Socfinaf SA: Inside Information / Ad Hoc Information – Socfinaf – Annual Report 2021 – EN

Socfinaf HER

2021ANNUAL REPORT

Group 4 profile

1. Presentation of Group 4

2. Story 4

3. Group structure 6

4. Information on Socfinaf’s holdings 7

International rubber and palm oil market 22

1. Rubber 22

2. Palm oil 25

Environment and social responsibility 28

Key figures 29

1. Activity indicators 29

2. Key figures from the consolidated income statement and the statement of cash flows 30

3. Key figures of the consolidated statement of financial position 30

Stock market data 31

Year 31 Financial Highlights

Corporate Governance Statement 32

1. Presentation 32

2. Corporate Governance Charter 32

3. Board of Directors 32

4. Committees of the Board of Directors 35

4.1. Audit Committee 35

4.2. Appointments and Remuneration Committee 36

5. Compensation 36

6. Shareholding status 36

7. Financial calendar 37

8. External Audit 37

9. Social, social and environmental responsibility 37

10. Other information 37

Declaration of conformity 38

Consolidated management report 39

Auditor’s report on the consolidated financial statements 43

Consolidated accounts 48

1. Consolidated statement of financial position 48

2. Consolidated income statement 50

3. Consolidated statement of comprehensive income 51

4. Consolidated cash flow statement 52

5. Consolidated statement of changes in equity 53

6. Notes to the consolidated financial statements 54

Note 1. Presentation and accounting principles 54

Note 2. Subsidiaries and associates 66

Note 3. Leases 69

Note 4. Intangible assets 71

Note 5. Property, plant and equipment 72

Note 6. Biological assets 73

Note 7. Amortization and depreciation 74

Note 8. Impairment of assets 74

Note 9. Non-wholly-owned subsidiaries in which non-controlling interests are significant 76

Note 10. Investments in associates 78

Note 11. Financial assets at fair value through equity 82

Note 12. Deferred taxes 82

Note 13. Current tax assets and liabilities 83

Note 14. Income tax expense 84

Note 15. Inventories 86

Note 16. Trade receivables (current assets) 87

Note 17. Other receivables (current assets) 87

Note 18. Cash and cash equivalents 87

Note 19. Share capital and share premium 88

Note 20. Legal reservations 88

Note 21. Retirement commitments 89

Note 22. Financial debts 91

Note 23. Suppliers and other payables 95

Note 24. Financial instruments 96

Note 25. Personnel costs and average headcount 98

Note 26. Other financial products 98

Note 27. Financial charges 98

Note 28. Earnings per share 99

Note 29. Dividends and attendance fees 99

Note 30. Information on related parties 100

Note 31. Off-balance sheet commitments 102

Note 32. Segment information 103

Note 33. Risk management 110

Note 34. Contingent liabilities 113

Note 35. Political and economic environment 114

Note 36. Events after the closing date 114

Note 37. Statutory Auditors’ fees 114

Company management report 115

Audit report on the corporate financial statements 122

Social accounts 126

1. Balance sheet at 31st December 2021 126

2. Income statement for the year ended 31st December 2021 128

3. Notes to the 2021 financial statements 129

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1. Presentation of the Group

Socfinaf is a Luxembourg company and its registered office is 4, Avenue Guillaume, L-1650, Luxembourg. It was incorporated on 22n/a October 1961 and is listed on the Luxembourg Stock Exchange.

2. History

Socfinaf’s main activity is to manage an equity portfolio mainly focused on the exploitation of more than 138,900 hectares of oil palm and tropical rubber plantations in Africa. Socfinaf employs 24,596 people and achieved consolidated revenue of €526.7 million in 2021.

  • • 31/12/1961 Intercultures invests in two Congolese plantations called “La Compagnie Congolaise de l’Hévéa” and “Cultures Equatoriales”.

  • • 04/18/1966 The shares of Intercultures have been listed on the Luxembourg Stock Exchange.

  • • 31/12/1974 Measures of nationalization of industrial enterprises by the State of Zaire.

  • • 31/12/1976 Progress of negotiations with Zaire – removal of Zairian assets from the portfolio and taking into account the Zairian claim.

  • • 19/05/1995 Increase in the share capital of Intercultures in order to relaunch the Company’s activity in the field of tropical plantations.

  • • 06/30/1995 Acquisition of 65% of Société des Caoutchoucs du Grand Bereby “SOGB” in Côte d’Ivoire via Bereby Finances “Befin”, an Ivorian holding company.

  • • 06/30/1997 Acquisition of 5% of Palmci, an Ivorian company producing palm oil.

  • • 06/30/1998 Capital increase and investment in Kenya in 70.8% of Red Lands Roses, rose producer and Socfinaf Company, coffee producer.

    In addition, Intercultures has acquired via its Luxembourg subsidiary (Indufina Luxembourg) 54% of an oil palm plantation in Nigeria, Okomu Oil Palm Company.

  • • 31/03/1999 Intercultures continues to expand 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 owns a rubber concession.

  • • 03/31/2000 Acquisition of 89.64% of Société des Palmeraies de la Ferme Suisse “SPFS”, a Cameroonian company active in the production, processing and refining of palm oil.

  • • 31/12/2000 Through a Cameroonian holding Palmcam, Intercultures continues its investments in Cameroon in Socapalm, a company active in the production and processing of palm oil.

  • • 31/12/2001 New capital increase which enabled 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 shareholding, including the distribution of Intercultures shares by Socfinasia (spin-off) and the repositioning of the Group’s operating companies.

  • • 31/12/2007 Intercultures has acquired 99.8% of Brabanta, a company developing an oil palm plantation in Congo (DRC).

    On the other hand, Intercultures sold its holdings in 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 company Befin. Intercultures sold 60% of Red Lands Roses (Kenya).

  • • 31/12/2009 Capital increase in Brabanta (DRC). Increase in the stake in Salala Rubber Corporation “SRC” (Liberia).

  • • 03/17/2010 Disposal of Socfinaf Company (Kenya).

  • • 10/01/2011 Extraordinary General Meeting ratifies the abandonment of the status of Holding 29 and the change of name to Socfinaf.

  • • 01/07/2011 Share divided by 10.

06/10/2011

Acquisition of 32.9% of the shares of Palmcams held 100% by Socfinaf.

31/12/2012

Acquisition of 3.4% of the shares of Okomu Oil Palm Company.

Incorporation of Plantations Socfinaf Ghana “PSG”.

23/10/2013

Acquisition of 100% of the shares of STP Invest, a Belgian company which owns 88% of Agripalma,

benefiting from a 5,000 hectare concession on the island of São Tomé.

31/12/2014

Capital increase by issuing 1,474,200 new shares subscribed by Socfin in exchange for

100% of the shares of Société Anonyme Forestière et Agricole “SAFA”. It holds 68.93% of Safacam

(Cameroon).

01/01/2015

Birth of Sogescol Cameroon and Camseeds, which were created in 2014 by Sogescol FR and

Socfin Research

05/10/2015

Acquisition of Socapalm shares to bring the percentage of ownership to 4.57%.

04/11/2015

Constitution of Sodimex FR and Induservices FR.

02/01/2016

Liquidation of Palmcam (Cameroon).

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