | Other financial assets and borrowings () | Loans and borrowings at amortised cost | Assets at fair value | Assets at cost | TOTAL
------- | -------- | -------- | -------- | -------- | -------- | --------
Assets
Financial  assets  at  fair  value  through  other | 4,800,038 | 0 | 0 | 4,800,038 | 0 | 0
comprehensive income
Long-term  advances | 1,502,170 | 513,733 | 0 | 2,015,903 | 1,502,170 | 513,733
Other non-current assets | 0 | 3,089,715 | 0 | 3,089,715 | 0 | 3,089,715
Trade  receivables | 0 | 27,235,836 | 0 | 27,235,836 | 0 | 27,235,836
Other  receivables | 0 | 23,131,220 | 0 | 23,131,220 | 0 | 23,131,220
Cash  and  cash  equivalents  (*) | 0 | 39,741,654 | 0 | 39,741,654 | 0 | 39,741,654
Total assets | 1,502,170 | 93,712,158 | 4,800,038 | 100,014,366 | 1,502,170 | 93,712,158

Liabilities
Long-term  debts  () | 102,778,317 | 0 | 0 | 102,778,317 | 100,229,159 | 0
Other  non-current  liabilities  () | 0 | 1,332,110 | 0 | 1,332,110 | 0 | 1,332,110
Short-term  debts  () | 60,633,260 | 3,470,367 | 0 | 64,103,627 | 60,633,260 | 3,470,367
Trade  payables  (current)  () | 0 | 46,397,043 | 0 | 46,397,043 | 0 | 46,397,04346,397,043 Other  payables  (current)  () 0 0 24,038,868 24,038,868 0 24,038,868 Total liabilities 163,411,577 0 75,238,388 238,649,965 160,862,419 75,238,388 ()   For  information  purposes. ()   See  note  22. ()  See  note  23. 31/12/2023 Fair Value EUR Level 1 Level 2 Level 3 TOTAL Financial  assets  at  fair  value  through  other   0 0 4,800,038 4,800,038 comprehensive income 94 | ANNUAL REPORT 2024 | Socfinaf S.A. Consolidated financial statements Financial assets at Other Other Loans and fair value financial Loans and financial 31/12/2024 borrowings through assets and TOTAL borrowings assets and other com- liabilities () liabilities () prehensive income At EUR amortised At fair value At cost At fair value At fair value cost Assets Financial  assets  at  fair  value  through 0 4,800,038 0 4,800,038 0 0 other comprehensive income 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  22. ()  See  Note  23. 31/12/2024 Fair Value EUR Level 1 Level 2 Level 3 TOTAL Financial  assets  at  fair  value  through  other   0 0 4,800,038 4,800,038 comprehensive income 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. Socfinaf S.A. | ANNUAL REPORT 2024 | 95 Consolidated financial statements Note 25. Staff costs and average number of staff 2024 2023 Staff costs EUR Remuneration 70,201,602 69,702,788 Social  security  and  pension  expenses 8,365,554 9,207,095 TOTAL 78,567,156 78,909,883 2024 2023 Average number of employees Directors 121 118 Employees 5,824 5,126 Workers  (including  temporary  workers) 18,879 18,696 TOTAL 24,824 23,940 Note 26. Other financial income 2024 2023 EUR Interest  from  receivables  and  cash  and  cash  equivalents 392,745 419,665 Exchange  gains 28,373,454 22,174,456 Others  () 2,893,276 258,206 TOTAL 31,659,475 22,852,327 ()   Of  which  EUR  1.3  million  linked  to  hyperinflation G . Note 27. Financial expenses 2024 2023 EUR Interest  and  finance  expense 7,953,154 11,245,986 Interest  expenses  on  lease  liabilities 3,254,417 3,411,779 Exchange  losses 25,226,993 26,848,781 Others 547,461 1,516,828 TOTAL 36,982,025 43,023,374 96 | ANNUAL REPORT 2024 | Socfinaf S.A. Consolidated financial statements Note 28. Net earnings per share The   undiluted   net   earnings   per   share   (basic)   is   the   profit  for  the  year  attributable  to  ordinary  shareholders  divided  by  the  average  number  of  ordinary  shares  outstanding  during  the  year.  As  there  are  no  potential   dilutive  ordinary  shares,  the  diluted  net  earnings  per   share   is   identical   to   the   undiluted   net   earnings   per   share. 2024 2023 Net  profit  /  (loss)  for  the  period  (in  euros) 56,798,533 28,248,339 Average  number  of  shares 17,836,650 17,836,650 Net earnings per share undiluted (in euros) 3.18 1.58 Note 29. Dividends and Directors’ fees The  Board  will  propose  to  the  Annual  General  Meeting  of  4  June  2025  the  payment  of  a  dividend  of  EUR  0.10  per   share,  for  a  total  amount  of  EUR  1.8  million. 2024 2023 Dividends  and  interim  dividends  distributed  during  the  period 0 0 Number of shares 17,836,650 17,836,650 Dividend per share paid during the period 0 0 Socfinaf S.A. | ANNUAL REPORT 2024 | 97 Consolidated financial statements Note 30. Information on related party * Directors’ remuneration 2024 2023 EUR Short-term  benefits 474,747 488,730 * Other related party transactions 31/12/2023 EUR Parent Associates Other related TOTAL parties Non-current assets Long-term  advances 0 130,000 280,000 410,000 0 130,000 280,000 410,000 Current assets Trade  receivables 0 18,248,109 0 18,248,109 Other  receivables  (Note  17) 0 16,003,218 14,339 16,017,557 0 34,251,327 14,339 34,265,666 Non-current liabilities Financial  debts  (Note  22) 80,000,000 3,395,056 3,487,181 86,882,237 80,000,000 3,395,056 3,487,181 86,882,237 Current liabilities Financial  debts  (Note  22) 0 0 40,705,753 40,705,753 Trade  payables 0 16,879,628 6,031 16,885,659 Other  payables  (Note  23) 1,250,000 3,912,871 660 5,163,531 1,250,000 20,792,499 40,712,444 62,754,943 2023 EUR Parent Associates Other related TOTAL parties Income statement Services  and  goods  delivered 0 198,623,366 0 198,623,366 Services  and  goods  received 0 44,144,608 658,211 44,802,819 Financial  income 0 254,618 0 254,618 Financial  expenses 5,786,549 310,356 2,003,287 8,100,192 98 | ANNUAL REPORT 2024 | Socfinaf S.A. Consolidated financial statements 31/12/2024 EUR Parent Associates Other related TOTAL parties Current assets Trade  receivables 0 26,562,342 0 26,562,342 Other  receivables  (Note  17) 0 8,933,781 13,470 8,947,251 0 35,496,124 13,470 35,509,594 Non-current liabilities Financial  debts  (Note  22) 30,000,000 509,491 903 30,510,394 30,000,000 509,491 903 30,510,394 Current liabilities Financial  debts  (Note  22) 642,361 0 43,982,261 44,624,622 Trade  payables 0 14,849,277 31,507 14,880,784 Other  payables  (Note  23) 0 2,945,443 660 2,946,103 642,361 17,794,720 44,014,428 62,451,509 2024 EUR Parent Associates Other related TOTAL parties Income statement Services  and  goods  delivered 0 257,195,825 0 257,195,825 Services  and  goods  received 0 41,041,515 922,000 41,963,515 Financial  income 0 302,858 0 302,858 Financial  expenses 3,907,118 46,028 2,400,000 6,353,146 Other   related   party   transactions   are   carried   out   with   Bolloré   Participations   and   Palmboomen   Cultuur   Maatschappij  (Mopoli). Mopoli  is  a  Dutch  company  which  is  mainly  owned  by   Mr  Hubert  Fabri  through  Financière  Privée,  which  also   owns  Socfin. Bolloré  Participations  is  a  shareholder  and  director  of   Socfinaf. In   2014,   Socfinaf   obtained   a   cash   advance   of   EUR   35   million   from   Mopoli.   This   advance   bears   an   annual  interest  (net  of  tax)  of  6%  (2023:  6%).  Interest   is   payable   in   arrears   at   the   end   of   each   calendar   quarter.   The   amount   of   interest   recognised   for   the   year  2024  is  EUR  1.2  million.  As  at  31  December  2024,  the  outstanding  balance  amounts  to  EUR  20.3  million  and   is   repayable   on   demand   with  final   maturity   on   July  2026. In   2016,   Socfinaf   obtained   a   loan   of   EUR  20   million   from   Bolloré   Participations.  The  loan  has  an  annual  interest  rate  of  6%  (2023:  6%).  The  amount  of  interest  recognised  for  the  year  2024  is  EUR  1.2  million.  As  at   31  December  2024,  the  outstanding  balance  amounts  to  EUR  20.3  million  and  is   repayable  on  demand  with   final   maturity   on  June  2025. Socfinaf  did  not  pay  any  dividend  in  2024  to  its  parent   company  Socfin  (2023:  nil).  Socfinaf  owes  an  amount  of   EUR  30.0  million  from  Socfin  (2023:  EUR  80.0  million),   repayable   early   or   at   the   latest  on   November   2026.   Annual   interest   at   rate   of   6.25%   (2023:   6.25%)   is   payable   on   this   loan.   As   such,   Socfinaf   has   paid   an   interest   of   EUR   3.9   million   in   2024   compared   to   EUR  5.8  million  in  2023. Socfinaf S.A. | ANNUAL REPORT 2024 | 99 Consolidated financial statements Note 31. Off balance sheet commitments In   2019,   a   subsidiary   of   Socfinaf,   Okomu   Oil   Palm   Company   obtained   a   loan   of   Naira   10   billion.   The   contract  stipulates  that  Okomu  will  use  as  mortgage   guarantee,   up   to   the   loan   granted,   the   11,416   ha   plantation.  As  at  31  December  2024,  the  balance  of  the   loan   amounts  to  EUR  4  million  (2023:  EUR  7  million). In   2021,   a   subsidiary   of   Socfinaf,   Okomu   Oil   Palm   Company   obtained   a   loan   of   Naira   2   billion,   whose   contract  stipulates  that  Okomu  will  use  as  mortgage   guarantee,   up   to   the   loan   granted,   the   11,416   ha   plantation.  As  at  31  December  2024,  the  balance  of  the   loan   amounts  to  EUR  1  million  (2023:  EUR  1  million). In   compliance   with   Group’s   commitments   on   responsible   management,   most   of   the   plantations   within   the   Group   have   been  certified   RSPO.   RSPO   certification   contains   engagements   to   support   reforestation   projects,   named   compensation   plans.   Since  most  of  the  plantations  have  been  certified  RSPO,  the  Group  is   committed   into   several   reforestation   projects  in  Africa,  representing  an  overall  budget  of   USD   19.6   million   (EUR   18.9   million,   undiscounted),   that   should   be   expensed   between  2025  and  2047. 100 | ANNUAL REPORT 2024 | Socfinaf S.A. Consolidated financial statements Note 32.# Consolidated financial statements

Segment 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 Côte d’Ivoire, Ghana, Nigeria and Cameroon’s operating sectors come from the palm oil and rubber sales. Those from the Liberia sector are only from the rubber sales, while those from Sierra Leone, Ghana, São Tomé and Principe and Congo (DRC) come solely from the palm oil sales. Those in the European segment come from the provision of administrative services, of assistance in managing the areas under plantation and the marketing of products outside of the Group. The segment result of the Group is the profit from operations. The stated figures originate from internal reporting. Since they do not reflect any consolidation or IFRS adjustments or restatements, they are not directly comparable to the amount reported in the consolidated statement of the financial position and income statement.

• Segmental breakdown of profit / (loss) as at 31 December 2023

	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	44,340,974	36,813,393	160,456,976	34,514,182	113,518,677	156,987,751	5,511,788	10,923,105	563,066,846
Revenue from ordinary business between segments		0	0	0	142,039	0	0	0	0	0	142,039
Raw materials and consumables used		0	-9,871,828	-14,655,657	-85,800,296	-5,767,731	-23,467,006	-52,489,312	-2,141,205	-3,839,471	-198,032,506
Other expenses (*)		-2,760,646	-6,819,654	-10,822,984	-21,217,101	-3,063,113	-36,461,249	-32,737,251	-1,531,005	-3,089,851	-118,502,853
Staff costs		0	-6,200,117	-8,196,073	-29,184,999	-4,598,807	-2,986,458	-22,056,316	-2,216,606	-3,470,508	-78,909,883
Depreciation and impairment expense		0	-7,320,901	-13,907,357	-11,619,861	-2,350,323	-8,431,352	-19,884,067	-1,346,455	-3,730,129	-68,590,445
Other operational income and expenses (**)		1,102,029	-1,458,697	-1,415,146	-59,267	-203,855	10,166,980	-116,544	-238,200	-1,598,184	6,179,116
Segmental profit / (loss)		-1,658,616	12,669,776	-12,183,825	12,575,452	18,530,353	52,339,593	29,704,262	-1,961,683	-4,805,038	105,210,274
Financial income and gain on disposals									23,005,905
Financial expenses and loss on disposals									-43,365,744
Group share of income from associates									6,002,745
Income tax expense and deferred tax (expense) / income									-41,528,411
Net Profit / (loss) for the period									49,324,768

() 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 31 December 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	36,173,045	41,386,727	192,312,963	31,225,313	81,277,153	190,843,095	5,439,779	12,724,876	591,382,950
Revenue from ordinary business between segments		0	0	0	181,737	0	0	0	0	0	181,737
Raw materials and consumables used		0	-7,902,602	-5,379,820	-91,507,678	-4,648,969	-11,876,188	-70,169,794	-1,400,552	-2,892,884	-195,778,485
Other expenses (*)		-3,432,596	-6,897,187	-17,066,305	-23,690,750	-3,031,418	-28,824,359	-39,901,479	-1,979,936	-2,536,200	-127,360,230
Staff costs		-239,750	-8,309,246	-8,345,726	-28,286,341	-5,328,019	-1,017,338	-21,323,285	-2,250,577	-3,466,873	-78,567,156
Depreciation and impairment expense		0	-7,133,509	-5,174,916	-11,147,579	-5,040,249	-4,295,495	-20,577,477	-3,506,001	-2,955,811	-59,831,038
Other operational income and expenses (**)		1,206,767	-2,508,507	-3,334,668	195,692	-554,960	-1,086,698	-819,290	-271,138	-4,080,542	-11,253,343
Segmental profit / (loss)		-2,465,579	3,421,994	2,085,292	37,876,154	12,621,698	34,177,075	38,051,769	-3,968,425	-3,207,433	118,592,545
Financial income and gain on disposals									34,148,646
Financial expenses and loss on disposals									-38,924,056
Group share of income from associates									4,681,925
Income tax expense and deferred tax (expense) / income									-36,717,839
Net Profit / (loss) for the period									81,781,222

() 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

	31/12/2024	31/12/2023
EUR
Europe	2,470,841	1,489,353
Sierra Leone	125,589,443	123,185,982
Liberia	125,895,953	115,836,618
Côte d’Ivoire	156,984,041	151,924,753
Ghana	34,590,758	37,518,498
Nigeria	73,267,846	81,865,152
Cameroon	177,372,347	178,037,147
São Tomé and Principe	23,300,264	26,624,876
Congo (DRC)	49,879,235	51,567,843
TOTAL	769,350,728	768,050,223
IFRS 3 / IAS 16: Bearer plants	-18,642,032	-18,545,344
IAS 2 / IAS 41: Agricultural production	7,760,052	1,036,347
Other IFRS adjustments	-6,672,709	-6,556,682
Consolidation adjustments (intra-group and others)	-57,907,036	-52,372,458
Total consolidated segmental assets	693,889,004	691,612,086
Consolidated assets not included in segmental assets
Right-of-use assets	31,473,450	29,232,550
Investments in associates	28,728,462	24,499,660
Financial assets at fair value through other comprehensive income	4,800,038	4,800,038
Long-term advances	1,746,434	2,015,903
Deferred tax	12,390,875	2,735,632
Other non-current assets	3,710,342	3,089,715
Consolidated non-current assets	82,849,601	66,373,498
Other debtors	15,728,504	23,131,220
Current tax assets	6,066,013	9,549,095
Consolidated current assets	21,794,516	32,680,315
Total of consolidated assets in the segmental assets	104,644,118	99,053,812
Assets classified as held for sale	0	6,313,418
Total assets	798,533,121	796,979,317

• Total segmental liabilities

	31/12/2024	31/12/2023
EUR
Europe	71,664,116	3,261,194
Sierra Leone	2,141,812	2,453,806
Liberia	7,059,949	7,008,789
Côte d’Ivoire	18,401,404	29,593,122
Ghana	2,906,865	597,314
Nigeria	6,318,461	3,674,454
Cameroon	31,406,383	27,352,202
São Tomé and Principe	5,181,397	4,435,416
Congo (DRC)	1,974,123	2,393,585
TOTAL	147,054,510	80,769,881
Other IFRS adjustments	2,109,067	2,294,545
Consolidation adjustments (intra-group and others)	-77,562,730	-12,628,515
Total consolidated segmental liabilities	71,600,846	70,435,910
Consolidated equity and liabilities not included in segmental liabilities
Total equity	525,152,562	463,930,610
Non-current liabilities	106,699,276	166,147,779
Current financial debts	60,106,451	64,103,627
Current lease liabilities	3,274,791	2,778,042
Current tax liabilities	30,985,675	28,701,137
Provisions	713,520	597,934
Total consolidated equity and liabilities not included in segmental liabilities	726,932,275	726,259,128
Liabilities associated with assets classified as held for sale	0	284,279
Total equity and liabilities	798,533,122	796,979,317

• Costs incurred for acquisition of segmental assets during 2023

	EUR	Intangible assets	Tangible assets	Biological assets	TOTAL
Sierra Leone		0	2,535,268	0	2,535,268
Liberia		0	2,492,307	1,238,634	3,730,941
Côte d’Ivoire		15,621	5,647,697	3,685,695	9,349,013
Ghana		0	1,580,958	160,462	1,741,420
Nigeria		0	10,397,083	759,758	11,156,841
Cameroon		0	12,548,621	3,801,263	16,349,884
São Tomé and Principe		0	811,212	0	811,212
Congo (DRC)		0	106,557	0	106,557
TOTAL		15,621	36,119,704	9,645,812	45,781,136

• Costs incurred for acquisition of segmental assets during 2024

	EUR	Intangible assets	Tangible assets	Biological assets	TOTAL
Sierra Leone		0	2,918,570	0	2,918,570
Liberia		0	3,045,124	772,505	3,817,629
Côte d’Ivoire		1,750	6,302,699	4,416,626	10,721,075
Ghana		0	1,792,455	7,489	1,799,944
Nigeria		0	8,320,017	2,061,827	10,381,845
Cameroon		0	15,434,392	3,626,548	19,060,940
São Tomé and Principe		0	288,366	0	288,366
Congo (DRC)		0	278,538	0	278,538
TOTAL		1,750	38,380,160	10,884,996	49,266,907

• Information by sector of activity

	2024	2023
EUR
Revenue from external customers:
Palm	352,185,922	370,064,088
Rubber	232,052,741	186,846,082
Other agricultural activities	1,974,806	1,717,350
Others	5,169,491	4,439,331
TOTAL	591,382,960	563,066,850

Consolidated financial statements

Information by geographical region

Revenue from external customers by origin of the customers and geographical location:

EUR 2023

Geographical location	Côte d’Ivoire	Sierra Leone	Other Nigeria	Cameroon	Congo	Rest of African	the world	TOTAL
Origin countries
Sierra Leone	3,640,928	0	0	0	0	0	40,700,046	0
Liberia	34,963,720	1,849,674	0	0	0	0	0	0
Côte d’Ivoire	89,813,516	0	27,089,750	0	0	0	1,266,572	42,287,138
Ghana	0	0	0	0	0	0	34,514,182	0
Nigeria	0	0	0	113,518,677	0	0	0	0
Cameroon	11,639,991	0	0	0	145,347,760	0	0	0
São Tomé and Principe	5,222,997	0	0	0	0	0	0	288,791
Congo (DRC)	0	0	0	0	0	10,923,105	0	0
TOTAL	145,281,153	1,849,674	27,089,750	113,518,677	145,347,760	10,923,105	40,700,045	36,069,545

EUR 2024

Geographical location	Côte d’Ivoire	Ghana	Sierra Leone	Other Nigeria	Cameroon	Congo	Rest of African	the world	TOTAL
Origin countries
Sierra Leone	0	0	0	0	0	0	36,173,045	0	0
Liberia	41,385,338	0	0	0	0	0	0	1,388	0
Côte d’Ivoire	119,868,974	0	21,202,960	0	0	0	0	1,355,054	49,885,974
Ghana	0	31,225,313	0	0	0	0	0	0	0
Nigeria	0	0	0	81,277,153	0	0	0	0	0
Cameroon	22,275,641	0	0	0	168,567,454	0	0	0	0
São Tomé and Principe	5,253,903	0	0	0	0	0	185,876	0	0
Congo (DRC)	0	0	0	0	0	12,724,876	0	0	0
TOTAL	188,783,856	31,225,313	21,202,960	81,277,153	168,567,454	12,724,876	36,173,045	1,542,319	49,885,974

ANNUAL REPORT 2024 | 106

Socfinaf S.A.

Consolidated financial statements

Information by business segment and revenue category

Revenue from external customers by business segment and geographical area:

2023

EUR

Category	Other agricultural products	Business Palm	Rubber	TOTAL
Segment
Sierra Leone	44,340,974	0	0	44,340,974
Liberia	0	36,813,393	0	36,813,393
Côte d’Ivoire	30,964,234	126,880,126	2,612,616	160,456,976
Ghana	33,301,860	1,136,571	75,751	34,514,182
Nigeria	101,319,579	12,017,173	181,926	113,518,677
Cameroon	143,702,547	9,998,817	3,286,387	156,987,751
São Tomé and Principe	5,511,788	0	0	5,511,788
Congo (DRC)	10,923,105	0	0	10,923,105
TOTAL	370,064,087	186,846,079	6,156,680	563,066,846

2024

EUR

Category	Other agricultural products	Business Palm	Rubber	TOTAL
Segment
Sierra Leone	36,173,045	0	0	36,173,045
Liberia	0	41,385,339	1,388	41,386,727
Côte d’Ivoire	29,716,535	159,211,619	3,384,808	192,312,963
Ghana	29,401,919	1,771,651	51,743	31,225,313
Nigeria	67,125,503	14,058,216	93,434	81,277,153
Cameroon	171,623,331	15,625,913	3,593,851	190,843,095
São Tomé and Principe	5,420,706	0	19,073	5,439,779
Congo (DRC)	12,724,876	0	0	12,724,876
TOTAL	352,185,915	232,052,737	7,144,298	591,382,950

Socfinaf S.A. | ANNUAL REPORT 2024 | 107

Consolidated financial statements

Note 33. Risk management

Capital management

The Group manages its capital and adapts according to changes in economic conditions and investment opportunities. To maintain or adjust the capital structure, the Group may issue new shares, repay part of the capital or adjust the payment of dividends to shareholders.

The Group also manages its capital by closely monitoring the ratio of debt over equity.

Financial risk

The financial risk for the companies within the Group originates mainly from changes in the selling price of agricultural commodities, foreign exchange and, to a lesser extent, interest rate movements.

Potential risk

Apart from Ghana and Sierra Leone (refer to Note 1.25), countries where the Group operates do not correspond to a hyperinflationary economy or suffer from an immediate threat of price devaluation. Nevertheless, in a minority of those countries, the political system and economic stability remain fragile and could lead to currency devaluation or hyperinflation.

G. Risk management and opportunities

The Group regularly reviews its sources of financing as well as currency movements. Moreover, its decisions are based on a variety of risks and opportunities, which themselves depend on several factors, including interest rates, currency and counterparties.

Market risk

* Price risk in commodities market

Potential risk

The Group markets its finished products at prices that may be influenced by commodity prices in international markets. It therefore faces the risk of volatility in the prices of these commodities.

Risk management and opportunities

The main policy of the Group’s companies has always been to control its production costs. It aims to generate margins for the viability of structures in the event of a significant drop in the selling prices of raw materials and, conversely, to generate profit margins during the market downturns.

In parallel with this main policy, secondary policies have also been implemented to improve or consolidate profit margins, such as:
- the production of agricultural products of superior quality and branded, in particular for rubber and;
- the use of the Group’s expertise in the commercial sector.

The Group reduces its exposure to price risk by investing into different geographical markets and products.

* Foreign currency risk

Potential risk

The Group carries out transactions in local currencies, the main ones being US dollar and Nigerian naira. In addition, financial instruments hedging against fluctuations in exchange rate may not be available for certain currencies. This creates exposure to exchange rate fluctuations, which may have an impact on the financial result denominated in euro.

In Nigeria, the availability of hard currency is extremely limited. The gap between the central bank rate (CBN) and OTC remains strong as at 2024 year-end. For consolidation purposes, the Group uses the Central Bank of Nigeria (CBN) rates. These rates are disclosed in Note 1.8 to the financial statements. The impact of the Group’s Nigerian operations on the consolidated result is disclosed in Note 32 (Segment information) to the financial statements.

Risk management and opportunities

Apart from the current currency hedging instruments for operational transactions, which remain relatively limited, the main policy of the Group is to finance its development projects in the local currencies of a region. This practice is indeed favorable for the

108 | ANNUAL REPORT 2024 | Socfinaf S.A.

Consolidated financial statements

significant investments made in the plantations, as an attempt to reduce borrowings wherever possible.

Management closely monitors developments in the Nigerian foreign exchange markets and is keen to present a fair view of the financial statements.

* Interest rate risk

Potential risk

The first risk linked to the interest rate denotes a change in cash flows relating to short-term borrowings, often on a variable rate, as well as a relatively high level of base interest rates on cash and cash equivalents. The second risk, is linked to developing markets, when borrowing in a local currency.

Risk management and opportunities

The Group has limited exposure to these risks. The first risk is maintained under control by an active policy of monitoring the evolution of local financial markets on the one hand and, when necessary, short-term debt consolidation in the long term on the other. Another systematic policy keeps an eye on the second risk, by putting local and international banks in competition with international lenders who can offer real investment and development opportunities at attractive rates.

Credit risk

Potential risk

Credit risk is the risk that a counterparty will not meet its obligations under a financial instrument or customer contract, leading to a financial loss. The Group is exposed to credit risk from its operating activities (primarily trade receivables) and from its financing activities, including deposits with banks and financial institutions, foreign exchange transactions and other financial instruments.

Risk management and opportunities

To manage credit risk, the Group ensures the payment of local sales in cash or the guarantee of the receivables by obtaining approved bills of exchange. The export sales of the plantations are centralised in the Group’s sales structure, which applies either a cash payment policy or a commercial credit policy whose limits are defined by its Board of Directors. The Group chooses, whenever possible, to maintain financial liabilities and cash position with low credit risk institutions.

Details on impairment of financial assets and liabilities, including measurement of expected credit losses, are disclosed in note 1.17.# Liquidity risk

Potential risk

Liquidity risk is defined as the risk that the Group cannot meet its obligations in time or at a reasonable price. This risk mainly affects plantations, which are both the main source of cash and financing needs.

Risk management and opportunities

Given the specific economic and technological environment of each plantation, the Group manages the liquidity risk in a decentralised manner. However, both the available cash and the implementation of the financing are supervised by the Group Management.

Emerging market risks

Potential risk

Current or future political instability in certain countries in which the Group operates may affect the Group’s profitability and its ability to do business and generate revenue. The political system in some of the Group’s markets is relatively fragile and can be potentially threatened by cross-border conflicts or wars between rival groups.

Risk management and opportunities

Through its activities, the Group contributes to the improvement of the quality of life in the countries in which it operates. It also focuses on improving the stability of its markets, which may lead to an appreciation in the value of the Group’s local companies.

By diversifying the countries, economies and currencies in which the Group generates its revenues and cash flows, it reduces its exposure to emerging market risk. It is aware of its environmental and social responsibility towards the local population and is continually implementing initiatives to this end.

Risk of expropriation

Potential risk

Certain countries in which the Group operates have political regimes that may call into question foreign commercial interests by limiting their activities and may attempt to exert control over the Group’s assets. This is known as the risk of expropriation.

Risk management and opportunities

The diversified geographical distribution of the countries in which the Group generates its revenues and its cash flows reduces its exposure to this risk.

Credibility risk

Potential risk

With the Group being linked to the state of the financial markets, the Group may be exposed to a credibility risk when said markets lose confidence. This depends on the Group’s ability to maintain sound financial health considering:
* its environmental impact,
* its social responsibility and
* the economic and geopolitical risks that certain Group entities may face.

Risk management and opportunities

The Group has published its responsible management policy in 2017, which was updated in 2022. This complements the Group’s sustainability commitments formalised in 2012.

The Group’s initiatives to monitor this risk are detailed in the information provided in the annual Sustainability Report available on request at Group headquarters.

Risk sensitivity

Exchange rate risk

The Group is exposed to changes in value arising from fluctuations in exchange rates generated by its operating activities. However, as local turnover was made in the local currency, and export sales are made in US dollar, the Group’s exposure is mainly limited to fluctuations in dollar against the euro. The impact on the result of a 10% increase or decrease (EUR/USD) in foreign currency financial instruments amounts to EUR 0.8 million.

In the case where the currency of sale is not the functional currency of the Company and it is linked to a strong currency, the conversion is ensured at the time of the conclusion of the contract. The local sales concluded in the local currency in 2024 (including US dollars) amounted to EUR 351.4 million. The global sales (mainly concluded in US dollars) in 2024 amounted to EUR 240.0 million.

Interest rate risk

The breakdown of fixed rate loans and variable rate loans is described in Note 22. Following the reimbursement of the variable loan rate arrangement by Socfinaf in 2024, the Group’s exposure to interest rate risk decreased in 2024. The management maintains its policy to closely monitor the interests rate evolution.

Credit risk

As at 31 December 2024, the trade receivables from global customers and local customers amount to EUR 26.6 million and EUR 5.7 million respectively. Accounts receivable from global customers are mainly receivables related to the sale of rubber. Palm oil is sold locally to local players which entails a wide range of customers. The marketing of rubber is entrusted to Sogescol FR (equity accounted company). It trades either on the physical markets or directly with end customers.

Consolidated financial statements

EUR	2024	2023
Trade receivables	34,144,347	29,023,129
Provision incurred mainly on non-operational receivables	-1,876,844	-1,787,293
Other receivables	15,728,504	23,131,220
Total net receivables	47,996,007	50,367,056
Amount not yet due	46,536,635	50,345,512
Amount due less than 6 months	744,991	0
Amount due for more than 6 months and less than one year	689,156	0
Amount due for more than one year	25,225	21,544
Total net receivables	47,996,007	50,367,056

Note 34. Contingent liabilities

Société des Caoutchoucs du Grand Bereby (“SOGB”), a public limited company incorporated under Ivorian law and subsidiary of the Group, is involved in a dispute with the Caisse Nationale de Prévoyance Sociale (“CNPS”) of the Côte d’Ivoire. This dispute concerns the tax audit of the benefits in kind that SOGB should have paid to CNPS for having provided housing to its employees.

Following an initial analysis for the period from 1 January 2010 to 31 December 2013, CNPS estimated the due amount at CFA 182 million, equivalent to EUR 277,000. Based on SOGB’s calculations, however, the amount owed is of CFA 32 million, equivalent to EUR 48,000.

Following a contestation, the case was brought before the Court of Sassandra. The latter invited the two parties to reach an amicable settlement for the dispute between them and to submit a transactional agreement, if necessary.

In the absence of an amicable settlement for the dispute, it would be up to the Sassandra Court to rule on the merits.

The CNPS carried out a second analysis covering the years 2014 through 2018. The CNPS added to the previous amount a sum of CFA 1,650 million, equivalent to EUR 2.5 million. The SOGB has recorded a provision of CFA 250 million, equivalent to EUR 381,000, which corresponds to the amount it considers to be effectively due.

The matter of housing on plantations in rural areas is a general issue and concerns most agricultural and forestry companies, particularly those in the rubber, oil palm and banana sectors. For this reason, actions have been undertaken by companies in the sector, which are supported by the Union of Agricultural and Forestry Companies (“UNEMAF”) and the General Confederation of Companies of Côte d’Ivoire (“CGECI”), to obtain a clear position from the CNPS on this issue.

The CNPS had always shown leniency for determining of benefits in kind constituted by the provision of housing in rural areas.

A proposal for arbitration was submitted to the Ministry of Employment and Social Protection by a working group that comprises members of CGECI and UNEMAF. Working group meetings were scheduled to take place in the course of 2020, but these were postponed due to the health situation and have not been resumed to date.

At the date of the closing of the accounts, the amicable procedure is therefore still in progress. Its outcome will determine whether or not the case is referred to the Sassandra Court, which has the power alone to enforce the parties. Insofar as there is no legal constraint to date, and based on the above, the management is of the opinion that no material provision should be recorded because the probability of a claim is very low.

Note 35. Events after the closing date

There are no material events after the closing date to mention.

Note 36.# Assets held for sale

	31/12/2024	31/12/2023
EUR
ASSETS
Non-Current Assets
Right-of-use assets	0	33,851
Property, plant and equipment	0	2,241,077
Non-current biological assets	0	1,969,162
	0	4,244,090
Current Assets
Inventories	0	956,711
Current biological assets	0	21,188
Trade receivables	0	2,973
Other receivables	0	427,509
Current tax assets	0	299,777
Cash and cash equivalents	0	361,169
	0	2,069,328
Assets classified as held for sale	0	6,313,418

	31/12/2024	31/12/2023
EUR
LIABILITIES
Non-Current Liabilities
Long-term lease liabilities	0	35,449
	0	35,449
Current Liabilities
Short-term lease liabilities	0	10,417
Trade payables	0	119,584
Other payables	0	118,829
	0	248,830
Liabilities associated with assets classified as held for sale	0	284,279

As at 31 December 2023, the carrying amounts of the assets classified as held for sale and related liabilities were attributable to SRC. In the last quarter of 2023, the management of Socfinaf conducted negotiations on the disposal of SRC. Accordingly, SRC was reclassified as a disposal as at 31 December 2023. Following negotiations, in August 2024 the sale of SRC was finalised. The gain on this sale, amounting to EUR 2.4 million, is presented within income statement on line “gain on disposals”.

Socfinaf S.A. | ANNUAL REPORT 2024 | 111

112 | ANNUAL REPORT 2024 | Socfinaf S.A.

Note 37. Auditor’s fees

	2024	2023
EUR
Audit (VAT included)	815,053	732,412

The audit fees include all fees paid to the independent statutory auditor of the Group namely EY as well as those paid to member firms within EY network for the relevant years. This firm performed no material consulting work or other non-audit services in 2024 nor in 2023.

Note 38. EBITDA

	2024	2023
EUR
Profit / (loss) attributable to the owners of the Parent	56,798,533	28,248,339
Profit / (loss) attributable to non-controlling interests	24,982,689	21,076,429
Share of the Group in the result from associates	-4,681,925	-6,002,745
Dividends from associates	3,894,328	8,292,174
Fair value of biological assets	-7,419,470	9,659,361
Depreciation, amortisation and provisions	69,018,943	69,602,128
Gains and losses on disposals of assets	-547,141	188,791
Income tax expense and deferred tax	36,717,839	41,528,411
Other financial income	-31,659,474	-22,852,327
Other financial income included in depreciation write-backs	19,843	0
Financial expenses	36,982,026	43,023,377
Financial expenses included in amortisation and provisions	-25,749	-739,026
Impact of lease on EBITDA	-7,663,977	-7,645,019
EBITDA excluding the impact of lease	176,416,464	184,379,893

113

Company’s management report

Presented by the Board of Directors at the Annual General Meeting of 4 June 2025

Ladies and gentlemen,

We are pleased to present our annual report and to submit for your approval the annual accounts of our Company as at 31 December 2024.

Activities

Socfinaf holds financial interests in portfolio companies which operate directly or indirectly in tropical Africa in the rubber and palm oil sectors.

Result for the period

The profit and loss account for the year, compared to that of the previous year, is as follows:

(EUR million)

INCOME	2024	2023
Value adjustments in respect of financial assets
Investments held as current assets	62.6	0.0
Income from equity investments
Dividends received	49.7	45.2
Interests	1.3	1.3
Other interest receivable and similar income	1.2	4.5
Total income	114.8	51.0
EXPENSES
Impairment:
On financial assets (1)	5.9	33.1
Capital loss on disposal of financial fixed assets	62.2	0.0
Other external expenses	3.8	3.4
Interest payable and similar expenses	6.8	8.7
Income tax	4.9	3.2
Total expenses	83.6	48.4
PROFIT / LOSS FOR THE FINANCIAL YEAR	31.2	2.6

(1) As at 31 December 2024, the Board of Directors decided to reduce the value of its advance to Salala Rubber by EUR 1,809,955 and to Agripalma by EUR 4,099,947.

114 | ANNUAL REPORT 2024 | Socfinaf S.A.

Company’s management report

Revenue from financial assets

(EUR million)

	2024	2023
Dividends
Befin	13.4	13.4
Socapalm	12.2	10.6
Okomu	9.6	10.9
PSG	8.3	0.0
Socfinco FR	0.0	4.0
Sogescol FR	3.1	3.7
Safa	2.3	2.0
Others	0.8	0.5
Total of dividends	49.7	45.1

Interest on receivables amounted to EUR 1.6 million and foreign exchange gains to EUR 1.0 million. The profit for the year amounted to EUR 31.2 million compared to a profit of EUR 2.6 million on 31 December 2023.

Balance sheet

As at 31 December 2024, Socfinaf’s total assets amounted to EUR 327.2 million compared to EUR 349.3 million on 31 December 2023. Socfinaf’s assets mainly consist of financial fixed assets of EUR 190.2 million, long term loan receivables of EUR 114.9 million, amounts owed by affiliated undertaking and other receivables for EUR 19.7 million, and cash and equivalent of EUR 2.4 million. The equity amounted to EUR 255.1 million before appropriation of results. Socfinaf’s indebtedness fell from EUR 125 million on 1 January to EUR 72 million on 31 December 2024.

Portfolio Movements

During the year, Socfinaf has participated in the capital increase of Induservices FR for an amount of EUR 2.9 millions. In addition, Socfinaf sold its investment in Salala Rubber.

Valuation

The investments are estimated at a total value of EUR 668 million and includes an unrealised gain of EUR 477.9 million compared to their acquisition costs, potentially adjusted. As a reminder, the market share price was EUR 12.10 at the end of 2024 against EUR 10.80 a year earlier.

115

Company’s management report

Investments

The main direct and indirect investments have evolved during the last months as follows:

PROJECTS IN OPERATION AS AT 31 DECEMBER 2024

	AFRICA TOTAL	AFRICA	Sierra Leone	Liberia	Côte d’Ivoire	Ghana	Nigeria	Cameroon	Sao Tomé	DRC	SAC	LAC & SRC	SOGB	SCC	PSG	OKOMU	SOCAPALM	SAFACAM	AGRIPALMA	BRABANTA
TURNOVER																			:---	:---
Actual 2023	44,330	35,144	109,398	48,455	34,417	105,107	129,003	35,943	5,512			10,806
Actual 2024	36,159	41,422	133,702	55,983	27,872	80,230	154,354	44,988	5,421			12,718
Budget 2025	41,223	39,806	128,882	57,504	27,298	76,154	149,992	40,916	6,270			12,994
NET RESULT
Actual 2023	10,385	-19,171	8,035	4,099	12,781	31,581	18,194	934	-2,463			-4,752
Actual 2024	1,226	4,420	19,987	5,703	12,311	24,649	15,869	4,240	-4,005			-1,495
Budget 2025	5,607	5,287	18,498	4,651	11,654	16,274	22,281	3,028	-1,329			-1,305
PALM PRODUCT SURFACE AREA (HA)
Mature	12,349	-	7,468	-	6,140	18,349	30,167	5,210	1,879			6,072
Immature	-	-	20	-	-	662	2,442	96	-			3,220
Total	12,349	-	7,488	-	6,140	19,011	32,609	5,306	1,879			90,854
PRODUCTION FFB
Actual 2023	209,067	-	144,174	-	132,495	272,639	456,398	72,094	22,496			49,871
Actual 2024	162,931	-	144,608	-	120,251	288,910	469,107	79,308	21,107			52,737
Budget 2025	221,981	-	151,502	-	129,000	295,639	482,108	75,157	23,150			62,500
CRUDE PRO- DUCTION
Actual 2023	50,249	-	34,159	-	35,472	69,563	138,783	16,096	4,872			13,232
Actual 2024	38,750	-	31,966	-	31,130	74,357	168,452	17,912	4,742			13,660
Budget 2025	53,275	-	35,888	-	33,540	75,753	164,370	17,102	5,440			16,300
EXTRACTION RATE
Actual 2023	24.04	-	22.49	-	26.77	22.28	22.28	22.19	21.65			25.72
Actual 2024	23.40	-	20.79	-	25.89	24.04	21.91	22.46	22.49			22.95
Budget 2025	24.00	-	22.50	-	26.00	24.00	22.19	22.50	23.50			23.37
TURNOVER
Actual 2023	44,330	-	30,973	-	32,282	93,962	127,240	26,236	5,512			10,806
Actual 2024	36,159	-	29,753	-	26,410	66,337	151,673	29,383	5,421			12,718
Budget 2025	41,223	-	30,368	-	25,706	59,851	147,373	25,952	6,270			12,994
RUBBER SURFACE AREA (HA)
Mature	-	14,765	13,069	-	942	6,014	1,762	3,717	-			-
Immature	-	1,951	2,886	-	-	1,320	-	704	-			-
Total	-	16,715	15,955	-	942	7,334	1,762	4,420	-			47,128
PRODUCTION
Actual 2023	-	27,694	64,309	38,559	-	9,907	-	9,004	-			-
Actual 2024	-	27,440	65,805	38,358	-	9,097	-	10,126	-			-
Budget 2025	-	26,000	65,100	38,000	-	10,083	-	9,889	-			-
TURNOVER
Actual 2023	-	35,144	78,425	48,455	1,135	11,145	-	9,707	-			-
Actual 2024	-	41,422	103,949	55,983	1,462	13,893	-	15,605	-			-
Budget 2025	-	39,806	98,514	57,504	1,592	16,302	-	14,964	-			-

The production data correspond to the quantities in tons of Milled Rubber and Crude Palm Oil. Rubber production and sales are presented after elimination of intercompany transactions. Consolidated figures may however differ.

116 | ANNUAL REPORT 2024 | Socfinaf S.A.# Company’s management report

Allocation of profit

The profit of the year of EUR 31,220,990 increased by profit brought forward of EUR 96,529,714, result in total earnings of EUR 127,750,704 which it is proposed to allocate as follows:

Earning allocation	EUR
Profit brought forward	125,768,854
From the balance:
10% to the Board of Directors	198,185
90% to 19,594,260 shares	1,783,665
representing EUR 0.10 per share
Total	127,750,704

As a reminder, the dividend relating to the previous year was EUR 0.00.

After this allocation, the total reserves will be as follows:

Reserves	EUR
Legal reserve	3,567,330
Other reserves	628,717
Available reserve	59,629
Profit brought forward	125,758,854
Total	130,024,530

If this distribution is approved, Coupon No. 41 of EUR 0.10 gross will be declared on 13 June 2025 and payable as of 17 June 2025.

Treasury shares

The Company did not buy back its own shares during the 2024 financial year.

Research and development

During the financial year 2024, Socfinaf did not incur any expenses for research and development.

Financial instruments

During the financial year 2024, the Company did not make use of any financial instruments. Financial risk management policies are described in the notes to the Company’s consolidated financial statements.

Branch

The Company has a permanent establishment in Fribourg (CH).

Socfinaf S.A. | ANNUAL REPORT 2024 | 117

Company’s management report

Mentions required by Art. 11 (1) points a) to k) of the law of 19 May 2006 concerning Public Takeover Bids

a) b) f) The subscribed capital of the Company is set at EUR 35,673,300 represented by 17,836,650 shares without par value, fully paid up. Each share entitles the holder to one vote without limitation or restriction.

c) On 1st February 2017, Socfin declared that it holds a 58.85% direct stake in Socfinaf. On 3rd September 2014, Compagnie du Cambodge declared that it holds a direct and indirect stake of 9% in the capital of Socfinaf. 7.07% is held by Compagnie du Cambodge, 1.08% by Société Industrielle et Financière de l’Artois, 0.49% by Bolloré and 0.36% by Compagnie des Glénans.

h) Art. 13. of the statutes: “The Company is administered by a Board composed of at least three members, whether natural or legal persons. The Directors are appointed for a period of six years by the General Meeting of Shareholders. They are eligible for re-election. The Directors are renewed by lottery, so that at least one Director will be leaving each year.”

Art. 23. of the statutes: “In the event of the death or resignation of a Director, he may be provisionally replaced by observing in this respect the formalities provided for by law. In this case the General Meeting at its first meeting shall proceed to the final election.”

Art. 32. of the statutes: “The present statutes can be modified by decision of the General Meeting specially convened for this purpose, in the forms and conditions prescribed by articles 450-3 and 450-8 of the law of 10 th August 1915 on the commercial companies, as amended.”

i) The powers of the members of the Board of Directors are defined in Art. 17 and seq. of the statutes of the Company. They provide in particular that: “The Board of Directors is vested with the broadest powers for the administration of the Company. All matters not expressly reserved to the General Meeting by the Articles of Incorporation or the law fall within the competence of the Board.”

In addition, the statutes provide in Art. 6: “In the event of a capital increase, the Board of Directors shall determine the conditions of issue of the shares. The new shares to be paid up in cash shall be offered in preference to the current shareholders, in accordance with the law. In the event of the issue of shares by contribution in cash or in the event of the issue of instruments which fall within the scope of application of article 420-27 of the law on companies and which are paid for in cash, including and in a non-exhaustive manner, convertible bonds allowing their holder to subscribe to shares or to be allocated shares, shareholders have preferential subscription rights in proportion to their participation with regard to all these issues in accordance with the provisions of company law. The General Meeting called to deliberate, under the conditions required for the amendment of the Articles of Association, on the increase in the share capital or on the authorisation to increase the capital in accordance with Article 420-23 of the law of commercial companies, may limit or cancel the preferential subscription right or authorise the Board to do so in the manner and under the conditions provided for by law.”

The other points of Art. 11 (1) are not applicable, namely:
* title holding including special control rights;
* the existence of a staff shareholding system;
* shareholder agreements that may result in restrictions on the transfer of securities or voting rights;
* the agreements to which the Company is party, and which take effect are modified or terminated in the event of a change of control of the Company following a takeover bid;
* the indemnities provided in the event of the resignation or dismissal of members of the Board of Directors or staff following a takeover bid.

118 | ANNUAL REPORT 2024 | Socfinaf S.A.

Company’s management report

Corporate responsibility policy

The responsible management policy is based on the Group’s three pillars of commitment, alongside its specific commitment to transparency: rural development, workers and local communities, and environment. These commitments form the basis of key initiatives aimed at improving long-term economic performance, social well-being, health, safety and natural resource management. An implementation plan for this policy has been defined and implemented throughout 2024.

The efforts and actions undertaken by the Socfin Group in this area are detailed in a regularly updated dashboard as well as in a separate annual report (“Sustainability Report”). The responsible management policy, the dashboard and the annual Sustainability Report are available on the Group’s website.

Significant events after the reporting date

As at 31 December 2024 and 2023, the Company had no significant post-closing events affecting the Company.

Main risks and uncertainties

It must be emphasised that the Group’s investments in Africa may be subject to political and economic risks. On-site executives and managers follow the day-to-day evolution of the situation. In addition, the Company may be exposed to foreign exchange risks on long-term advances to subsidiaries. The assessment of this risk is described in the notes to the Company’s statutory financial statements.

Perspectives

The result for the 2025 financial year will depend to a large extent on the dividend distributions of the subsidiaries; these are not yet fixed.

Statutory appointments

The term served as director by Mr. Frédéric Lemaire expire this year. It will be proposed at the next Annual General Meeting to renew this mandate for six years until the Annual General Meeting of 2031.

The Board of Directors

Socfinaf S.A. | ANNUAL REPORT 2024 | 119

Audit report on the Company’s financial statements

Independent auditor’s report

To the Shareholders of Socfinaf S.A.
4, avenue Guillaume
L-1650 Luxembourg

REPORT ON THE AUDIT OF THE FINANCIAL STATEMENTS

Opinion

We have audited the financial statements of Socfinaf S.A. (the “Company”), which comprise the balance sheet as at 31 December 2024, and the profit and loss account for the year then ended, and the notes to the financial statements, including a summary of significant accounting policies. In our opinion, the accompanying financial statements give a true and fair view of the financial position of the Company as at 31 December 2024, and of the results of its operations for the year then ended in accordance with Luxembourg legal and regulatory requirements relating to the preparation and presentation of the financial statements.

Basis for opinion

We conducted our audit in accordance with EU Regulation N° 537/2014, the Law of 23 July 2016 on the audit profession (“Law of 23 July 2016”) and with International Standards on Auditing (“ISAs”) as adopted for Luxembourg by the “Commission de Surveillance du Secteur Financier” (“CSSF”). Our responsibilities under the EU Regulation Nº 537/2014, the Law of 23 July 2016 and ISAs as adopted for Luxembourg by the CSSF are further described in the “Responsibilities of the “réviseur d’entreprises agréé” for the audit of the financial statements” section of our report. We are also independent of the Company in accordance with the International Code of Ethics for Professional Accountants, including International Independence Standards, issued by the InternationalEthics Standards Board for Accountants (“IESBA Code”) as adopted for Luxembourg by the CSSF together with the ethical requirements that are relevant to our audit of the financial statements, and have fulfilled our other ethical responsibilities under those ethical requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Key audit matters

Key audit matters are those matters that, in our professional judgment, were of most significance in our audit of the financial statements of the current period. These matters were addressed in the context of the audit of the financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters.

Valuation of shares in affiliated undertakings

Risk identified

As at 31 December 2024, the shares in affiliated undertakings amounts to 190 million euros and represents 58% of the total assets of the balance sheet. Shares in affiliated undertakings are valued at historical acquisition cost, respectively their nominal value, which includes incidental expenses. In the case of durable depreciation in value according to the opinion of the Board of Directors, value adjustments are made in respect of financial fixed assets, so that they are valued at the lower figure to be attributed to them at the balance sheet date. These value adjustments are not continued if the reasons for which the value adjustments were made have ceased to apply. In the event of an impairment that, in the opinion of the Board of Directors, is of a lasting nature, these financial assets are subject to value adjustments in order to give them the lower value that should be attributed to them on the balance sheet date, as determined by the Board of Directors.

The assessment of the durable depreciation in value of these shares in affiliated undertakings requires the exercise of the Board of Directors’ judgement in its choice of the elements to be considered according to the shares in affiliated undertakings, whether market elements (shares price when applicable) and/or historical elements (adjusted net equity) and/or forecast elements (discounted future cash flows to shareholders).

Due to the size of the balance and judgement included, we considered this area to be a key audit matter.

Our answer

Our audit procedures over the impairment of the shares in affiliated undertakings and of the loans to affiliated undertakings included amongst other:

• Assessing the accounting policies determined by the Board of Directors, as described in the note 2 of the financial statements, to determine the value adjustments to be recorded on shares in the affiliated undertakings;
• Ensuring that the accounting policies used by the Board of Directors were properly applied:
• when the Board of Directors relied on market data, we reconciled the share prices as at 31 December 2024 used for the valuation of shares in affiliated undertakings to the official stock markets quotations;
• when the Board of Directors relied on historical data, we reconciled the adjusted net equity used in the valuation of the shares in affiliated undertakings as at 31 December 2024 to the financial information of the related affiliated undertakings and assessed the appropriateness of evidence supporting the adjustments made to the net equity, if any.
• Assessing the appropriateness of the disclosures made in the Note 3 of the financial statements.

Other information

The Board of Directors is responsible for the other information.

The other information comprises the information included in the management report and the corporate governance statement but does not include the financial statements and our report of “réviseur d’entreprises agréé” thereon.

Our opinion on the financial statements does not cover the other information and we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report this fact. We have nothing to report in this regard.

Responsibilities of the Board of Directors and of those charged with governance for the financial statements

The Board of Directors is responsible for the preparation and fair presentation of the financial statements in accordance with Luxembourg legal and regulatory requirements relating to the preparation and presentation of the financial statements, and for such internal control as the Board of Directors determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

The Board of Directors is also responsible for presenting and marking up the consolidated financial statements in compliance with the requirements set out in the Delegated Regulation 2019/815 on European Single Electronic Format, as amended (“ESEF Regulation”).

In preparing the financial statements, the Board of Directors is responsible for assessing the Company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Board of Directors either intends to liquidate the Company or to cease operations, or has no realistic alternative but to do so.

Responsibilities of the “réviseur d’entreprises agréé” for the audit of the financial statements

The objectives of our audit are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a report of the “réviseur d’entreprises agréé” that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with EU Regulation N° 537/2014, the Law of 23 July 2016 and with the ISAs as adopted for Luxembourg by the CSSF will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

As part of an audit in accordance with EU Regulation N° 537/2014, the Law of 23 July 2016 and with ISAs as adopted for Luxembourg by the CSSF, we exercise professional judgment and maintain professional skepticism throughout the audit. We also:

• Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
• Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Company’s internal control.
• Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the Board of Directors.
• Conclude on the appropriateness of Board of Directors’ use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may castsignificant doubt on the Company’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our report of the “réviseur d’entreprises agréé” to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our report of the “réviseur d’entreprises agréé”. However, future events or conditions may cause the Company to cease to continue as a going concern.
• Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation.
• Assess whether the financial statements have been prepared, in all material respects, in compliance with the requirements laid down in the ESEF Regulation.

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit. We also provide those charged with governance with a statement that we have complied with relevant ethical requirements regarding independence, and communicate to them all relationships and other matters that may reasonably be thought to bear on our independence, and where applicable, related safeguards. From the matters communicated with those charged with governance, we determine those matters that were of most significance in the audit of the financial statements of the current period and are therefore the key audit matters. We describe these matters in our report unless law or regulation precludes public disclosure about the matter.

Report on other legal and regulatory requirements

We have been appointed as “réviseur d’entreprises agréé” by the General Meeting of the Shareholders on 26 May 2020 and the duration of our uninterrupted engagement, including previous renewals and reappointments, is 5 years.

The management report is consistent with the financial statements and has been prepared in accordance with applicable legal requirements. The accompanying corporate governance statement on pages 30 to 35 is the responsibility of the Board of Directors. The information required by article 68ter paragraph (1) letters c) and d) of the law of 19 December 2002 on the commercial and companies register and on the accounting records and annual accounts of undertakings, as amended, is consistent with the financial statements and has been prepared in accordance with applicable legal requirements.

122 | ANNUAL REPORT 2024 | Socfinaf S.A.

Audit report on the Company’s financial statements

We have checked the compliance of the financial statements of the Company as at 31 December 2024 with relevant statutory requirements set out in the ESEF Regulation that are applicable to the financial statements. For the Company, it relates to:
* Financial statements prepared in valid xHTML format;

In our opinion, the financial statements of the Company as at 31 December 2024, identified as Socfinaf 2024 Annual Report.zip, have been prepared, in all material respects, in compliance with the requirements laid down in the ESEF Regulation.

We confirm that the audit opinion is consistent with the additional report to the audit committee or equivalent.

We confirm that the prohibited non-audit services referred to in EU Regulation No 537/2014 were not provided and that we remained independent of the Company in conducting the audit.

Ernst & Young Société anonyme
Cabinet de révision agréé

Anthony Cannella

Socfinaf S.A. | ANNUAL REPORT 2024 | 123

Company financial statements

1. Balance sheet as at 31 December 2024

	2024	2023
ASSETS	EUR	EUR
FIXED ASSETS
Financial assets
Shares in affiliated undertakings	190 201 507.51	187 264 604.55
Loans to affiliated undertakings	114 900 965.41	129 533 966.49
	305 102 472.92	316 798 571.04
CURRENT ASSETS
Debtors
Amounts owed by affiliated undertakings becoming due and payable within one year	19 044 625.84	28 993 195.61
Other debtors becoming due and payable within one year	484 160.00	1 936 640.00
	19 528 785.84	30 929 835.61
Investments
Shares in affiliated undertakings	248 406.09	248 406.09
Cash at bank and in hand	2 378 555.24	1 301 619.70
TOTAL ASSETS	327 258 220.09	349 278 432.44

The accompanying notes form an integral part of the financial statements.

124 | ANNUAL REPORT 2024 | Socfinaf S.A.

Company financial statements

	2024	2023
CAPITAL, RESERVES AND LIABILITIES	EUR	EUR
CAPITAL AND RESERVES	Note 4
Subscribed capital	35 673 300.00	35 673 300.00
Share premium account	87 453 866.21	87 453 866.21
Reserves
Legal reserve	3 567 330.00	3 567 330.00
Other reserves, including the fair value reserve
Other available reserves	688 346.92	688 346.92
	4 255 676.92	4 255 676.92
Profit brought forward	96 529 714.40	93 870 858.69
Profit for the financial year	31 220 989.80	2 658 855.71
	255 133 547.33	223 912 557.53
CREDITORS
Amounts owed to credit institutions becoming due and payable within one year	0.00	7.00
Trade creditors becoming due and payable within one year	290 465.88	225 304.17
Amounts owed to affiliated undertakings
becoming due and payable after more than one year	30 000 000.00	80 000 000.00
becoming due and payable within one year	642 361.11	1 252 128.31
Amounts owed to undertakings with which the undertaking is linked by virtue of participating interests
becoming due and payable after more than one year	0.00	20 000 000.00
becoming due and payable within one year	40 588 306.01	20 705 753.25
Other creditors
Tax authorities	495 520.00	2 130 637.50
Other creditors becoming due and payable within one year	108 019.76	1 052 044.68
	72 124 672.76	125 365 874.91
TOTAL CAPITAL, RESERVES AND LIABILITIES	327 258 220.09	349 278 432.44

The accompanying notes form an integral part of the financial statements.

Socfinaf S.A. | ANNUAL REPORT 2024 | 125

Company financial statements

2. Income statement for the year ended 31 December 2024

	2024	2023
	EUR	EUR
Raw materials and consumables and others external expenses
Other external expenses	-3 427 957.70	-2 936 663.69
Value adjustments in respect of current assets	0.00	-4 500.00
Other operating expenses	-360 129.10	-421 143.32
Income from participating interests
derived from affiliated undertakings	49 701 181.42	45 173 448.69
Other interest receivable and similar income
derived from affiliated undertakings	2 409 782.12	5 872 854.29
other interest and similar income	141 234.31	10 081.36
Value adjustments in respect of financial assets and of investments held as current assets Note 3	-5 459 587.74	-33 076 586.91
Interest payable and similar expenses
derived from affiliated undertakings	-4 417 493.21	-6 638 801.02
other interest and similar expenses	-2 440 644.98	-2 069 245.77
Tax on profit	-3 566 077.02	-2 783 087.92
Profit after taxation	32 580 308.10	3 126 355.71
Other taxes not shown above	-1 359 318.30	-467 500.00
Profit for the financial year	31 220 989.80	2 658 855.71
Allocation of profit	2024	2023
	EUR	EUR
Profit brought forward	125 768 854.20	96 529 714.40
From the balance:
10% to the Board of Directors	198 185.00	0.00
90% to 17 836 650 shares	1 783 665.00	0.00
	127 750 704.20	96 529 714.40
Dividend per share	0.10	0.00

The accompanying notes form an integral part of the financial statements.

126 | ANNUAL REPORT 2024 | Socfinaf S.A.

Company financial statements

Note 1. Overview

SOCFINAF S.A., (the “Company’) was incorporated on 20 November 1972 as a public limited company and adopted the status of “Soparfi” on 10 January 2011.

The duration of the Company is unlimited, and its registered office is established in Luxembourg. The Company is registered in the Register of Commerce and Companies under number B6225, and is listed on the Luxembourg Stock Exchange under ISIN number LU0056569402.The   object   of   the   Company   is   (i)   the   acquisition,   holding  and  disposal,  in  any  form  whatsoever  and  by   any   means,   directly   or   indirectly,   of   participations,   rights  and  interests,  as  well  as  bonds  of  Luxembourg- based   or   foreign   companies,   (ii)   the   acquisition   by   contribution, purchase, subscription or otherwise, as  well  as  the  disposal  by  sale,  transfer,  exchange  or   otherwise,   of   shares,   interests,   bonds,   debts,   notes   and  other  securities  or  financial  instruments  of  any  kind   (in  particular  bonds   or   shares   issued   by   Luxembourg   or   foreign   collective   investment   funds   or   any   other   similar  body),  loans  or  any  other  credit  line,  as  well   as   contracts   relating   thereto   and   (iii)   the   holding,   administration,   development   and   management   of   a   portfolio   of   assets   (composed   in   particular   of   the   assets  described  in  points  (i)  and  (ii)  above). The   Company   may   also   acquire   and   develop   any   patents  and  other  rights  relating  to  or  supplementing   those patents. The Company may borrow in any form whatsoever. It may  enter  into  any  kind  of  loan  agreement  and  may   issue   debt   securities,   bonds,   certificates,   shares,   profit  shares,  warrants  and  all  kinds  of  debt  and  equity   securities,  including  by  virtue  of  one  or  several  issue   programmes.  The  Company  may  lend  funds,  including   those   resulting   from   borrowings   and/or   securities   issues,   to   its   subsidiaries,   affiliates   and   any   other   company. Although  the  Company  is  included  in  the  consolidated   financial   statements   of   Société   Financière   des   Caoutchoucs,   abbreviated   as   “Socfin”,   which   is   the   largest  entity  in  which  the  Company  is  consolidated,   the   Company   also   prepares   consolidated   financial   statements   which   are   published   in   accordance   with   the   law   and   which   are   available   at   the   company’s   registered   office   (4,   avenue   Guillaume,   L-1650   Luxembourg)  or  on  the  Internet  site:  www.socfin.com. The   financial   year   begins   on   1   January   and   ends   on   31  December.

Note 2. Accounting principles, rules and methods

General principles

The   annual   financial   statements   are   prepared   in   accordance   with   Luxembourg   legal   and   regulatory   requirements   in   force   in   Luxembourg   under   the   historical  cost  convention.
The   accounting   policies   and   valuation   principles   are,   apart   from   the   rules   imposed   by   the   law   of   19  December  2002,  determined  and  implemented  by   the  Board  of  Directors.
The   preparation   of   the   annual   financial   statements   involves   the   use   of   a   number   of   critical   accounting  estimates.  It   also  requires  the  Board  of  Directors   to   exercise   its   judgement   in   the   application   of   accounting  principles.  Any  change  in  assumptions  may   have  a  significant  impact  on  the  financial  statements   for  the  period  in  which  the  assumptions  are  changed.
The   Board   of   Directors   believes   that   the   underlying   assumptions   are   appropriate   and   that   the   financial   statements   give  a  true  and fair  view  of  the  financial   position  and  results   of   the   Company.

Currency conversion

The   Company   keeps   its   accounts   in   euros  (EUR);  the   annual  accounts  are  expressed  in  this  currency.
Transactions   in   a   currency   other   than   the   balance   sheet  currency  are  converted  into  the   balance  sheet  currency  at  the   exchange  rate  prevailing  on  the  date   of the transaction.

At  the  balance  sheet  date:
- the   acquisition   price   of   the   financial   assets,   expressed   in   a   currency   other   than   the   currency   of   the   balance   sheet,   remain   converted   at   the   historical   exchange   rate,   the   current   portion   of   receivables   is   one   exception   to   this,  as   it   is   valued   individually   at   the   lowest   of   their   historical   exchange   rate   value   or   their   value   determined   on   the   basis   of   the   exchange   rate   prevailing   at   the   balance   sheet  date;
- bank   accounts   expressed   in   a   currency   other   than   the   currency   of   the   balance   sheet   are   valued   on   the   basis   of   the   exchange   rate   prevailing   on   the   balance   sheet  date.  Foreign  exchange  gains  and  losses   are  recognised  in  the  current  period;
- all   other   assets,   expressed   in   a   currency   other   than   the   currency   of   the   balance   sheet,   are   valued   individually   at   the   lower   of   their   value   at   the   historical   exchange   rate   or   their   value   determined   on   the   basis   of   the   exchange   rate   prevailing   at the   balance  sheet  date;
- all   liability   items,   expressed   in   a   currency   other   than   the   currency   of   the   balance   sheet,   are   valued   individually   at the   highest   of   their   value.  For  this,  the  highest   amount   is   used   between   their value   at   the   historical   exchange   rate   and   their   value   determined on   the   basis   of   the   exchange   rate   prevailing   on  the  balance  sheet  date.

Realised   foreign   exchange   gains   and   losses   and   unrealised   losses   are  recognised  in  the  profit  and  loss  account.   Unrealised   foreign   exchange gains  are  not recognised.
If  there  is  an  economic  link  between  two  transactions,   unrealised  exchange  differences  are  recognised  at  the  corresponding  unrealised  exchange  loss.

Valuation of financial assets

Shares  in  affiliated  undertakings  are  valued  at  acquisition  cost,  which  includes  incidental  expenses.
Receivables  from   affiliated   companies   are   valued   at   their   nominal   value,   which   includes   incidental   expenses.

In the event of an impairment that, in the opinion of the   Board   of   Directors,   is   of   a   lasting   nature,   these   financial  fixed  assets  are  subject  to  value  adjustments.
The   aim   of te   latter   is   to   give   them   the   lowest   value   that   should   be   attributed   to   them   on   the   balance   sheet  date,  as   determined   by   the   Board   of   Directors.

In   order   to   determine   the   value   adjustments   that   are   permanent   at   the   balance   sheet   date,   the   Board   of   Directors  carries  out the  following  analyses  for  each   investment  on  an  individual  basis:

1/   For   investments   listed on   public   markets,   the   Board   of   Directors   compares   the   net   book   value   of   the   investment   with   its   shares   in   the   market   based   on   the   stock   market   price   at the  closing  date.
When   the   market   value   is   greater   than   or   equal   to   the   net   book   value,   the   Board   of   Directors  considers  that  no  value  adjustment  needs  to  be  recorded  at the  closing  date.
However,  when   the   market   value   is   lower   than   the   net   book   value,   the   Board   of   Directors   tests   the   net   book   value   against   the   share   in   the   revalued   net   assets   of   the investment.

2/   If   the   net   book   value   exceeds   the market   value   or   the   equity   value   for   unlisted   investments,   the   Board   of   Directors   compares   the   net   book   value   with   the   share   held   in   the   revalued   net   assets   as   well   as   in   the   consolidated   net   assets   (i.e.   equity   attributable   to   owners   of   the   parent   company)   if   the subsidiary   prepares  consolidated  accounts.
If   either   the   market   or   the   equity   value   is   greater   than   or   equal   to   the   net   book   value   of   the   investment,   no   value   adjustment   is   recognised.

3/   When   both   values   are   lower   than   the   net   book   value   of   the   investment:
- for   support   companies   (other   than   plantations   or   industrial   companies),   the   Board   of Directors   records   the   value   adjustment   resulting   from   the   smaller   difference   between   the   net   book   value   of   the   investment   and   the   share   held in   the   revalued   net   assets or  in  the  consolidated  net  assets;
- for   investments   in   plantations   or   industrial   companies,   the   Board   of   Directors   makes   a   value   adjustment   to   adjust   the   carrying   value   to   the   enterprise   value,   which   is calculated   on   the   basis   of   the   discounted   future   cash   flows   available   to   the   shareholders.
These   discounted   future   cash   flows   take   into   account   the   foreseeable   development   of   the   business   of   the   investments under  test. However,   the   Board   of   Directors   may   take   other   factors   into  consideration.
Particularly,  in  view  of the very  long  period  of  immaturity  of  young  plantation,  it  considers   that  the   value  adjustment   is   not  permanent   for  a  plantation  where  more  than  half  of   the   planted   area   is  not  being  used.

Loans  to  affiliated  companies  are  subject  to  a  value   adjustment   in   the  event   that   the   net   book   value   test   by   discounting   future   cash   flows   to   shareholders   does   not   support   the   full   repayment   of   the   receivable.
These   value   adjustments   are   not   maintained   when   the   reasons   for   which   they   were   established   have   ceased to  exist.Receivables are recorded at their nominal value. They are subject to value adjustments when their recovery is compromised. These value adjustments are not continued if the reason for which the value adjustments were made are no longer applicable.

Securities are valued at the lower of cost, including incidental costs or market value. A value adjustment is recorded when the market price is lower than the purchase price. Value adjustments are not maintained if the reasons for their negotiations have ceased to exist.

Liabilities Debts are recorded at their reimbursement value. When the amount to be repaid on the debts exceeds the amount received, the difference is recorded to the profit and loss account.

Going concern

The Board of Directors has prepared the financial statements as of 31 December 2024 on a going concern basis. As of that date, current liabilities amounting to €41,230,667.12 exceed current assets of €19,528,785.84. However, management has obtained a letter from one of the company’s principal creditors, confirming that repayment of its liabilities will only be required if the company has sufficient available funds to do so. The Board of Directors has prepared a forecast of future cash flows and concluded that the Company will meet its working capital requirements for a period of at least 12 months from the date of approval of these financial statements by the General Assembly.

Geopolitical uncertainties

The Company holds interests in subsidiaries operating in Africa. Given the economic and political instability of some of these countries (Sierra Leone, Liberia, Côte d’Ivoire, Ghana, Nigeria, Cameroon, São Tomé and DRC), these investments present a risk in terms of exposure to political and economic changes.

Due to the geopolitical tensions, since 2022, there has been a significant increase in volatility on the securities and currency markets. The conflicts have had a significant impact on the financial markets, with many investors concerned about the risk of further escalation and the ensuing impact on global trade and economic growth.

Although the aforementioned aspects have not significantly impacted the Company’s operations nor performance and going concern during 2024, the Board of Directors continues to monitor the evolving situation and its impact on the Company’s financial position and results.

Socfinaf S.A. | ANNUAL REPORT 2024 | 129

Company financial statements

Note 3. Financial fixed assets

	Shares in affiliated undertakings		Loans to Affiliated undertakings		Total
	2024	2023	2024	2023	2024	2023
	EUR	EUR	EUR	EUR	EUR	EUR
Acquisition cost/nominal value at the beginning of the year	245 084 754.25	240 584 754.25	219 725 393.33	236 026 274.20	464 810 147.58	476 611 028.45
Increases	2 936 902.96	4 500 000.00	0.00	1 553 615.15	2 936 902.96	6 053 615.15
Transfer from/to current assets	0.00	0.00	-1  940  191.28	0.00	-1  940  191.28	0.00
Decreases	-23  977  983.85	0.00	-41  553  774.71	-17  854  496.02	-65  531  758.56	-17  854  496.02
Acquisition cost/nominal value at the end of the year	224 043 673.36	245 084 754.25	176 231 427.34	219 725 393.33	400 275 100.70	464 810 147.58
Value adjustments at the beginning of the year	-57 820 149.70	-57 704 474.70	-90 191 426.84	-57 230 514.93	-148 011 576.54	-114 934 989.63
Impairment	0.00	-115  675.00	-4  099  947.00	-32 960 911.91	-4  099  947.00	-33  076  586.91
Reversal (*)	23  977  983.85	0.00	(*)   32  960  911.91	0.00	56  938  895.76	0.00
Value adjustments at the end of the year	-33 842 165.85	-57 820 149.70	-61 330 461.93	-90 191 426.84	-91 072 680.78	-148 011 576.54
Net book value at the end of the year	190 201 507.51	187 264 604.55	114 900 965.41	129 533 966.49	305 102 472.92	316 798 571.04

(*) Those reversal are related to the disposal of Salala Rubber Company following the sale of the plantation.

130 | ANNUAL REPORT 2024 | Socfinaf S.A.

Company financial statements

Note 3. Financial fixed assets (continued)

Entity	Country	% held	Net book value EUR	Year end	Currencies of the annual accounts	Net equity in foreign currency as at 31/12/2024 (including net income) (*)	Net income in foreign currency as at 31/12/2024
Plantations Socfinaf Ghana	Ghana	100.00	32  503  775	31.12.2024	GHS	481  379  807	188  801  101
Socfin Agricultural Company	Sierra Leone	93.00	20 445 954	31.12.2024	USD	47  054  079	1 324 610
Liberian Agricultural Company	Liberia	100.00	13  793  904	31.12.2024	USD	50  069  507	7  156  326
Bereby-Finances “BEFIN”	Côte d’Ivoire	87.06	13 604 405	31.12.2024	XAF	15  128  743  196	4  743  891  247
Socapalm	Cameroon	67.46	40  640  840	31.12.2024	XAF	66  385  604  974	10  409  655  273
Okomu Oil Palm Company	Nigeria	66.38	22  151  171	31.12.2024	NGN	56 301 260 595	39  957  745  180
Brabanta	Congo (DRC)	100.00	0	31.12.2024	CDF	70  171  185  608	-4  545  997  483
Induservices	Luxembourg	30.00	30 000	31.12.2024	EUR	597  594	111  470
Socfinde	Luxembourg	20.00	801  000	31.12.2024	EUR	5  207  073	539 225
Terrasia	Luxembourg	33.28	246  705	31.12.2024	EUR	673  171	29 026
SAFA	France	100.00	26 535 600	31.12.2024	EUR	20 451 361 524	644
Induservices FR	Switzerland	50.00	3  579  105	31.12.2024	EUR	6  035  684	-715  487
Socfinco FR	Switzerland	50.00	486  891	31.12.2024	EUR	19  386  298	4 465 222
Sogescol FR	Switzerland	50.00	1  985  019	31.12.2024	USD	20  446  682	10  486  214
Sodimex FR	Switzerland	50.00	621 424	31.12.2024	EUR	4  082  858	369 626
Centrages	Belgium	50.00	4  074  577	31.12.2024	EUR	3  057  574	-37  989
Immobilière de la Pépinière	Belgium	50.00	3  015  798	31.12.2024	EUR	3  404  865	-113 431
Socfinco	Belgium	50.00	763  875	31.12.2024	EUR	1  561  286	33  579
STP Invest	Belgium	100.00	0	31.12.2024	EUR	152 541	-1  618  340
						185 280 043

(*) Based on unaudited financial statements as at 31 December 2024. Amounts represent 100% of Equity and net income before allocation of % of ownership.

Socfinaf S.A. | ANNUAL REPORT 2024 | 131

Company financial statements

Note 3. Financial fixed assets (continued)

Valuation of shares in affiliated undertakings: During the year, the Company has participated in the capital increase of Induservices FR for an amount of EUR 2 936 903.

In August 2024, the Company sold SRC. The loss on this sale, amounting to EUR 1 359 641 is presented within income statement on line “Value adjustments in respect of financial assets and of investments held as current assets”.

As at 31 December 2024, an impairment was recognised on the loan granted to Agripalma for EUR 4 099 947. This impairment is presented within income statement on line “Value adjustments in respect of financial assets and of investments held as current assets”.

As at 31 December 2024, the Board of Directors is of the opinion that there is no permanent value decrease for the shares in affiliated undertakings.

Valuation of loans to affiliated undertakings: As at 31 December 2024, loans to affiliated undertakings are as follows:

Related parties	Currency	Balance	Balance In EUR	Unrealised exchange gains *
Brabanta	USD	21 000 000	19  688  730	524  957
Socfin Agricultural Company	USD	67  619  256	55 442 140	9  645  218
Liberian Agricultural Company	USD	29  070  199	25  770  095	2 211 616
Agripalma	EUR	14 000 000	14 000 000	0
Situation as at 31 December 2024			114 900 965	12 381 791

• In accordance with Luxembourg legal and regulatory provisions and generally accepted accounting practices, receivables from affiliated undertakings are translated at the historical exchange rate and the unrealised foreign exchange gain or loss is not recognised in the profit and loss account, with the exception of the current portion of receivables, which is valued individually at the lower of their historical exchange rate value or their value determined on the basis of the exchange rate prevailing at the balance sheet date.

During the year, the Company has received a reimbursement of EUR 849 860 from Plantations Socfinaf Ghana, and has paid an advance to Salala Rubber Corporation of EUR 1 809 955, which has been fully impaired.

As at 31 December 2024, the Board of Directors are of the opinion that these loans are recoverable as such, no other impairment loss has been accounted for.

132 | ANNUAL REPORT 2024 | Socfinaf S.A.

Company financial statements

Note 4.# Socfinaf S.A. | ANNUAL REPORT 2024 | 133

Company financial statements

Note 5. Amounts owed to affiliated undertakings

As at 31 December 2024, this item consists mainly of:
- a debt to Socfin for a nominal amount of EUR 30 000 000 (2023: EUR 80 000 000) which bear a fixed interest rate of 6.25%. The accrued interest amounted EUR 642 361 (2023: EUR 1 250 000). This debt is repayable early or at the latest on 10th November 2026. During the year, the Company has reimbursed an amount of EUR 50 000 000 to Socfin. The Board Meeting of September 2024 approved a repayment of EUR 30 000 000 in 2025 to Socfin.

As at 31 December 2024 and 2023, the maturity of debts to affiliated undertakings is as follows:

Amounts owed to affiliated undertakings:	2024	2023
EUR	EUR	EUR
becoming due and payable within one year	642 361	1 250 000
becoming due and payable between one to five years	30 000 000	80 000 000
Total	30 642 361	81 250 000

Note 6. Amounts owed to undertakings with which the undertaking is linked by virtue of participating interests

As at 31 December 2024, this item consists mainly of:
- a payable to Bolloré Participations for a nominal amount of EUR 20 000 000 (2023: EUR 20 000 000), plus accrued interest in the amount of EUR 286 667 (2023: EUR 403 288). This debt bears interest at a fixed rate of 6% per annum and is repayable on demand with final maturity on 30 June 2025.
- a payable to Palmboomen Cultuur Maatschappij “MOPOLI” for a nominal amount of EUR 20 000 000 (2023: EUR 20 000 000), plus accrued interest in the amount of EUR 301 639 (2023: EUR 302 466). This debt bears interest at a fixed rate of 6% per annum and is repayable on demand with final maturity on 15 July 2026.

Note 7. Income from participating interests

	2024	2023
EUR	EUR	EUR
Dividends received	49 701 181	45 168 435
Capital gain on disposal of financial fixed assets (*)	0	5 013
Total	49 701 181	45 173 448

(*) This amount corresponds to a remaining amount from prior year disposal.

Note 8. Income from other investments and loans forming part of the fixed assets

	2024	2023
EUR	EUR	EUR
Interest on related companies’ receivables	2 409 782	5 872 854

Note 9. Taxation

The Company is subject to all taxes to which Luxembourg-based commercial companies are subject. The Company has EUR 214 118 336 of carried forward tax losses available as at 31 December 2023 and estimates approximately EUR 4 840 417 of additional tax losses for the current period (FY 2024). Based on a deferred tax rate of 23.87% these tax losses would correspond to a deferred tax asset of EUR 52 265 454 (deferred tax asset not recognised as at 2024 year-end).

Regarding the portion of the aforementioned losses that have been generated as from tax year 2017 (approximately EUR 4 334 536) that amount can be carried forward for the seventeen years following the tax year in which the losses arose.

Note 10. Remuneration of the Board of Directors

During 2024, the members of the Board of Directors received EUR 9 688 (2023: EUR 7 500) as attendance fees and EUR 230 063 (2023: EUR 230 000) as Directors’ fees.

During 2024, no advances or loans were granted to the Board members.

Note 11. Political and economic environment

Most of the investments are held directly or indirectly in companies operating in Africa, particularly in the following countries:
- Sierra Leone,
- Liberia,
- Côte d’Ivoire,
- Ghana,
- Nigeria,
- São Tomé et Principe,
- Cameroon,
- Congo (DRC).

Given the political instability that exists in these countries and their economic fragility (dependence on international aid, inflation in some cases, civil wars, etc.), the investments held by the Company present a risk in terms of exposure to political and economic fluctuations.

Note 12. Off-balance sheet commitments

As at 31 December 2024 and 2023, the Company had no significant off-balance sheet commitments.

Note 13. Significant events after the year end

There are no significant post-closing events affecting the Company.

Glossary

CIF Rotterdam - Cost Insurance & Freight Rotterdam, corresponds to:
- Cost of the good/oil;
- Insurance cost for the whole consignment right from port of loading until arrived and delivered;
- Freight: carrying cost from load port all the way up to Rotterdam.
In other words, the seller pays for the goods, transportation to the port of destination, and marine insurance.

CONCESSION - Contract, signed with local authorities, giving specific rights to control an area of land and for the conduct of specific activities in that area, during a defined period.

CPO - Crude Palm Oil is edible oil which is extracted from the pulp of fruit of oil palm trees.

CPKO - Crude Palm Kernel Oil is the light crude oil, extracted from the Oil Palm kernels, containing mainly lauric acid.

DAP – Delivered At Place is an international commercial term (Incoterm), meaning that the seller takes on all the risks and costs of delivering goods to an agreed-upon location.

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.

ESEF - European Single Electronic Format is the electronic reporting format in which issuers whose securities are admitted to trading on EU regulated markets must prepare their annual financial reports to facilitate accessibility, analysis and comparability of annual financial reports.

EXW - Ex works is an Incoterm, in which a seller makes a product directly available from the factory or place of manufacture. The buyer of the product must cover the transport costs.

FINISHED GOODS - Goods that have completed the manufacturing process but have not yet been sold or distributed to the end user (for example dry rubber, crude palm oil, seeds, palm kernel oil, palm kernel cake).

FOB - Free On Board is an Incoterm, which means the seller is responsible for loading the purchased goods onto the ship, and all costs associated. The point the goods are safe aboard the vessel, the risk transfers to the buyer, who assumes the responsibility of the remainder of the transport.

---

Equity EUR

	Balance as at 1 January 2023	Allocation of the result for the 2022 financial year following decision of the General Meeting held on 30 May 2023	Results for the financial year	Balance as at 31 December 2023	Allocation of the result for the 2023 financial year following decision of the General Meeting held on 29 May 2024	Results for the financial year	Balance as at 31 December 2024
Subscribed capital	35 673 300.00	-	-	35 673 300.00	-	-	35 673 300.00
Share premium	87 453 866.21	-	-	87 453 866.21	-	-	87 453 866.21
Legal reserves	3 567 330.00	-	-	3 567 330.00	-	-	3 567 330.00
Other reserves	688 346.92	-	-	688 346.92	-	-	688 346.92
Profit brought forward	131 413 608.00	• Profit brought forward -37 542 749.31	-	-	• Profit brought forward 2 658 855.71	-	96 529 714.40
Results for the year	-37 542 749.31	37 542 749.31	2 658 855.71	2 658 855.71	-2 658 855.71	31 220 989.80	31 220 989.80
Total Equity	188 337 154.13	0.00	2 658 855.71	127 719 499.13	0.00	31 220 989.80	168 510 181.13

Subscribed capital

As at 31 December 2024 and 2023, the issued and fully paid share capital is EUR 35 673 300 represented by 17 836 650 shares without nominal value.

Share premium

As at 31 December 2024 and 2023, the share premium amounted to EUR 87 453 866.

Legal reserve

The annual profit is subject to a levy of 5% to be allocated to a legal reserve. This allocation ceases to be mandatory when the reserve reaches 10% of the share capital. The legal reserve cannot be distributed.GPSNR - Global Platform for Sustainable Natural Rubber. GPSNR is an international, multistakeholder, voluntary membership organisation, with a mission to lead improvements in the socioeconomic and environmental performance of the natural rubber value chain.
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.
IRSG - International Rubber Study Group. It is an inter-governmental organisation composed of rubber producing and consuming stakeholders. Located in Singapore, IRSG was established in 1944.
NET VALUE PER SHARE – Equity attributable to the owners of the Parent at closing period, divided by the number of shares. Allows readers of the financial statements to compare easily the share price at closing period with its value within the financial statements. As an example, value as at 31 December 2024 is obtained by dividing EUR 421,751,282 (value of Equity attributable to the owners of the Parent) by 17,836,650 (number of shares).

136 | ANNUAL REPORT 2024 | Socfinaf S.A.
Glossary

NET DEBT BEFORE IFRS ADJUSTMENTS – Corresponds to net debt as presented Note 22 (EUR -87.4 million), excluding lease liabilities (EUR +29.4 million), including cash pooling at the level of Socfinaf and subsidiaries (See Note 17, EUR +8.5 million) and Okomu grant part of the loan (See Note 23, EUR -0.9 million).
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, …).
RSS3 - Ribbed Smoked Sheet is rubber coagulated from high quality natural rubber. Rubber is then processed into sheet, dried, smoked, and visually graded. RSS3 rubber sheets are used in the production of tyres, tread carcass, footwear, …
SGX - Singapore Exchange is Singapore’s primary asset exchange. The SGX lists stocks, bonds, options contracts, foreign currency exchanges and commodities, representing in 2021 the largest stock market exchange in South-East Asia.
SMOKED SHEET - It is a type of crude natural rubber in the form of brown sheets obtained by coagulating latex with an acid, rolling it into sheets, and drying over open wood fires. It is the main raw material for natural rubber products. Also called: ribbed and smoked sheet.
SOPARFI - SOciété de PARticipations FInancières. SOPARFIs are fully taxable ordinary commercial companies, whose corporate purpose consists in the holding of participations and related financing activities.
TAPPER - Agricultural worker trained and qualified to “tap” a tree with a special knife. Trees are tapped at regular interval (4-7 days), releasing the latex from the latex vessels situated in the soft outer bark of the tree.
THIRD PARTY PURCHASES - Business deal that involves a person or entity other than a Group company. Typically, third-party purchases are made with small local growers.
TRADING ACTIVITIES – The activity of selling, buying or exchanging goods and services in order to generate profit. This commercial activity is mainly centralised within Sogescol FR.
TSR20 - Technically Specified Rubber graded corresponds to block rubber made by crashing, cleaning and drying solid rubber. Major producing countries have their own TSR standard (STR in Thailand, SIR in Indonesia, …). TSR are graded according to a variety of factors, including volatile matter, ash content, color, viscosity, …

Socfinaf S.A. | ANNUAL REPORT 2024 | 137
138 | ANNUAL REPORT 2024 | Socfinaf S.A.
Socfinaf S.A. | ANNUAL REPORT 2024 | 139
140 | ANNUAL REPORT 2024 | Socfinaf S.A.