Socfinasia S A : Inside Information / Ad Hoc Information SOCFINASIA - Unaudited financial statements 2022

SOCFINASIA

SOCFINASIA

Registered office : 4 avenue Guillaume L-1650 Luxembourg

Registre de Commerce de Luxembourg : Section B 10534

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This unauditedAnnual Report 2022 include the financial statements of Socfinasia, all subsidiaries and direct and indirect associate companies.

This unauditedAnnual Report is currently under audit review, to date the audit review did not identify any material misstatement.

On 29th March 2023, the Board of Directors approved the unauditedconsolidated financial statements and Socfinasia's statutory financial statements.

The audited Annual Report 2022 will be published on 21st April 2023.

ANNUAL REPORT 2022

Table of contents

GROUP PROFILE	5
1. OVERVIEW OF THE GROUP	5
2. HISTORY	5
3. GROUP STRUCTURE	6
4. INFORMATION ON SOCFINASIA'S HOLDINGS	7
PT SOCFIN INDONESIA "SOCFINDO"	8
SOCFIN-KCD Co	12
COVIPHAMA Co	13
PLANTATION NORD-SUMATRA "PNS" Ltd	14
SOCFINDE	15
SOGESCOL FR	16
SOCFINCO FR	17
INTERNATIONAL MARKET FOR RUBBER AND PALM OIL	18
1. RUBBER	18
The international market in 2022	19
Outlook 2023	19
2. PALM OIL	21
The international market in 2022	22
Outlook 2023	23

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	SOCFINASIA
ENVIRONMENT AND SOCIAL RESPONSIBILITY	24
KEY FIGURES	25
1. ACTIVITY INDICATORS	25
2. KEY FIGURES FROM THE CONSOLIDATED INCOME STATEMENT AND CONSOLIDATED STATEMENT OF CASH FLOWS	26
3. KEY FIGURES IN THE CONSOLIDATED STATEMENT OF FINANCIAL POSITION	26
STOCK MARKET DATA	27
FINANCIAL HIGHLIGHTS OF THE YEAR	27
CORPORATE GOVERNANCE STATEMENT	28
1. INTRODUCTION	28
2. CORPORATE GOVERNANCE CHART	28
3. BOARD OF DIRECTORS	28
Composition of the Board of Directors	28
Other mandates held by the directors in listed companies	28
Appointments of Directors	30
Role and powers of the Board of Directors	30
Activity report of the Board of Directors	31
4. COMMITTEES OF THE BOARD OF DIRECTORS	31
4.1 Audit Committee	31
4.2 Appointment and Remuneration Committee	32
5. REMUNERATION	32
6. SHAREHOLDING STATUS	32
7. FINANCIAL CALENDAR	32
8. EXTERNAL AUDIT	33
9. CORPORATE, SOCIAL AND ENVIRONMENTAL RESPONSIBILITY	33
10. OTHER INFORMATION	33
STATEMENT OF COMPLIANCE	34
CONSOLIDATED MANAGEMENT REPORT	35
1. CONSOLIDATED FINANCIAL STATEMENTS	35
2 .FINANCIAL INSTRUMENTS	36
3. OUTLOOK 2023	36
4. POLITICAL AND ECONOMIC ENVIRONMENT	36
5. EVENTS AFTER THE CLOSING DATE	37
6. CORPORATE GOVERNANCE	37
7. GENERAL INTERNAL CONTROL SYSTEM ADAPTED TO THE GROUP'S SPECIFIC ACTIVITIES	37
8. ENVIRONMENT AND SOCIAL RESPONSIBILITY	38
CONSOLIDATED FINANCIAL STATEMENTS	39
1. CONSOLIDATED STATEMENT OF FINANCIAL POSITION	39
2. CONSOLIDATED INCOME STATEMENT	41
3. CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME	42
4. CONSOLIDATED STATEMENT OF CASH FLOWS	43
5. CONSOLIDATED STATEMENT OF CHANGES IN EQUITY	44
6. NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS	45
Note 1. Overview and accounting policies	45
Note 2. Subsidiaries and associates	58
Note 3. Leases	60
Note 4. Intangible assets	62
Note 5. Property, plant and equipment	63
Note 6. Biological assets	64

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Note 7. Depreciation and impairment	65
Note 8. Impairment of assets	65
Note 9. Non-wholly owned subsidiaries in which non-controlling interests are significant	67
Note 10. Investments in associates	68
Note 11. Financial assets at fair value through other comprehensive income	71
Note 12. Long-term advance payments	71
Note 13. Deferred taxes	72
Note 14. Current tax assets and liabilities	72
Note 15. Income tax expense	73
Note 16. Inventories	74
Note 17. Trade receivables (current assets)	75
Note 18. Other receivables (current assets)	75
Note 19. Cash and cash equivalents	75
Note 20. Share capital	76
Note 21. Reserve	76
Note 22. Pension obligations	77
Note 23. Financial debts	79
Note 24. Trade and other payables	81
Note 25. Financial instruments	82
Note 26. Staff costs and average number of staff	84
Note 27. Other financial income	84
Note 28. Financial expenses	84
Note 29. Net earnings per share	85
Note 30. Dividends and directors' fees	85
Note 31. Information on related party	86
Note 32. Off balance sheet commitments	88
Note 33. Segment information	88
Note 34. Risk management	93
Note 35. Profit before interest, taxes, depreciation and amortisation	97
Note 36. Contingent liabilities	97
Note 37. Political and economic environment	99
Note 38. Events after the closing date	99
Note 39. Auditor's fees	99
COMPANY'S MANAGEMENT REPORT	100
ACTIVITIES	100
THE RESULT OF THE YEAR	100
BALANCE SHEET	101
PORTFOLIO	101
INVESTMENTS	101
ALLOCATION OF PROFIT	102
OWN SHARES	102
RESEARCH AND DEVELOPMENT	102
FINANCIAL INSTRUMENTS	103
BRANCH	103
CORPORATE RESPONSIBILITY POLICY	104
ESTIMATED VALUE OF THE SHARE (COMPANY ACCOUNTS)	104
SIGNIFICANT EVENTS AFTER THE END OF THE YEAR	104
MAIN RISKS AND UNCERTAINTIES	104
PERSPECTIVES	104
STATUTORY APPOINTMENTS	104
COMPANY FINANCIAL STATEMENTS	105

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1. BALANCE SHEET AT 31ST DECEMBER 2022	105
2. PROFIT AND LOSS ACCOUNT FOR THE YEAR ENDED 31ST DECEMBER 2022	107
3. NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR 2022	108
Note 1. Overview	108
Note 2. Accounting principles, rules and methods	108
Note 3. Financial fixed assets	111
Note 3. Financial fixed assets (continued)	112
Note 3. Financial fixed assets (continued)	113
Note 4. Amounts owed by affiliated undertakings	113
Note 5.	Equity	114
Note 6. Other payables	115
Note 7.	Income from participating interests	115
Note 8.	Income from other investments and loans forming part of the fixed assets	115
Note 9.	Taxation	115
Note 10. Remuneration of the Board of Directors	115
Note 11. Political and economic environment	116
Note 12. Off-balance sheet commitments	116

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SOCFINASIA

Group profile

1. Overview of the Group

Socfinasia S.A. is a Luxembourg holding company and its registered address is 4 Avenue Guillaume, L 1650 Luxembourg. It was incorporated on 20th November 1972 and is listed on the Stock Exchange of Luxembourg.

The principal activity of Socfinasia is to manage a portfolio of shares focused on the operation of more than 52,000 hectares of tropical palm oil and rubber plantations in South-East Asia. Socfinasia employs 9,595 people and has achieved a consolidated turnover of EUR 202 million in 2022.

2. History

• 20/11/1972 Incorporation of Socfinasia as a Luxembourg holding company through contribution of shares in PT Socfindo.
• 30/06/1973 Since its incorporation, Socfinasia has invested, amongst others, in Fininter (Belgium) and Socfinal (Luxembourg).
• 23/01/1974 The shares of Socfinasia have been listed on the Stock Exchange of Luxembourg.
• 30/06/1975 The portfolio includes new investments: Socfin (Belgium), Plantations Nord Sumatra (Belgium) and Selangor Plantations Cy (Malaysia).
• 30/06/1977 Socfinasia invests in Sennah Rubber Cy, New African Plantations Cy, la Banque d'Investissements
  Privés and Socficom. It disposes of its stakes in Socfin (Belgium) and Socfinal.
• 04/12/1979 PT Socfindo increases its share capital through capitalisation of reserves. Free allotment of 1,166 shares in PT Atmindo.
• 31/12/1980 Acquisition of shares in Selangor Holding, a Luxembourg company listed on the Stock Exchange of Luxembourg.
• 24/04/1989 PT Socfindo increases its share capital through the capitalisation of the revaluation reserve of its fixed tangible assets.
• 31/03/1996 Acquisition of shares in Intercultures, a Luxembourg company listed on the Stock Exchange of Luxembourg.
• 31/03/1997 Initially, Socfinasia increases its stake in its Indonesian subsidiaries: PT Socfindo and PT Atmindo. Thereafter, Socfinasia incorporates Plantations Nord Sumatra Limited, to which it transferred its Indonesian subsidiaries.
• 31/03/1999 Increase in the subscribed capital of Intercultures.
• 05/02/2000 Takeover bid/public exchange offer by Selangor Holding for Sennah Rubber Cy which will be liquidated in August 2000.
• 01/04/2000 Increase in subscribed capital to EUR 25,062,500 and the accounting par to 1,002,500 shares.
• 26/06/2000 Takeover bid by Socfinasia on the shares of Selangor Holding which will be liquidated in May 2001.
• 17/10/2000 Change in financial year-end to 31st December.
• 31/12/2001 PNS Ltd has acquired 30% of PT Socfindo from the Indonesian state.
• 31/12/2006 Restructuring of the subsidiaries within the Socfinal Group, including the distribution of shares of Intercultures by Socfinasia (spin-off) and repositioning of the operational companies within the Group.
• 31/12/2007 Incorporation of Socfin-KCD (Cambodia).
• 17/03/2010 Disposal of Socfinaf Cy (Kenya).
• 10/01/2011 Extraordinary General Meeting which ratified abandon of the holding 29 status.
• 01/07/2011 Share split by 20.
• 13/08/2013 Socfinasia has acquired, through its subsidiary PNS Ltd, 90% of Coviphama Co, a company incorporated under the Cambodian Law, benefitting from a new grant of 5,300 hectares.
• 30/07/2015 Acquisition of shares in Socfin-KCD to increase the percentage holding to 100%.

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