INTERIM FINANCIAL REPORT
HALF-YEAR ENDED 30TH JUNE 2023
(UNAUDITED)
GROUPE SOCFIN • SOCFINAF
4, Avenue Guillaume • 1650 Luxembourg • Luxembourg • T : + 352 44 28 77 • E: info@socfin.com • www.socfin.comRC Luxembourg B 6225
Management report on the interim consolidated financial statements at 30th June 2023 | |
Consolidated cash flows | 6 |
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 assets | 17 |
Note 5. Leases | 18 |
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 debts | 22 |
Note 12. Trade and other payables | 25 |
Note 13. Financial Instruments | 26 |
Note 14. Other financial income | 28 |
Note 15. Financial expenses | 28 |
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 - Interim financial report 30/06/2023 - p. 2 |
SOCFINAF S.A.
Board of Directors
Mr. Hubert Fabri | Chairman |
Mr. Vincent Bolloré | Director |
Bolloré Participations SE represented by Mr. Cyrille Bolloré | Director |
Mr. Gbenga Oyebode | Director |
Mr. François Fabri | Managing Director |
Mr. Philippe Fabri | Director |
Mr. Frédéric Lemaire | Director |
Mr. George Quarteng-Mensah | 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: | info@socfin.com | |
Internet: | www.socfin.com |
Socfinaf - Interim financial report 30/06/2023 - p. 3
Statement of compliance
Mr. Philippe Fabri, Director and Mr. Daniel Haas, Chief Financial Officer, indicate that, to the best of their knowledge,
- 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
- 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.
Socfinaf - Interim financial report 30/06/2023 - p. 4
Management report on the interim consolidated financial statements at30th June 2023
The Board of Directors meeting on 22nd 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-currentassets 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.
Socfinaf - Interim financial report 30/06/2023 - p. 5
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Socfinaf SA published this content on 22 September 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 22 September 2023 14:45:03 UTC.