Log in
E-mail
Password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
New member
Sign up for FREE
New customer
Discover our services
Settings
Settings
Dynamic quotes 
OFFON

SOCIÉTÉ FINANCIÈRE DES CAOUTCHOUCS SOCIÉTÉ ANONYME

(SOFIN)
  Report
End-of-day quote. End-of-day quote LUXEMBOURG STOCK EXCHANGE - 06/14
22.2 EUR   +0.91%
2020SOCIETE FINANCIERE DES CAOUTCHOUCS  : Interim Financial Report (30.06)
PU
SummaryChartsNewsCompanyFinancials 
SummaryMost relevantAll NewsOther languagesPress ReleasesOfficial PublicationsSector news

Societe Financiere des Caoutchoucs : Interim Financial Report (30.06)

09/21/2020 | 10:55am EDT

INTERIM FINANCIAL REPORT

HALF YEAR ENDED 30TH JUNE 2020

Disclaimer :

This document is an English translation of the official French version. In case of divergence, the official French version prevails.

GROUPE SOCFIN • SOCFIN

4, Avenue Guillaume • 1650 Luxembourg • Luxembourg • T : + 352 44 28 77 • E: info@socfin.com • www.socfin.comRC Luxembourg B 5937

Société Financière des Caoutchoucs « SOCFIN »

Board of Directors

Mr. Hubert Fabri

Chairman

Mr. Vincent Bolloré

Director

Mr. Philippe de Traux de Wardin

Director

Administration and Finance Corporation « AFICO »

Director

represented by Mr. Luc Boedt

Mr. François Fabri

Director

Mr. Philippe Fabri

Executive Director

Chief Financial Officer

Mr. Daniel Haas

Independent statutory auditor

ERNST & YOUNG (Luxembourg) S.A.

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

Socfin - Consolidated financial statements 30/06/2020 - p. 2

Statement of compliance

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

  1. the abridged financial statements prepared in accordance with the applicable body of accounting standards provide a true and fair view of the assets and liabilities, the financial position and the profits or losses attributable to the Group and all of the entities included in consolidation and
  2. that the semi-annual management report fairly represents the information required under section 4(4) of the law on commercial companies.

Socfin - Consolidated financial statements 30/06/2020 - p. 3

Management report

on the interim consolidated financial statements

as at 30th June 2020

The Board of Directors meeting on 16th September 2020 reviewed the interim consolidated financial statements as at 30th June 2020.

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 and Tropical Africa, in the production of rubber and palm oil.

Portfolio

During the first half of 2020, Socfin S.A. acquired 446 089 shares in Socfinaf S.A. (+2.50%) for EUR 5.31 million and 45 449 shares in Socfinasia S.A. (+0.28%) for EUR 0.78 million.

As at 30th June 2020, Socfin held 64.50% of Socfinaf and 58.09% of Socfinasia. The scope of consolidation accounts for these movements.

Consolidated results

At 30th June 2020, the consolidated result "Group's share" was EUR 8.5 million compared to EUR 3.6 million at 30th June 2019. This resulted in a net profit "Group's share" of EUR 0.60 per share compared to EUR 0.25 per share at 30th June 2019.

Consolidated revenues for the six months ended 30th June 2020 amounted to EUR 312 million compared to EUR 277.8 million in the previous year (EUR +34.2 million). This increase in turnover is mainly due to the increase in quantities sold (EUR +20.3 million) and the increase in crude palm oil prices (EUR +17.4 million). It is however reduced by the exchange rate effect on sales (EUR -2.9 million).

Operating profit amounted to EUR 62.1 million compared to EUR 50.8 million at 30th June 2019.

Financial expenses amounted to EUR 12.8 million at 30th June 2020 compared to EUR 8.3 million at 30th June 2019. They are mainly comprised of EUR 5.5 million in foreign exchange losses compared to EUR 2.3 million last year and interest expense of EUR 6.6 million compared to EUR 5.1 million at 30th June 2019.

Other financial income amounted to EUR 5.8 million (EUR 2.8 million at 30thJune 2019). They are mainly comprised of foreign exchange gains (EUR 5.4 million).

Despite the increase in pre-tax profits (EUR +9.8 million), the income tax expense is stable at EUR 24.4 million compared to EUR 24.8 million last year. To be recalled, during the 1st semester of 2019, a change in tax rules in Nigeria negatively impacted the Group income tax expense for EUR 3.7 million.

The deferred tax expense amounted to EUR 1.7 million at 30th June 2020, compared to EUR 2.8 million at 30th June 2019.

Socfin - Consolidated financial statements 30/06/2020 - p. 4

Consolidated statement of financial position

As at 30th June 2020, Socfin's total balance sheet amounted to EUR 1 105 million compared to EUR 1 101 million as at 31st December 2019.

Socfin's assets consisted of:

  • non-currentassets amounting to EUR 850 million compared to EUR 874.1 million as at 31st December 2019, that is a decrease of EUR 24.1 million. Property, plant and equipment and biological assets are subject to the following movements: acquisitions (EUR +32.2 million), depreciation (EUR -32.7 million), translation adjustments (EUR -19.6 million);
  • current assets amounting to EUR 255.2 million compared to EUR 227.1 million as at 31st December 2019 (incremental seasonal effect of inventory of EUR 10.3 million).

Shareholders' equity, Group's share, amounted to EUR 312.9 million compared to EUR 319.6 million as at 31 December 2019. The decrease in shareholders' equity of EUR 6.7 million is mainly due to the distribution of dividends (EUR -7.1 million euro), the variation in the translation reserves (EUR -9.4 million) and the half-year profits (EUR 8.5 million).

Based on the consolidated shareholders' equity, the Group's share of net assets per share was EUR 22.10 as at 30th June 2020 compared to EUR 22.57 as at 31st December 2019.

As at 30th June 2020, Socfin's share price was EUR 20.40.

Current and non-current liabilities increased to EUR 482.2 million compared to EUR 457.4 million six months earlier. Financial debt increased to EUR 235.6 million from EUR 233.1 million at 31st December 2019. Current tax liabilities increased by EUR 7.2 million and other payables by EUR 10.2 million.

Taking into consideration the debt to shareholders included in "other payables", the Group's consolidated net debt amounted to EUR 223.9 million compared to EUR 230.8 million as at 31st December 2019.

Consolidated cash flow

At 30th June 2020, net cash and cash equivalents amounted to EUR 64.5 million, an increase of EUR 18.8 million over the first half of the year (EUR +5 million in the first half of 2019).

Net cash flow from operating activities amounted to EUR 73.7 million during the first half of 2020 (EUR

  1. million in the first half of 2019) and cash flow from operating activities was EUR 88.2 million (EUR
  1. million in the first half of 2019).

Investing activities mobilised EUR 37.3 million (compared to EUR 33.3 million in the first half of 2019), which was mainly for the acquisition of property-plant and equipment for EUR 32.2 million and EUR 6.1 million related to the acquisition cost of affiliated undertakings.

Financing activities mobilised EUR 15.7 million in the first half of 2020 (compared to EUR 13.8 million in the first half of 2019), considering the distribution of dividends for EUR 23.6 million (EUR 23.9 million in the first half of 2019).

At 30th June 2020, EBITDA amounted to EUR 95.4 million compared to EUR 74.8 million at 30th June 2019.

Socfin - Consolidated financial statements 30/06/2020 - p. 5

Outlook 2020

Since the beginning of the Covid-19 pandemic, the Group has reinforced safety and hygiene measures in its subsidiaries in Africa and South-East Asia. Local actions have thus been focused on protecting the employees and their families, helping local communities in their efforts to fight the pandemic, and maintaining the continuity of our activities so as to protect jobs and support the local markets which independent producers rely on.

A crisis unit is operational to assess on a daily basis and to coordinate the measures to be taken locally to face such an unprecedented health crisis.

It is noted that after six months into the crisis, the agronomic, industrial and commercial activity have hardly been disrupted. Production has increased due to the entry into production of new areas which were planted during the last ten years.

Palm oil production, which accounts for two thirds of turnover, was sold at prices globally higher than in the previous year.

Despite the shutdown of the tyre factories, our main customers acquired rubber based on their annual contracts. The quantities of rubber not covered by these contracts were sold on a spot basis in a particularly difficult environment.

The global supply of rubber continues to exceed demand. Prices on the world markets, which had recovered at the beginning of the year compared to 2019, reached a low of almost USD 1 000 per ton FOB Singapore at the height of the crisis. However, since the beginning of September they have been around USD 1 400 per ton.

To-date, even if the economic activity has picked up almost everywhere, the uncertainties caused by the health crisis on the world economy remain nevertheless significant. Consequently, it is still too early to assess the impact on the Group's accounts.

Distribution of an interim dividend

In view of the recent unforeseen developments of the health crisis, the Board of Directors does not plan to distribute any interim dividend.

Socfin - Consolidated financial statements 30/06/2020 - p. 6

Consolidated income statement

For the period from 1st January to 30th June

(Unaudited)

Note

30/06/2020

30/06/2019

EUR

EUR

(6 months)

(6 months)

Revenue

311 970 050

277 829 923

Work performed by entity and capitalized

9 211 579

8 504 747

Changes in inventories of finished goods and work in progress

21 858 863

32 888 443

Other operational income

6 624 594

6 242 820

Raw materials and consumables used

-111 344 113

-112 650 046

Other expenses

-56 225 007

-52 033 994

Staff costs

-64 443 583

-61 345 682

Depreciation and impairment expense

10

-34 065 965

-30 635 513

Other operating expenses

-21 491 555

-17 966 913

Operating profit

62 094 863

50 833 785

Other financial income

11

5 809 696

2 817 249

Gain on disposals

16 642

42 306

Impairment on disposals of assets

-822 844

-807 232

Financial expenses

12

-12 763 157

-8 310 912

Profit before taxes

54 335 200

44 575 196

Income tax expense

-24 448 613

-24 808 879

Deferred tax expense

-2 827 866

-1 681 138

Profit for the period

28 205 449

16 938 451

Profit attributable to non-controlling interests

19 733 031

13 377 437

Profit attributable to the owners of the Parent

8 472 418

3 561 014

Basic earnings per share undiluted

0.60

0.25

Number of Socfin shares

14 159 720

14 159 720

Basic earnings per share

0.60

0.25

Diluted earnings per share

0.60

0.25

The accompanying notes form an integral part of the consolidated financial statements

Socfin - Consolidated financial statements 30/06/2020 - p. 7

Consolidated statement of other comprehensive income

For the period from 1st January to 30th June

(unaudited)

30/06/2020

30/06/2019

EUR

EUR

(6 months)

(6 months)

Profit of the year

28 205 449

16 938 451

Other comprehensive income

Fair value changes of securities measured at fair value through other

-17 251

-12 281

comprehensive income, before taxes

Deferred tax on fair value changes of securities measured at fair value

4 671

3 327

through other comprehensive income

Subtotal of items that cannot be reclassified to profit or loss

-12 580

-8 954

Fair value changes of financial instruments of subsidiaries, before taxes

0

-7 831

Deferred tax on fair value changes of financial instruments of subsidiaries

0

2 121

Gains (losses) on exchange differences on translation of subsidiaries

-18 982 831

-2 052 627

Subtotal of items eligible for reclassification to profit or loss

-18 982 831

-2 058 337

Total other comprehensive income

-18 995 411

-2 067 291

Comprehensive income

9 210 038

14 871 160

Comprehensive income attributable to non-controlling interests

10 189 021

12 879 909

Comprehensive income attributable to the owners of the Parent

-978 983

1 991 251

The accompanying notes form an integral part of the consolidated financial statements

Socfin - Consolidated financial statements 30/06/2020 - p. 8

Consolidated statement of financial position

As at 30th June 2020

(Unaudited)

ASSETS

Note

30/06/2020

31/12/2019

EUR

EUR

Non-Current Assets

Goodwill

4 951 057

4 951 057

Right-of-use assets

12 039 008

10 934 472

Intangible assets

4 050 709

4 034 412

Property, plant and equipment

3

312 342 403

304 359 548

Biological assets

3

501 113 710

515 251 088

Investment properties

4 061 695

4 223 095

Financial assets at fair value through other

878 762

896 015

comprehensive income

Long-term advances

4 498 934

4 577 585

Deferred tax assets

12 221 294

15 119 822

Other non-current assets

1 795 237

1 749 253

849 969 954

874 079 202

Current Assets

Inventories

5

108 370 462

98 099 755

Trade receivables

51 084 189

46 847 599

Other receivables

14 606 288

13 117 000

Current tax assets

14 528 079

13 014 084

Cash and cash equivalent

66 654 939

56 069 031

255 243 957

227 147 469

TOTAL ASSETS

1 105 213 911

1 101 226 671

The accompanying notes form an integral part of the consolidated financial statements

Socfin - Consolidated financial statements 30/06/2020 - p. 9

Consolidated statement of financial position

As at 30th June 2020

(Unaudited)

EQUITY AND LIABILITIES

Note

30/06/2020

31/12/2019

EUR

EUR

Equity attributable to the owners of the Parent

Share capital

6

24 779 510

24 779 510

Share premium

501 847

501 847

Legal reserve

2 477 951

2 477 951

Consolidated reserves

378 840 485

375 175 037

Translation reserves

-102 167 030

-91 472 394

Profit for the period/year

8 472 418

8 185 721

312 905 181

319 647 672

Non-controlling interests

310 064 717

324 228 591

Total Equity

622 969 898

643 876 263

Non-Current Liabilities

Deferred tax liabilities

8 242 589

9 079 416

Employee Benefits Obligations

51 866 968

50 524 301

Long-term debt, net of current portion

7

153 304 709

148 727 610

Long-term lease liabilities

4,7

12 942 318

11 958 683

Other payables

8

8 029 995

8 001 208

234 386 579

228 291 218

Current Liabilities

Short-term debt and current portion of long-term debt

7

82 344 891

84 417 308

Short-term lease liabilities

4,7

1 517 798

1 381 083

Trade payables

45 534 558

41 943 416

Current tax liabilities

29 434 747

22 182 525

Provisions

805 089

1 145 768

Other payables

8

88 220 351

77 989 090

247 857 434

229 059 190

TOTAL EQUITY AND LIABILITIES

1 105 213 911

1 101 226 671

The accompanying notes form an integral part of the consolidated financial statements

Socfin - Consolidated financial statements 30/06/2020 - p. 10

Consolidated statement of cash flows

For the period from 1st January to 30th June

(Unaudited)

30/06/2020

30/06/2019

EUR

EUR

(6 months)

(6 months)

Operating activities

Profit attributable to the owners of the Parent Profit attributable to non-controlling shareholders Fair value of agricultural production

Other adjustments having no impact on cash position (IFRS and others) Depreciation, amortization and provisions and allowances

Net loss on disposals of assets Income tax expense

Cash flow from operating activities

Interest received

Income tax paid

Change in inventory

Change in trade and other receivables

Change in trade and other payables

Accruals and prepayments

Change in working capital requirement

Net cash from operating activities

8 472 414

3 561 014

19 733 036

13 377 440

-3 034 443

-10 342 628

-254 666

-1 605 688

36 346 106

34 279 715

806 203

764 926

26 129 752

27 636 745

88 198 402

67 671 524

6 531 899

5 043 800

-24 448 614

-24 808 879

-10 042 752

-17 583 789

-8 980 670

5 501 812

22 010 441

17 047 467

420 660

-691 607

3 407 679

4 273 883

73 689 366

52 180 328

Investing activities

Acquisition of additional interests in subsidiaries

-6 101 431

-1 150 769

Acquisitions / disposals of intangible assets

-271 082

83 396

Acquisitions of property, plant and equipment

-32 172 881

-33 420 622

Disposals of property, plant and equipment

1 156 983

1 166 150

Acquisitions / disposals of financial fixed assets

71 978

-25 361

Net cash flows from investing activities

-37 316 433

-33 347 206

Financing activities

Dividends paid to the owners of the Parent

-7 079 860

-7 079 860

Dividends paid to non-controlling shareholders

-16 527 862

-16 863 230

Proceeds from borrowings

33 114 143

40 049 249

Repayment of borrowings

-17 715 796

-23 896 272

Repayment of lease liabilities

-916 183

-953 648

Interest paid

-6 531 899

-5 043 800

Net cash flows from financing activities

-15 657 457

-13 787 561

Effect of foreign currency translation

-1 913 405

397 719

Effect of transfer of funds in transit

0

-439 367

Net cash flow

18 802 071

5 003 913

Cash and cash equivalent on 1st January

45 657 888

21 000 735

Cash and cash equivalent on 30th June

64 459 959

26 004 648

Net variation in cash and cash equivalents

18 802 071

5 003 913

EBITDA

17

95 406 524

74 773 060

The accompanying notes form an integral part of the consolidated financial statements

Socfin - Consolidated financial statements 30/06/2020 - p. 11

Consolidated statement of changes in equity For the period from 1st January to 30th June(Unaudited)

EUR

Share capital

Share

Legal

Translation

Consolidated

Equity

Non-

TOTAL

premium

reserve

reserve

reserves

attributable

controlling

EQUITY

to the

interests

owners of

the parent

Balance at 1st January 2019

24 779 510

501 847

2 492 000

-91 405 853

382 183 355

318 550 859

327 637 345

646 188 204

Profit/(loss) of the period

3 561 014

3 561 014

13 377 437

16 938 451

Change in fair value of financial instruments

-5 710

-5 710

0

-5 710

Change in fair value of securities at fair value

-5 220

-5 220

-3 734

-8 954

through Other comprehensive income

Foreign currency translation adjustments

-1 558 833

0

-1 558 833

-493 794

-2 052 627

Impact of the adoption of IFRS 16:

-878 604

-878 604

-1 006 157

-1 884 761

Leases (Note 4)

Transfer between reserves

-14 049

14 049

0

0

0

Other comprehensive income

-14 049

-1 558 833

2 685 529

1 112 647

11 873 752

12 986 399

Dividends

-7 079 860

-7 079 860

-16 863 230

-23 943 090

Other movements

561 453

561 453

-1 166 616

-605 163

Transactions with shareholders

-6 518 407

-6 518 407

-18 029 846

-24 548 253

Balance at 30th June 2019

24 779 510

501 847

2 477 951

-92 964 686

378 350 477

313 145 099

321 481 251

634 626 350

Profit/(loss) for the period

4 624 707

4 624 707

9 799 660

14 424 367

Actuarial losses and gains

-187 192

-187 192

-22 557

-209 749

Change in fair value of securities at fair value

-9 076

-9 076

-6 369

-15 445

through other comprehensive income

Foreign currency translation adjustments

1 947 774

0

1 947 774

2 628 038

4 575 812

Impact of the adoption of IFRS 16:

82 939

82 939

102 037

184 976

Leases (Note 4)

Other comprehensive income

1 947 774

4 511 378

6 459 152

12 500 809

18 959 961

Dividends

0

0

-3 937 658

-3 937 658

Interim dividends

-707 986

-707 986

-2 160 047

-2 868 033

Other movements

-455 482

1 206 889

751 407

-3 655 764

-2 904 357

Transactions with shareholders

-455 482

498 903

43 421

-9 753 469

-9 710 048

Balance at 31st December 2019

24 779 510

501 847

2 477 951

-91 472 394

383 360 758

319 647 672

324 228 591

643 876 263

Socfin - Consolidated financial statements 30/06/2020 - p. 12

EUR

Share

Share

Legal

Translation

Consolidated

Equity

Non-

TOTAL

capital

premium

reserve

reserve

reserves

attributable

controlling

EQUITY

to the

interests

owners of

the parent

Balance at 1st January 2020

24 779 510

501 847

2 477 951

-91 472 394

383 360 758

319 647 672

324 228 591

643 876 263

Profit/(loss) for the period

8 472 418

8 472 418

19 733 031

28 205 449

Changes in fair value of securities at fair value through

-7 462

-7 462

-5 118

-12 580

Other comprehensive income

Foreign currency translation adjustments

-9 443 939

0

-9 443 939

-9 538 892

-18 982 831

Other comprehensive income

0

-9 443 939

8 464 956

-978 983

10 189 021

9 210 038

Dividends

-7 079 860

-7 079 860

-16 948 881

-24 028 741

Other movements

-1 250 697

2 567 049

1 316 352

-7 404 014

-6 087 662

Transactions with shareholders

-1 250 697

-4 512 811

-5 763 508

-24 352 895

-30 116 403

Balance at 30th June 2020

24 779 510

501 847

2 477 951

-102 167 030

387 312 903

312 905 181

310 064 717

622 969 898

2020

2019

Dividends and interim dividends distributed during the period

7 079 860

7 787 846

Number of shares

14 159 720

14 159 720

Dividend per share distributed during the period

0.50

0.55

The accompanying notes form an integral part of the consolidated financial statements

Socfin - Consolidated financial statements 30/06/2020 - p. 13

Notes to the IFRS consolidated financial statements at 30th June 2020

Note 1. Overview and accounting policies

1.1. Overview

The Société Financière des Caoutchoucs, abbreviated Socfin (formerly Société Financière Luxembourgeoise, Socfinal), (the "Company") was incorporated on 5th December 1959. The registered office is established at 4, avenue Guillaume, L-1650 in Luxembourg.

The Company holds participations in companies that operate directly or indirectly in South-East Asia and Tropical Africa, in the production of rubber and palm oil.

The Board of Directors held a meeting on 16th September to examine and approve the interim consolidated financial statements for the period ended 30 June 2020.

1.2. Accounting framework

The interim financial report for the period ended 30 June 2020 has been prepared in accordance with IAS 34. This financial report does not include all the information required by the revised IAS 1 with regards to the annual financial report.

The accounting and calculation methods adopted in the interim financial statements are identical to those used in the annual financial statements at 31st December 2019.

On 1st January 2020, the Group adopted the following amendments without any material impact on the Group's consolidated financial statements:

Amendments to IAS 1 "Presentation of financial statements" and to IAS 8 "Accounting methods, changes in accounting estimates and errors":

On 31st October 2018, the IASB published amendments to IAS 1 and to IAS 8 in order to clarify the definition of "significant" and to harmonize the definitions given in the Conceptual Framework for Financial Reporting and in the standards themselves.

Amendments to IFRS 9 "Financial Instruments", IAS 39 "Financial instruments: recognition and

measurement" and IFRS 7 "Financial Instruments: Disclosures":

On 26th September 2019, the International Accounting Standards Board (IASB) issued amendments to IFRS 9, IAS 39 and IFRS 7 as part of the benchmark interest rate reform as a first step in addressing the potential impact of the reform of interbank offered rates "IORP" on financial reporting. The amendments apply to fiscal years beginning on or after 1st January 2020; early application is permitted.

1.3. Use of estimates

These financial statements should be read in conjunction with the consolidated financial statements for 2019 and in particular note 1.27 on the use of estimates in the preparation of consolidated financial statements according to IFRS. The Group's management has had to use assumptions based on its best estimates which affect the carrying amount of assets and liabilities, the information related to contingent assets and liabilities, and the carrying amount of income and expenses recognised during the period. Depending on changes of these assumptions, or changes of economic conditions, the amounts that will appear in the Group's future consolidated financial statements may differ from current estimates. Sensitive accounting methods, for which the Group has used estimates, mainly concern the application of IAS 19, IAS 2/IAS 41, IAS 16, IAS 36, IFRS 9 and IFRS 16.

Socfin - Consolidated financial statements 30/06/2020 - p. 14

In the absence of observable data within the scope of IFRS 13, the Group has developed a model for measuring the fair value of agricultural production based on local production costs and conditions. This method is inherently more volatile than the historical cost method.

1.4. Seasonal nature of the business

The Company's revenue and operating income are seasonal. Palm oil and rubber production are influenced by external factors such as climate, location and the biological nature of the palm and rubber trees. The palm activity is more productive in the first half of the calendar year, whereas the rubber business is more productive in the second half. The extent of this seasonality can vary between years.

The following exchange rates have been used to convert the consolidated interim accounts:

1 Euro equals to:

Closing rate

Average rate

06/2020

12/2019

06/2020

06/2019

CFA franc

655.957

655.957

655.957

655.957

Ghanaian cedi

6.3464

6.2166

6.0805

5.7977

Indonesian rupiah

16 015

15 615

16 214

16 050

Cambodian riel

4 583

4 578

4 504

4 564

Nigerian naira

403.72

344.26

376.12

346.03

São Tomé dobra

24.50

24.50

24.50

24.50

Congolese franc

2 132

1 879

1 933

1 856

US dollar

1.1198

1.1234

1.1031

1.1313

Note 2. Subsidiaries and affiliates

Socfin acquired additional shares in Socfinaf S.A. and Socfinasia S.A. during the first half of 2020.

Consequently, Socfin's stake in Socfinaf now stands at 64.50% compared to 62% in 2019 and the stake in Socfinasia stands at 58.09% compared to 57.81% in 2019. These percentage changes added EUR 2.6 million to Socfin's consolidated reserves.

The scope of consolidation at period end accounted for these movements.

Socfin - Consolidated financial statements 30/06/2020 - p. 15

Note 3. Property, plant and equipment

Land

Buildings

Machinery

Furniture,

Construction

Advances

Biological

TOTAL

EUR

and

and

motor

in progress

and

assets

nurseries

equipment

vehicles

Down-

and others

payments

From 01/01/2019

To 30/06/2019

Additions

826 304

1 123 100

1 499 844

3 164 037

11 378 338

445 193

14 982 029

33 418 845

Disposals

0

0

-35 036

-1 657 068

0

0

-3 463 735

-5 155 839

From 01/01/2020

To 30/06/2020

Additions

673 329

4 832 625

1 378 657

4 296 207

9 735 957

153 320

11 101 263

32 171 358

Disposals

0

-26 898

-1 290 835

-383 607

0

0

-5 657 888

-7 359 228

As at 30th June 2020, the net book value of property, plant and equipment includes depreciation for EUR 32.7 million and translation adjustments (EUR-19.6 million).

Note 4. Leases

The Group has adopted IFRS 16 "Leases" retrospectively from 1st January 2019, without restatement of comparative figures as permitted by the transition provisions of the standard. Reclassifications and adjustments arising from the new leasing rules have been recognized at the opening of the period starting on 1st January 2019.

Following the adoption of IFRS 16, the Group has recognized in the statement of financial position right-of-use assets and lease liabilities for leases that were previously treated as operating leases under the principles of IAS 17. Lease liabilities were measured at the value of the remaining lease payments discounted at the incremental borrowing rate at 1st January 2019.

The right-of-use assets have been measured on a retrospective basis as if the new rules had always been applied.

The Group has used the following practical expedients permitted by the standard:

  • use of a single discount rate for contracts with similar characteristics;
  • non-recognitionof right-of-use assets and lease liabilities for leases with a remaining lease term of less than 12 months on 1st January 2019. The corresponding expenses have been recognized with the expenses related to short-term leases;
  • exclusion of initial direct costs for the initial valuation of rights-of-use of assets;
  • non-separationof the non-leasing component in vehicles leases.

The change in accounting policy impacted the following items in the statement of financial position on 1st January 2019:

  • property, plant and equipment: decrease by EUR 0.3 million
  • rights-of-useof assets: increase by EUR 11.9 million
  • deferred tax assets: increase by EUR 0.7 million
  • borrowings: decrease by EUR 0.3 million
  • lease labilities: increase by EUR 14.3 million.

Socfin - Consolidated financial statements 30/06/2020 - p. 16

The net impact on retained earnings at 1st January 2019 was a decrease of EUR 1.7 million.

For leases previously treated as finance leases, the right-of-use assets and the lease liability were recognized on 1st January 2019 at their carrying amount measured in accordance with IAS 17 immediately prior to that date.

* Right-of-useassets

Furniture,

Buildings

Land and

Total

EUR

motor

agricultural

vehicles

land

and others

concessions

From 01/01/2019

To 30/06/2019

Additions

211 561

0

0

211 561

Depreciation

-550 615

-235 053

-159 591

-945 259

Foreign currency translation

3 169

21 303

-13 561

10 911

From 01/01/2020

To 30/06/2020

Additions

2 190 334

0

0

2 190 334

Depreciation

-701 236

-155 391

-100 471

-957 098

Foreign currency translation

-89 987

-226

-38 487

-128 700

* Lease liabilities

EUR

30/06/2020

31/12/2019

Long-term lease liabilities

12 942 318

11 958 683

Short-term lease liabilities

1 517 798

1 381 083

Total

14 460 116

13 339 766

  • Impact on the income statement

EUR

30/06/2020

30/06/2019

Depreciation of right-of-use assets

957 098

945 259

Short-term lease liabilities and low value assets

732 420

400 595

Interest expense (included in the financial expenses)

462 915

364 389

Total

2 152 433

1 710 243

Socfin - Consolidated financial statements 30/06/2020 - p. 17

Note 5. Inventories

30/06/2020

31/12/2019

EUR

EUR

Raw materials

13 330 336

22 907 990

Consumables

20 400 561

28 915 408

Spare parts

28 984 065

17 967 577

Production in progress

7 564 232

9 796 669

Finished products

39 288 240

18 775 630

Down-payments and orders in progress

3 904 765

4 853 418

Gross amount before impairment

113 472 199

103 216 692

Inventory write-downs

-5 116 937

-5 101 737

Net amount

108 370 462

98 099 755

* Reconciliation of inventories

Situation as at 1st January

Change in inventory

Fair value of agricultural production

Foreign currency translation

Gross amount as at 30th June / 31st December before impairment

Inventory write-downs

2020

2019

EUR

EUR

103 216 692

88 241 896

9 981 957

16 543 473

3 034 443

-2 898 149

-2 760 893

1 329 472

113 472 199

103 216 692

-5 101 737

-5 116 937

Net amount as at 30th June / 31st December

108 370 462

98 099 755

* Quantity of inventory by category

31/12/2019

Raw

Production in

Finished

materials

progress

products

Palm oil (tons)

751

0

9 776

Rubber (tons)

28 457

0

10 965

Others (units)

0

15 414 927

2 122 838

30/06/2020

Raw

Production in

Finished

materials

progress

products

Palm oil (tons)

1 762

0

40 134

Rubber (tons)

17 734

0

11 179

Others (units)

0

13 544 856

3 261 296

Socfin - Consolidated financial statements 30/06/2020 - p. 18

Note 6. Share capital

Fully paid up share capital amounted to EUR 24 779 510 as at 30th June 2020. This is represented by 14 159 720 shares.

In accordance with the law of 28th July 2014 on the cancellation of treasury shares, 80 280 shares have been cancelled in 2018 as the holders of these shares did not register with the depository.

To-date, the "Caisse de Consignation" has not yet opened a claim file.

Note 7. Financial debts

31/12/2019

EUR

< 1 year

> 1 year

TOTAL

Loans held by financial institutions

54 331 945

(*)

67 229 650

121 561 595

Bank overdrafts

10 184 246

0

10 184 246

Other debts

19 901 117

81 497 960

101 399 077

Lease liabilities

1 381 083

11 958 683

13 339 766

TOTAL

85 798 391

160 686 293

246 484 684

30/06/2020

EUR

< 1 year

> 1 year

TOTAL

Loans held by financial institutions

64 702 292

(*)

71 671 069

136 373 361

Bank overdrafts

1 833 011

0

1 833 011

Other debts

15 809 588

81 633 640

97 443 228

Lease liabilities

1 517 798

12 942 318

14 460 116

TOTAL

83 862 689

166 247 027

250 109 716

  1. This balance includes a short-term revolving credit facility of EUR 40 million for which in 2019 the Group has committed to obtain within 3 years the RSPO (Roundtable on Sustainable Palm Oil) certification for all its palm plantations. The Group is continuing its efforts in this direction in coordination with the bank.

Socfin - Consolidated financial statements 30/06/2020 - p. 19

* Analysis of long-term debt by interest rate

31/12/2019

EUR

Fixed Rate

Rate

Variable

Rate

TOTAL

rate

Loans held by financial institutions

Switzerland

3 040 354

1.75% to 2.65%

0

-

3 040 354

Ivory Coast

12 978 253

5.50% to 6.50%

0

-

12 978 253

Nigeria

23 862 284

8.00% to 10.00%

0

-

23 862 284

Liberia

1 335 232

8.00%

0

-

1 335 232

Cameroon

12 498 476

5.00% to 7.09%

0

-

12 498 476

Ghana

13 000 003

4.00%

0

-

13 000 003

Sao Tomé

515 048

8.00%

0

-

515 048

67 229 650

0

67 229 650

Other loans and derivatives

Cameroon

2 032 654

6.00%

0

-

2 032 654

Luxembourg

79 465 306

4.00%

0

-

79 465 306

81 497 960

0

81 497 960

TOTAL

148 727 610

0

148 727 610

30/06/2020

EUR

Fixed Rate

Rate

Variable

Rate

TOTAL

rate

Loans held by financial institutions

Switzerland

5 549 300

1.75% to 2.65%

0

-

5 549 300

Ivory Coast

13 498 098

5.50% to 6.50%

0

-

13 498 098

Nigeria

26 387 046

8.00% to 10.00%

0

-

26 387 046

Liberia

2 044 026

8.00%

0

-

2 044 026

Cameroon

9 948 644

5.50% to 7.09%

0

-

9 948 644

Ghana

13 728 907

4.00%

0

-

13 728 907

Sao Tomé

515 048

8.00%

0

-

515 048

71 671 069

0

71 671 069

Other loans and derivatives

Cameroon

2 032 652

6.00%

0

-

2 032 652

Luxembourg (*)

79 600 988

4.00%

0

-

79 600 988

81 633 640

0

81 633 640

TOTAL

153 304 709

0

153 304 709

Socfin - Consolidated financial statements 30/06/2020 - p. 20

* Net debt

30/06/2020

31/12/2019

EUR

EUR

Cash and cash equivalents

66 654 939

56 069 031

Long term debt, net of current portion

-153 304 708

-148 727 610

Short term debt and current portion of long-term debt

-82 344 892

-84 417 308

Lease liabilities

-14 460 116

-13 339 766

Net debt

-183 454 777

-190 415 653

Cash and cash equivalents

56 069 031

66 654 939

Loans bearing interest at fixed rates

-193 144 918

-195 590 444

Loans bearing interest at variable rates

-40 059 156

-40 000 000

Lease liabilities

-14 460 116

-13 339 766

Net debt

-183 454 777

-190 415 653

Reconciliation of net debt

Long term

Short term

debt and

Cash and cash

debt, net of

Lease

current

Total

equivalents

current

liabilities

portion of long

portion

term debt

As at 1st January 2019

59 941 616

-99 607 945

-115 626 333

0

-155 292 662

Cash flows

-4 420 377

-82 027 535

64 801 323

1 591 544

-20 055 045

Foreign currency translation

547 792

658 437

-82 664

-93 205

1 030 360

Transfers

0

31 985 147

-33 509 634

0

-1 524 487

Other non-cash movements

0

264 286

0

-14 838 105

-14 573 819

As at 31st December 2019

56 069 031

-148 727 610

-84 417 308

-13 339 766

-190 415 653

Cash flows

12 536 463

-31 234 069

24 132 137

928 312

6 362 843

Foreign currency translation

-1 950 555

4 241 274

282 602

153 801

2 727 122

Transfers

0

22 415 697

-22 342 323

0

73 374

Other non-cash movements

0

0

0

-2 202 463

-2 202 463

As at 30th June 2020

66 654 939

-153 304 708

-82 344 892

-14 460 116

-183 454 777

Socfin - Consolidated financial statements 30/06/2020 - p. 21

Note 8. Other payables

30/06/2020

31/12/2019

EUR

EUR

Staff cost liabilities

9 775 406

6 337 652

Other payables (*)

69 296 469

62 362 548

Accruals

17 178 471

17 290 098

Balance as at 30th June / 31st December

96 250 346

85 990 298

  1. Other payables consist mainly of EUR 40.4 million (EUR 40.4 million as at 31st December 2019) of shareholder loans, corresponding to amounts owed to Mopoli (EUR 20.2 million with Socfinaf S.A.) and Bolloré Participations (EUR 20.2 million with Socfinaf S.A.).

Socfin - Consolidated financial statements 30/06/2020 - p. 22

Note 9. Financial Instruments

31/12/2019

Derivatives (*)

Loans and

Financial assets

Other

TOTAL

Loans and

Other

borrowings

at fair value

financial

borrowings

financial

through other

assets and

assets and

comprehensive

liabilities

liabilities

income

EUR

at fair value

at cost

at fair value

at cost

at fair value

at fair value

Assets

Financial assets at fair value through other

0

0

896 015

0

896 015

0

0

comprehensive income

Long term advances

0

3 520 136

0

1 057 449

4 577 585

3 520 136

1 057 449

Other non-current assets

0

0

0

1 749 253

1 749 253

0

1 749 253

Trade receivables

0

0

0

46 847 599

46 847 599

0

46 847 599

Other receivables

0

0

0

13 117 000

13 117 000

0

13 117 000

Cash and cash equivalent

0

0

0

56 069 031

56 069 031

0

56 069 031

Total assets

0

3 520 136

896 015

118 840 332

123 256 483

3 520 136

118 840 332

Liabilities

Long term debts

0

148 727 610

0

0

148 727 610

148 729 812

0

Long term lease liabilities

0

11 958 683

0

0

11 958 683

11 958 683

0

Other non-current payables

0

0

0

8 001 208

8 001 208

0

8 001 208

Short term debts

0

74 233 062

0

10 184 246

84 417 308

74 233 062

10 184 246

Short term lease liabilities

0

1 381 083

0

0

1 381 083

1 381 083

0

Trade payables (current)

0

0

0

41 943 416

41 943 416

0

41 943 416

Other payables (current)

0

0

0

77 989 090

77 989 090

0

77 989 090

Total Liabilities

0

236 300 438

0

138 117 960

374 418 398

236 302 640

138 117 960

31/12/2019

Fair value

EUR

Level 1

Level 2

Level 3

TOTAL

Financial assets at fair value through other comprehensive income

0

0

896 015

896 015

  1. Changes recognised in the income statement.

Socfin - Consolidated financial statements 30/06/2020 - p. 23

30/06/2020

Derivatives (*)

Loans and

Financial

Other

TOTAL

Loans and

Other

borrowings

assets at fair

financial

borrowings

financial

value through

assets and

assets and

other

liabilities

liabilities

comprehensive

income

EUR

at fair value

at cost

at fair value

at cost

at fair value

at fair value

Assets

Financial assets at fair value through other

0

0

878 764

0

878 764

0

0

comprehensive income

Long term advances

0

3 469 855

0

1 029 079

4 498 934

3 469 855

1 029 079

Other non-current assets

0

0

0

1 795 237

1 795 237

0

1 795 237

Trade receivables

0

0

0

51 084 189

51 084 189

0

51 084 189

Other receivables

0

0

0

14 606 288

14 606 288

0

14 606 288

Cash and cash equivalent

0

0

0

66 654 939

66 654 939

0

66 654 939

Total Assets

0

3 469 855

878 764

135 169 732

139 518 351

3 469 855

135 169 732

Liabilities

Long term debts

0

153 304 708

0

0

153 304 708

153 306 982

0

Long term lease liabilities

0

12 942 318

0

0

12 942 318

12 942 318

0

Other non-current payables

0

0

0

8 029 995

8 029 995

0

8 029 995

Short term debts

0

80 511 880

0

1 833 012

82 344 892

80 511 880

1 833 012

Short term lease liabilities

0

1 517 798

0

0

1 517 798

1 517 798

0

Trade payables (current)

0

0

0

45 534 558

45 534 558

0

45 534 558

Other payables (current)

0

0

0

88 220 351

88 220 351

0

88 220 351

Total Liabilities

0

248 276 704

0

143 617 916

391 894 620

248 278 978

143 617 916

30/06/2020

Fair value

EUR

Level 1

Level 2

Level 3

TOTAL

Financial assets at fair value through other comprehensive income

0

0

878 764

878 764

(*) Changes recognised in the income statement.

Socfin - Consolidated financial statements 30/06/2020 - p. 24

Note 10. Depreciation, amortization and impairment

30/06/2020

30/06/2019

EUR

EUR

Depreciation, amortization and impairment

Of intangible assets

201 457

177 704

Of right-of-use assets

957 098

945 259

Of property, plant and equipment excluding biological assets

18 561 524

17 183 049

Of biological assets

14 182 965

12 168 014

Of investment properties

162 921

161 487

TOTAL

34 065 965

30 635 513

Note 11. Other financial income

30/06/2019

30/06/2020

EUR

EUR

On current assets/liabilities

5 809 696

2 817 249

Interest from receivables and cash

44 245

85 346

Forward exchange agreements

136 371

296 084

Exchange gains

5 267 688

2 145 144

Others

361 392

290 675

TOTAL

5 809 696

2 817 249

Note 12. Finance expense

30/06/2020

30/06/2019

EUR

EUR

On non-current assets/liabilities

5 254 210

4 066 787

Interest and finance expense

4 791 295

3 702 398

Interest expense on leases

462 915

364 389

On current assets/liabilities

7 508 947

4 244 125

Interest and financial expense

1 321 934

1 062 359

Exchange losses

5 466 180

2 282 246

Forward exchange agreements

25 848

11 682

Others

694 985

887 838

TOTAL

12 763 157

8 310 912

Socfin - Consolidated financial statements 30/06/2020 - p. 25

Note 13. Dividends

A dividend per share of EUR 0.55 results from the appropriation of income for 2019 in accordance with the decision of the general meeting of shareholders held on 26th May 2020. The dividend per share for the previous year was EUR 0.55 too.

Note 14. Information on related party

* Directors' remuneration

30/06/2020

30/06/2019

EUR

EUR

Short term benefits

5 396 587

5 052 225

Post-employment benefits

171 492

158 830

Other long-term benefits

0

0

Termination benefits

0

0

Share-based payment

0

0

* Related party transactions

30/06/2020

31/12/2019

EUR

EUR

Current liabilities

Trade payables

0

0

Other payables

40 398 359

40 403 288

40 398 359

40 403 288

Transactions between related party

30/06/2019

30/06/2020

EUR

EUR

Services and goods delivered

0

0

Services and goods received

0

0

Financial income

0

0

Finance expenses

796 718

804 931

Related party transactions are carried out at arm's length.

Other related parties transactions are carried out with Bolloré Participations and Palmboomen Cultuur Maatschappij (Mopoli).

Mopoli is a Dutch company with a majority owned by Geselfina via its subsidiary Financière Privée Holding and by Afico. Geselfina and Afico also owns Socfin.

Socfin - Consolidated financial statements 30/06/2020 - p. 26

In 2014, Socfinaf obtained a cash advance of EUR 35 million from Mopoli. This advance bears an annual interest (net of tax) of 4%. Interest is payable in arrears at the end of each calendar quarter. The amount of interest recognized in 2020 is EUR 0.4 million. As at 30th June 2020, the outstanding balance amounts to EUR 20.2 million.

Bolloré Participations is a shareholder and director of Socfinaf.

In 2016, Socfinaf obtained a loan of EUR 20 million from Bolloré Participations. The loan has an annual interest rate of 4%. The amount of interest recognized in 2020 is EUR 0.4 million. As at 30th June 2020, the outstanding balance amounts to EUR 20.2 million.

Note 15. Off Balance Sheet Commitment

Off-balance sheet commitments existing as at 31th December 2019 were similar to those as at 30th June 2020, given that as repayments fall due, the debts for which these collaterals were provided are reduced by the repayments made.

Note 16. Segmental information

In accordance with IFRS 8, the information analysed by management is based on the geographical distribution of political and economic risks. As a result, the sectors presented are Europe, Sierra Leone, Liberia, Ivory Coast, Ghana, Nigeria, Cameroon, São Tomé and Principe, Congo (DRC), Cambodia and Indonesia.

Products from the Ivory Coast, Nigeria, Cameroon and Indonesia operating sectors come from palm oil and rubber sales, those from the Liberia and Cambodia sectors only from rubber sales, those from Sierra Leone, Ghana, São Tomé and Principle and Congo come solely from sales of palm oil. Those in the Europe segment come from the provision of administrative services, assistance in managing the areas under plantation and the marketing of products outside the Group. The segment result of the Group is the profit from operations.

The stated figures originate from internal reporting. They do not include any consolidation or IFRS adjustments or restatements and are therefore not directly comparable to amounts reported in the consolidated statement of financial position and income statement.

Socfin - Consolidated financial statements 30/06/2020 - p. 27

* Segmental breakdown of profit/(loss) at 30th June 2019

Revenue from

Revenue from

Segmental

EUR

ordinary business

ordinary business

profit/(loss)

with external

between

customers

segments

Europe

36 580 320

16 436 249

1 933 082

Sierra Leone

5 266 231

0

-3 839 241

Liberia

15 129 630

0

-1 434 737

Ivory Coast

66 049 370

0

8 107 954

Ghana

2 102 213

0

-2 348 136

Nigeria

24 460 924

0

10 265 514

Cameroon

65 930 603

0

22 817 497

São Tomé and Principe

78 577

0

82 251

Congo (DRC)

3 146 765

0

-2 516 321

Cambodia

1 373 366

0

-1 538 485

Indonesia

57 711 924

52 443

16 678 294

TOTAL

277 829 923

16 488 692

48 207 672

Elimination of revenue from intra-group activities

-16 488 692

Depreciation, amortization and impairment of biological assets

-1 919 880

Fair value of agricultural production

10 342 629

Other IFRS restatements

-1 770 234

Consolidation adjustments (intra-group and others)

12 462 290

Financial income

2 859 555

Finance expense

-9 118 144

Income tax expense

-27 636 745

Net profit for the period

16 938 451

Socfin - Consolidated financial statements 30/06/2020 - p. 28

* Segmental breakdown of profit/(loss) at 30th June 2020

Revenue from

Revenue from

Segmental

EUR

ordinary business

ordinary business

profit/(loss)

with external

between

customers

segments

Europe

34 990 412

15 262 990

-677 820

Sierra Leone

7 543 846

0

-1 324 051

Liberia

14 975 421

0

-2 120 057

Ivory Coast

69 986 281

0

11 045 905

Ghana

6 506 840

0

700 764

Nigeria

34 870 170

0

16 110 296

Cameroon

72 222 113

0

24 717 717

São Tomé and Principe

2 365 613

0

-569 414

Congo (DRC)

4 970 162

0

949 358

Cambodia

1 463 682

0

-1 643 965

Indonesia

62 075 509

25 769

20 168 099

TOTAL

311 970 049

15 288 759

67 356 832

Elimination of revenue from intra-group activities

-15 288 759

Depreciation, amortization and impairment of biological assets

-1 894 031

Fair value of agricultural production

3 034 443

Other IFRS restatements

-1 685 978

Consolidation adjustments (intra-group and others)

10 572 356

Financial income

5 826 338

Finance expense

-13 586 001

Income tax expense

-26 129 751

Net profit for the period

28 205 449

Socfin - Consolidated financial statements 30/06/2020 - p. 29

* Total segmental assets

Segment assets are not part of internal reporting, they are included to meet the requirements of IFRS 8. They include fixed assets, biological assets, trade receivables, inventories, cash and cash equivalents. They do not include any consolidation or IFRS adjustments.

30/06/2020

31/12/2019

EUR

EUR

Europe

95 231 293

94 989 239

Sierra Leone

133 020 530

130 429 641

Liberia

111 702 450

109 086 438

Ivory Coast

143 977 025

147 428 122

Ghana

82 708 562

84 091 394

Nigeria

124 072 886

121 034 806

Cameroon

201 980 850

190 640 336

São Tomé and Principe

29 688 925

30 829 958

Congo (DRC)

60 877 251

67 171 882

Cambodia

68 660 260

70 247 437

Indonesia

109 064 221

107 752 641

TOTAL

1 157 946 173

1 156 739 974

IFRS 3/IAS 16: Biological assets

-28 582 274

-28 130 248

IAS 2/IAS 41: Agricultural production

14 238 469

11 281 001

Other IFRS restatements

-6 965 530

-7 056 529

Consolidation adjustments (intra-group and others)

-96 941 586

-95 966 815

Total consolidated segmental assets

1 039 695 252

1 036 867 383

Socfin - Consolidated financial statements 30/06/2020 - p. 30

Note 17. Earnings Before Interest, Tax, Depreciation and Amortisation

Reconciliation of EBITDA

30/06/2020

30/06/2019

EUR

EUR

Profit after tax (Group's share)

8 472 414

3 561 014

Share of profit of non-controlling interests

19 733 036

13 377 437

Fair value of agricultural production

-3 034 443

-10 342 628

Depreciation, amortization and provisions

36 346 106

34 279 715

Capital gains and losses on disposals of assets

806 198

764 926

Income tax expense

26 129 752

27 636 745

Other financial income

-5 809 696

-2 817 249

Financial expenses

12 763 157

8 310 912

Financial expenses included in depreciation, amortisation and provisions

0

2 188

TOTAL

74 773 060

95 406 524

Impact of adoption of IFRS 16 - Leases on EBITDA

-1 420 013

-1 318 036

EBITDA excluding the impact of the adoption of IFRS 16 - Leases

93 986 511

73 455 024

Note 18. Events after the closing date

There are no material events to report. However, it should be noted that the Group's investments in both South-East Asia and Africa may be subject to political and economic risks. Local directors and managers monitor changes in the situation on a daily basis. Production potential of plantations remains intact, and cost prices are kept as low as reasonably possible.

Socfin - Consolidated financial statements 30/06/2020 - p. 31

Disclaimer

SOCFIN - Société Financière des Caoutchoucs SA published this content on 18 September 2020 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 21 September 2020 14:54:03 UTC


© Publicnow 2020
All news about SOCIÉTÉ FINANCIÈRE DES CAOUTCHOUCS SOCIÉTÉ ANONYME
2020SOCIETE FINANCIERE DES CAOUTCHOUCS  : Interim Financial Report (30.06)
PU
More news
Financials
Sales 2020 622 M 754 M 754 M
Net income 2020 4,71 M 5,71 M 5,71 M
Net Debt 2020 169 M 204 M 204 M
P/E ratio 2020 70,3x
Yield 2020 2,16%
Capitalization 297 M 361 M 361 M
EV / Sales 2019 0,92x
EV / Sales 2020 0,80x
Nbr of Employees 33 834
Free-Float 7,01%
Chart SOCIÉTÉ FINANCIÈRE DES CAOUTCHOUCS SOCIÉTÉ ANONYME
Duration : Period :
Société Financière des Caoutchoucs Société Anonyme Technical Analysis Chart | MarketScreener
Full-screen chart
Income Statement Evolution
Managers and Directors
NameTitle
Daniel Haas Chief Financial Officer
Hubert Fabri Chairman
Vincent Marie Claude Bolloré Non-Executive Director
Cédric de Bailliencourt dit Courcol Non-Executive Director
Philippe de Traux de Wardin Secretary & Director
Sector and Competitors