SOCFINAF
SOCFINAF
Registered office : 4 avenue Guillaume L-1650 Luxembourg
Registre de Commerce de Luxembourg : Section B 6225
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This unauditedAnnual Report 2022 include the financial statements of Socfinaf, 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 Socfinaf's statutory financial statements.
The audited Annual Report 2022 will be published on 21st April 2023.
ANNUAL REPORT 2022
Table of contents
3. | GROUP STRUCTURE | 6 |
4. | INFORMATION ON SOCFINAF'S HOLDINGS | 7 |
SOCFIN AGRICULTURAL COMPANY "SAC" LTD | 8 | |
LIBERIAN AGRICULTURAL COMPANY "LAC" | 9 | |
SALALA RUBBER CORPORATION "SRC" | 10 | |
BEREBY-FINANCES "BEFIN" | 10 | |
SOCIETE DES CAOUTCHOUC DU GRAND BEREBY "SOGB" | 11 | |
SUD COMOË CAOUTCHOUC "SCC" | 12 | |
PLANTATIONS SOCFINAF GHANA "PSG" | 13 | |
OKOMU OIL PALM COMPANY | 14 | |
SOCAPALM | 15 | |
SOCIETE ANONYME FORESTIERE ET AGRICOLE "SAFA" | 16 | |
SAFACAM | 16 | |
SOCIETE DES PALMERAIES DE LA FERME SUISSE "SPFS" | 17 | |
AGRIPALMA | 18 | |
BRABANTA | 19 | |
SOGESCOL FR | 20 | |
SOCFINCO FR | 21 |
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INTERNATIONAL MARKET FOR RUBBER AND PALM OIL | 22 | |
1. | RUBBER | 22 |
The international market in 2022 | 23 | |
Outlook 2023 | 23 | |
2. | PALM OIL | 24 |
The international market in 2022 | 26 | |
Outlook 2023 | 26 | |
ENVIRONMENT AND SOCIAL RESPONSIBILITY | 28 | |
KEY FIGURES | 29 | |
1. ACTIVITY INDICATORS | 29 | |
2. KEY FIGURES IN THE CONSOLIDATED INCOME STATEMENT AND THE CASH FLOW STATEMENT | 30 | |
3. KEY FIGURES IN THE CONSOLIDATED STATEMENT OF FINANCIAL POSITION | 30 | |
STOCK MARKET DATA | 31 | |
FINANCIAL HIGHLIGHTS OF THE YEAR | 31 | |
CORPORATE GOVERNANCE STATEMENT | 32 | |
1. INTRODUCTION | 32 | |
2. CORPORATE GOVERNANCE CHART | 32 | |
3. BOARD OF DIRECTORS | 32 | |
Composition of the Board of Directors | 32 | |
Other mandates held by the Directors in listed companies | 32 | |
Appointments of Directors | 34 | |
Role and powers of the Board of Directors | 34 | |
Activity report of the Board of Directors | 34 | |
4. COMMITTEES OF THE BOARD OF DIRECTORS | 35 | |
4.1. Audit Committee | 35 | |
4.2. Appointment and Remuneration Committee | 35 | |
5. REMUNERATIONS | 35 | |
6. SHAREHOLDING STATUS | 36 | |
7. FINANCIAL CALENDAR | 36 | |
8. EXTERNAL AUDIT | 36 | |
9. CORPORATE, SOCIAL AND ENVIRONMENTAL RESPONSIBILITY | 37 | |
10. OTHER INFORMATION | 37 | |
STATEMENT OF COMPLIANCE | 38 | |
CONSOLIDATED MANAGEMENT REPORT | 39 | |
1. CONSOLIDATED FINANCIAL STATEMENTS | 39 | |
2. FINANCIAL INSTRUMENTS | 40 | |
3. OUTLOOK 2023 | 40 | |
4. POLITICAL AND ECONOMIC ENVIRONMENT | 40 | |
5. EVENTS AFTER THE CLOSING DATE | 41 | |
6. CORPORATE GOVERNANCE | 41 | |
7. GENERAL INTERNAL CONTROL SYSTEM ADAPTED TO THE GROUP'S SPECIFIC ACTIVITIES | 41 | |
8. ENVIRONMENT AND SOCIAL RESPONSIBILITY | 42 | |
CONSOLIDATED FINANCIAL STATEMENTS | 43 | |
1. CONSOLIDATED STATEMENT OF FINANCIAL POSITION | 43 | |
2. CONSOLIDATED INCOME STATEMENT | 45 | |
3. CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME | 46 | |
4. CONSOLIDATED STATEMENT OF CASH FLOWS | 47 | |
5. CONSOLIDATED STATEMENT OF CHANGES IN EQUITY | 48 | |
6. NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS | 49 |
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Note 1. Overview and accounting policies | 49 | |
Note 2. Subsidiaries and associates | 62 | |
Note 3. Leases | 65 | |
Note 4. Intangible assets | 67 | |
Note 5. Property, plant and equipment | 68 | |
Note 6. Biological assets | 69 | |
Note 7. Depreciation and impairment | 70 | |
Note 8. Impairment of assets | 70 | |
Note 9. Non-wholly owned subsidiaries in which non-controlling interests are significant | 72 | |
Note 10. Investments in associates | 74 | |
Note 11. Financial assets at fair value through other comprehensive income | 77 | |
Note 12. Deferred taxes | 77 | |
Note 13. Current tax assets and liabilities | 78 | |
Note 14. Income tax expense | 78 | |
Note 15. Inventories | 80 | |
Note 16. Trade receivables (current assets) | 81 | |
Note 17. Other receivables (current assets) | 81 | |
Note 18. Cash and cash equivalents | 81 | |
Note 19. Share capital and share premium | 82 | |
Note 20. Legal reserves | 82 | |
Note 21. Pension obligations | 83 | |
Note 22. Financial debts | 85 | |
Note 23. Trade and other payables | 88 | |
Note 24. Financial instruments | 89 | |
Note 25. Staff costs and average number of staff | 91 | |
Note 26. Other financial income | 91 | |
Note 27. Financial expenses | 91 | |
Note 28. Net earnings per share | 91 | |
Note 29. Dividends and Directors' fees | 92 | |
Note 30. Information on related party | 92 | |
Note 31. Off balance sheet commitments | 94 | |
Note 32. Segment information | 94 | |
Note 33. Risk management | 101 | |
Note 34. Contingent liabilities | 105 | |
Note 35. Political and economic environment | 106 | |
Note 36. Events after the closing date | 106 | |
Note 37. Auditor's fees | 106 | |
COMPANY'S MANAGEMENT REPORT | 107 | |
ACTIVITIES | 107 | |
RESULT FOR THE PERIOD | 107 | |
BALANCE SHEET | 108 | |
PORTFOLIO | 108 | |
COMPANY FINANCIAL STATEMENTS | 113 | |
1. | BALANCE SHEET AT 31ST DECEMBER 2022 | 113 |
2. | INCOME STATEMENT FOR THE YEAR ENDED 31ST DECEMBER 2022 | 115 |
Proposed distribution of profits | 115 | |
3. | NOTES TO THE PARENT COMPANY FINANCIAL STATEMENTS FOR THE 2022 FINANCIAL YEAR | 116 |
Note 1. Overview | 116 | |
Note 2. Accounting principles, rules and methods | 116 | |
Note 3. Financial fixed assets | 119 | |
Note 3. Financial fixed assets (continued) | 120 |
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Note 3. Financial fixed assets (continued) | 121 | ||
Note 4. Equity | 122 | ||
Note 5. Amounts owed to affiliated undertakings | 123 | ||
Note 6. | Amounts owed to undertakings with which the undertaking is linked by vitue of participating | ||
interests: | 123 | ||
Note 7. | Income from participating interests | 124 | |
Note 8. | Income from other investments and loans forming part of the fixed assets | 124 | |
Note 9. | Taxation | 124 | |
Note 10. | Remuneration of the Board of Directors | 124 | |
Note 11. | Political and economic environment | 124 | |
Note 12. | Significant events after the year end | 124 |
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SOCFINAF
Group profile
1. Overview of the Group
Socfinaf is a Luxembourg company and its registered address is 4, Avenue Guillaume, L-1650, Luxembourg. It was incorporated on 22nd October 1961 and is listed on the Stock Exchange of Luxembourg.
The principal activity of Socfinaf is to manage a portfolio of shares mainly focused on the operation of more than 138,000 hectares of tropical palm oil and rubber plantations in Africa. Socfinaf employs 25,453 people and has achieved a consolidated turnover of EUR 637 million in 2022.
2. History
- 22/10/1961 : Incorporation of Compagnie Internationale de Cultures (Intercultures) as a Luxembourg 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.
- 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.
- 31/03/1999 : 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.
- 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.
- 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 abandon of the holding 29 status and change of the denomination to Socfinaf.
- 01/07/2011 : Share split by 10.
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Socfinaf SA published this content on 13 April 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 13 April 2023 15:14:10 UTC.