Socfinasia S A : Half yearly fcial & audit reports / ltd reviews - Socfinasia - Consolidated financial statements 30.06.2022 - EN

INTERIM FINANCIAL REPORT

HALF-YEAR ENDED 30TH JUNE 2022

(UNAUDITED)

GROUPE SOCFIN • SOCFINASIA

4, Avenue Guillaume • 1650 Luxembourg • Luxembourg • T : + 352 44 28 77 • E: [e-mail] • www.socfin.com

RC Luxembourg B 10.534

SOCFINASIA S.A.

Board of Directors

Mr. Hubert Fabri	Chairman
Mr. Vincent Bolloré	Director
Mr. Cyrille Bolloré	Director
Mr. Régis Helsmoortel (representative of Administration and Finance Corporation " AFICO ")	Director
Mr. François Fabri	Director
Mr. Philippe Fabri	Director
Mrs. Valérie Hortefeux	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:	[e-mail]
Internet:	www.socfin.com

Socfinasia - Consolidated financial statements 30/06/2022 - p. 2

Statement of compliance

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

1. the interim financial statements prepared as at 30th June 2022, in accordance with the International Financial Reporting Standards as adopted by the European Union, give a true and fair view of the assets and liabilities, the financial position and the profit or loss of Socfinasia S.A. and of all the entities included in consolidation, and
2. the interim management report fairly represents the evolution and results of the Company and all the entities included in the consolidation.

Socfinasia - Consolidated financial statements 30/06/2022 - p. 3

Management report on the interim consolidated financial statementsas at 30th June 2022

The Board of Directors meeting on 21st September reviewed the interim consolidated financial statements as at 30th June 2022.

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 South-East Asia, in the production of rubber and palm oil.

Portfolio

During the first semester of 2022, Sodimex (associate), located in Belgium, was liquidated.

Consolidated income

As at 30th June 2022, the consolidated result attributable to the Group is EUR 42.4 million compared to EUR 21.9 million as at 30th June 2021. This results in a net profit per share of EUR 2.17 compared to EUR 1.12 as at 30th June 2021.

Consolidated revenues for the six months ended 30th June 2022 amount to EUR 112.3 million compared to EUR 80.1 million in the previous year (EUR +32.2 million). This increase in turnover is mainly due to the increase of market price (EUR +26.0 million), decrease in quantities sold (EUR -3.4 million) and increase by the exchange rate between the sales currencies versus the reporting currency (EUR +9.6 million).

Operating profits amount to EUR 54.8 million compared to EUR 29.2 million as at 30th June 2021.

Financial expenses amount to EUR 5.0 million at 30th June 2022 compared to EUR 0.8 million as at 30th June 2021. This change is mainly due to foreign exchange losses for EUR 2.7 million (compared to EUR 0.7 million in 2021) and to the interest paid for the loan received by PNS Ltd in November 2021 (EUR 1.9 million). Other financial income increase to EUR 11.7 million at 30th June 2022 compared to EUR 2.5 million at 30th June 2021 as a result of the increase in foreign exchange gains (increase for EUR 6.8 million).

The income tax expense increases. Income tax on profits amounts to EUR 18.8 million compared to EUR 10.2 million as at 30th June 2021.

The deferred tax expense amounts to EUR 0.6 million compared to a deferred tax income of EUR 2.0 million at 30th June 2021.

Consolidated statement of financial position

As at 30th June 2022, Socfinasia's total balance sheet amounts to EUR 463.7 million compared to EUR 486.8 million as at 31st December 2021.

Socfinasia's assets consist of:

• non-currentassets amounting to EUR 308.4 million compared to EUR 371.7 million as at 31st December 2021, a decrease of EUR 63.4 million mainly due to the decrease of long-term advances for EUR 70.9 million;
• current assets amounting to EUR 155.4 million compared to EUR 115.1 million as at 31st December 2021, an increase of EUR 40.3 million mainly linked to the increase of other receivables for EUR 52.2 million, slightly reduced by the decrease of cash and cash equivalents for EUR -15.9 million.

Shareholders' equity amount to EUR 318.3 million compared to EUR 289.3 million as at 31st December 2021. The increase in shareholders' equity of EUR 29.0 million is mainly due to the half year profit (EUR +42.4 million), variation in the translation reserves (EUR +6.2 million) and the distribution of 2021 dividend (EUR -19.6 million).

Socfinasia - Consolidated financial statements 30/06/2022 - p. 4

Based on the consolidated shareholders' equity, the net assets per share is EUR 16.24 as at 30th June 2022 compared to EUR 14.76 as at 31st December 2021.

As at 30th June 2022, Socfinasia's share price is EUR 16.70.

Current and non-current liabilities amount to EUR 139.7 million compared to EUR 190.9 million as at 31st December 2021, a decrease of EUR 51.2 million mainly linked to the early repayment of the PNS Ltd loan (decrease of financial debt for EUR 49.8 million).

Consolidated cash flow

As at 30th June 2022, cash and cash equivalents amount to EUR 57.5 million, a decrease of EUR 15.9 million during the first half of the year (compared to an increase of EUR 7.8 million for the first half of 2021).

Net cash flows from operations amount to EUR 66.0 million during the first half of 2022 (EUR 23.5 million in the first half of 2021) and cash flows from operating activities amount to EUR 71.0 million (EUR 41.8 million in the first semester of 2021).

Investing activities mobilised EUR 6.7 million (EUR 5.4 million in the first half of 2021).

Financing activities mobilised EUR 77.8 million, considering the reduction of net debt for EUR 55.2 million (first half of 2021: EUR nill) and the distribution of dividend for EUR 24.6 million (compared to EUR 12.0 million in the first half of 2021).

Outlook 2022

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 price of the Indonesian rupiah and the US dollar against the Euro. The Group, for its part, pursues its policy of keeping cost prices as low as possible and improving its production capacity.

Distribution of an interim dividend

In view of the results of 30th June of the Company and the business outlook of the affiliates, the Board of Directors plan to distribute an interim dividend of EUR 2.00 per share as per Article 461-3 of the Companies Act. This interim dividend will be paid in November 2022.

Socfinasia - Consolidated financial statements 30/06/2022 - p. 5