INTERIM FINANCIAL REPORT

HALF-YEAR ENDED 30TH JUNE 2023

(UNAUDITED)

SOCFINAF S.A. 3
Board of Directors 3
Chief Financial Officer 3
Independent statutory auditor3
Registered office 3
Statement of compliance 4
Management report on the interim consolidated financial statements at 30th June 2023 5
Activities5
Portfolio5
Consolidated income 5
Consolidated statement of financial position 5
Consolidated cash flows6
Outlook 2023 6
Distribution of an interim dividend 6
Consolidated financial statements 7
Consolidated statement of financial position as at 30th June 2023 (unaudited) 7
Consolidated income statement for the period from 1st January to 30th June (unaudited)9
Consolidated statement of other comprehensive income for the period from 1st January to 30th June
(unaudited) 10
Consolidated statement of cash flows for the period from 1st January to 30th June (unaudited)	11
Consolidated statement of changes in equity for the period from 1st January to 30th June (unaudited)
12

Notes to the IFRS consolidated financial statements at 30th June 2023	14
Note 1. Overview and accounting policies 14
Note 2. Subsidiaries and affiliates 15
Note 3. Property, plant and equipment 16
Note 4. Biological assets17 Note 5. Leases18
Note 6. Depreciation and impairment expense 19
Note 7. Investments in associates 19
Note 8. Inventories 21
Note 9. Other receivables 22
Note 10. Share capital 22
Note 11. Financial debts22
Note 12. Trade and other payables 25
Note 13. Financial Instruments 26
Note 14. Other financial income 28
Note 15. Financial expenses28
Note 16. Dividends 28
Note 17. Information on related party 29
Note 18. Off balance sheet commitments 31
Note 19. Segmental information 31
Note 20. Profit before interest, taxes, depreciation and amortisation (EBITDA)36 Note 21. Events after the closing date 36

SOCFINAF S.A.

Board of Directors

Chairman
Director
Director
Director
Managing Director
Director
Director
Director

Chief Financial Officer

Mr. Daniel Haas

Independent statutory auditor

ERNST & YOUNG S.A. "EY"

Registered office

4, avenue Guillaume L-1650 Luxembourg

Telephone:	(+352) 44 28 77
Telefax:	(+352) 44 28 77 50
E-mail:	[email protected]
Internet:	www.socfin.com

Statement of compliance

Mr. Philippe Fabri, Director and Mr. Daniel Haas, Chief Financial Officer, indicate that, to the best of their knowledge,

(a) the interim consolidated financial statements prepared for the period ended at 30th June 2023, in accordance with the international accounting standards adopted by the European Union, provide a true and fair view of the assets and liabilities, the financial position and the profits or losses attributable to Socfinaf and all of the entities included in consolidation; and

(b) the interim management report fairly presents the evolution and results of the Company, the financial position of the Group and all the entities included in the consolidation and a description of the main risks and uncertainties they face.

Management report on the interim consolidated financial statements at 30th June 2023

The Board of Directors meeting on 22 nd September 2023 reviewed the interim consolidated financial statements as at 30th June 2023.

These interim consolidated financial statements have not been audited, nor have they been subject to a limited review by the independent statutory auditor.

Activities

The Company holds interests in companies that operate directly or indirectly in Tropical Africa, in the production of rubber and palm oil.

Portfolio

There were no changes in the portfolio during the first half 2023.

Consolidated income

At 30th June 2023, the consolidated result attributable to the Group is EUR 31.4 million compared to EUR 58.1 million at 30th June 2022. This results in a net profit per share of EUR 1.76 compared to EUR 3.26 as at 30th June 2022.

Consolidated revenues for the first half of 2023 amount to EUR 325.3 million compared to EUR 363.4 million in the previous year (EUR -38.1 million). This decrease in turnover is mainly due to the decrease in quantities sold (EUR ‑20.1 million) and to the exchange rate effect between the sales currencies (EUR -25.7 million), slightly compensated by the increase in prices (EUR +10.5 million).

Operating profits amount to EUR 103.2 million compared to EUR 144.3 million at 30th June 2022.

EBITDA amounts to EUR 145.9 million versus EUR 168.0 million during the first half of 2022.

Financial expenses amount to EUR 25.4 million at 30th June 2023 compared to EUR 22.7 million at 30th June 2022. This change is mainly due to foreign exchange losses for EUR 17.3 million (compared to EUR 14.7 million in 2022).

Other financial income amount to EUR 6.1 million (EUR 4.4 million at 30th June 2022). They are mainly due to foreign exchange gains.

The income tax expense is at EUR 35.1 million compared to EUR 37.7 million at 30th June 2022 due to the decrease in the net profit before tax.

The deferred tax income amount to EUR 0.2 million at 30th June 2023, compared to a deferred tax expense of EUR 4.4 million at 30th June 2022.

Consolidated statement of financial position

As at 30th June 2023, Socfinaf's total balance sheet amounts to EUR 883.4 million which represent a decrease of EUR 20.2 million compared to the position as at 31st December 2022.

Socfinaf's assets consist of:

non-current assets amounting to EUR 631.9 million compared to EUR 673.8 million as at 31st December 2022, a decrease of EUR 41.9 million mainly linked to the foreign exchange difference on property, plant and equipment (impact of EUR -39.6 million);
current assets amounting to EUR 252.2 million compared to EUR 229.8 million as at 31st December 2022, an increase of EUR 22.4 million mostly explained by increase in cash position for EUR 21.5 million, a decrease in inventories for EUR 5.1 million and an increase in trade receivables for 10.7 million.

Shareholders' equity attributable to the Group amount to EUR 372.0 million compared to EUR 384.4 million as at 31st December 2022. The decrease in shareholders' equity of EUR 12.4 million is due to the half year results (EUR 31.4 million) and to the change in the translation reserves (EUR -43.8 million).

Based on the consolidated shareholders' equity, the net assets per share is EUR 20.85 as at 30th June 2023 compared to EUR 21.55 as at 31st December 2022.

As at 30th June 2023, Socfinaf's share price is EUR 12.00.

Current and non-current liabilities increase to EUR 404.1 million compared to EUR 394.4 million six months earlier.

Financial debt decrease to EUR 158.0 million from EUR 202.7 million as at 31st December 2022. This mainly consist of loans to Socfinaf from Socfin for EUR 111.8 million, as well as the non current and current portion of bank loans for an amount of EUR 41.5 million.

Current tax liabilities increased to EUR 46.4 million compared to EUR 40.7 million in 2022. Other liabilities include short-term advances from shareholders amounting to EUR 40.6 million.

Net debt before IFRS adjustments, including financial items, cash and cash equivalents and advances from shareholders included in "other payables", amounts to EUR 121.6 million versus EUR 176.5 million as at 31st December 2022.

Consolidated cash flows

As at 30th June 2023, net cash and cash equivalents amount to EUR 79.8 million, an increase of EUR 26.9 million over the first half of the year (compared to an increase of EUR 59.5 million during the first half 2022).

Cash flows from operating activities amount to EUR 126.1 million as at 30th June 2023 compared to EUR 148.4 million as at 30th June 2022. The net cash flow from operating activities is EUR 109.5 million at closing date compared to EUR 176.3 million one year earlier.

Cash flows from investing activities mobilised EUR 23.9 million compared to EUR 23.3 million in the first half of 2022, which was mainly for the acquisition of property, plant and equipment.

Cash flows from financing activities amount to EUR 46.2 million during the first half of 2023 (compared to EUR 96.2 million in the first half of 2022), of which EUR 22.3 million was for the distribution of dividends and EUR 15.3 million for the net reduction of the debt.

Outlook 2023

The results will depend, to a large extent, on factors which are beyond the control of the management of the Group, namely the political and economic conditions in the countries where the subsidiaries are established, the changes in price of rubber and palm oil, and the exchange of local currencies and US dollar against the Euro. The Group, for its part, pursues its policy of keeping cost prices as low as possible and improving its production capacity.

In Nigeria, the Central Bank of Nigeria (CBN) decided in June 2023 to release the control of the foreign exchange market and thus to let the rate of the Nigerian naira (NGN) float. As a consequence, the value of the NGN towards hard currencies strongly decreased in June. As at 30th June 2023, this variation is reflected in the statement of financial position (assets and liabilities being converted into euros at the exchange rate prevailing on the closing date) but not yet fully in the income statement (expenses and income being converted into euros at the average exchange rate for the period). These rates are disclosed in Note 1.5 to the financial statements. The impact of the Group's Nigerian operations on the consolidated result is disclosed in Note 19 (Segmental information) of the financial statements. Management closely monitors developments in the Nigerian foreign exchange markets and is keen to present a fair view of the financial statements.

Distribution of an interim dividend

Considering the level of indebtedness as at 30th June 2023, the Board of Directors does not plan to distribute any interim dividend.

Consolidated financial statements

Consolidated statement of financial position as at 30th June 2023 (unaudited)

EUR	Note	30/06/2023	31/12/2022
ASSETS
Non-Current Assets
Right-of-use assets	5	39,598,355	8,169,573
Intangible assets		1,104,561	1,449,899
Property, plant and equipment	3	237,619,778	277,533,909
Biological assets	4	318,294,536	350,244,763
Investments in associates	7	22,866,608	27,288,358
Financial assets at fair value through other comprehensive income		3,300,038	3,300,038
Long-term advances		1,527,222	1,664,769
Deferred tax assets		4,285,942	4,513,651
Other non-current assets		2,649,362	2,619,576
		631,246,402	673,784,536

Current Assets
Inventories	8	100,686,938	105,769,814
Current biological assets		2,441,111	3,005,618
Trade receivables		34,130,031	23,519,223
Other receivables	9	18,256,717	21,440,996
Current tax assets		11,482,656	12,438,610
Cash and cash equivalents	11	85,179,284	63,638,033
		252,176,737	229,812,294
TOTAL ASSETS		883,423,139	903,596,830

EUR	Note	30/06/2023	31/12/2022
EQUITY AND LIABILITIES
Equity attributable to the owners of the Parent
Share capital	10	35,673,300	35,673,300
Share premium		87,453,866	87,453,866
Legal reserve		3,567,330	3,567,330
Consolidated reserves		328,825,200	253,235,800
Translation reserves		-114,915,031	-71,070,327
Profit / (loss) for the period		31,355,145	75,584,548
		371,959,810	384,444,517

Non-controlling interests		108,016,494	124,791,747
Total Equity		479,976,304	509,236,264

Non-Current Liabilities
Deferred tax liabilities		8,596,832	9,219,942
Employee Benefits Obligations		10,900,327	12,366,549
Long-term debt, net of current portion	11	136,257,694	159,582,281
Long-term lease liabilities	5	39,315,575	8,674,141
Other payables	12	6,688,098	6,005,420
		201,758,526	195,848,333

Current Liabilities
Short-term debt and current portion of long-term debt	11	21,721,457	43,071,845
Short-term lease liabilities	5	2,764,056	1,532,064
Trade payables	12	45,233,671	50,186,437
Current tax liabilities		46,413,173	40,651,438
Provisions		387,352	622,480
Other payables	12	85,168,600	62,447,969
		201,688,309	198,512,233
TOTAL EQUITY AND LIABILITIES		883,423,139	903,596,830

Consolidated income statement for the period from 1 st January to 30th June (unaudited)

EUR	Note	2023	2022
		(6 months)	(6 months)
Revenue	19	325,326,824	363,421,197
Work performed by entity and capitalised		5,997,181	6,522,897
Change in inventories of finished products and work in progress		21,899,921	9,795,300
Other operational income		10,117,109	2,411,648
Raw materials and consumables used	19	-106,522,261	-90,382,203
Other expenses	19	-80,369,932	-78,205,111
Staff costs		-36,643,359	-37,072,801
Depreciation and impairment expense	6	-29,977,691	-23,927,726
Other operating expenses	19	-6,607,604	-8,244,175
Operating profit / (loss)		103,220,188	144,319,026

Other financial income	14	6,067,229	4,389,149
Gain on disposals		74,292	10,109
Loss on disposals		-336,384	-451,873
Financial expenses	15	-25,414,154	-22,699,524
Profit / (loss) before taxes		83,611,171	125,566,887

Income tax expense		-35,051,913	-37,746,621
Deferred tax (expense) / income		175,058	-4,378,790
Share of the Group in the result from associates	7	3,903,151	4,869,523
Profit / (loss) for the period		52,637,467	88,310,999

Profit / (loss) attributable to non-controlling interests		21,282,322	30,213,197

Profit / (loss) attributable to the owners of the Parent		31,355,145	58,097,802

Basic earnings per share undiluted		1.76	3.26

Number of Socfinaf shares		17,836,650	17,836,650

Basic earnings per share		1.76	3.26
Diluted earnings per share		1.76	3.26

Consolidated statement of other comprehensive income for the period from 1 st January to 30th June (unaudited)

EUR Note	2023 (6 months)	2022 (6 months)
Profit / (loss) for the period	52,637,467	88,310,999

Other comprehensive income
Actuarial gains / (losses)	0	0
Deferred tax on actuarial losses and gains	0	0
Subtotal of items that cannot be reclassified to profit or loss	0	0

Gains / (losses) on exchange differences on translation of subsidiaries (*)	-59,594,956	28,708,480
Share of other comprehensive income related to associates	0	0
Subtotal of items eligible for reclassification to profit or loss	-59,594,956	28,708,480

Total other comprehensive income	-59,594,956	28,708,480

Comprehensive income	-6,957,489	117,019,479

Comprehensive income attributable to non-controlling interests	5,532,070	33,499,321

Comprehensive income attributable to the owners of the Parent	-12,489,559	83,520,158

(*) Mainly Okomu (EUR -42.1 million) and PSG (EUR -9.4 million) in 2023, vs mainly SAC (EUR +9.4 million), Okomu (EUR +6.8 million) and LAC (EUR +5.9 million) in 2022.

Consolidated statement of cash flows for the period from 1st January to 30th June (unaudited)

EUR	Note	2023	2022
		(6 months)	(6 months)
Operating activities
Profit / (loss) attributable to the owners of the Parent		31,355,145	58,097,802
Profit / (loss) attributable to non-controlling shareholders		21,282,322	30,213,197
Income from associates	7	-3,903,151	-4,869,522
Dividends received from associates	7	8,292,174	6,940,494
Fair value of agricultural production		355,466	-8,456,892
Other adjustments having no impact on cash position		3,794,386	-1,488,099
Depreciation and impairment expense	6	29,977,691	23,927,726
Provisions and allowances		-214,974	1,482,758
Net loss on disposals of assets		262,089	441,764
Income tax expense and deferred tax		34,876,855	42,125,412
Cash flows from operating activities		126,078,003	148,414,640

Interest expense		7,873,449	7,529,336
Income tax paid		-35,051,913	-37,746,621

Change in inventory		-8,592,850	-5,345,196
Change in trade and other receivables		-12,376,450	-13,883,148
Change in trade and other payables		27,568,985	76,649,694
Change in accruals and prepayments		4,034,774	675,371
Change in working capital requirement		10,634,459	58,096,721

Net cash flows from operating activities		109,533,998	176,294,076

Investing activities
Acquisitions / disposals of intangible assets		-20	-18,001
Acquisitions of property, plant and equipment and biological assets	3, 4	-20,950,406	-23,359,171
Disposals of property, plant and equipment		178,984	28,376
Acquisitions / disposals of financial assets		-3,088,224	82,237
Net cash flows from investing activities		-23,859,666	-23,266,559
Financing activities
Dividends paid to non-controlling shareholders		-22,307,318	-22,574,568
Proceeds from borrowings		1,046,202	32,595
Repayment of borrowings	11	-15,284,605	-65,374,569
Repayment of lease liabilities	11	-1,825,354	-735,380
Interest paid		-7,873,449	-7,529,336
Net cash flows from financing activities		-46,244,524	-96,181,258
Effect of exchange rate fluctuations		-12,544,409	2,611,074
Net cash flow		26,885,399	59,457,333

Cash and cash equivalents at 1st January		52,942,133	56,062,445
Cash and cash equivalents at 30th June		79,827,532	115,519,778
Net increase / (decrease) in cash and cash equivalents		26,885,399	59,457,333

Consolidated statement of changes in equity for the period from 1st January to 30th June (unaudited)

EUR	Share capital	Share premium	Legal reserve	Translation reserves	Consolidated reserves	Equity attributable to the owners of the Parent	Non controlling interests	TOTAL EQUITY

Balance at 1st January 2022	35,673,300	87,453,866	3,567,330	-63,481,543	252,063,723	315,276,676	121,205,286	436,481,962

Profit / (loss) for the period					58,097,802	58,097,802	30,213,197	88,310,999
Foreign currency translation adjustments				25,422,356	0	25,422,356	3,286,124	28,708,480
Share in other comprehensive income from associates				0	0	0	0	0
Other comprehensive income				25,422,356	58,097,802	83,520,158	33,499,321	117,019,479
Dividends					0	0	-22,312,967	-22,312,967
Interim dividends					0	0	-261,601	-261,601
Other movements					-23,057	-23,057	10	-23,047
Transactions with shareholders					-23,057	-23,057	-22,574,558	-22,597,615

Balance at 30th June 2022	35,673,300	87,453,866	3,567,330	-38,059,187	310,138,468	398,773,777	132,130,049	530,903,826

Profit / (loss) for the period					17,486,746	17,486,746	3,852,144	21,338,890
Actuarial (losses) / gains					620,360	620,360	94,572	714,932
Foreign currency translation adjustments				-32,269,170	0	-32,269,170	-4,240,356	-36,509,526
Share in other comprehensive income from					443,736	443,736	0	443,736
associates
Other comprehensive income				-32,269,170	18,550,842	-13,718,328	-293,640	-14,011,968
Dividends					0	0	0	0
Interim dividends					0	0	-6,223,665	-6,223,665
Other movements				-741,970	131,038	-610,932	-820,997	-1,431,929
Transactions with shareholders				-741,970	131,038	-610,932	-7,044,662	-7,655,594

Balance at 31st December 2022	35,673,300	87,453,866	3,567,330	-71,070,327	328,820,348	384,444,517	124,791,747	509,236,264

EUR	Share capital	Share premium	Legal reserve	Translation reserves	Consolidated reserves	Equity attributable to the owners of the Parent	Non controlling interests	TOTAL EQUITY

Balance at 1st January 2023	35,673,300	87,453,866	3,567,330	-71,070,327	328,820,348	384,444,517	124,791,747	509,236,264

Profit / (loss) for the period					31,355,145	31,355,145	21,282,322	52,637,467
Foreign currency translation adjustments				-43,844,704	0	-43,844,704	-15,750,252	-59,594,956
Share in other comprehensive income from associates				0	0	0	0	0
Other comprehensive income				-43,844,704	31,355,145	-12,489,559	5,532,070	-6,957,489
Dividends					0	0	-22,307,318	-22,307,318
Interim dividends					0	0	0	0
Other movements					4,852	4,852	-5	4,847
Transactions with shareholders					4,852	4,852	-22,307,323	-22,302,471

Balance at 30th June 2023	35,673,300	87,453,866	3,567,330	-114,915,031	360,180,345	371,959,810	108,016,494	479,976,304

Notes to the IFRS consolidated financial statements at 30th June 2023

Note 1. Overview and accounting policies

1.1. Overview

Socfinaf S.A. (formerly Compagnie Internationale de Cultures " Intercultures "), (the "Company") was incorporated on 22nd October 1961. The registered office is established at 4, avenue Guillaume, L-1650 in Luxembourg.

The Company holds participations in companies that operate directly or indirectly in Tropical Africa, in the production of rubber and palm oil.

The Board of Directors held a meeting on 22 nd September to examine and approve the interim consolidated financial statements for the period ended 30th June 2023.

1.2. Accounting framework

The interim financial report for the period ended 30th June 2023 has been prepared in accordance with IAS 34. This financial report does not include all the information required by the revised IAS 1 with regards to the annual financial report.

The accounting and calculation methods adopted in the interim financial statements are identical to those used in the annual financial statements at 31st December 2022.

On 1 st January 2023, the Group adopted the following amendments without any material impact on the Group's consolidated financial statements:

IFRS 17 - Insurance Contracts :

IFRS 17 establishes principles for the recognition, measurement and presentation of insurance contracts. Under IFRS 17, insurance performance should be measured at its current execution value and provide a more consistent measurement and presentation method for all types of insurance contracts. IFRS 17 replaces IFRS 4 "Insurance contracts" and its interpretations.

Amendments to IAS 12 "Deferred Tax related to Assets and Liabilities arising from a Single Transaction :

The amendments narrowed the scope of the recognition exemption in paragraphs 15 and 24 of IAS 12 (recognition exemption) so that it no longer applies to transactions that, on initial recognition, give rise to equal taxable and deductible temporary differences. They are effective for financial years beginning on or after 1st January 2023 and are to be applied retrospectively, with early adoption permitted.

Amendments to IAS 1, IFRS Practice Statement 2 "Making Judgments about Materiality" and IAS 8 :

The amendments are intended to assist preparers in determining the accounting policies to be presented in their financial statements, to further enhance the importance in determining the accounting policies, and to distinguish changes in accounting estimates from changes in accounting policies. They are effective for financial years beginning on or after 1st January 2023 and are to be applied prospectively, with early adoption permitted.

1.3. Use of estimates

These financial statements should be read in conjunction with the consolidated financial statements for 2022 and in particular note 1.24 on the use of estimates in the preparation of consolidated financial statements according to IFRS. The Group's management has had to use assumptions based on its best estimates which affect the carrying amount of assets and liabilities, the information related to contingent assets and liabilities, and the carrying amount of income and expenses recognised during the period.

Depending on changes of these assumptions, or changes of economic conditions, the amounts that will appear in the Group's future consolidated financial statements may differ from current estimates. Sensitive accounting methods, for which the Group has used estimates, mainly concern the application IAS 19 (Employee Benefits), IAS 2 (Inventories), IAS 41 (Agriculture), IAS 16 (Property, Plant and Equipment), IAS 36 (Impairment of Assets), IFRS 9 (Financial Instruments) and IFRS 16 (Leases).

In the absence of observable data within the scope of IFRS 13 (Fair Value Measurement), the Group has developed a model for measuring the fair value of agricultural production based on local production costs and conditions. This method is inherently more volatile than the historical cost method.

1.4. Seasonal nature of the business

The Company's revenue and operating income are seasonal. Palm oil and rubber production are influenced by external factors such as climate, location and the biological nature of the palm and rubber trees. The palm activity is more productive in the first half of the calendar year, whereas the rubber business is more productive in the second half. The extent of this seasonality can vary between years.

1.5 Foreign currency conversion

The following exchange rates have been used to convert the consolidated interim accounts:

1 euro equals to :		Closing rate		Average rate
	30/06/2023	31/12/2022	2023	2022
			(6 months)	(6 months)
Euro	1.000	1.000	1.000	1.000
CFA franc	655.957	655.957	655.957	655.957
Ghanaian cedi	11.9496	9.1472	11.8430	7.4262
Nigerian naira	831.34	478.92	534.37	451.25
Dobra of São Tomé	24.50	24.50	24.50	24.50
Congolese franc	2,598	2,151	2,313	2,170
American dollar	1.0866	1.0666	1.0808	1.0840

Note 2. Subsidiaries and affiliates

There were no changes in the consolidation scope during the first half of 2023.

Note 3. Property, plant and equipment

				Furniture,		Advances
EUR	Land and	Buildings	Technical	vehicles and	Work in	and	TOTAL
	nurseries		installations	others	progress	prepayments
Cost at 1st January 2022	8,266,696	244,788,574	148,484,143	211,417,483	17,754,247	658,097	631,369,240
Additions (*)	409,617	6,398,548	15,373,975	11,600,420	12,514,036	583,322	46,879,918
Disposals	0	-1,914,426	-343,416	-7,501,440	0	0	-9,759,282
Transfer	870,068	2,235,911	7,830,695	5,329,369	-16,185,586	-314,457	-234,000
Foreign exchange
differences	-178,502	1,423,572	-3,654,409	530,620	178,014	-61,379	-1,762,084
Cost at 31st December
2022	9,367,879	252,932,179	167,690,988	221,376,452	14,260,711	865,583	666,493,792

Accumulated
depreciation at 1st	-1,175,568	-125,170,715	-67,367,106	-166,068,695	0	0	-359,782,084
January 2022
Depreciation	-16,775	-11,632,747	-10,914,834	-11,632,864	0	0	-34,197,220
Depreciation reversals	0	1,909,317	238,877	6,463,264	0	0	8,611,458
Transfer	0	-1,736,377	0	1,736,377	0	0	0

Foreign exchange	-1,089	-701,941	750,838	-916,911	0	0	-869,103
differences
Accumulated
depreciation at 31st	-1,193,432	-137,332,463	-77,292,225	-170,418,829	0	0	-386,236,949
December 2022

Accumulated impairment	0	0	-1,728,058	-182,271	0	0	-1,910,329
at 1st January 2022
Impairment	0	-409,129	-403,478	0	0	0	-812,607
Accumulated impairment	0	-409,129	-2,131,536	-182,271	0	0	-2,722,936
at 31st December 2022

Net book value at 31st
December 2022	8,174,447	115,190,587	88,267,227	50,775,352	14,260,711	865,583	277,533,907

Cost at 1st January 2023	9,367,879	252,932,179	167,690,988	221,376,452	14,260,711	865,583	666,493,792
Additions (*)	133,164	2,970,998	2,509,265	4,580,741	6,569,082	196,981	16,960,231
Disposals	0	-131,538	-119	-911,325	0	0	-1,042,982
Transfer	-231,577	2,223,802	2,340,659	710,078	-5,243,078	-31,461	-231,577
Foreign exchange
differences	-1,949,281	-14,241,876	-30,926,502	-10,036,537	-1,795,203	-7,567	-58,956,966
Cost at 30th June 2023	7,320,185	243,753,565	141,614,291	215,719,409	13,791,512	1,023,536	623,222,498


Accumulated
depreciation at 1st	-1,193,432	-137,332,463	-77,292,225	-170,418,829	0	0	-386,236,949
January 2023
Depreciation	-8,340	-6,159,213	-4,515,634	-6,336,118	0	0	-17,019,305
Depreciation reversals	0	120,997	0	867,062	0	0	988,059
Foreign exchange	3,739	4,357,126	8,057,342	6,970,201	0	0	19,388,408
differences
Accumulated
depreciation at 30th June	-1,198,033	-139,013,553	-73,750,517	-168,917,684	0	0	-382,879,787
2023

Accumulated impairment	0	-409,129	-2,131,536	-182,271	0	0	-2,722,936
at 1st January 2023
Impairment	0	0	0	0	0	0	0
Accumulated impairment
at 30th June 2023	0	-409,129	-2,131,536	-182,271	0	0	-2,722,936

Net book value at 30th
June 2023	6,122,152	104,330,883	65,732,238	46,619,454	13,791,512	1,023,536	237,619,775

(*) Additions for the period include capitalised costs.

Note 4. Biological assets

EUR	Palm		Rubber		Others	TOTAL
	Mature	Immature	Mature	Immature
Cost at 1st January 2022	369,391,780	6,506,412	177,926,297	50,252,424	7,131	604,084,044
Additions (*)	0	2,839,161	0	5,425,671	0	8,264,832
Disposals	-7,615,248	-521,789	-4,614,064	-1,048,276	0	-13,799,377
Transfer	3,220,779	-3,129,536	16,158,537	-16,015,781	0	233,999
Foreign exchange differences	-1,387,620	-186,183	3,504,320	-130,834	0	1,799,683
Cost at 31st December 2022	363,609,691	5,508,065	192,975,090	38,483,204	7,131	600,583,181

Accumulated depreciation at 1st January 2022	-124,846,284	0	-58,239,712	0	-3,104	-183,089,100
Depreciation	-15,458,723	0	-5,828,706	0	-56	-21,287,485
Depreciation reversals	7,590,069	0	4,314,350	0	0	11,904,419
Transfer	-304,376	0	304,376	0	0	0
Foreign exchange differences	480,583	0	-1,182,888	0	0	-702,305
Accumulated depreciation at 31st December 2022	-132,538,731	0	-60,632,580	0	-3,160	-193,174,471

Accumulated impairment at 1st January 2022	-22,828,705	0	-29,622,116	-2,640,149	0	-55,090,970
Foreign exchange differences	-761,413	0	-1,148,202	-163,369	0	-2,072,984
Accumulated impairment at 31st December 2022	-23,590,118	0	-30,770,318	-2,803,518	0	-57,163,954

Net book value at 31st December 2022	207,480,842	5,508,065	101,572,192	35,679,686	3,971	350,244,756

Cost at 1st January 2023	363,609,691	5,508,065	192,975,090	38,483,204	7,131	600,583,181
Additions (*)	0	1,339,990	0	2,650,184	0	3,990,174
Disposals	-450,274	0	-1,385,188	0	0	-1,835,462
Transfer	304,622	-283,310	7,457,565	-7,247,300	0	231,577
Foreign exchange differences	-27,550,716	-90,328	-6,928,335	-2,329,383	0	-36,898,762
Cost at 30th June 2023	335,913,323	6,474,417	192,119,132	31,556,705	7,131	566,070,708

Accumulated depreciation at 1st January 2023	-132,538,731	0	-60,632,580	0	-3,160	-193,174,471
Depreciation	-7,558,527	0	-3,026,158	0	-35	-10,584,720
Depreciation reversals	450,060	0	994,883	0	0	1,444,943
Foreign exchange differences	6,912,560	0	2,116,399	0	0	9,028,959
Accumulated depreciation at 30th June 2023	-132,734,638	0	-60,547,456	0	-3,195	-193,285,289

Accumulated impairment at 1st January 2023	-23,590,118	0	-30,770,318	-2,803,518	0	-57,163,954
Foreign exchange differences	1,780,052	0	841,412	51,605	0	2,673,069
Accumulated impairment at 30th June 2023	-21,810,066	0	-29,928,906	-2,751,913	0	-54,490,885

Net book value at 30th June 2023	181,368,619	6,474,417	101,642,770	28,804,792	3,936	318,294,534

(*) Additions for the period include capitalised costs.

Note 5. Leases

* Right-of-use assets

EUR	Furniture, vehicles and other	Buildings	Land and concession of agricultural area	TOTAL
Gross value at 1st January 2022	8,334,541	672,164	7,437,970	16,444,675
Additions	2,517,377	0	58,191	2,575,568
Disposals	0	-136,602	0	-136,602
Foreign exchange differences	-32,383	-39	86,597	54,175
Gross value at 31st December 2022	10,819,535	535,523	7,582,758	18,937,816

Accumulated depreciation at 1st January 2022	-6,173,227	-469,720	-2,316,736	-8,959,683
Depreciation	-1,666,422	-36,367	-158,987	-1,861,776
Depreciation reversals	0	40,980	0	40,980
Foreign exchange differences	40,887	11	-28,669	12,229
Accumulated depreciation at 31st December 2022	-7,798,762	-465,096	-2,504,392	-10,768,250

Net book value at 31st December 2022	3,020,773	70,427	5,078,366	8,169,566

Gross value at 1st January 2023	10,819,535	535,523	7,582,758	18,937,816
Additions (*)	10,639,863	0	26,486,599	37,126,462
Foreign exchange differences	-4,422,104	-678	-88,587	-4,511,369
Gross value at 30th June 2023	17,037,294	534,845	33,980,770	51,552,909

Accumulated depreciation at 1st January 2023	-7,798,762	-465,096	-2,504,392	-10,768,250
Depreciation	-1,901,197	-15,922	-436,534	-2,353,653
Foreign exchange differences	1,141,961	189	25,198	1,167,348
Accumulated depreciation at 30th June 2023	-8,557,998	-480,829	-2,915,728	-11,954,555

Net book value at 30th June 2023	8,479,296	54,016	31,065,042	39,598,354

(*) Mainly Socapalm for EUR 26.5 million and Okomu for EUR 10.2 million.

* Lease liabilities

EUR	30/06/2023	31/12/2022
Long-term lease liabilities	39,315,575	8,674,141
Short-term lease liabilities	2,764,056	1,532,064
TOTAL	42,079,631	10,206,205

* Impact on the income statement

EUR	2023	2022
	(6 months)	(6 months)
Depreciation of right-of-use assets	2,353,653	785,338
Expenses related to short-term leases and leases of low-value assets	1,651,502	1,102,316
Interest expense (included in the financial expenses)	2,222,206	484,415
TOTAL	6,227,361	2,372,069

Note 6. Depreciation and impairment expense

EUR	2023	2022
	(6 months)	(6 months)
Depreciation
Of intangible assets	20,012	34,671
Of property, plant and equipment excluding biological assets (Note 3)	17,019,305	16,571,698
Of biological assets (Note 4)	10,584,720	10,139,729
Of right-of-use assets (Note 5)	2,353,654	785,337

Impairment reversal
Of biological assets (Note 4)	0	-3,603,709
TOTAL	29,977,691	23,927,726

Note 7. Investments in associates

EUR	2023 (6 months)	2022 (12 months)
Value at 1st January	27,288,358	23,619,989
Scope exits (Note 2)	0	-881,038
Income from associates	3,903,151	11,297,777
Dividends	-8,292,174	-7,126,982
Share in other comprehensive income from associates	0	443,737
Other movements	-32,727	-65,125
Value at 30th June / 31st December	22,866,608	27,288,358

	Value of investment in associates	Income from associates	Value of investment in associates	Income from associates
EUR	30/06/2023	2023	31/12/2022	2022
		(6 months)		(6 months)
Centrages	3,325,834	58,836	3,366,997	87,022
Immobilière de la Pépinière	1,866,157	143	1,866,129	545
Induservices	113,243	14,952	98,291	-25,859
Induservices FR	0	0	0	0
Management Associates (**)	0	0	0	-101,738
Socfinco	317,095	-1,442	318,537	-256,376
Socfinco FR	6,812,451	2,173,031	8,639,420	3,445,409
Socfinde	1,775,525	51,972	1,723,552	-180,557
Sodimex (*)	0	0	0	389,114
Sodimex FR	1,971,482	163,287	2,183,194	179,478
Sogescol FR	6,394,728	1,437,025	8,807,489	1,329,076
Terrasia	290,094	5,345	284,748	3,409
TOTAL	22,866,609	3,903,149	27,288,357	4,869,523

(*) During the first half of 2022, Sodimex was liquidated.

(**) In 2022, following the sale of 5% of the shares in Management Associates, the company was excluded from the consolidation scope.

	Total assets	Revenue	Total assets	Revenue
EUR	30/06/2023	2023	31/12/2022	2022
		(6 months)		(6 months)
Centrages	4,306,440	1,927,428	4,106,686	1,903,217
Immobilière de la Pépinière	3,990,023	290,564	4,019,267	281,615
Induservices	1,014,402	933,350	815,459	1,350,156
Induservices FR	7,264,076	1,817,748	6,629,460	1,451,463
Management Associates (**)	26,037,376	2,206,140	18,854,237	1,677,836
Socfinco	1,587,061	0	1,589,976	0
Socfinco FR	26,332,439	15,416,850	26,442,122	16,989,746
Socfinde	80,963,403	0	57,373,319	0
Sodimex (*)	0	0	0	0
Sodimex FR	7,025,056	9,411,813	10,279,841	9,366,981
Sogescol FR	79,372,838	160,958,908	48,532,250	201,507,152
Terrasia	645,280	0	624,891	0
TOTAL	238,538,394	192,962,801	179,267,508	234,528,166

(*) During the first half of 2022, Sodimex was liquidated.

(**) In 2022, following the sale of 5% of the shares in Management Associates, the company was excluded from the consolidation scope.

Note 8. Inventories

* Carrying value of inventories by category

EUR	30/06/2023	31/12/2022
Raw materials	18,112,787	33,610,606
Consumables	22,273,126	22,944,186
Spare parts	29,928,726	32,159,246
Production in progress	982,001	635,495
Finished products	31,824,969	17,412,198
Down-payments and orders in progress	2,235,824	4,400,098
Gross amount (before impairment) at 30th June / 31st December	105,357,433	111,161,829

Inventory write-downs	-4,670,494	-5,392,015
Net amount at 30th June / 31st December	100,686,939	105,769,814

* Reconciliation of inventories

EUR	2023	2022
	(6 months)	(12 months)
Situation at 1st January	111,161,829	96,902,172
Change in inventory	8,592,849	8,994,376
Fair value of agricultural products	-276,407	5,115,356
Foreign exchange differences	-14,120,838	149,925
Gross amount (before impairment) at 30th June / 31st December	105,357,433	111,161,829

Inventory write-downs	-4,670,494	-5,392,015
Net amount at 30th June / 31st December	100,686,939	105,769,814

* Quantity of inventory by category

31/12/2022	Raw materials	Finished goods
Crude Palm Oil / Palm Kernel Oil (tons)	667	6,079
Rubber (tons)	33,460	9,931
Others (units)	0	2,150,187

30/06/2023	Raw materials	Finished goods
Crude Palm Oil / Palm Kernel Oil (tons)	0	25,997
Rubber (tons)	23,765	11,384
Others (units)	0	4,106,625

Note 9. Other receivables

EUR	30/06/2023	31/12/2022
Social security	809,034	1,017,195
Other receivables (*)	17,146,573	19,953,623
Accrued charges	301,111	470,178
TOTAL	18,256,718	21,440,996

(*) Other receivables include receivables related to the cash pooling at the level of Socfinaf and its subsidiaries for EUR 2.5 million (EUR 14.3 million as at 31st December 2022).

Note 10. Share capital

The issued and fully paid share capital amounted to EUR 35,673,300 as at 30th June 2023 (unchanged compared to 31st December 2022).

At 30th June the share capital is represented by 17,836,650 shares without nominal value.

	Ordinary shares
	30/06/2023	31/12/2022
Number of shares at 30th June	17,836,650	17,836,650

Number of fully paid shares issued without designation of par value	17,836,650	17,836,650

Note 11. Financial debts

31/12/2022
EUR	< 1 year	> 1 year	TOTAL
Loans held by financial institutions	16,872,593	34,606,124	51,478,717
Lease liabilities	1,532,064	8,674,142	10,206,206
Other loans (*)	15,503,351	124,976,156	140,479,507
Bank overdrafts	10,695,901	0	10,695,901
TOTAL	44,603,909	168,256,422	212,860,331

30/06/2023
EUR	< 1 year	> 1 year	TOTAL
Loans held by financial institutions	14,584,704	21,536,799	36,121,503
Lease liabilities	2,764,056	39,315,574	42,079,630
Other loans (*)	1,785,000	114,720,896	116,505,896
Bank overdrafts	5,351,752	0	5,351,752
TOTAL	24,485,512	175,573,269	200,058,781

(*) This balance includes an amount of EUR 110.0 million payable to Socfin (2022: EUR 134.5 million).

Most of the consolidated borrowings are denominated in Euros or CFA francs (whose parity is linked to the Euro). The fixed interest rates from financial institutions and which are pegged to the Euro vary between 5.00% and 7.09%.

The Group is compliant with the covenants related to amounts owed to credit institutions.

* Analysis of long-term debt by interest rate

31/12/2022
EUR	Fixed Rate	Rate	Floating rate	Rate	TOTAL
Loans held by financial institutions
Côte d'Ivoire	2,647,567	5.50% to 6.50%	0	-	2,647,567
Nigeria	17,197,310	5.00% to 10.00%	0	-	17,197,310
Liberia	1,699,592	7.60%	0	-	1,699,592
Cameroon	8,186,656	5.75% to 7.09%	0	-	8,186,656
Ghana	4,874,999	4.00%	0	-	4,874,999
	34,606,124		0		34,606,124

Other loans
Europe	120,000,000	4.25%	0	-	120,000,000
Sierra Leone	4,976,157	3.00%	0	-	4,976,157
	124,976,157		0		124,976,157

TOTAL	159,582,281		0		159,582,281

30/06/2023
EUR	Fixed Rate	Rate	Floating rate	Rate	TOTAL
Loans held by financial institutions
Côte d'Ivoire	1,000,608	5.50% to 6.50%	0	-	1,000,608
Nigeria	9,056,828	5.00% to 10.00%	0	-	9,056,828
Liberia	1,668,309	7.60%	0	-	1,668,309
Cameroon	6,623,258	5.00% to 7.09%	0	-	6,623,258
Ghana	3,187,797	4.00%	0	-	3,187,797
	21,536,800		0		21,536,800

Other loans
Europe	110,000,000	4.25%	0	-	110,000,000
Sierra Leone	4,720,896	3.00%	0	-	4,720,896
	114,720,896		0		114,720,896

TOTAL	136,257,696		0		136,257,696

* Net cash surplus / (net debt)

EUR	30/06/2023	31/12/2022
Cash and cash equivalents	85,179,284	63,638,033
Long-term debt net of current portion	-136,257,694	-159,582,280
Short-term debt and current portion of long-term debt	-21,721,456	-43,071,844
Lease liabilities	-42,079,631	-10,206,207
Net debt	-114,879,497	-149,222,298

Cash and cash equivalents	85,179,284	63,638,033
Loan bearing interest at a fixed rate	-157,979,150	-188,042,340
Loan bearing interest at a variable rate	0	-14,611,784
Lease liabilities	-42,079,631	-10,206,207
Net debt	-114,879,497	-149,222,298

* Reconciliation of net cash surplus / (net debt)

	Cash and cash equivalents	Long-term debt, net of current portion	Short-term debt and current portion of long-term debt	Debt related to leases	TOTAL
At 1st January 2022	63,091,770	-234,679,476	-35,588,186	-9,390,392	-216,566,284
Cash flows	992,576	66,189,365	21,018,464	1,737,556	89,937,961
Foreign exchange differences	-446,314	1,813,057	1,020,847	-78,293	2,309,297
Transfers	0	17,174,509	-29,522,972	0	-12,348,463
Other movements with no impact on cash flows	0	-10,079,732	0	-2,475,073	-12,554,805
At 31st December 2022	63,638,032	-159,582,277	-43,071,847	-10,206,202	-149,222,294

Cash flows	34,085,659	8,625,086	11,890,889	1,825,354	56,426,988
Foreign exchange differences	-12,544,406	9,777,134	362,775	3,427,679	1,023,182
Transfers	0	4,922,361	9,096,728	0	14,019,089
Other movements with no impact on cash flows	0	0	0	-37,126,463	-37,126,463
At 30th June 2023	85,179,285	-136,257,696	-21,721,455	-42,079,632	-114,879,498

Note 12. Trade and other payables

EUR	30/06/2023	31/12/2022
Non-current other payables	6,688,098	6,005,421

Trade creditors: suppliers	37,135,835	42,111,681
Advances received and invoices to be received	8,097,836	8,074,757
Subtotal trade payables	45,233,671	50,186,438

Staff cost liabilities	6,804,429	5,102,003
Other payables (*)	70,442,743	48,178,657
Accruals (**)	7,921,428	9,167,312
Subtotal current other payables	85,168,600	62,447,972

TOTAL	137,090,369	118,639,831

Non-current liabilities	6,688,098	6,005,421
Current liabilities	130,402,271	112,634,410

(*) Other payables consist mainly of shareholder loans amounting to EUR 40.6 million (EUR 40.4 million as at 31st December 2022) as well as debt for EUR 3.0 million (EUR 0.3 million as at 31st December 2022) relating to the cash pooling at the level of Socfinaf (see also Note 9).

(**) This amount includes Okomu grant part of the loans, for EUR 3.4 million (2022: EUR 6.2 million).

Note 13. Financial Instruments

31/12/2022	Loans and borrowings	Financial assets at fair value through other comprehensive income	Other financial assets and liabilities	TOTAL	Loans and borrowings (*)	Other financial assets and liabilities (*)
EUR	At cost	At fair value	At cost		At fair value	At fair value
Assets
Financial assets at fair value through other comprehensive income	0	300,038	0	300,038	0	0
Long-term advances	1,231,712	0	433,058	1,664,770	1,231,712	433,058
Other non-current assets	0	0	2,619,576	2,619,576	0	2,619,576
Trade receivables	0	0	23,519,222	23,519,222	0	23,519,222
Other receivables	0	0	21,440,996	21,440,996	0	21,440,996
Cash and cash equivalents (**)	0	0	63,638,033	63,638,033	0	63,638,033
Total assets	1,231,712	300,038	111,650,885	113,182,635	1,231,712	111,650,885

Liabilities
Long-term debts (**)	159,582,280	0	0	159,582,280	159,078,419	0
Other non-current liabilities (***)	0	0	6,005,421	6,005,421	0	6,005,421
Short-term debts (**)	32,375,944	0	10,695,900	43,071,844	32,375,944	10,695,900
Trade payables (current) (***)	0	0	50,186,438	50,186,438	0	50,186,438
Other payables (current) (***)	0	0	62,447,971	62,447,971	0	62,447,971
Total liabilities	191,958,224	0	129,335,730	321,293,954	191,454,363	129,335,730

(*) For information purposes.

(**) See Note 11.

(***) See Note 12.

31/12/2022	Fair Value
EUR	Level 1	Level 2	Level 3	TOTAL
Financial assets at fair value through other comprehensive income	0	0	300,038	300,038

30/06/2023	Loans and borrowings	Financial assets at fair value through other comprehensive income	Other financial assets and liabilities	TOTAL	Loans and borrowings (*)	Other financial assets and liabilities (*)
EUR	At cost	At fair value	At cost		At fair value	At fair value
Assets
Financial assets at fair value through other comprehensive income	0	3,300,038	0	3,300,038	0	0
Long-term advances	1,095,213	0	432,009	1,527,222	1,095,213	432,009
Other non-current assets	0	0	2,649,362	2,649,362	0	2,649,362
Trade receivables	0	0	34,130,032	34,130,032	0	34,130,032
Other receivables	0	0	18,256,718	18,256,718	0	18,256,718
Cash and cash equivalents (**)	0	0	85,179,284	85,179,284	0	85,179,284
Total assets	1,095,213	3,300,038	140,647,405	145,042,656	1,095,213	140,647,405

Liabilities
Long-term debts (**)	136,257,694	0	0	136,257,694	135,623,166	0
Other non-current liabilities (***)	0	0	6,688,098	6,688,098	0	6,688,098
Short-term debts (**)	16,369,704	0	5,351,752	21,721,456	16,369,704	5,351,752
Trade payables (current) (***)	0	0	45,233,671	45,233,671	0	45,233,671
Other payables (current) (***)	0	0	85,168,599	85,168,599	0	85,168,599
Total liabilities	152,627,398	0	142,442,120	295,069,518	175,448,123	142,442,120

(*) For information purposes.

(**) See Note 11.

(***) See Note 12.

30/06/2023	Fair Value
EUR	Level 1	Level 2	Level 3	TOTAL
Financial assets at fair value through other comprehensive income	0	0	3,300,038	3,300,038

The Group did not identify material differences between the carrying amount of the loans and their fair value.

Note 14. Other financial income

EUR	2023	2022
	(6 months)	(6 months)
Interest from receivables and cash and cash equivalents	87,892	6,119
Exchange gains	5,764,715	4,382,457
Others	214,621	573
TOTAL	6,067,228	4,389,149

Note 15. Financial expenses

EUR	2023	2022
	(6 months)	(6 months)
Interest and financial expenses	5,739,134	7,051,040
Interest expenses on lease liabilities	2,222,206	484,415
Exchange losses	17,293,864	14,691,496
Others	158,949	472,572
TOTAL	25,414,153	22,699,523

Note 16. Dividends

At the Annual General Meeting of 30 th May 2023, the shareholders decided not to pay any dividend.

	2023	2022
	(6 months)	(6 months)
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

Note 17. Information on related party

* Directors' remuneration

EUR	2023	2022
	(6 months)	(6 months)
short-term benefits	134,534	299,439

* Related party transactions

31/12/2022
EUR	Parent	Associates	Other related parties	TOTAL
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	14,712,028	0	14,712,028
Other receivables (Note 9)	0	15,122,089	7,464	15,129,553
	0	29,834,117	7,464	29,841,581

Non-current liabilities
Financial debts (Note 11)	120,000,000	4,976,156	0	124,976,156
	120,000,000	4,976,156	0	124,976,156

Current liabilities
Financial debts (Note 11)	14,611,491	292	0	14,611,783
Trade payables	0	15,503,605	71,063	15,574,668
Other payables (Note 12)	0	3,159,945	40,406,140	43,566,085
	14,611,491	18,663,842	40,477,203	73,752,536

2022
(6 months)
EUR	Parent	Associates	Other related parties	TOTAL
Income statement
Services and goods delivered	0	123,939,090	0	123,939,090
Services and goods received	0	22,391,841	46,801	22,438,642
Financial income	0	0	0	0
Financial expenses	4,582,198	77,499	793,424	5,453,121

30/06/2023
EUR	Parent	Associates	Other related parties	TOTAL
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	27,307,991	0	27,307,991
Other receivables (Note 9)	0	6,691,937	34,650	6,726,587
	0	33,999,928	34,650	34,034,578

Non-current liabilities
Financial debts (Note 11)	110,000,000	4,720,895	0	114,720,895
	110,000,000	4,720,895	0	114,720,895

Current liabilities
Financial debts (Note 11)	1,785,000	0	0	1,785,000
Trade payables	0	15,247,323	43,855	15,291,178
Other payables (Note 12)	0	8,913,652	40,596,744	49,510,396
	1,785,000	24,160,976	40,640,599	66,586,575

2023 (6 months)
EUR	Parent	Associates	Other related parties	TOTAL
Income statement
Services and goods delivered	0	94,533,087	0	94,533,087
Services and goods received	0	14,963,093	303,111	15,266,204
Financial income	0	67,858	0	67,858
Financial expenses	2,952,452	164,375	793,384	3,910,211

Related party transactions are carried out at arm's length.

Other related party transactions are carried out with Bolloré Participations and Palmboomen Cultuur Maatschappij (Mopoli).

Mopoli is a Dutch company which is majority owned by Mr Hubert Fabri through Financière Privée, which also owns Socfin.

Bolloré Participations is a shareholder and director of Socfinaf.

In 2014, Socfinaf received a cash advance of EUR 35 million from Mopoli. This advance bears an annual interest (net of tax) of 4%. Interest is payable in arrears at the end of each calendar quarter. The amount of interest recognised for the 1st half of 2023 is EUR 0.4 million. As at 30th June 2023, the outstanding balance amounts to EUR 20.2 million.

In 2016, Socfinaf received a loan of EUR 20 million from Bolloré Participations. The loan has an annual interest rate of 4%. The amount of interest recognised for the 1st half of 2023 is EUR 0.4 million. As at 30th June 2023, the outstanding balance amounts to EUR 20.4 million.

Socfinaf did not pay any dividend in 2023 to its parent company Socfin (2022: nil). Socfinaf has borrowed an amount of 120.0 million from Socfin, with a remaining balance as at 30th June 2023 of respectively EUR 110.0 million (2022: EUR 120.0 million). Annual interest at rate of 4.25% is payable on these loans. As such, Socfinaf has paid an interest of EUR 3.0 million in 2023 compared to EUR 4.6 million in 2022.

Note 18. Off balance sheet commitments

Off-balance sheet commitments existing as at 30th June 2023 are similar to those as at 31st December 2022, given that as repayments fall due, the debts for which these collaterals were provided are reduced by the repayments made.

Note 19. Segmental information

In accordance with IFRS 8, the information analysed by management is based on the geographical distribution of political and economic risks. As a result, the sectors presented are Europe, Sierra Leone, Liberia, Ivory Coast, Ghana, Nigeria, Cameroon, São Tomé, Principe and Congo (DRC).

Products from the Ivory Coast, Nigeria and Cameroon operating sectors come from palm oil and rubber sales, those from the Liberia sectors only from rubber sales, those from Sierra Leone, Ghana, São Tomé and Principle and Congo come solely from sales of palm oil. Those in the Europe segment come from the provision of administrative services, assistance in managing the areas under plantation and the marketing of products outside the Group. The segmental result of the Group is the profit from operations.

The stated figures originate from internal reporting. They do not include any consolidation or IFRS adjustments or restatements and are therefore not directly comparable to amounts reported in the consolidated statement of financial position and income statement.

* Segmental breakdown of profit / (loss) at 30th June 2022

EUR	Revenue from ordinary business with external customers	Revenue from ordinary business between segments	Segmental profit / (loss) (*)
			(6 months)
Europe	0	0	-1,567,175
Sierra Leone	25,994,537	0	11,206,668
Liberia	19,514,617	0	1,478,250
Ivory Coast	102,643,222	61,711	21,107,435
Ghana	17,415,855	0	9,814,545
Nigeria	91,686,385	0	56,346,947
Cameroon	98,575,267	0	35,205,302
São Tomé and Principe	3,563,873	0	697,297
Congo (DRC)	4,027,441	0	-4,406,250
TOTAL	363,421,197	61,711	129,883,021

Depreciation, amortisation and impairment of bearer plants			4,150,231
Fair value of agricultural production			7,455,423
Other IFRS adjustments			5,951
Consolidation adjustments (intra-group and others)			2,824,401
Financial income and gain on disposals			4,399,258
Financial expenses and loss on disposals			-23,151,396
Group share of income from associates			4,869,522
Income tax expense and deferred tax (expense) / income			-42,125,412
Net Profit / (loss) for the period			88,310,999

(*) Profit / (loss) for the period include operating expenses.

* Segmental breakdown of profit / (loss) at 30th June 2023

EUR	Revenue from ordinary business with external customers	Revenue from ordinary business between segments	Segmental profit / (loss) (*)
			(6 months)
Europe	0	0	-1,415,371
Sierra Leone	16,866,035	0	2,807,128
Liberia	17,341,040	0	-3,869,085
Ivory Coast	84,107,936	118,461	12,303,326
Ghana	18,959,339	0	11,707,711
Nigeria	78,197,673	0	48,538,111
Cameroon	104,297,997	0	35,881,462
São Tomé and Principe	3,025,338	0	-349,171
Congo (DRC)	2,531,467	0	-4,660,922
TOTAL	325,326,825	118,461	100,943,188

Depreciation, amortisation and impairment of bearer plants			-15,181
Fair value of agricultural production			-276,407
Other IFRS adjustments			2,351,111
Consolidation adjustments (intra-group and others)			217,475
Financial income and gain on disposals			6,141,520
Financial expenses and loss on disposals			-25,750,535
Group share of income from associates			3,903,151
Income tax expense and deferred tax (expense) / income			-34,876,855
Net Profit / (loss) for the period			52,637,467

(*) Profit / (loss) for the period include other expenses for EUR 80.4 million, corresponding mainly to external services invoiced to plantations and related directly to the operational activity (road maintenance, …), and other operating expenses for EUR 6.6 million not related directly to the operational activity (other taxes, property taxes, …).

* Total segmental assets

EUR	30/06/2023	31/12/2022
Europe	500,366	2,063,733
Sierra Leone	126,235,276	128,721,882
Liberia	118,967,080	121,732,913
Ivory Coast	173,149,534	166,346,688
Ghana	44,717,991	57,837,090
Nigeria	102,226,860	145,216,147
Cameroon	200,556,968	184,081,225
São Tomé and Principe	27,612,469	28,111,519
Congo (DRC)	60,915,498	68,260,622
TOTAL	854,882,040	902,371,819

IFRS 3 / IAS 16: Bearer plants	-24,158,866	-25,692,506
IAS 2 / IAS 41: Agricultural production	8,676,123	11,304,647
Other IFRS adjustments	-6,941,056	-7,621,916
Consolidation adjustments (intra-group and others)	-53,001,997	-55,200,786
Total consolidated segmental assets	779,456,243	825,161,258

Consolidated assets not included in segmental assets
Right-of-use assets	39,598,355	8,169,574
Investments in associates	22,866,608	27,288,358
Financial assets at fair value through other comprehensive income	3,300,038	300,038
Long-term advances	1,527,222	1,664,770
Deferred tax	4,285,941	4,513,652
Other non-current assets	2,649,362	2,619,576
Consolidated non-current assets	74,227,526	44,555,968
Other debtors	18,256,718	21,440,996
Current tax assets	11,482,648	12,438,610
Consolidated current assets	29,739,366	33,879,606

Total of consolidated assets in the segmental assets	103,966,892	78,435,573

Total assets	883,423,135	903,596,831

Segmental assets are not part of internal reporting, they are included to meet the requirements of IFRS 8. They include fixed assets, biological assets, trade receivables, inventories, cash and cash equivalents. They do not include any consolidation or IFRS adjustments.

* Total segmental liabilities

EUR	30/06/2023	31/12/2022
Europe	45,595,285	55,702,251
Sierra Leone	2,306,221	3,426,717
Liberia	15,236,582	13,882,723
Ivory Coast	51,738,458	22,364,064
Ghana	904,339	1,066,056
Nigeria	8,559,394	6,950,565
Cameroon	41,456,359	20,840,351
São Tomé and Principe	3,444,923	3,492,126
Congo (DRC)	3,061,768	1,045,995
TOTAL	172,303,330	128,770,849

Other IFRS adjustments	3,527,080	6,346,208
Consolidation adjustments (intra-group and others)	-45,428,139	-22,482,648
Total consolidated segmental liabilities	130,402,270	112,634,409

Consolidated liabilities not included in segmental liabilities
Total equity	479,976,303	509,236,261
Non-current liabilities	201,758,525	195,848,335
Current financial debts	21,721,456	43,071,844
Current lease liabilities	2,764,056	1,532,064
Current tax liabilities	46,413,173	40,651,438
Provisions	387,352	622,480
Total consolidated liabilities not included in segmental liabilities	753,020,865	790,962,422

Total equity and liabilities	883,423,135	903,596,831

Segmental liabilities include only trade payables and other payables.

* Information by sector of activity

EUR	2023	2022
	(6 months)	(6 months)
Palm	230,183,996	254,453,828
Rubber	91,425,532	105,800,713
Others	3,717,300	3,166,659
TOTAL	325,326,828	363,421,200

Note 20. Profit before interest, taxes, depreciation and amortisation (EBITDA)

EUR	2023	2022
	(6 months)	(6 months)
Profit after tax (Group's share)	31,355,145	58,097,802
Profit share of non-controlling interests	21,282,322	30,213,197
Share of the Group in the result from associates	-3,903,151	-4,869,522
Dividends from associates	8,292,174	6,940,494
Fair value of biological assets	355,466	-8,456,892
Depreciation, amortisation and provisions	29,502,300	23,878,799
Gains and losses on disposals of assets	262,089	441,764
Tax charge	34,876,855	42,125,412
Other financial income	-6,067,229	-4,389,149
Financial expenses	25,414,154	22,699,524
Impact of lease restatement on EBITDA	4,575,860	1,269,752
EBITDA excluding the impact of lease restatement	145,945,984	167,951,181

Note 21. Events after the closing date

There are no material events to report. However, it should be noted that the Group's investments in Africa may be subject to political and economic risks. Local directors and managers monitor changes in the situation on a daily basis. The potential of production from the plantations remains intact, and cost prices are kept as low as reasonably possible.