Socfinasia S A : HYFR Socfinasia - Consolidated financial statements 30.06.2023 EN

INTERIM FINANCIAL REPORT

HALF-YEAR ENDED 30TH JUNE 2023

(UNAUDITED)

GROUPE SOCFIN • SOCFINASIA

4, Avenue Guillaume • 1650 Luxembourg • Luxembourg • T : + 352 44 28 77 • E: [e-mail] • www.socfin.comRC Luxembourg B 10.534

SOCFINASIA S.A	3
Board of Directors	3
Chief Financial Officer	3
Independent statutory auditor	3
Registered office	3
Statement of compliance	4
Management report on the interim consolidated financial statements at 30th June 2023	5
Activities	5
Portfolio	5
Consolidated income	5
Consolidated statement of financial position	5
Consolidated cash flow	6
Outlook 2023	6
Distribution of an interim dividend	6
Consolidated financial statement	7
Consolidated statement of financial position 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	20
Note 9. Other receivables (current assets)	21
Note 10. Share capital	21
Note 11. Financial debts	22
Note 12. Trade payables and other payables	23
Note 13. Financial Instruments	24
Note 14. Other financial income	26
Note 15. Financial expenses	26
Note 16. Dividends	26
Note 17. Information on related parties	27
Note 18. Off balance sheet commitments	29
Note 19. Segmental information	29
Note 20. Profit before interest, taxes, depreciation and amortisation (EBITDA)	33
Note 21. Events after the closing date	33
Socfinasia - Interim financial report 30/06/2023 - p. 2

SOCFINASIA S.A.

Board of Directors

Mr. Hubert Fabri	Chairman
Mr. Vincent Bolloré	Director
Mrs. Valérie Hortefeux	Director
Mr. Cyrille Bolloré	Director
Mr. François Fabri	Director
Mr. Philippe Fabri	Director
Mr. Régis Helsmoortel (representative of Administration and Finance Corporation " AFICO ")	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 - 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,

1. the interim financial statements prepared at 30th June 2023, 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 - Interim financial report 30/06/2023 - p. 4

Management report on the interim consolidated financial statements at30th June 2023

The Board of Directors meeting held on 22nd September reviewed the interim consolidated financial statements 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 South-East Asia, in the production of rubber and palm oil.

Portfolio

There were no changes in the portfolio during the first half of 2023.

Consolidated income

At 30th June 2023, the consolidated result attributable to the Group is EUR 18.6 million compared to EUR 42.4 million at 30th June 2022. This results in a net profit per share of EUR 0.95 compared to EUR 2.17 at 30th June 2022.

Consolidated revenues for the six months ended 30th June 2023 amount to EUR 85.9 million compared to EUR 112.3 million in the previous year (EUR -26.4 million). This variation in turnover is mainly due to the decrease of the market price

(EUR -29.9 million), the impact of the exchange rate between the sales currencies versus the reporting currency (EUR -2.5 million) and the increase in quantities sold (EUR +6.1 million).

Operating profits amount to EUR 25.5 million compared to EUR 54.8 million as at 30th June 2022.

The EBITDA amounts to EUR 38.1 million versus EUR 65.4 million as at 30th June 2022.

Financial expenses amount to EUR 3.9 million at 30th June 2023 compared to EUR 5.0 million at 30th June 2022. This decrease is mainly due to the decrease of the interest paid for the loan received by PNS Ltd in November 2021 (EUR 0.7 million), that has been fully reimbursed in February 2023. Other financial income decrease to EUR 6.1 million at 30th June 2023 compared to EUR 11.7 million at 30th June 2022 as a result of the decrease in foreign exchange gains

(EUR -5.5 million).

The income tax expense decreases, in line with the decrease in net result. Income tax on profits amounts to EUR 10.9 million compared to EUR 18.8 million at 30th June 2022.

Consolidated statement of financial position

At 30th June 2023, Socfinasia's total balance sheet amounts to EUR 371.7 million compared to EUR 418.5 million at 31st December 2022.

Socfinasia's assets consist of:

• non-currentassets amounting to EUR 256.1 million compared to EUR 273.1 million at 31st December 2022, a decrease of EUR 17.0 million mainly due to the decrease of long-term advances for EUR 10.0 million and of other non-current assets for EUR 7.0 million;
• current assets amounting to EUR 115.5 million compared to EUR 145.4 million at 31st December 2022, a decrease of EUR 29.9 million mainly linked to the decrease of other receivables for EUR 15.7 million, and the decrease of cash and cash equivalents for EUR -18.9 million.

Shareholders' equity amount to EUR 263.1 million compared to EUR 273.6 million at 31st December 2022. The decrease in shareholders' equity of EUR -10.5 million is mainly due to the distribution of 2022 dividend (EUR -29.4 million) and to the half year profit (EUR +18.6 million).

Based on the consolidated shareholders' equity, the net assets per share is EUR 13.43 at 30th June 2023 compared to EUR 13.96 at 31st December 2022.

Socfinasia - Interim financial report 30/06/2023 - p. 5